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2026 INTERIM RESULTS | ANALYSTS BRIEFING 6TH AUGUST 2026 ► SWIRE PROPERTIES
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DISCLAIMER This presentation has been prepared by Swire Properties Limited (the “Company” , together with its subsidiaries, the “Group”) solely for information purposes and the information contained herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the accuracy, fairness, completeness, reasonableness or correctness of the information or opinions presented herein or in any verbal or written communication in connection with the contents contained herein. Neither the Company or any of its affiliates or its or their respective directors, officers, employees, agents, advisers or representatives shall have any responsibility or liability whatsoever, as a result of negligence, omission, error or otherwise, for any loss howsoever arising in relation to any information presented or contained in this presentation. The information presented or contained in this presentation is subject to change without notice and shall only be considered current as of the date of this presentation. This presentation may contain certain forward-looking statements that reflect the Company’s beliefs, plans or expectations about the future or future events. These forward‐looking statements are based on a number of assumptions, current estimates and projections, and are therefore subject to inherent risks, uncertainties and other factors beyond the Company’s control. The actual results or outcomes of events may differ materially and/or adversely due to a number of factors, including, without limitation, changes in the economies and industries in which the Group operates (in particular in Hong Kong and the Chinese Mainland), macro-economic and geopolitical uncertainties, changes in the competitive environment, data quality, fluctuations in foreign exchange rates, interest rates and commodity prices, and the Group’s ability to identify and manage risks to which it is subject. Nothing contained in these forward-looking statements is, or shall be, relied upon as any assurance or representation (express or implied) as to the future or otherwise as a representation or warranty (express or implied). Neither the Company or any of its affiliates or its or their respective directors, officers, employees, agents, advisers or representatives assume any liability or responsibility to update these forward‐looking statements or to adapt them to future events or developments or to provide supplemental information in relation thereto or to correct any inaccuracies. This presentation is for information purposes only and does not constitute or form any part of, and should not be construed as, an offer to sell or a solicitation of or an invitation of offer to acquire, purchase or subscribe for securities nor is it calculated to invite any such offer or invitation, whether in Hong Kong, the Chinese Mainland, the United States, or elsewhere. This presentation does not constitute, and should not be construed as, any recommendation or form the basis for any investment decisions regarding any securities of the Company. Potential investors and shareholders of the Company should exercise caution when investing in or dealing in the securities of the Company. 2
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AGENDA 1. Interim Results and Strategy Highlights 2. Investment Portfolio 3. Residential Trading Portfolio 4. Hotel Portfolio 5. Financial Highlights 6. Sustainability Highlights 7. Outlook 8. Q&A Tim Blackburn Chief Executive Roy Shearer Chief Financial Officer 3
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STRONG PERFORMANCE ACROSS ALL PORTFOLIOS 2026 INTERIM RESULTS HIGHLIGHTS 4(1) 1st interim dividend per share. Underlying Profit HK$ 4,900 M (1H 2025: HK$ 4,420 M) Recurring Underlying Profit HK$ 4,661M (1H 2025: HK$ 3,420 M) +36% Dividend per Share Sustainable growth for 10 consecutive years +6% HK$ 0.37 (1) (1H 2025: HK$ 0.35) ▪ Strong Business Growth: Driven by significant contribution from residential sales and growing momentum in our retail portfolio. ▪ Retail: Outperforming the market in Hong Kong and Chinese Mainland, supported by robust sales performance and proactive asset management. ▪ Residential: Delivered strong trading results, reflecting healthy demand across our key projects. ▪ Mid-Single Digit Dividend Growth: Entering 10th year of consecutive growth. +11%
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KEY DEVELOPMENTS STRONG DEVELOPMENT PIPELINE ACROSS ALL CORE MARKETS Continuous Investment in Retail and Office Ongoing Capital Recycling Strong Residential Momentum ▪ Launch of 4th, 5th and final batch pre-sales. ▪ 316 / 378 units across 6 batches pre-sold (1). ▪ Cumulative sale proceeds of RMB16Bn. Lujiazui Taikoo Yuan Residences, Shanghai ▪ Completed sale of 2 residential properties. ▪ Consideration of HK$2.2Bn. 6 Deep Water Bay Road, Hong Kong Upper House Residences Bangkok and The Wireless Residences by Upper House, Bangkok ▪ 395 units, to be completed from 2030. ▪ VIP sales have commenced. Taikoo Li Sanlitun North, Beijing ▪ Opening of 5 luxury flagship stores, including Hermès. Taikoo Li Julong Wan Guangzhou ▪ Acquired 50% interest in a project company to develop a site with 139,300 sq ft GFA. ▪ Sale of 44/F to be completed by 2026. One Island East, Hong Kong ▪ Sale for HK$360M completed. Non-core investment property, Hong Kong Taikoo Li Sanlitun North, Beijing Lujiazui Taikoo Yuan Residences (1) As at 31st July 2026. 9-43 Hoi Wan Street and 29-41 Tong Chong Street, Quarry Bay, Hong Kong ▪ Compulsory sales completed. ▪ To be redeveloped for office and other commercial uses. ▪ Occupation permits for Phase 1 and 2 obtained. ▪ 354 / 429 units launched in Phase 1 sold (1). THE HEADLAND RESIDENCES, Hong Kong ▪ 60% of residences pre-sold (1). ▪ Groundbreaking ceremony on 1st October 2026. The Residences at Mandarin Oriental, Miami ▪ All remaining car parking spaces offered in Stage 10 have been sold (1). Taikoo Shing car parking spaces, Hong Kong Artist Impression Subject to changes, pending mgt review 5
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Disposals Pre 2022 Cityplaza Three & Four (1) (2) Kowloon Bay Office Building 625 King’s Road Office Building (50% basis) Cityplaza One (1) (2) Two and Three Brickell City Centre, Miami EAST Miami Taikoo Shing car parking spaces 2022 Fort Lauderdale, Florida 8-12 Tsing Tim Street, Tsing Yi Taikoo Shing car parking spaces 2023 One Island East (42/F - 54/F) (1) (3) Taikoo Shing car parking spaces 2024 Taikoo Shing car parking spaces 2025 Brickell City Centre land, Miami Brickell City Centre shopping centre, Miami (4) North Squared site, Miami Tsing Yi industrial site Taikoo Shing car parking spaces 2026 1H Non-core investment property, Hong Kong ACTIVE CAPITAL RECYCLING HK$Bn CUMULATIVE DISPOSAL PROCEEDS APPROACH HK$60BN 6 (1) Disposal proceeds received in phases. (2) Cityplaza One, Cityplaza Three and Cityplaza Four are currently known as 1111 King's Road, 14 Taikoo Wan Road and 12 Taikoo Wan Road respectively. (3) Excluding 49th floor. Disposal of 10 of the 12 floors was completed before end of 2025. Disposal of remaining floors to be completed by 2028 in phases. (4) Including a contingent consideration of US$36.1M. 20 30 40 50 60 70 Pre 2022 2022 2023 2024 2025 2026 1H HK$ 59.1 Bn Cumulative Disposal Proceeds (4) (as of Jun 2026) Cumulative capital commitment under HK$100Bn investment plan Cumulative disposal proceeds Disposal Proceeds in 1H 2026 HK$ 0.4 Bn
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Chinese Mainland - Retail-led mixed-use projects in Tier-1 / emerging Tier-1 cities; doubling of GFA by 2032 ▪ Taikoo Li Xi’an ▪ Taikoo Li Sanya (3) ▪ Increased stake at Taikoo Li Chengdu ▪ Taikoo Li Qiantan (New Retail Phase) and Qiantan Place (4) ▪ Lujiazui Taikoo Yuan, Shanghai ▪ Taikoo Li Julong Wan Guangzhou ▪ Phase 3 of Taikoo Hui, Guangzhou ▪ Increased stake at Taikoo Place Beijing Hong Kong - Asset reinforcement opportunities at Pacific Place and Taikoo Place ▪ Increased stake at Citygate ▪ 100% ownership at 1067 King’s Road and 8 Shipyard Lane (2) ▪ 100% ownership at 9-43 Hoi Wan Street and 29-41 Tong Chong Street Trading - Residential pipeline in Hong Kong, Chinese Mainland and South East Asia South East Asia - Building a presence in Vietnam, Indonesia, Singapore and Thailand CONTINUOUS EXECUTION AND POSITIONING FOR GROWTH (1) As at 31st July 2026. (2) Formerly known as Zung Fu Industrial Building and Wah Ha Factory Building respectively. (3) Project name to be confirmed. (4) Formerly known as Shanghai New Bund Mixed-use Project. HK$ 46 Bn / HK$ 50 Bn Investing in Long-term Growth HK$ 13 Bn / HK$ 30 Bn HK$ 10 Bn / HK$ 20 Bn 69% Committed HK$100 BILLION INVESTMENT PLAN 7 ▪ THE HEADLAND RESIDENCES, Hong Kong ▪ 269 Queen’s Road East, Hong Kong ▪ 983-987A King’s Road and 16-94 Pan Hoi Street, Hong Kong ▪ Upper House Residences Bangkok and The Wireless Residences by Upper House, Bangkok ▪ 6 Deep Water Bay Road, Hong Kong Subject to changes, pending mgt review
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UPCOMING NEW PROJECTS From 2027 2028 onwards From Q4 2026 (1) Representing GFA of the sites as at 30th June 2026. The GFA will increase to ~1.6M sq ft, subject to further relevant transaction agreements. (2) Representing 983-987A King’s Road, 16-94 Pan Hoi Street, 1067 King’s Road and 8 Shipyard Lane and 9-43 Hoi Wan Street and 29-41 Tong Chong Street in Quarry Bay, Hong Kong. (3) Representing construction floor area of the project including hotel portion and subject to change. Expected Completion Year DIVERSIFIED PORTFOLIO ACROSS OUR CORE MARKETS 8 ▪Taikoo Li Julong Wan Guangzhou (1) Expected Attributable GFA to be Completed 1.4 M sq ft 9.7 M sq ft Hong Kong Chinese Mainland 4.3 M sq ft U.S.A. and South East Asia 15.4 M sq ft ▪269 Queen’s Road East ▪Taikoo Li Sanya ▪Taikoo Place Beijing ▪Redevelopment of Building N1 at Taikoo Li Sanlitun, Beijing Artist Impression ▪Taikoo Li Qiantan (New Retail Phase) and Qiantan Place ▪Lujiazui Taikoo Yuan, Shanghai Artist Impression Total ▪Taikoo Li Xi’an Subject to changes, pending mgt review Taikoo Li Sanya ▪Residential, office and other commercial developments in Quarry Bay (2) ▪Upper House Residences Bangkok and The Wireless Residences by Upper House, Bangkok ▪Empire City, Ho Chi Minh City ▪The Residences at Mandarin Oriental, Miami (3) ▪Phase 3 of Taikoo Hui, Guangzhou Taikoo Li Xi’an
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Taikoo Li Sanlitun, Beijing INVESTMENT PORTFOLIO
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10 HIGH OCCUPANCY , OFFICE RENTS RISING IN PACIFIC PLACE (1) Occupancy as at 30th June 2026. (2) Including One Pacific Place, Two Pacific Place and Three Pacific Place. Excluding Six Pacific Place where occupancy was 70% as at 30th June 2026. (3) Including Cambridge House, Dorset House, FWD Tower, Lincoln House, Oxford House and PCCW Tower. (4) Excluding Two Taikoo Place and Six Pacific Place. Overall occupancy including Two Taikoo Place and Six Pacific Place was 90% at 30th June 2026. HONG KONG OFFICE Attributable Valuation Unchanged (vs Dec 2025) HK$ 159.2 Bn Attributable Gross Rental Income Flat (vs 1H 2025) 92% Overall Occupancy (4) Pacific Place (2) 98% Occupancy -14% Reversion One/Two PP : 90 – 100 Three PP : 80 – 90 Latest Rentals (HK$ psf) 91% Occupancy -14% Reversion Low 50s – mid 60s Latest Rentals (HK$ psf) One Island East & One Taikoo Place 88% Occupancy -17% Reversion Mid 30s – high 40s Latest Rentals (HK$ psf) Other Taikoo Place Office Towers (3) 80% Occupancy Low 50s – high 50s Latest Rentals (HK$ psf) Two Taikoo Place Subject to changes, pending mgt review
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100% Occupancy +14.9% YoY Retail Sales 11 ROBUST RETAIL SALES GROWTH 100% +3% (vs 1H 2025) +1% (vs Dec 2025) HK$ 42.8 Bn Attributable Gross Rental Income Overall Occupancy Attributable Valuation The Mall, Pacific Place (1) Occupancy as at 30th June 2026. 100% Occupancy +3.3% YoY Retail Sales 100% Occupancy +16.3% YoY Retail Sales HONG KONG RETAIL Citygate OutletsCityplaza
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1,287 1,764 2,771 3,073 3,4651,327 2,386 2,401 3,180 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2016 2020 2022 2025 2026 HK Office 34% HK Retail 17% HK Residential 3% CM Retail 40% CM Office 5% CM Residential 1% ▪ Attributable rental contributions from Chinese Mainland retail portfolio exceeded those from Hong Kong office portfolio. ▪ Chinese Mainland portfolios contributed 46% attributable gross rental income in 1H 2026. HK$M Attributable Gross Rental Income (1) 12 CAGR (2016 - 2025): +10% Attributable Gross Rental Income by Region (1) 46% Contribution from Chinese Mainland (1) After deducting rental concessions. CHINESE MAINLAND PORTFOLIOS GROWING CONTRIBUTION WITH A ROBUST OPENING PIPELINE 9.9 10.6 10.7 10.7 10.7 2.8 7.6 8.6 5 10 15 20 2022 2025 2026F 2027F Beyond 2028F Attributable Completed GFA M sq ft Existing New Projects 19.3 13.54,150 5,172 6,253 6 → 11 developments GFA Doubling 2,614 18.3 1H 2H +13% Subject to changes, pending mgt review
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CHINESE MAINLAND RETAIL 13 PROACTIVE ASSET MANAGEMENT IN EXISTING AND NEW PROJECTS ▪ 5 global flagship stores opened in 1H 2026, including Hermès. ▪ Metro connectivity to be completed within 2026. ▪ Tenant mix upgrade at HKRI Taikoo Hui completed, new shop openings in 1H 2026: Rolex Prestige, MONTBLANC, MaxMara, etc. ▪ Activation Zone of ZHANGYUAN East Zone opened in June 2026, numerous trendy flagship stores have settled in, new brands includes Palm Angels, BAPE®, etc. Taikoo Li Sanlitun - North ▪ Our first resort-style premium retail development to deliver a distinctive retail offering. ▪ Pre-leasing is encouraging and reflects tenant confidence in the quality of our offerings. ▪ Completion expected in phases from Q4 2026. Taikoo Li SanyaHKRI Taikoo Hui, Shanghai ZHANGYUAN, Shanghai ▪ Phase 1 performing well with positive market feedback and sustained footfall. ▪ Phase 2 is expected to transform into a larger-scale, luxury-focused destination in Greater Bay Area, scheduled to open from 2027. Taikoo Li Julong Wan Guangzhou
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14 (1) Occupancy as at 30th June 2026. (2) Part of Taikoo Place Beijing. (3) Phase 1 of the retail portion of Taikoo Li Julong Wan Guangzhou opened progressively from December 2025. The occupancy rate was 76% as of 30th June 2026. CHINESE MAINLAND RETAIL STRONG RETAIL SALES AND FOOT TRAFFIC SUPPORTED BY SUCCESSFUL UPGRADES +23% (vs 1H 2025) +14% (vs 1H 2025) +4% (vs Dec 2025) HK$ 65.5 Bn Attributable Gross Rental Income Overall Attributable Retail Sales in 1H 2026 Attributable Valuation 100% Occupancy +63.2% YoY Retail Sales Taikoo Li Sanlitun, Beijing 100% Occupancy +9.3% YoY Retail Sales Taikoo Hui, Guangzhou 98% Occupancy +3.2% YoY Retail Sales INDIGO, Beijing (2) 98% Occupancy +82.2% YoY Retail Sales HKRI Taikoo Hui, Shanghai 98% Occupancy +13.8% YoY Retail Sales Taikoo Li Chengdu 98% Occupancy +13.9% YoY Retail Sales Taikoo Li Qiantan, Shanghai
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+3% (vs 1H 2025) +2% (vs Dec 2025) HK$ 12.1 Bn Attributable Gross Rental Income Attributable Valuation 15 (1) Occupancy as at 30th June 2026. (2) Part of Taikoo Place Beijing. CHINESE MAINLAND OFFICE RESILIENT OCCUPANCY 96% Occupancy Low 300s – low 400s Latest Rentals (RMB psm) HKRI Taikoo Hui, Shanghai Taikoo Hui, Guangzhou 90% Occupancy Mid 100s – high 100s Latest Rentals (RMB psm) INDIGO, Beijing (2) 96% Occupancy Mid 100s – mid 200s Latest Rentals (RMB psm)
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Lujiazui Taikoo Yuan, Shanghai ▪ 40% interest ▪ 2.9M sq ft GFA (2) ▪ Office towers topped out. Superstructure works of retail portion completed. ▪ Façade and interior fit-out works in progress. Taikoo Li Qiantan (New Retail Phase) and Qiantan Place ▪ 40% interest ▪ 2.9M sq ft GFA ▪ Office towers and retail portion topped out. ▪ Façade and interior fit-out works in progress. CHINESE MAINLAND PIPELINE 16 (1) GFA based on 100% basis. (2) The total GFA is subject to change. (3) Subject to further relevant transaction agreements. GFA of the sites was 0.8M sq ft as of 30th June 2026. NEW PROJECTS SET TO LAUNCH FROM 2H 2026 Taikoo Li Xi’an ▪ 70% interest ▪ 2.9M sq ft GFA (2) ▪ Basement and superstructure works in progress. Taikoo Place Beijing ▪ 49.895% interest ▪ 4.0M sq ft GFA ▪ Superstructure topped out. Façade, mechanical and electrical installation works in progress. Taikoo Li Sanya ▪ 50% interest ▪ 2.5M sq ft GFA (2) ▪ Superstructure, façade, mechanical and electrical installation and interior fit-out works in progress. Investment Properties Expected Completion From 2H 2026 (by phases) Taikoo Li Julong Wan Guangzhou ▪ 50% interest ▪ To increase to ~1.6M sq ft GFA (3) ▪ Basement and superstructure works in progress.Building N1 - Taikoo Li Sanlitun, Beijing ▪ 100% interest ▪ 0.15M sq ft GFA ▪ Redevelop into a new retail landmark for global flagship stores. ▪ Expected to be completed in 2026, opening in 2027. Phase 3 of Taikoo Hui, Guangzhou ▪ 97% interest ▪ 0.7M sq ft GFA ▪ Design development in progress. Key addition to Taikoo Hui, Guangzhou. From 2027 onwards (by phases) Office-led Retail-led Residential-led
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RESIDENTIAL TRADING PORTFOLIO Lujiazui Taikoo Yuan Residences, Shanghai Artist Impression
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30th Jun 2026 2026F 2027F onwards (1) Excluding The Residences at Mandarin Oriental, Miami. (2) Remaining saleable area. (3) Completion in phases. 18 GFA (‘000 sq ft) Completed / Expected Residential GFA Completions (1) (Attributable basis as at 30th Jun 2026) 603 953 1,896 LA MONTAGNE (2) Savyavasa (2) THE HEADLAND RESIDENCES (2) Century Summit and Century Heights 269 Queen's Road East 983-987A King’s Road and 16-94 Pan Hoi Street Empire City (3) Upper House Residences Bangkok and The Wireless Residences by Upper House (3) RESIDENTIAL TRADING PORTFOLIO DIVERSE PIPELINE ACROSS ALL MARKETS Lujiazui Taikoo Yuan Residences (3) Hong Kong Chinese Mainland South East Asia Total No. of Projects (1) 4 2 3 9 GFA (‘000 sq ft) (Attri. basis) 701 953 1,798 3,452 Lujiazui Taikoo Yuan Residences Savyavasa Artist Impression Growth supported by a diverse pipeline – 10 projects ongoing Upper House Residences Bangkok and The Wireless Residences by Upper House Artist Impression ~2.7M sq ft Construction Floor Area The Residences at Mandarin Oriental, Miami New
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Phase 1 and Phase 2 completed in August 2025 and June 2026 respectively ▪ Average sale price: HK$17,285 psf ▪ 354 units sold (2) ▪ Remaining saleable area: 411K sq ft (6) 19 RESIDENTIAL TRADING PORTFOLIO – 2026 PROJECTS IN FOCUS STRONG DEMAND AND ACCELERATING SALES MOMENTUM (1) GFA and remaining saleable area based on 100% basis as at 30th June 2026. (2) As at 31st July 2026. (3) Total GFA subject to change. (4) Excluding the public rental housing of approximately 71,925 sq ft to be handed over to the Government upon completion. (5) Based on total saleable area as at 31st July 2026. (6) Excluding a retail shop of approximately 1,968 sq ft. Sale completed in March 2026 ▪ Total sale proceeds of HK$2.2Bn ▪ Average sale price: HK$147,010 psf ▪ Two houses sold Artist Impression 6 Deep Water Bay Road, Hong Kong (100% Interest) THE HEADLAND RESIDENCES, Hong Kong (80% Interest) Exp. completion from 2026 ▪ Average sale price: RMB178,407 psm ▪ 316 units pre-sold (2) ▪ 1.2M sq ft GFA (3) (4) ▪ Façade and interior fit-out works in progress Lujiazui Taikoo Yuan Residences, Shanghai (40% Interest) Exp. completion in 2026 ▪ Average sale price: RMB129,800 - 132,000 psm ▪ ~98% pre-sold (5) ▪ 1.2M sq ft GFA ▪ Façade and interior fit-out works in progress Century Summit and Century Heights, Shanghai (40% Interest) Exp. completion from 2030 ▪ 1.6M sq ft GFA (3) ▪ Substructure works in progress ▪ VIP sales have commenced with opening of a sales gallery in Bangkok Upper House Residences Bangkok and The Wireless Residences by Upper House, Bangkok, Thailand (40% Interest)
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20 ▪ Mixed-use (Residential-led) ▪ Exp. completion in phases up to 2032 ▪ ~43% pre-sold or sold (2) (6) ▪ 6.0M sq ft GFA RESIDENTIAL TRADING PORTFOLIO SOLID DEMAND AND PROGRESS ACROSS KEY PROJECTS (1) GFA and remaining saleable area based on 100% basis as at 30th June 2026. (2) Based on units sold as at 31st July 2026. (3) Excluding a retail podium of approximately 13,197 sq ft. (4) Excluding a retail podium of approximately 50,004 sq ft. (5) Total GFA subject to change. (6) Total units of the whole project has been expanded. ▪ Completed in 2022 ▪ Average sale price: HK$40,055 psf ▪ All units sold (2) EIGHT STAR STREET, Wan Chai (100% Interest) ▪ Completed in 2024 ▪ Average sale price: HK$26,481 - 38,602 psf ▪ ~83% sold for Phase 4A; ~24% sold for Phase 4B (2) ▪ Remaining saleable area: 268K sq ft LA MONTAGNE, Wong Chuk Hang (25% Interest) ▪ Exp. completion in 2027 ▪ 103K sq ft GFA (3) ▪ Superstructure works in progress 269 Queen’s Road East, Wan Chai (100% Interest) ▪ Exp. completion in 2028 ▪ 405K sq ft GFA (4) (5) ▪ Foundation works in progress 983-987A King’s Road and 16-94 Pan Hoi Street, Quarry Bay (50% Interest) ▪ Completed in 2025 ▪ Average sale price: IDR5,968,170 psf ▪ ~52% sold (2) ▪ Remaining saleable area: 416K sq ft ▪ Handover of units to buyers has begun Savyavasa, Jakarta, Indonesia (50% Interest) Empire City, Ho Chi Minh City, Vietnam (15.73% Interest) ▪ Luxury residential and hospitality project ▪ Exp. completion in 2030 ▪ ~60% pre-sold (2) ▪ ~2.7M sq ft CFA The Residences at Mandarin Oriental, Miami (100% Interest) Signature Gallery
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Upper House Hong Kong HOTEL PORTFOLIO
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▪ Managed hotels recorded EBITDA profit (1) of HK$61M in 1H 2026 (HK$25M in 1H 2025). ▪ Improved performance at managed hotels in Hong Kong, reflecting higher occupancy and room rates. ▪ Revenue per available room increased in Chinese Mainland during 1H 2026. ▪ Continuous development of the Upper House brand through new hotels in Tokyo and Shenzhen under management contracts, and new hotels in Beijing, Shanghai and Xi’an owned and managed by Swire Hotels. (1) Including restaurants and hotel management office. HOTEL PORTFOLIO IMPROVING PERFORMANCE EAST Hong Kong 22 Upper House Tokyo Artist impression Upper House Chengdu
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Taikoo Li Qiantan, Shanghai FINANCIAL HIGHLIGHTS
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▪ Underlying profit increased by 11% primarily driven by profit on sale of two residential properties at 6 Deep Water Bay Road in Hong Kong, partly offset by a lower gain on divestment. ▪ Profit from property investment decreased, mainly due to the loss of rental income from the Brickell City Centre retail mall following its disposal and higher interest expenses, partly offset by increased rental income from Hong Kong and Chinese Mainland retail portfolios. ▪ Hotel performance in Hong Kong and Chinese Mainland improved in 1H 2026. Performance of managed hotel in the U.S.A. was strong. Underlying profit 1H 2025 Underlying profit 1H 2026 Decrease in profit from divestment Decrease in profit from property investment Increase in profit from property trading Increase in profit from hotels Movement in Underlying Profit 4,420 4,900 (761) (302) 1,493 50 HK$M 6,479 6,260 3,420 4,661 289 2,360 1,000 239 FY 2024 FY 2025 1H 2025 1H 2026 By Segment (HK$M) 1H 2025 1H 2026 Change Property investment 3,747 3,445 -8% Property trading (282) 1,211 n.a. Hotels (45) 5 n.a. Recurring Underlying Profit 3,420 4,661 +36% Profit from divestment 1,000 239 -76% Underlying Profit 4,420 4,900 +11% Underlying earnings per share (HK$) 0.76 0.85 +12% 6,768 HK$M Underlying Profit Recurring Non-recurring 24 8,620 UNDERLYING PROFIT STRONG PROFIT GROWTH DRIVEN BY SIGNIFICANT RESIDENTIAL PROFIT 4,9004,420 Subject to changes, pending mgt review
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867 675 438 240 846 818 412 425 5,225 5,353 2,622 2,998 2,556 2,549 1,263 1,299 5,415 5,162 2,600 2,583 HK Office Flat ▪ Despite headwinds, office portfolio remained resilient with high occupancy. ▪ Leasing activity improved, supported by stronger capital market sentiment and an active IPO pipeline, demand driven by “flight-to-quality” trend. ▪ Tenant retention remains high with strong pipeline of renewals and expansion demand. HK Retail +3% ▪ Outperformed market, with a strong recovery at The Mall at Pacific Place. ▪ Conditions remain dynamic, reflecting impact of outbound travel and evolving consumer behaviour. ▪ Demand in luxury categories remains robust. CM Retail +14% CM Office +3% ▪ Demand for space continues to be subdued amid ongoing economic uncertainty. ▪ In Guangzhou and Shanghai, new supply in market has led to higher vacancy rates. In Beijing, weak demand for space despite limited new supply. Others -45% Attributable Gross Rental Income (1) HK$M FY 2024 FY 2025 25 ▪ Strong performance with Taikoo Li Sanlitun and HKRI Taikoo Hui achieving outstanding sales growth. ▪ Rental growth supported by continued shift towards experiential retail and successful mall upgrades. ▪ Retailers remain selective, but demand for high-quality space in prime locations remains healthy. ▪ Loss of rental income from Brickell City Centre retail mall post disposal. RESILIENT PERFORMANCE WITH ACCELERATED RETAIL GROWTH 1H 2025 (1) After deducting rental concessions. RENTAL INCOME +6%Disregarding U.S.A. disposal 1H 2026 14,909 14,557 7,5457,335 3% YoY
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26 ▪ Aim to deliver sustainable annual growth in dividends and to pay out approximately half of underlying profit in ordinary dividends over time. ▪ +6% increase in DPS vs 1H 2025, targeting sustainable growth for 10 consecutive years. 0.23 0.25 0.27 0.29 0.30 0.31 0.32 0.33 0.34 0.35 0.37 0.48 0.52 0.57 0.59 0.61 0.64 0.68 0.72 0.76 0.80 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 1H 2026 0.77 0.84 0.88 0.91 1.10 0.95 1.00 1st 2nd 1.05 HK$ / Share Dividend Per Share 0.71 FOCUS ON LONG-TERM SHAREHOLDER VALUE CAGR (2016-2025): +5.5% 2025 vs 2016: +62% DELIVERING SUSTAINABLE ANNUAL DIVIDEND GROWTH +6% 1.15
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250,000 255,000 260,000 265,000 270,000 275,000 280,000 31st Dec 2025 Additions Translation differences Net transfers Disposals Net fair value gains 30th Jun 2026 Movement in Investment Properties Valuation (1) (excl. hotels and investment properties held under JVCs and associates) 268,313 271,871(324) (205) 1,068 HK$M ▪ The increase in valuation of investment property portfolio primarily reflected additions and a foreign exchange translation gain on investment properties in Chinese Mainland. ▪ This was partly offset by disposal of an investment property and transfer of an investment property to assets classified as held for sale. ▪ A reduction of 12.5 basis points in the capitalisation rates for certain prime Hong Kong office investment properties. (1) Valuation before initial leasing costs. 27 578 INVESTMENT PROPERTIES VALUATION +1% (vs Dec 2025) HK$ 271,871 M Valuation 2,441
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13.6% 10.6% 5.3% 2.3% 3.5% 6.5% 12.7% 15.7% 14.6% 14.8% Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2024 Dec 2025 Dec 2023 Jun 2026 Net Debt Reconciliation (HK$M) Net debt at 31st Dec 2025 (39,540) Net rental and fee receipts 5,036 Proceeds from property trading / development 2,764 Net proceeds from disposals of investment props 348 Cashflow from JVCs, associates and other investments 484 Capex – PP&E and props investment and development cost for props trading (1,717) Dividends paid to the Company's shareholders (4,606) Tax paid (615) Net Interest paid (772) Other net cash paid (1,659) Sub-total (40,277) Movement in lease liabilities 9 Net debt at 30th Jun 2026 (40,268) Financial Ratios (1) 2022 2023 2024 2025 Jun 2026 Total equity (HK$M) 292,258 288,149 278,427 271,342 272,975 Net debt (HK$M) 18,947 36,679 43,746 39,540 40,268 Gearing 6.5% 12.7% 15.7% 14.6% 14.8% Underlying interest cover (x) 74.7 26.8 8.9 10.2 10.6 Underlying cash interest cover (x) 13.4 10.0 5.0 6.5 7.9 Weighted average cost of debt (on a gross debt basis) 3.2% 4.1% 4.0% 3.5% 3.3% (1) Financial ratios as at December year-ends except for June 2026. Gearing Ratio NET DEBT AND GEARING PROCEEDS FROM PROPERTY TRADING SUPPORTING FINANCIAL STRENGTH 28 Subject to changes, pending mgt review
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HKD 55% RMB 45% 1,771 7,750 11,188 1,251 5,032 752 810 868 1,064 708 4,089 500 5,088 7,591 2,323 3,127 3,921 705 1,156 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 2H 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036- 2040 Moody’s “A2” Fitch “A” Fixed : Floating 67% : 33% Maturity Profile of Available Committed Facilities (at 30th Jun 2026) HK$M RCL / Term Loans Bonds HK$M Dec 2025 Jun 2026 Available committed facilities 62,617 59,694 Drawn - committed (49,390) (49,355) Undrawn - committed 13,227 10,339 Cash 10,183 9,424 Cash & Undrawn Committed Facilities 23,410 19,763 Undrawn - uncommitted 400 400 Total 23,810 20,163 Green Financing contributing ~75% of facilities Gross Borrowing Currency Profile 29 MATURITY PROFILE AND LIQUIDITY HEALTHY LIQUIDITY PROFILE TO SUPPORT GROWTH ▪ Medium term notes of HK$3,904M were issued. ▪ Loan facilities of HK$857M were repaid and prepaid while medium term notes of HK$7,038M were repaid.
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HK$M Expenditure Forecast Expenditure Total Commitments (1) Commitments relating to JVCs (2) Six months ended 30th Jun 2026 Six months ending 31st Dec 2026 2027 2028 2029 & later At 30th Jun 2026 At 30th Jun 2026 Hong Kong 360 616 603 600 9,394 11,213 44 Chinese Mainland 1,643 4,601 6,846 3,045 2,919 17,411 9,247 Total 2,003 5,217 7,449 3,645 12,313 28,624 9,291 (1) The capital commitments (including those authorised by Directors but not contracted for) represent the Group’s capital commitments of HK$19,333M plus the Group’s share of the capital commitments of joint venture companies of HK$9,291M. (2) The Group is committed to provide funding of HK$657M of the capital commitments of joint venture companies. Profile of Capital Commitments for Investment Properties and Hotels – at 30th Jun 2026 30 CAPITAL COMMITMENTS
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SUSTAINABILITY HIGHLIGHTS SD 2050 Strategy Sustainability Report 2025
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VISION Building the World’s Most Sustainable Communities MISSION Our mission is to lead transformative change in the built environment that harmonises business, people and nature. Through our commitment to placemaking, strategic partnerships and sustainability performance, we will build thriving and inclusive communities to create long-term value for our stakeholders. 5 Strategic Pillars 27 Focus Areas 140 KPIs (for 2030 & 2035) 32 SD 2050
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Climate Transition First real estate company in Hong Kong and the Chinese Mainland to have its Near-Term, Long-Term and Net-Zero Targets validated under SBTi Buildings Criteria Increasing our Renewable Energy Adoption Over 88% of the electricity consumption of our Chinese Mainland portfolio (including Hotels) is now powered by renewable electricity Nature & Biodiversity Decarbonisation 2034 KPI ▪ Whole Building In-use: GHG intensity by 75.7% per m2 ▪ Embodied Carbon: GHG intensity by 69.5% per m2 ▪ Commit to install no new fossil fuel equipment that is owned or financially controlled by the Company in its building portfolios from 1st January 2030 First company in Hong Kong and the Chinese Mainland to have its nature strategy recognised by It’s Now for Nature, a global campaign by Business for Nature that is advancing a nature-positive economy Nature Transition Plan Integrate nature- related criteria into investment due diligence Strengthen nature-oriented procurement Nature-positive landscape design and adoption of nature-based solutions Investment Procurement Landscape Design 1 2 3 33 SD 2050 KEY & NEW COMMITMENTS
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Office Tenants 35% of F&B tenants to participate in the GKI 70% of office tenants to sign the GPP Latest Progress : 68% (1) As of 30th June 2026. (2) The 2030 KPI considers the rapid expansion of our retail portfolio, including projects such as Taikoo Li Julong Wan Guangzhou, Taikoo Li Sanya and Taikoo Li Xi’an. 2030 KPI Retail Tenants & Customers 100 retail tenants to commit to GRP LVMH and Kering committed to GRP 2030 KPI Latest Progress : 33% (1) (1) (2) 34 SD 2050 KEY & NEW COMMITMENTS Green Financing External Green Financing ▪ Achieve ≥80% and ≥90% of bond and loan facilities from green financing by 2030 and 2035 respectively 2030 & 2035 KPI For more details, please refer to Green Finance Report 2025 Latest Progress : ~75% of our financing came from green bonds and sustainability linked loans (1)
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OUTLOOK Taikoo Li Sanya Artist Impression
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POSITIVE MOMENTUM ACROSS ALL PORTFOLIOS OUTLOOK Office Portfolio ▪ Disciplined execution of HK$100Bn investment plan and continuous upgrading of portfolios. ▪ Sustainable growth driven by strong pipelines of residential and new retail-led developments in the Chinese Mainland. ▪ New SD 2050 vision to drive long-term shareholder value. ▪ Progressive, mid-single digit dividend growth. Residential Portfolio Hotel Portfolio ▪ Resilient, with high occupancy and narrowing reversions in Hong Kong, especially at Pacific Place ▪ Weak demand in Chinese Mainland but with “flight- to-quality” trends ▪ Positive growth momentum in Chinese Mainland ▪ Sustained recovery in Hong Kong as sentiment improves ▪ Positive in Hong Kong and South East Asia ▪ Strong in Chinese Mainland ▪ Strong demand in Miami, which remains an attractive destination for homebuyers ▪ Improving in Hong Kong ▪ Stable in Chinese Mainland ▪ Positive in Miami Retail Portfolio Subject to changes, pending mgt review 36
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Taikoo Place, Hong Kong END OF PRESENTATION
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Taikoo Li Julong Wan Guangzhou Q&A APPENDIX
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(1) First interim dividend for 2026 was declared on 6th August 2026 and will be paid on 8th October 2026. (2) NAV refers to equity attributable to the Company’s shareholders. HK$M 1H 2025 1H 2026 Change Revenue 8,723 9,413 +8% Valuation (losses)/gains on investment properties (3,900) 578 n.a. Operating profit 355 5,250 +1,379% Underlying profit 4,420 4,900 +11% Recurring underlying profit 3,420 4,661 +36% Reported (loss)/profit （1,202） 3,631 n.a. Underlying earnings per share (HK$) 0.76 0.85 +12% Recurring underlying earnings per share (HK$) 0.59 0.81 +37% Reported (loss)/profit per share (HK$) (0.21) 0.63 n.a. First interim dividend per share (HK$) (1) 0.35 0.37 +6% HK$M Dec 2025 Jun 2026 Change NAV attributable to the Company’s shareholders (2) 269,460 271,061 +1% Net debt 39,540 40,268 +2% Gearing ratio 14.6% 14.8% +0.2%pt. NAV per share (HK$) 46.80 47.08 +1% 39 2026 INTERIM RESULTS SUMMARY STRONG FINANCIAL RESULTS
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As at 30th June 2026 Trading Props Attributable GFA (M sq ft) Completed Development Under Development / Held for Development Total Hong Kong 0.6 0.3 0.9 Chinese Mainland - 1.0 1.0 U.S.A. and South East Asia 0.4 4.3 4.7 Total 1.0 5.6 6.6 Investment Props / Hotels Attributable GFA (M sq ft) Office Retail Hotels (1) Residential / Serv. Apts Under Planning Total Completed Hong Kong 9.2 2.5 0.8 0.6 - 13.1 Chinese Mainland 2.9 6.4 1.1 0.2 - 10.6 Sub-Total (A) 12.1 8.9 1.9 0.8 - 23.7 Under Development or Held for Future Development Hong Kong - - - - 1.1 1.1 Chinese Mainland 2.2 5.4 0.4 0.1 0.6 8.7 Sub-Total (B) 2.2 5.4 0.4 0.1 1.7 9.8 TOTAL = (A) + (B) 14.3 14.3 2.3 0.9 1.7 33.5 (1) Hotels are accounted for in the financial statements under property, plant and equipment and, where applicable, the leasehold land portion is accounted for under right-of-use assets. Attributable Investment Props / Hotels by Region (GFA M sq ft) Attributable Investment Portfolio 33.5 M sq ft Attributable Trading Portfolio 6.6 M sq ft Total Attributable Property Portfolio 40.1 M sq ft HK 14.2 42% CM 19.3 58% 33.5 M sq ft 40 PROPERTY PORTFOLIO AT A GLANCE A LEADING PROPERTY DEVELOPER, OWNER AND OPERATOR
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9-43 Hoi Wan Street & 29-41 Tong Chong Street ▪ ~ 24,800 sq ft gross site area. ▪ Full ownership obtained in June 2026. (1) Full ownership obtained in March 2022 and July 2023 respectively. (2) For illustration purpose, not to scale. 41 MILESTONE: COMPLETION OF TAIKOO PLACE REDEVELOPMENT TRANSFORMATION INTO GLOBAL BUSINESS DISTRICT 1067 King’s Road and 8 Shipyard Lane redevelopment (1) ▪ ~ 779,000 sq ft GFA. ▪ 100% owned. ▪ To be redeveloped for office and other commercial uses. ▪ MTR connectivity. ▪ Pacing the next phase of our development plans in Taikoo Place in response to market conditions. Taikoo Place Redevelopment ▪ Providing more open space and landscaped areas, including Taikoo Square, Taikoo Garden, and Taikoo Park, all interconnected with the ten office buildings.
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Brickell City Centre shopping centre 42 THE RESIDENCES AT MANDARIN ORIENTAL, MIAMI ▪ Pre-sales launched in 2024, receiving strong buyer demand for this exceptional waterfront development with 60% of the residences pre-sold (1). ▪ Two towers on Brickell Key: ▪ First tower will comprise luxury private residences. ▪ Second tower will comprise a new Mandarin Oriental hotel, along with private residences and hotel residences. ▪ Construction is expected to commence with groundbreaking planned for October 2026 and completion targeted for 2030. Artist Impression LUXURY RESIDENTIAL AND HOSPITALITY PROJECT UNDER DEVELOPMENT (1) Based on units sold as at 31st July 2026.
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▪ Continue to create long-term value by conceiving, designing, developing, owning and managing transformational mixed-use and other projects in urban areas. ▪ Maximise the earnings and value of our completed properties through active asset management and by reinforcing our assets through enhancement, redevelopment and new additions. ▪ Continue with our luxury and high-quality residential property activities. ▪ Remain focused principally on Hong Kong and Chinese Mainland and expand selectively in South East Asia. ▪ Manage our capital base conservatively. 43 KEY BUSINESS STRATEGIES SUSTAINABLE GROWTH IN SHAREHOLDER VALUE IN THE LONG-TERM Taikoo Place, Hong Kong Taikoo Li Sanlitun, Beijing
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57% 57% 43% 43% 31st Dec 2025 30th Jun 2026 Hong Kong Chinese Mainland Attributable Gross Rental Income by Region (1) Completed Investment Properties GFA (excl. Hotels) Net Assets Employed 44(1) After deducting rental concessions. GEOGRAPHICAL ANALYSIS TOWARDS A MORE BALANCED PORTFOLIO 56% 54% 43% 46% 1%FY 2025 1H 2026 Hong Kong Chinese Mainland U.S.A. and South East Asia 73% 72% 26% 27% 1% 1% 31st Dec 2025 30th Jun 2026 Hong Kong Chinese Mainland U.S.A. and South East Asia
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Financial Institutions 28.6% Trading 18.0% Professional Services 15.4% TMT 8.8% Real Estate- related 7.2% Insurance 11.7% Others 10.3% Hong Kong Office 45 As at 30th June 2026 TENANT MIX A BALANCED TENANT PROFILE Fashion & Accessories 29.3% Food & Beverages 21.9%Supermarkets 6.8% Cinemas 4.5% Jewellery & Watches 2.3% Department Stores 16.4% Ice Rink 1.0% Others 17.8% Hong Kong Retail Fashion & Accessories 46.9% Food & Beverages 22.5% Supermarkets 4.5% Cinemas 3.8% Jewellery & Watches 3.4% Others 18.9% Chinese Mainland Retail Financial Institutions 28.2% Trading 21.2%Professional Services 17.2% TMT 16.7% Real Estate- related 6.5% Others 10.2% Chinese Mainland Office
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Lease Expiry Profile: 46 ▪ Hong Kong Retail ▪ Top ten retail tenants occupied approx. 31% retail area in Hong Kong. ▪ Hong Kong Office ▪ Top ten office tenants occupied approx. 24% office area in Hong Kong. ▪ Chinese Mainland Retail ▪ Top ten retail tenants occupied approx. 24% retail area in Chinese Mainland. ▪ Chinese Mainland Office ▪ Top ten office tenants occupied approx. 44% office area in Chinese Mainland. 2H 2026 2027 2028 and later LEASE EXPIRY PROFILE WELL-SPREAD EXPIRY 3.2% 18.4% 78.4% 8.7% 30.3% 61.0% 6.2% 23.5% 70.3% 19.5% 29.9% 50.6% As at 30th June 2026
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5.69 M sq ft GFA Pacific Place Completed Investment Props (incl. Hotels) (100% basis) 8.18 M sq ft GFA Taikoo Place & Cityplaza Completed Investment Props (incl. Hotels) (100% basis) * 4.3 M (Attri. basis) 7.7 M (Attri. basis) 47 HONG KONG PORTFOLIO MAP 2,851 (RETAIL) *Excluding the 43rd, 45th to 54th floors (except for the 49th floor) which have been disposed of. *
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1.33 M sq ft GFA Citygate Completed Investment Props (incl. Hotels) (100% basis) 0.36 M (Attri. basis) 48 HONG KONG PORTFOLIO MAP
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49 CHINESE MAINLAND PORTFOLIO Portfolios Assets Investment Properties GFA (sq ft) Occupancy Taikoo Hui, Guangzhou Taikoo Hui Taikoo Hui Towers 1&2 Mandarin Oriental Guangzhou Phase 2 of Taikoo Hui, Guangzhou (1) Under Development Phase 3 of Taikoo Hui, Guangzhou Completed 3.87 M (100% basis) 3.76 M (97% basis) Under Development 0.65 M (100% basis) 0.64 M (97% basis) Retail: 100% Office: 90% Taikoo Li Chengdu Taikoo Li Chengdu Upper House Chengdu Completed 1.65 M Retail: 98% Taikoo Li Sanlitun, Beijing Taikoo Li Sanlitun South Taikoo Li Sanlitun North Taikoo Li Sanlitun West Under Redevelopment Building N1 Completed 1.62 M Under Redevelopment 0.15 M Retail: 100% Taikoo Place Beijing INDIGO Mall ONE INDIGO EAST Beijing Under Development Taikoo Place Beijing Completed 1.89 M (100% basis) 0.95 M (50% basis) Under Development 4.05 M (100% basis) 2.02 M (49.895% basis) Retail: 98% Office: 96% Taikoo Hui, Guangzhou Taikoo Li Sanlitun, Beijing Taikoo Place Beijing Taikoo Li Chengdu (1) Under renovation.
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(1) The Group does not have an ownership interest in the Compound. (2) Above ground 0.67M sq ft / below ground 0.96M sq ft. 50 CHINESE MAINLAND PORTFOLIO Portfolios Assets Investment Properties GFA (sq ft) Occupancy HKRI Taikoo Hui, Shanghai HKRI Taikoo Hui Mall HKRI Centre 1&2 Upper House Shanghai The Sukhothai Shanghai Completed 3.73 M (100% basis) 1.87 M (50% basis) Retail: 98% Office: 96% Taikoo Li Qiantan, Shanghai Taikoo Li Qiantan Under Development Taikoo Li Qiantan (New Retail Phase) Qiantan Place Completed 1.19 M (100% basis) 0.59 M (50% basis) Under Development 2.94 M (100% basis) 1.18 M (40% basis) Retail: 98% ZHANGYUAN, Shanghai Revitalisation and management of the ZHANGYUAN Shikumen Compound in Jing’an district (1) JV Management Company – 60% owned. West zone opened in 2022, activation zone of East zone opened from June 2026. The overall East zone to be opened from 2027. Under Management ~1.63 M (2) n.a. HKRI Taikoo Hui, Shanghai Taikoo Li Qiantan, Shanghai ZHANGYUAN, Shanghai
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Managed Hotels No. of Rooms Attributable Interest (100% basis) Hong Kong Upper House Hong Kong 117 100% EAST Hong Kong 331 100% Headland Hotel (1) 501 0% Chinese Mainland EAST Beijing 365 50% Upper House Chengdu (2) 142 100% Upper House Shanghai (2) 213 50% U.S.A. EAST Miami (3) 352 0% Total 2,021 (1) Headland Hotel is owned by Airline Property Limited, a wholly-owned subsidiary of Cathay Pacific Airways Limited. (2) Comprising one hotel tower and one serviced apartment tower. (3) EAST Miami (including serviced apartments in the hotel tower) is owned by a third party. (4) Including serviced apartments in the hotel tower. 2,021 Total managed rooms 51 HOTEL PORTFOLIO Owned but Non-managed Hotels No. of Rooms Attributable Interest (100% basis) Hong Kong Island Shangri-La Hong Kong 544 20% JW Marriott Hotel Hong Kong 608 20% Conrad Hong Kong 513 20% Novotel Citygate Hong Kong 440 26.67% The Silveri Hong Kong - MGallery 206 26.67% Chinese Mainland Mandarin Oriental, Guangzhou (4) 287 97% The Sukhothai Shanghai 201 50% Total 2,799
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