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☑ WHARF Established 1886 42 % Dividend Increase on Payout Revision Wharf Real Estate Investment Company Limited 2026 Interim Results | 6 Aug 2026
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 2 Results Highlights ▪ Group UNP +6% on Lower Interest Cost ▪ Net Cash Inflow before Financing +41% or $1.4B ▪ Distribution Payout Ratio Revised from 65% to 90% of Recurrent Core UNP ▪ Policy Change Implies a 38% Increase in Base Dividends ▪ First Interim Dividend +42% to 94 Cents per Share ▪ Wheelock Place in Singapore Agreed to be Sold at 12% Premium to Book ▪ Gearing at 16% Set to Decrease to ~11% on Singapore Disposal
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 3 Disciplined Debt Management Net Debt & Gearing at Record Low 52.0 29.2 15.9% 0% 10% 20% 30% 20 30 40 50 60 70 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H25 1H26 Net Debt (LHS) Gearing (RHS)HK$ Billion $213B $224B $221B $209B $211B $195B $196B $192B $186B $189B $184BTotal Equity: Total Gross Debt: $31.2B (As at 30 Jun 2026) 6.2 1.8 0.9 6.7 - 4.4 0.6 7.3 1.4 1.8 0.1 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H & After 2026 2027 2028 2029 2030 2031 Gearing ≤20% (Except COVID Yrs) Period-end: Debt Maturity (HK$ Billion) Gearing 15.9% (↓1.3 ppts from Dec-25) Floating-rate 89% of Total Debt Moody’s Rating A2 (Stable Outlook) Interest Cover 8.2x (1H25: 6.2x)
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 4 1.0 0.7 1.2 2.3 2.1 1.4 0.8 0.6 52.0 29.2 20 25 30 35 40 45 50 55 0.0 0.5 1.0 1.5 2.0 2.5 2020 2021 2022 2023 2024 2025 1H25 1H26 Borrowing Costs Net Debt De-leveraging Support Resilient Earnings Borrowing Costs Savings HK$ Billion Net Debt ↓$22.8B Since Dec-20 7.5 6.5 3.1 3.3 1.47 1.32 0.66 0.94 0.0 0.5 1.0 1.5 2.0 0 2 4 6 8 10 12 2020 2021 2022 2023 2024 2025 1H25 1H26 Group UNP DPSHK$ Billion HK$ Avg. Interest Cost: 1.9% 1.4% 2.5% 5.4% 5.6% 4.1% 4.4% 3.5% UNP & DPS Resilient amid Rate-hike Cycle UNP & DPS Trend Rate-hike Cycle HK$ Billion Borrowing Costs ↓$204M YoY 26% Decline DPS ↑ 42% YoY Mid-SD Growth in 2025
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 5 Financial Highlights ▪ Group Loss Narrowed on Lower IP Revaluation Deficit; Cap Rates Unchanged ▪ Group UNP +6% & Recurrent Core UNP +3% on Lower Borrowing Costs ▪ DPS Increased by 42% to $0.94 ▪ Wheelock Place Disposal Announced in Jul-26 - Total Consideration S$1.1B (~HK$6.7B) - 12% Premium to Book - Target Completion: Late Aug-26 HK$M 1H26 1H25 YoY Chg Group Revenue - HKIP & Hotel 6,340 5,881 6,407 5,917 -1% -1% Operating Profit - HKIP & Hotel 4,604 4,398 4,684 4,469 -2% -2% Underlying Net Profit (UNP)* - HKIP & Hotel 3,311 3,178 3,119 3,084 +6% +3% Net IP Fair Value Change (3,547) (5,118) (Loss) After IP Fair Value Change (176) (2,406) (Loss)/Earnings Per Share (HK$) - Attributable to Shareholders - Underlying* - Underlying (HKIP & Hotel)* (0.06) 1.09 1.05 (0.79) 1.03 1.02 +6% +3% Dividend Per Share (HK$) 0.94 0.66 +42% *Excl. IP Revaluation Deficit and Exceptional Items
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 6 Prime Gem Income Pillar 7.1 6.8 7.3 7.2 7.0 3.6 3.5 3.4 3.4 3.1 3.1 3.1 1.5 1.5 0.9 1.0 1.6 1.6 1.7 0.8 0.9 0 2 4 6 8 10 12 14 2021 2022 2023 2024 2025 1H25 1H26 S.A. & Hotels Office Retail Harbour City Contribution to HKIP 81% Revenue 77% Revenue 56% GFA 77% GFA Retail Office HKIP & Hotel Revenue Breakdown 1H26: $5.9B (-1%) HKIP & Hotel Revenue Breakdown HK$ Billion Harbour City (HC) Times Square (TS) Plaza Hollywood (PH) Central Portfolio Retail Office S.A. & Hotels 59% 26% 15% Total $5.9B
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 7 1H26 Key Metrics Revenue $4.6B (+1%) Retail Sales Outperformed HK Overall Market Core Revenue $5.9B (-1%) Recurrent Core UNP $3.2B (+3%) UNP $2.7B (+4%) DPS $0.94 (+42%) Core Assets: HKIP & Hotels Harbour City (Incl. Hotel) 79% of Core Revenue 86% of Recurrent Core UNP
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Investment Properties
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 9 1H26 HK Retail Sales & Visitor Profile Retail Sales & Visitor Arrivals Trend Visitor Arrivals Breakdown by MarketLocal Outbound & Visitor Arrivals Trend 50.1 55.1 12.4 15.2 5.7 5.7 11.3 11.5 56.9 61.8 23.7 26.7 0 10 20 30 40 50 60 70 1H25 1H26 1H25 1H26 Local Outbound Visitor Arrivals By Air +0% By Land +10% Same-day +23% Overnight +2% Million 95 106 90 97 12.2 14.3 11.4 12.4 0 2 4 6 8 10 12 14 16 0 20 40 60 80 100 120 140 160 1Q25 1Q26 2Q25 2Q26 1Q25 1Q26 2Q25 2Q26 Retail Sales Visitor Arrivals MillionHK$ Billion +12% +7% +17% +9% Local Outbound 2.3x of Visitor Arrivals *Taiwan, Philippines, USA, Macau, South Korea 26.7M +13% YoY Overnight ML 28% Same-day Mainland (ML) 49% Top 5 Non-ML* 11% Other Non-ML 12% ▪ Retail Sales $203B, +10% Led by Discretionary ▪ Visitor Arrivals 26.7M, +13% Led by Same-day (Overnight +2%, Same-day +23%) ▪ Local Outbound 61.8M, ~70% of Total Border Crossings ▪ Local Outbound +9%, 89% by Land (By Land +10%, By Air +0%) ▪ 49% of Visitors were Same-day (Mainland) ▪ Top 5 Markets (Mainly Short-haul) Half of All Non-ML Visitors
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 10 Retail – Uneven Recovery 1H26: $2.5B (-2%) Harbour City: Retail Rental Category Breakdown Electronics Fashion 34% Leather Goods 26% Jewellery, Beauty & Accs. 23% F&B & Ent. 5% Dept. Store 4% Sports- wear 3% Electronics Others 2% 2% Kid’s Related 1% ▪ Tenant Sales at HC Outpaced HK Market; TS Positive - High-end, Luxury Tenants Particularly Strong ▪ Period-end Occupancy: HC 92%; TS 95% ▪ Retailers Cautious about Making Major Commitments - Uneven Performance across Sectors - Keen Competition from Neighbours
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 11 Excitements with Many “Firsts” Zegna – Luxury Brand Expanding Presence Toys“R”Us – First World-Class Flagship Other HK Debuts Harbour City Times Square SKIMS – One of First Asia’s Flagships FIFA Museum – Asia’s First Selected New Brands And More… (HK Debut) Selected Expansions & Strategic Relocations (HK Island Debut)
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 12 Creating Buzz At Every Turn Forever Toys @ HC Minions & Monsters: BELLO! HOLL YWOOD @ TS YouTube Music Nights @ TS Blockbuster IP & Anime Journey Bandai Namco Asia Journey @ HC Art & Music GalasSports Brand Activation lululemon Evening Run @ TS adidas FIFA 2026 The Yard @ HC Le Chic French Hour @ HCForever Toys @ HC
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 13 Office – Cautious Stabilisation ▪ Flexible Leasing Strategy Drove Above-Mkt. Occupancy ▪ Expediting Premises Upgrade to Reinforce Positioning - LEED Platinum for All Office Buildings at HC & TS ▪ Recovery Uneven Across Districts; Rental Challenging amid Competition - HC Drew In-house Expansions - TS Demand Focused on Smaller Units - WH & CH Prime Locations Gaining Traction 93% 89% 97% 94%93% 90% 91% 91% 0% 20% 40% 60% 80% 100% Harbour City (HC) Times Square (TS) Wheelock House (WH) Crawford House (CH) Property Occ. District Avg.^ Office Occupancies* *Period-end Occupancy Rate (%) ^Source: JLL – HK Monthly Market Dynamics (Jul 2026)
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Hotels
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 15 Sustained Recovery ▪ Canton Road Hotels: Prime Location in Tourist Hotspot; Avg. Occupancy Outperformed the District ▪ The Murray: Stronger Corporate Demand & DD Growth in Occupancy ▪ Higher Room Rates from Strategic Price Increase - DD Growth in RevPAR ▪ Deceleration Started Towards End of Period 82% 85% 87% 85% 86% 1,392 1,332 1,263 1,220 1,313 1,000 1,100 1,200 1,300 1,400 1,500 80% 82% 84% 86% 88% 90% 2023 2024 2025 1H25 1H26 2023 2024 2025 1H25 1H26 Source: Hong Kong Tourism Board Hong Kong All Hotels Occupancy Avg. Room Rates HK$ Prestigious Recognitions The Murray, Hong Kong, a Niccolo Hotel Cucina, Marco Polo Hongkong Hotel
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Outlook
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 17 Growth Gradual & Uneven External UncertaintiesSector-specificHK Market ▪ “Safe Haven” in Troubled Times ▪ Weaker HKD Enhances Competitiveness ▪ Consumption Recovery Driven by Visitor Growth & Improving Local Confidence ▪ Higher Base in 2H25 ▪ Segmented Recovery in Commercial Property Market ▪ China’s New Outbound Investment Rules may Impact Tenants’ Commitment Plans ▪ Hotels Continue to Recover ▪ Renewed Upward Pressure on Interest Rates ▪ Prolonged Geopolitical Risks
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Sustainability
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 19 ESG Frameworks & Recognitions Near-term GHG Emissions Reductions Targets Validated ESG Reporting Code Referencing: ISSB Standards SBTi Commitment ESG Reporting Standards/ Recommendations ESG Indexes & Benchmarks Hang Seng ESG 50 Index Management Band Score of B ESG Risk Rating of 14.3# # In June 2025, Wharf Real Estate Investment Company Limited received an ESG Risk Rating of 14.3 and was assessed by Morningstar Sustainalytics to be at low risk of experiencing material financial impacts from ESG factors. In no event the 2026 Interim Results Presentation shall be construed as investment advice or expert opinion as defined by the applicable legislation. The information contained or reflected herein is not directed to or intended for use or distribution to India-based clients or users and its distribution to Indian resident individuals or entities is not permitted, and Morningstar/Sustainalytics accepts no responsibility or liability whatsoever for the actions of third parties in this respect. Reduce 42% GHG Emissions by 2030* Scope 1 and 2 Scope 3 Reduce 25% GHG Emissions from Downstream Leased Assets by 2030* *From 2022 Base Year
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 20 Sustainable Operations & Finance Sustainable Buildings & Operations Sustainable Finance $23.2B Sustainability-linked Loans Raised Accumulatively As at 30 Jun 2026; KPIs Related to HSI ESG Rating & Key Environmental Performance 53% of Financing is Sustainable Finance As at 30 Jun 2026 LEED Platinum v4.1 (Existing Buildings: Operations and Maintenance) • Harbour City* • Times Square WELL Health-Safety Rating (Facility Operations and Management) • Times Square EarthCheck • Gold Certified Marco Polo Hongkong Hotel • Silver Certified The Murray, Niccolo Suzhou ISO 14001, ISO 45001 & ISO 9001 Certifications • Wharf REIC * Certified Area ~6.5M s.f
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 21 Environmental: Asset Enhancements & Renewable Energy *The Feed-in Tariff (FiT) Scheme Promotes Renewable Energy in Hong Kong. Under the Scheme, Renewable Energy Generated can be Sold to Power Companies at Attractive FiT Rates & Reducing the Payback Period for RE System Installations . • Solar Photovoltaics: Over 400 Solar Panels are Deployed at Harbour City, Times Square & Plaza Hollywood to Support the FiT* Scheme • Electric Vehicle (EV) Charging: Available across Investment Properties, & Leisure & Hospitality Operations • Low-emission Green Ferry: Powered by Diesel-electric Propulsion Systems to Reduce Air Pollutants - World Star (2016) - Morning Star (2020) - Silver Star (2021) • Participating in Full Electric Ferry Pilot • Solar Thermal System: 100 Sets of Solar Water Heaters are Set up at Gateway Apartments Solar Power Systems Innovative Energy Management Practices Waste Management Initiatives The “Star” Ferry • Recycling Facilities: Smart Recycling Bins are Placed at Times Square, which Facilitate Shoppers to Recycle & Participate in the EPD Incentive Scheme# #The Incentive Scheme Launched by the Environmental Protection Department (EPD) of Hong Kong Encourages Recycling by Allowing the Public to Earn Points when Using the Smart Recycling Bins and Redeem them for Rewards. • Air-Conditioning (A/C) System Optimisation: - Innovative Approach in Connecting Chilled Water Systems of Different Operating Zones at Harbour City to Improve Energy Efficiency - Piloted AI for Chiller Advisory Operations at Times Square
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 22 Social: Community Contributions “Business-in-Community” Initiatives Donation Among Top 3 Donors of the Community Chest For 5 Consecutive Years Overall Top Fund-raiser Award at Dress Causal Day 2025 Awarded to The Wharf Group (incl. Wharf REIC & Wharf Holdings) Community Care Project WeCan: 15th Anniversary • ~70 Partner Organisations • 80+ Partner Schools • Over 100,000 Secondary School Students Supports Youth Development via • Project WeCan • The Wharf Art Scholarship Scheme • Architectural Design Internship Programme Volunteer Activities • The Community Chest Sports for Millions • Food Distribution with Food Bank Singapore And more… Healthy & Happy Ageing • Soft Meal Preparation Training • Caregivers Sharing on Practical Tips & Heartfelt Stories
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 23 People: Governance, Talent Development & Workplace Safety Designation Gender Age Length of Service Ethnicity Male (83%) Female (17%) Chinese (92%) Non-Chinese (8%) <56 (8%) 56-65 (8%) >75 (34%) Directors with Executive Functions (33%) INED (67%) ≤5 Years (25%) > 5 Years (75%) 66-75 (50%) Sustainability Steering Committee Chaired by Chairman Anti-corruption Training For Board Members, Directors & Employees Selected Premises & Facility Safety Certifications: • IAQ (Excellent Class) for Public Area in Office Towers (HC)*, for Management Office (PH)* • IAQwi$e (Excellent Level) for Public Areas (TS)# • HKQAA Hygiene Control System Certification (HC) *From EPD’s Indoor Air Quality (“IAQ”) Information Centre #From Environmental Campaign Committee Gender Diversity Maintain at a Good Range of 40%+ Female S K I L L S & E X P E R I E N C E 1H26 Meeting Attendance 88% ^ For 2 Board Meetings Note: 4 Board Meetings (per year) Banking/ Financial & Securities/ Investment Education/ AcademiaGovernance/ Regulatory Compliance Public Services & Administration/ Associations Board Composition (12 Board Members as of 6 Aug 26) Corporate Governance Talent Development Workplace Safety Entrepreneurship StrategyInnovation & Technologies HospitalityChinese Mainland Exposure Industrial & Commerce Real Estate/ Property Operation & Mgt Logistics & Transportation Media & CommunicationsAutomation Manufacturing Sustainability/ EnvironmentRisk Mgt/ Internal Control Accounting Professionals/ Financial Mgt Consultancy Training for Employees Training Sponsorship Scheme & Custom-made Training by Business Units
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Appendix
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 25 HC/TS/PH Performance *Incl. Hotels at Valuation as of 30 Jun 2026 1H26 (HK$B) Harbour City Times Square Plaza Hollywood Retail 2.8 0.4 0.2 Office 1.2 0.3 - Hotels & Club 0.5 - - Serviced Apt. 0.1 - - Total Revenue 4.6 0.7 0.2 Valuation* as of 30 Jun 2026 152.2 38.5 7.5 1H26 Avg. Retail Passing Rent (HK$ psf per Month) 367 99 60
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 26 Premium Quality Portfolio The Above Refers to the 6 Key Properties in Hong Kong; Central Portfolio: Incl. Crawford House, Wheelock House & The Murray, Hong Kong, as well as Scotts Square & Wheelock Place in Singapore. *Valuation of All Hotels are Booked at Cost in Wharf REIC’s Balance Sheet # On 30 Jul 2026, the Group Announced to Dispose of Wheelock Place in Singapore with Target Completion on 31 Aug 2026. The Transaction has not been Reflected in the Charts Above. Harbour City 76.8% Times Square 11.1% Central Portfolio 6.1% Plaza Hollywood 3.0% Singapore Assets 3.0% 1H26 Revenue $6.1B Harbour City 69.2% Times Square 17.4%Central Portfolio 6.5% Plaza Hollywood 3.4% Singapore Assets 3.5% Valuation $220.7B Harbour City 68.5% Times Square 16.1% Central Portfolio 6.0% Plaza Hollywood 4.6% Singapore Assets 4.8% GFA 12.3M s.f Revenue Valuation* GFA # # #
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 27 Overview of Application of Funds Major Capital & Development Expenditure HK$M Incurred in 1H26 To be Incurred in Coming Years Committed Uncommitted Total HKIP 82 40 915 955 Singapore IP 1 - - - Mainland Properties 2 134 152 286 Hotels & Others 14 29 4 33 Total 99 203 1,071 1,274
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Thank You 42% Dividend Increase on Payout Revision
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Wharf Real Estate Investment Company Limited – 2026 Interim Results | 29 End of Presentation Wharf Real Estate Investment Company Limited [HKEx Stock Code: 1997.HK] Disclaimer All information and data are provided for information purposes only. All opinions included herein constitute our judgment as of the date hereof and are subject to change without notice. The Group, its subsidiaries and affiliates hereby disclaim (i) all express, implied, and statutory warranties of any kind to user and/or any third party including warranties as to accuracy, timeliness, completeness, or fitness for any particular purpose; and (ii) any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information and data contained herein.