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2025/2026 Interim Results November 2025 Steadfast in Efforts Striving Forward 迎風而上 堅毅前行
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This document has been prepared by Far East Consortium International Limited (the “Company”) solely for information purposes. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to purchase or subscribe securities (the “Securities”) of the Company or any of its subsidiaries or affiliates in any jurisdiction or an inducement to enter into investment activity. In particular, this document and the information contained herein are not an offer of the Securities for sale in the United States and are not for publication or distribution to persons in the United States. This document is being given to you on the assumption that you are not located or resident in the United States and, to the extent you purchase the Securities described herein you will be doing so pursuant to Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”). The information contained in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, reliability, accuracy, completeness or correctness of such information or opinions contained herein. The presentation should not be regarded by recipients as a substitute for the exercise of their own judgment. The information contained in this document should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. None of the Company nor any of its affiliates, advisers or representatives nor the directors or employees of the Company and its affiliates accept any liability whatsoever (whether in contract, tort, strict liability or otherwise) for any direct, indirect, incidental, consequential, punitive or special damages howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. This document contains statements that reflect the Company’s beliefs and expectations about the future. These forward-looking statements are based on a number of assumptions about the Company’s operations and factors beyond the Company’s control, and accordingly, actual results may differ materially from these forward-looking statements. The Company does not undertake to revise forward-looking statements to reflect future events or circumstances. This presentation includes measures of financial performance which are not a measure of financial performance under HKFRS, such as "EBITDA” and “adjusted cash profit”. These measures are presented because the Company believes they are useful measures to determine the Company’s operating cash flow and historical ability to meet debt service and capital expenditure requirements. "EBITDA” and “adjusted cash profit” should not be considered as an alternative to cash flows from operating activities, a measure of liquidity or an alternative to net profit or indicators of the Company’s operating performance on any other measure of performance derived in accordance with HKFRS. Because "EBITDA” and “adjusted cash profit” are not HKFRS measures, "EBITDA” and “adjusted cash profit” may not be comparable to similarly titled measures presented by other companies. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. This presentation contains no information or material which may result in it being deemed (1) to be a prospectus within the meaning of Section 2(1) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the laws of Hong Kong) (the “Companies Ordinance”), or an advertisement or extract from or abridged version of a prospectus within the meaning of Section 38B of the Companies Ordinance or an advertisement, invitation or document falling within the meaning of Section 103 of the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong) or (2) in Hong Kong to have effected an offer to the public without compliance with the laws of Hong Kong or being able to invoke any exemption available under the laws of Hong Kong. This document does not constitute a prospectus, notice, circular, brochure or advertisement offering to sell or inviting offers to acquire, purchase or subscribe for any securities in Hong Kong or calculated to invite such offers or inducing or intended to induce subscription for or purchase of any securities in Hong Kong. All rights reserved. This document contains proprietary information and no part of it may be reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization / firm) or published, in whole or in part, for any purpose. Disclaimer 2
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Table of Contents 1. FY2026 Interim Results Summary 2. Review of Operations 3. Prospects 4. Appendices 3
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Aspen at Consort Place, London 1. FY2026 Interim Results Summary 4
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5 Notes: (1) Represents a non-GAAP financial measure which is defined and reconciled to the nearest comparable GAAP measures in the “Non-GAAP financial measures” section in FY2026 Interim Report. (2) Adjusted revenue is calculated by adjusting for contributions from joint venture (“JV”) property development projects. (3) Adjusted cash profit is calculated by adjusting for (i) change in fair value of financial assets at fair value through profit or loss (“FVTPL”); (ii) loss on disposal of debt instruments at fair value through other comprehensive income (“FVTOCI”); (iii) change in fair value of derivative financial instruments; (iv) reversal of impairment loss on amount due from a JV; (v) change in fair value of investment properties (after tax); (vi) impairment loss under expected credit loss (“ECL”) model recognised on trade debtors; (vii) impairment loss under ECL model recognised on debt instruments at FVTOCI; (viii) impairment loss recognised on deposits for acquisition of PPE; (ix) impairment loss on properties for sale; (x) share of impairment loss recognised by a JV; (xi) share of impairment loss recognised by an associate; and (xii) depreciation and impairment to net loss attri. to the shareholders of the company. Key Theme of 1H FY2026 Delivering Value Through Diversified Segments in a Challenging Landscape • Adjusted revenue(1)(2) was approx. HK$4.9 bn and adjusted cash profit(1)(3) was approx. HK$203 mn • Property development: Adjusted revenue (1)(2) was approx. HK$3.2 bn ‒ Benefitted from settlement of Victoria Riverside (Tower B, Tower C and Bromley Street) in Manchester and the sales of inventory of West Side Place in Melbourne and Aspen at Consort Place in London ‒ JV projects, including The Pavilia Forest in Hong Kong, Dorsett Place Waterfront Subang in Malaysia and Queen’s Wharf Residences (Tower 4) in Brisbane ‒ 640 Bourke Street in Melbourne was launched in Mar 2025 with a positive market response ‒ Total cumulative attr. presales and unbooked contracted sales amounted to approx. HK$9.3 bn • Hotel: Revenue up 9.6% to approx. HK$1,070 mn in 1H FY2026 vs HK$977 mn in 1H FY2025 ‒ Contributed by Dorsett Kai Tak, Hong Kong and resilient performance in Malaysia and Australia ‒ Dorsett Canary Wharf London and HubX Shanghai soft-opened in Sep 2025 • Car park: Revenue down 9.7% to approx. HK$343 mn vs HK$380 mn in 1H FY2025 • Gaming: Revenue up 11.4% to approx. HK$218 mn vs HK$196 mn in 1H FY2025 • Net loss attr. to shareholders recorded at approx. HK$988 mn, impacted by: ‒ Impairment loss on properties for sale amounted to approx. HK$193 mn ‒ Impairment loss recognised on deposits for acquisition of PPE amounted to approx. HK$88 mn ‒ Share of impairment losses recognised by a JV and an associate of approx. HK$640 mn
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6 • Repayment of project loans and unsecured loans with cashflows from disposal of non-core assets and settlement of certain projects • Adjusted net gearing ratio(1) decreased to 64.9% as at 30.09.2025 vs 67.6% as at 31.03.2025 Reduction in Net Debts and Improvement in Adjusted Net Gearing Ratio(1) Key Theme of 1H FY2026 (cont’d) HK$ mn As at 30.09.2025 As at 31.03.2025 % change Total bank loans and notes 23,945 25,371 -5.6% Net debts 20,247 21,493 -5.8% Adjusted net gearing ratio (net debts to adjusted total equity)(1) 64.9% 67.6% -2.7ppts • Monetised approximately HK$1.0 bn non-core assets and business in 1H FY2026 ‒ Completed the dispose of a mortgage portfolio in Hong Kong in May 2025 ‒ Completed the disposal of the stake in BC Invest in Jul 2025 • Entered into a non-binding term sheet to dispose certain interest of Ritz-Carlton Perth in Nov 2025 • Entered into an agreement to dispose a car park in Chatswood, Sydney in Oct 2025 • Considering to unlock hotel revaluation surplus of HK$18.4 bn at the opportune moment Continuously Unlocking Value • Entered into an implementation deed to increase the Group’s interest in QWB Project up to 50% • Swapping minority stakes in Gold Coast for larger stakes in QWB Project, certain hotel and car park assets in Brisbane Restructuring of Investments in Queensland included QWB Project Note: (1) Represents a non-GAAP financial measure which is defined and reconciled to the nearest comparable GAAP measures in the “Non-GAAP financial measures” section in FY2026 Interim Report.
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HK$ mn 1H FY2026 1H FY2025 % change Revenue 3,756 5,172 -27.4% Adjusted revenue(1)(2) 4,940 5,248 -5.9% Adjusted gross profit (before depreciation and impairment)(1) 1,307 1,615 -19.1% Adjusted gross profit margin (before depreciation and impairment)(1) 34.8% 31.2% +3.6ppts Net loss attributable to shareholders (988) (770) 28.4% Adjusted cash profit(1)(3) 203 33 509.8% Finance costs (373) (497) -24.9% Non-operating expense factors • Impairment loss on properties for sale (193) N/A N/A • Impairment loss recognised on deposits for acquisition of PPE (88) N/A N/A • Share of impairment losses recognised by a JV and an associate (640) N/A N/A Dividend per share (HK cents) NIL 1.0 N/A Notes: (1) Represents a non-GAAP financial measure which is defined and reconciled to the nearest comparable GAAP measures in the “Non-GAAP financial measures” section in FY2026 Interim Report. (2) Adjusted revenue reflected attributable revenue contributions from JV property development projects. (3) Adjusted cash profit is calculated by adjusting for (i) change in fair value of financial assets at fair value through profit or loss (“FVTPL”); (ii) loss on disposal of debt instruments at fair value through other comprehensive income (“FVTOCI”); (iii) change in fair value of derivative financial instruments; (iv) reversal of impairment loss on amount due from a JV; (v) change in fair value of investment properties (after tax); (vi) impairment loss under expected credit loss (“ECL”) model recognised on trade debtors; (vii) impairment loss under ECL model recognised on debt instruments at FVTOCI; (viii) impairment loss recognised on deposits for acquisition of PPE; (ix) impairment loss on properties for sale; (x) share of impairment loss recognised by a JV; (xi) share of impairment loss recognised by an associate; and (xii) depreciation and impairment to net loss attri. to the shareholders of the company. 7 Results Affected by Various Impairment Losses
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1H FY2026 1H FY2025 Revenue Gross profit (after depreciation and impairment) Gross profit (before depreciation and impairment) Revenue Gross profit (after depreciation and impairment) Gross profit (before depreciation and impairment) HK$ mn HK$ mn Margin HK$ mn Margin HK$ mn HK$ mn Margin HK$ mn Margin Property Development 2,042 447 21.9% 640 31.3% 3,519 943 26.8% 943 26.8% Hotel Operations and Management 1,070 269 25.1% 449(1) 41.9% 977 258 26.4% 424(1) 43.5% Car Park Operations and Facilities Management 343 61 17.8% 69(1) 20.1% 380 82 21.6% 93(1) 24.5% Gaming Operations 218 86 39.4% 93 42.4% 196 78 39.8% 82 41.6% Others 83 56 69.3% 56 69.3% 100 73 72.7% 73 72.7% Total 3,756 919 24.5% 1,307 34.8% 5,172 1,434 27.7% 1,615 31.2% Note: (1) Excludes depreciation of leased properties under HKFRS 16. 8 • Overall gross profit margin increased to 34.8% from 31.2% • Higher gross profit margin recorded from properties sale in Australia and the UK • Partially offset the drop in gross profit margin in hotel operations and management and car park operations and facilities management Gross Profit Margin Remained Stable
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Notes: (1) Includes an amount of approx. HK$10,727 mn which is reflected as liabilities due within one year even though such a sum is not repayable within one year, as the relevan t banks and/or financial institutions have discretionary rights to demand immediate repayment. (2) Represents total restricted bank deposits, deposits in financial institutions, and bank and cash balances. (3) Represents total bank loans, notes and bonds less investment securities and bank and cash balances. (4) Includes 2019 Perpetual Capital Notes. (5) Based on the independent valuations carried out as at 31 Mar 2025, except for ( i) Lushan Resort, HubX Shanghai and Dorsett Canary Wharf London which were accounted for based on independent valuations assessed after 31 Mar 2025; and (ii) the adjustment in Dorsett Wuhan, where certain areas were reclassified as IP as at 30 Sep 2025 . (6) Represents a non-GAAP financial measure which is defined and reconciled to the nearest comparable GAAP measures in the “Non -GAAP financial measures” section in FY2026 Interim Report. (7) Excludes the effect on impairment loss recognised on properties for sale, impairment loss recognised on deposits for acquisition of PPE, share of impairment loss recognised by a JV and share of impairment loss recognised by an associate. • Net debt reduced by HK$1.2 bn while the adjusted total equity(6) impacted by several impairment losses • Adjusted net gearing ratio(6) decreased to 64.9% and proforma adjusted net gearing ratio before impairment(7) was 63.0% 9 HK$ mn As at 30.09.2025 As at 31.03.2025 Due within 1 year(1) 10,727 11,596 Due 1-2 years 7,546 5,294 Due 2-5 years 4,552 7,368 Due more than 5 years 1,120 1,113 Total bank loans and notes 23,945 25,371 Investment securities 1,083 1,135 Bank and cash balances(2) 2,615 2,743 Liquidity position 3,698 3,878 Net debts(3) 20,247 21,493 Carrying amount of the total equity(4) 12,842 13,099 Hotel revaluation surplus(5) 18,350 18,681 Adjusted total equity(6) 31,192 31,780 Adjusted net gearing ratio(6) (net debts to adjusted total equity) 64.9% 67.6% Proforma adjusted net gearing ratio before impairment(7) 63.0% 65.8% Net debt to adjusted total assets(6) 34.1% 35.1% Managing Balance Sheet
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10 • Healthy improvement on short term bank loan, dropped 7.5% to approx. HK$10.7 bn vs 11.6 bn as at 31.03.2025 Bank loans and notes due within 1 year Status As at 30.09.2025 HK$ mn As at 31.03.2025 HK$ mn Corporate, hospitality and car park loans Secured and expected to be repaid or refinanced to a longer maturity 5,819 4,406 Project development loans Mostly backed by presales proceeds repayment upon settlement 780 2,326 Other corporate loans Will be rolled over or refinanced 2,703 2,504 Loans with partial repayment terms Will be repaid 639 449 Liabilities with repayable on demand clauses Long-term liabilities classified as short-term due to repayable on demand clause 786 1,911 Total 10,727 11,596 Short Term Debts Analysis and Liquidity Management
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• Expedited the completion of several major developments including Victoria Riverside in Manchester • Victoria Riverside (Tower B, Tower C and Bromley Street) are substantially completed and fully repaid the construction loan. Anticipate further cash inflow and continued improvement in gearing and liquidity position upon the completion of Victoria Riverside (Tower A) Accelerating the Completion of Property Development Project • Continued to drive cash inflows by pursuing sales of existing inventory, including Mount Arcadia in Hong Kong, Aspen at Consort Place in London and West Side Place in Melbourne • Intensified sales effort to monetise existing inventory which valued at approx. HK$10.0 bn as at 30.09.2025, of which approx. HK$2.7 bn has been secured as contracted sales Actively Monetising Inventory • Completed the disposal of a mortgage portfolio in Hong Kong for a consideration of approximately HK$485 mn in May 2025 • Completed the disposal of the stake in BC Invest for an initial consideration of approx. AUD106 mn in Jul 2025 • Entered into an agreement for the disposal of a car park in Chatswood, Sydney in Oct 2025 for a consideration of approx. AUD3.7 mn • Entered into a non-binding term sheet to dispose certain interest in Ritz-Carlton Perth in Nov 2025 and received AUD20 mn as first instalment Divesting Non-core Assets and Business • Dorsett Kai Tak, Hong Kong which opened in Sep 2024, has contributed to cash flow during ramp-up phase and expected to be benefited by the traffic of Kai Tak Sport Stadium • Dorsett Canary Wharf London soft-opened in Sep 2025, well-positioned to attract a diverse range of guests Optimising Hotel Portfolio for Sustainable Growth Strategic Initiatives to Reduce Debt Level and Improve Gearing 11
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• Available existing liquidity of approximately HK$5.8 bn (cash position and undrawn facilities) exceeds the capex of approximately HK$1.0 bn • Total cumulative attr. presales and unbooked contracted sales of approx. HK$9.3 bn provides visibility on future cash inflow streams • Unencumbered hotels can be used to increase liquidity 12 Liquidities HK$ mn Liquidity position 3,698 Undrawn banking facilities - Treasury 1,237 Undrawn banking facilities - Corporate Use 775 Undrawn banking facilities - Construction Development 129 Total liquidities (excluding cashflow from presales) 5,839 Market value of assets as at 30.09.2025 HK$ mn 5 Unencumbered hotel assets 1,292 Capital commitments - Application of funds HK$ mn Hotel developments 117 JV and associates hotel developments 502 Investment properties 399 Other capital commitments 22 Total 1,040 Ample Access to Liquidity
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Red Bank Riverside, Manchester 13 2. Review of Operations Property Development
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Notes: (1) The figures represent approximate saleable floor area, which may vary subject to finalisation of development plans. (2) The amounts represent expected GDV attributable to the Group, which may change subject to market conditions. (3) Total saleable floor area of this development is approx. 1,544,000 sq. ft.. The Group has a 50% interest in the development. (4) The Group has a 33.3% interest in these developments. (5) Total saleable floor area of this development is approx. 58,000 sq. ft.. The Group has 33.3% interest in the development (6) The total saleable floor area and GDV figures are estimated figures and subject to approval from Urban Renewal Authority (“URA”). (7) The total saleable floor area and GDV figure is estimated based on land already acquired and expected number of units to be built. As the master developer of Victoria North, the Group is expecting further land acquisitions, which will increase both saleable floor area and GDV for this development. (8) Total saleable floor area of this development is approx. 1,054,000 sq. ft.. The Group has a 50% interest in the development. (9) Total saleable floor area of this development is approx. 508,000 sq. ft.. The Group has 50% interest in the development. • Over HK$61.8 bn of development pipeline • Total cumulative attr. presales and unbooked contracted sales reached HK$9.3 bn 14 Presales Offers Good Cash Flow Visibility As at 30.09.2025 Projects under presale Location Cumulative presales (HK$'M) Expected attr. SFA(1) (sq.ft.) Expected attr. GDV(2) (HK$'M) Expected Completion Cumulative presale as % of GDV 1 The Star Residences - Epsilon (Tower 2)(4) Gold Coast 530 109,000 543 FY2027 98% 2 Queen's Wharf Residences (Tower 5) (3) Brisbane 2,146 350,000 2,815 FY2029 76% 3 640 Bourke Street Melbourne 1,235 519,000 3,954 FY2029 31% 4 Victoria Riverside - Crown View (Tower A) (7) Manchester 1,033 207,000 1,045 FY2027 99% 5 Red Bank Riverside – Falcon(7) Manchester 554 131,000 708 FY2028 78% 6 Red Bank Riverside - Kingfisher(7) Manchester 755 230,000 1,271 FY2028 59% 7 Collyhurst Village(7) Manchester 287 138,000 413 FY2026-FY2027 70% 8 Collyhurst Affordable Housing(7) Manchester - 53,000 183 FY2026-FY2027 0% Total presales value 6,540 1,737,000 10,932 60% Other active development pipeline Location Expected presale launch Expected attr. SFA(1) (sq.ft.) Expected attr. GDV(2) (HK$'M) Expected Completion 9 The Star Residences (Towers 3 to 5)(4) Gold Coast Planning 374,000 1,859 Planning 10 Queen's Wharf Residences (Tower 6) (3) Brisbane Planning 169,000 1,225 FY2029 11 MeadowSide (Plot 4) Manchester Planning 244,000 1,274 Planning 12 Northern Gateway - Network Rail(7) Manchester Planning 1,532,000 8,613 Planning 13 Northern Gateway - Others(7) Manchester Planning 967,000 5,438 Planning 14 Red Bank Riverside - NT02-04(7) Manchester Planning 721,000 4,054 FY2028-FY2030 15 Trafford Manchester Planning 421,000 2,034 Planning 16 Trafford Afforable Housing Manchester Planning 147,000 522 Planning 17 Ensign House London Planning 296,000 3,546 Planning 18 Ensign House Affordable Housing London Planning 108,000 431 Planning 19 Dorsett Place Waterfront Subang (8) – Tower C Subang Jaya Planning 167,000 275 Planning 20 Lam Tei, Tun Mun Hong Kong Planning 383,000 6,320 Planning 21 Ho Chung, Sai Kung(5) Hong Kong FY2027 19,000 472 FY2027 22 Sai Ying Pun(6) Hong Kong FY2027 75,000 1,717 FY2028 23 Yau Kom Tau Hong Kong Planning 235,000 3,050 Planning Subtotal (pipeline) 5,858,000 40,830 Total (presales + pipeline) 7,595,000 51,762 Completed development available for sale Location Contracted sales (HK$’M) Expected attr. SFA(1) (sq.ft.) Expected attr. GDV(2) (HK$'M) 1 West Side Place (Towers 1 and 2) Melbourne 191 76,000 374 2 West Side Place (Towers 3 and 4) Melbourne 120 59,000 267 3 The Towers at Elizabeth Quay Lot 9 Perth 15 47,000 312 4 The Towers at Elizabeth Quay Lot 10 Perth - 32,000 249 5 Queen's Wharf Residences (Tower 4)(3) Brisbane - 1,000 8 6 Hornsey Town Hall London - 11,000 97 7 Aspen at Consort Place London 163 157,000 2,037 8 Victoria Riverside - Park View (Tower C) Manchester 131 34,000 157 9 Victoria Riverside - Bromley Street Manchester 62 31,000 140 10 Dorsett Place Waterfront Subang (8) – Tower A Subang Jaya 51 38,000 131 11 Dorsett Place Waterfront Subang (8) – Tower B Subang Jaya 43 77,000 178 12 King's Manor (Townhouse) Shanghai 17 8,000 53 13 Royal Crest II (Townhouse) Shanghai - 2,000 14 14 District 17A Shanghai - 5,000 27 15 Royal Riverside (Tower 5) Guangzhou 1 6,000 18 16 Mount Arcadia Hong Kong 42 12,000 271 17 Mount Arcadia (4 House) Hong Kong - 13,000 293 18 Marin Point Hong Kong 5 44,000 521 19 Manor Parc Hong Kong - 17,000 247 20 The Pavilia Forest(9) Hong Kong 1,883 223,000 4,607 Subtotal (completed development) 2,724 893,000 10,001 Total (presales + pipeline + inventory) as at 30.09.2025 9,264 8,488,000 61,763
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Set just a stone’s throw from Manchester City Centre, Victoria Riverside is home to 634 new apartments and townhouses. Along Dantzic street will see new life breathed into the railway arches providing dedicated space for cafes, venues and bars to set-up shop. Apartments Total Expected GDV Total Expected SFA Expected Completion FY2026 – FY2027 15 Notes: (1) Handover process of the Tower B, Tower C and Bromley Street has initiated in Jul 2025 . As at 30 Sep 2025, Tower B was fully settled and approx. HK$193 mn of Tower C and Bromley Street has been secured as contracted sales (2) Expected to be completed in FY2027; approx. HK 1,033 mn has been presold as at 30 Sep 2025. Recent and Upcoming Completion – Victoria Riverside, Manchester Tower A: 275(2) Tower B: 128(1) Tower C: 193(1) Bromley Street: 38(1) Tower A: 207,000 sq.ft.(2) Tower B: 84,000 sq.ft.(1) Tower C: 129,000 sq.ft.(1) Bromley Street: 39,000 sq.ft.(1) Tower A: HK$1,045 mn(2) Tower B: HK$273 mn(1) Tower C: HK$602 mn(1) Bromley Street: HK$177 mn(1)
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Create an inner-city home in a vibrant destination that links exclusive apartment living with entertainment, restaurants, bars, cafes, shops, art, culture, recreation, education and transport. Each spacious, light-filled apartment boasts outstanding inclusions and high spec finishes. Design is modern and thoughtful, and quality lives in every detail. 314 Apartments HK$816 mn Total GDV Total SFA 226,000 sq.ft. Completion FY2025 16 Note: (1) As at 30 Sep 2025, all units of the development has been completed and handed over. Recent Completion – Perth Hub, Perth
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Located in the Canary Wharf area in London, Cosort Place is a mixed-use development. The availability of local transport, underground, buses and Crossrail (starting 2020), make Consort Place easily accessible from various London prime locations. 189 (Total: 502) Remaining Apartments 237 Hotel rooms Remaining GDV Completion 1H FY2026 Remaining SFA 157,000 sq.ft 17 Afford. housing units 139(1) Notes: (1) As at 30 Sep 2025, all affordable housing units of the development has been completed and handed over. (2) Approx. HK$163 mn has been secured as contracted sales as at 30 Sep 2025. Aspen at Consort Place, London HK$2.0 bn(2) (Total: HK$4.5 bn)
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These four towers make up of West Side Place, a major mixed-use development located next to our existing Upper West Side development. It is proudly positioned in Melbourne’s CBD grid and in immediate proximity to transportation links and premier shopping destinations. 163 Total: 2,896 Remaining Apartments HK$641 mn(1) (Total: HK$10.0 bn) Remaining GDV Remaining SFA 135,000 sq.ft. Completion FY2024 18 Note: (1) Approx. HK$311 mn has been secured as contracted sales as at 30 Sep 2025. West Side Place, Melbourne
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Mount Arcadia situated at the mid-level of the mountain. It is blessed with the breathtaking and ever-changing landscape vistas. Remaining Apartments & Houses Remaining GDV Remaining SFA Completion 19 11 + 4 (Total: 62+4) 25,000 sq.ft. FY2022HK$564 mn(1) (Total HK$1.8 bn) Note: (1) Approx. HK$42 mn has been secured as contracted sales as at 30 Sep 2025. Mount Arcadia, Hong Kong
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The development is at the heart of the Hong Kong, providing residents with access to upgraded infrastructure. Its location offers a tranquil sea view for rest and relaxation away from the hustle and bustle of the city. 1,142 (Total: 1,305) Remaining Apartments HK$4.6 bn(2)(3) (Total: HK$5.2 bn) Remaining attr. GDV Remaining attr. SFA 223,000 sq.ft. Completion FY2026 Notes: (1) The Group has 50% interest in the development. (2) Handover process of the development has initiated in Sep 2025. (3) Approx. HK$1,883 mn has been secured as contracted sales as at 30 Sep 2025. 20 JV Revenue Contributor – The Pavilia Forest, Hong Kong
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With support from the Brisbane government, Queen’s Wharf Residences is a once-in-a-generation renewal project across Australia. The project occupies 10% of CBD footprint and offers a broad range of tourism, education, commercial, and retail activities. 3 (Total: 667) Remaining Apartments HK$8 mn (Total attr.: HK$1.5 bn) Remaining attr. GDV Remaining attr. SFA 1,000 sq.ft. Completion FY2025 Notes: (1) The Group has 50% interest in the development. (2) Handover process of the development has initiated in Mar 2025. 21 JV Revenue Contributor – Queen’s Wharf Residences (Tower 4), Brisbane
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22 Located in the Melbourne CBD grid which is the next stage of our regeneration of Melbourne’s western CBD. The façade builds upon the rich tapestry of Melbourne city towers, equally referencing a modernist agenda against a colour palette derived from the heritage. 606 Apartments HK$4.0 bn(1) Expected GDV Expected Completion FY2029 Expected SFA 519,000 sq.ft. Note: (1) Approx. HK$1,235 mn has been presold as at 30 Sep 2025. Recent Launch – 640 Bourke Street, Melbourne Unique silhouette on the skyline
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2. Review of Operations Hotel Operations & Management Dorsett Kai Tak, Hong Kong 23
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Performance Highlights Total Revenue: 9.5% yoy, from HK$977M to HK$1070M Occupancy: Dorsett Group: 0.2 percentage points yoy, from 72.7% to 72.9% Average Room Rate: Dorsett Group: 5.2% yoy, from HK$745 to HK$784 RevPAR: Dorsett Group: 5.5% yoy, from HK$542 to HK$572 Palasino Group: 0.4 percentage points yoy, from 58.4% to 58.8% Palasino Group: 1.3% yoy, from HK$713 to HK$722 Palasino Group: 1.9% yoy, from HK$420 to HK$428 24
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Notes: (1) Excludes Dao by Dorsett AMTD Singapore and Dorsett Changi City Singapore which are equity accounted. (2) Excludes Dorsett Gold Coast and The Star Grand which are equity accounted. (3) Excludes Palasino Group but includes Ritz-Carlton Perth and Ritz-Carlton Melbourne. 25 Dorsett Group 1H FY2026 1H FY2025 YoY change Hong Kong Occupancy rate 83.4% 80.8% +2.6ppts Average room rate (HK$) 685 645 6.2% RevPAR (HK$) 571 521 9.6% Malaysia Occupancy rate 63.1% 62.9% +0.2ppts Average room rate (MYR) 234 224 4.5% RevPAR (MYR) 148 141 5.0% Chinese Mainland Occupancy rate 55.4% 64.9% -9.5ppts Average room rate (RMB) 355 354 0.3% RevPAR (RMB) 197 230 -14.3% Singapore(1) Occupancy rate 83.5% 84.7% -1.2ppts Average room rate (SGD) 195 198 -1.5% RevPAR (SGD) 163 168 -3.0% United Kingdom Occupancy rate 79.4% 86.1% -6.7ppts Average room rate (GBP) 135 130 3.8% RevPAR (GBP) 107 112 -4.5% Australia(2) Occupancy rate 68.8% 62.9% +5.9ppts Average room rate (AUD) 368 351 4.8% RevPAR (AUD) 253 221 14.5% Dorsett Group Total(3) 1H FY2026 1H FY2025 Occupancy rate 72.9% 72.7% +0.2ppts Average room rate (HK$) 784 745 5.2% RevPAR (HK$) 572 542 5.5% Revenue (HK$ mn) 983 891 10.3% Palasino Hotel Group Total 1H FY2026 1H FY2025 Occupancy rate 58.8% 58.4% +0.4ppts Average room rate (HK$) 722 713 1.3% RevPAR (HK$) 428 420 1.9% Revenue (HK$ mn) 87 86 1.2% Total Revenue (HK$mn) 1,070 977 9.5% Hotel Operating Performance Analysis
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Hotels Portfolio Update 26
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New Hotel Opening: Dorsett Canary Wharf, London, United Kingdom • Soft-opened in September 2025 • 237 rooms and suites • In one of the world’s leading financial districts • Easy access to rest of London, West End and airports 27
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New Hotel Opening/New Brand: HubX Shanghai, China • Dorsett’s first limited-service hotel in Chinese Mainland • Opened in September 2025 • 115 rooms, 24-hour book bar • Adjacent to Shanghai University, easy access to Shanghai Metro line 7 28
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New Hotel Opening: Dao by Dorsett North London, United Kingdom • 68 serviced apartment units • Part of the historic Town Hall complex 29
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Management Contract (Asset Light) Dorsett Changi City Singapore Dorsett by Agora Osaka Sakai • Rebranded and launched in September 2024 • 313 rooms • Ongoing progressive renovations as part of asset enhancement • Opened in March 2025 • Dorsett’s first franchise hotel in Japan • 321 rooms and suites • Benefitted from proximity to Osaka World Expo 2025 30
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Management Contract (Asset Light) Dorsett Fiji • Opening in 1H FY2027 • 216 rooms and suites • Resort with convention facilities Nanyang Technological University’s Executive Centre (Singapore) • Opening in 1H FY2027 • 170 rooms and suites • With meeting rooms Dao by Dorsett Puteri Cove (Malaysia) • Target Opening: 2H FY2026 • 150 rooms and suites 31
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Hotels in the Pipeline Dorsett Brisbane (Australia)Dorsett Perth (Australia) • 372 rooms and suites• Target Opening: 1H-2H FY2027 • 264 rooms and suites 32
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As at 30.9.2025 9,659 rooms As at 31.3.2027 10,647 rooms Pipeline Hotels to Add to Growth Momentum 33 3,240 1,557 866 696 1,431 1,297 572 988 Hong Kong Malaysia Singapore UK Australia Chinese Mainland Continental Europe Rooms as at 30.9.2025 Rooms as at 31.3.2027
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2. Review of Operations Car Park Operations Care Park, Victoria 34
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• Revenue decreased 9.7% YoY to approx. HK$343 mn • Adjusted gross profit margin decreased to 20.1% primarily driven by the increase in property holding cost • Continuously to phase out underperforming car parks and divest mature car parks to unlock capital for future investments and debt reductions • Entered into an agreement for the disposal of a car park in the Australia for a consideration of approx. AUD3.7 mn in Oct 2025 Total Bays by Category Note: (1) Care Park has a 25% interest. 35 30.09.2025 31.03.2025 No. of Car Park No. of Bays No. of Car Park No. of Bays Australia Owned and managed 15 2,729 15 2,930 Managed only 233 77,400 291 83,386 JV owned(1) 1 383 1 383 New Zealand Managed only 29 12,515 29 12,446 United Kingdom Managed only 11 3,117 9 3,109 Malaysia Owned and managed 2 2,236 2 2,236 Managed only 17 7,038 18 7,048 Hungary Owned and managed 5 1,207 5 1,207 Total 313 106,625 370 112,745 Total Owned and managed 22 6,172 22 6,373 Total Managed only 290 100,070 347 105,989 Total JV owned(1) 1 383 1 383 Ongoing Car Park Portfolio Optimisation Amid Increasing Cost Pressures 99,143 106,696 114,821 120,201 119,245 123,665 112,745 106,625 31.3.2019 31.3.2020 31.3.2021 31.3.2022 31.3.2023 31.3.2024 31.3.2025 30.9.2025 Managed bays Owned bays Efforts to Streamline Car Park Portfolio with Reduction in Non-profitable Contracts
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2. Review of Operations Gaming Operations PALASINO Furth im Wald, Czech Republic 36
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Notes: (1) Avg. slot win per machine per day is defined as divide the total slot machine gross win by the avg. no. of slot machines on opening and closing and subsequently divided by the no. of days the machines were operational. (2) Table hold percentage is defined as total gross win in table game divided by the table games drop. 57 Tables 26.9% Table hold percentage(2) As at 30.9.2025 638 Slot machines HK$1,510 Avg. slot win per machine per day (HK$)(1) 1H FY2026 As at 30.9.2025 1H FY2026 Steady Growth in Business • Revenue reached HK$218 mn, recorded a YoY increase of 11.4% • Adjusted gross profit margin increased to 42.4% driven by increased visitation following Austria marketing campaign • Currently holds a controlling stake of 71.62% in Palasino as at 30 Sep 2025 • Target to open new Mikulov casino in 2H FY2026/1H FY2027 37 Palasino – Stable Contribution to Earnings
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• FEC holds a 25% stake as at 30 Sep 2025 • The QWB Project consists of: ➢ Three world-class hotels, namely The Star Grand Hotel, The Rosewood Brisbane and Dorsett Brisbane ➢ A high-end casino with private gaming area ➢ 99 years gaming license with a 25-year casino exclusivity period within 60 kilometers from the Brisbane CBD ➢ 2,500 slots & unlimited gaming tables (including electronic derivations) ➢ F&B outlets and more than 6,000 sq. m. of retail and dining space ➢ Thousands of car parking spaces Investment in QWB Project 38 • Initial phase of the high-end casino, The Star Brisbane, opened to the public on 29 Aug 2024 • The Star Grand Hotel and gaming facilities with premium gaming rooms were unveiled with positive responses • Remaining F&B outlets, retail and dining spaces and the other two hotels will be launched in phases in the next phase • On 12 Aug 2025, the Group together with CTFE entered into an implementation deed with the Star Entertainment Group Limited, in regard of strategic Assets Swap Investment in QWB Project
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Queen’s Wharf Residences, Brisbane 39 3. Prospects
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40 • Gearing ratio and leverage are expected to be further improved • Accelerating the completion of property development • Disposal of non-core assets to continue • Unlocking hotel revaluation surplus at the opportune time Prudent Financial Management • Project Development: • HK$9.3 bn in presales and contracted sales provide visibility of cashflow in coming years • Hotel: • Recurring cashflow expected to grow with new hotels stabilising • 4 new hotels opening in 12 months • Car Park: • Continuing to phase out under-performing or matured car park assets • Securing management contracts to transit towards an asset -light model and reduce leverage • Gaming: • Opening new Mikulov Casino • Restructuring of investment in QWB Project, provides opportunities to drive operational improvement Visible Cashflow from both Property Developments Projects and Recurring Income Businesses Outlook
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Thank You Questions & Answers FEC Official WeChat For more information, please contact: Investor Relations Department: ir@fecil.com.hk Or visit the Company’s website: www.fecil.com.hk 41
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Red Bank Riverside, Manchester 42 5. Appendices
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43 Significant Hidden Value in FEC’s Hotel Portfolio Note: (1) Based on the independent valuations carried out as at 31 Mar 2025, except for (i) Lushan Resort, HubX Shanghai and Dorsett Canary Wharf London which were accounted for based on independent valuations assessed after 31 Mar 2025; and (ii) the adjustment in Dorsett Wuhan, where certain areas were reclassified as IP as at 30 Sep 2025. City / Country Description Rooms Market Value @ 31.03.2025 (1) (HK$ mn) Revaluation Surplus (HK$ mn) Hong Kong 1 Dorsett Wanchai Hong Kong Amid Wanchai and Causeway Bay 454 3,660 3,457 2 Cosmo Hotel Hong Kong In Hong Kong's prime business area 142 1,040 949 3 Lan Kwai Fong Hotel @ Kau U Fong Hong Kong In CBD and right next to the vibrant hotspots of LKF and SoHo 162 1,280 1,149 4 Silka Seaview Hong Kong In the bustling hub of Yau Ma Tei 268 1,177 893 5 Silka Far East Hong Kong Steps away from Tsuen Wan MTR station 240 789 689 6 Dorsett Mongkok Hong Kong Close by 24/7 shopping and dining hotspots in Mongkok 285 1,350 1,162 7 Dorsett Kwun Tong Hong Kong In the heart of Kowloon East 361 1,520 1,296 8 Dorsett Tsuen Wan Hong Kong Near Hong Kong International Airport 546 2,381 1,746 9 Silka Tsuen Wan Hong Kong In densely populated Kwai Chung district 409 1,400 1,008 10 Dorsett Kai Tak Hong Kong A flagship Dorsett brand hotel adjoining the Kai Tak Sports Park 373 2,580 196 Malaysia 11 Dorsett Kuala Lumpur Kuala Lumpur In the heart of Kuala Lumpur's Golden Triangle 322 473 395 12 Dorsett Grand Subang Subang Jaya In the commercial hub of Subang Jaya 478 513 382 13 Dorsett Grand Labuan Labuan The only 5-star international chain hotel in Labuan 180 201 140 14 Silka Maytower Hotel & Serviced Residences Kuala Lumpur In central Kuala Lumpur 177 147 10 15 Silka Johor Bahru Johor Gateway from Malaysia to Singapore 248 100 9 16 J-Hotel by Dorsett Kuala Lumpur An artsy boutique hotel in the heart of Kuala Lumpur 152 96 32 Mainland China 17 Dorsett Wuhan Wuhan In the heart of downtown Wuhan 133 1,585 317 18 Dorsett Shanghai Shanghai In the heart of the dynamic Pudong new district 264 1,044 855 19 HubX Shanghai Shanghai In the heart of JinQiu Road in Baoshan within a vibrant residential hub 115 100 - 20 Dorsett Chengdu Chengdu In the famous historical Luomashi district of Chengdu 556 1,665 1,381 21 Lushan Resort Lushan In the heart of a hot spring village at the foothills of Lushan Mountain 229 115 - Singapore 22 Dorsett Singapore Singapore In historical Chinatown and near business districts 285 1,736 1,224 23 Dao by Dorsett AMTD Singapore (49% stake) Singapore In the heart of Singapore’s vibrant CBD 268 N/A N/A 24 Dorsett Changi City Singapore (10% stake) Singapore Near Singapore Changi Airport and in the dynamic heart of East Singapore 313 N/A N/A United Kingdom 25 Dorsett Shepherds Bush, London London In the heart of vibrant Shepherds Bush in West London 317 939 580 26 Dao by Dorsett West London London A serviced apartment extension to Dorsett Shepherds Bush 74 343 96 27 Dorsett Canary Wharf London London In the heart of one of London’s most vibrant and dynamic districts 237 732 33 28 Dao by Dorsett North London London A boutique hotel at Hornsey Town Hall, North London 68 N/A N/A Australia 29 The Ritz-Carlton Perth Perth At Elizabeth Quay, a landmark waterfront development that connects Perth city with the Swan River 205 950 112 30 Dorsett Gold Coast (33% stake) Gold Coast A Dorsett brand hotel adjacent to The Star Gold Coast Resort 313 N/A N/A 31 The Ritz-Carlton Melbourne Melbourne A Ritz-Carlton hotel occupies the top 18 floors of West Side Place (Tower 1) 257 1,291 225 32 Dorsett Melbourne Melbourne A Dorsett brand hotel at West Side Place (Tower 3) 316 511 - 33 The Star Grand (25% stake) Brisbane A world class hotel in Brisbane 340 N/A N/A Europe 34 Hotel Columbus Germany A 4-star hotel in Seligenstadt 117 40 6 35 Hotel Freizeit Auefeld Germany A 4-star hotel in Hann Münden 93 25 1 36 Hotel Kranichhöhe Germany A 4-star hotel in Much 107 45 4 37 Hotel Donauwelle Austria A 4-star hotel in Linz 176 44 (19) 38 Hotel Savannah Czech Republic A 4-star hotel located just across the Austrian-Czech border 79 112 22 Subtotal of hotels in operation 9,659 29,983 18,350 39 Dorsett Perth Perth A 4-star stand-alone hotel in the Perth entertainment precinct adjacent to the Perth Arena entertainment center 264 N/A N/A 40 The Star Residences - Epsilon (33% stake) Gold Coast A 5-star luxury hotel in Epsilon 202 N/A N/A 41 Dorsett Brisbane (25% stake) Brisbane A world class hotel in Brisbane 372 N/A N/A 42 Rosewood Brisbane (25% stake) Brisbane A world class hotel in Brisbane 150 N/A N/A 988 - - 10,647 29,983 18,350 Hotels in operation Hotels under development Total as at 30 September 2025 (hotels in operation and hotels under development) Subtotal of hotels under development
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44 Details of Major Investment Properties Total GFA Total GFA Current Investment Properties (sq. ft.) Pipeline Investment Properties (sq. ft.) FEC Building, Central, Hong Kong 3,000 Queen's Wharf Brisbane(1), Brisbane 96,400 FEC Building, Nathan Road, Hong Kong 38,700 Long-lease Residences, Baoshan Disctrict, Shanghai 785,900 Far East Centre, Tsuen Wan, Hong Kong 37,300 640 Bourke Street, Melbourne 4,600 Tsuen Wan Garden, Hong Kong 41,100 Sai Ying Pun(2), Hong Kong 2,800 The Garrison, Hong Kong 5,600 Total 889,700 Dorsett Kai Tak, Hong Kong 16,400 Upper West Side, Melbourne 29,600 West Side Place, Melbourne 77,000 Perth Hub, Perth 7,300 Xintiandi Shopping Mall, California Garden, Shanghai 202,200 No. 113 District 17, Lane 699 Jinqiu Road, Shanghai 59,200 Cultural Centre, Shanghai 33,500 Dorsett Shanghai, Shanghai 19,200 Long-lease Residences, Baoshan Disctrict, Shanghai 573,700 Dorsett Wuhan, Wuhan 504,700 Dorsett Residences, Singapore 6,900 Consort Place, London 3,600 Hornsey Town Hall, London 84,000 Total 1,743,000 *Data mainly supported by Sales Team Notes: (1) The Group has 50% interest of the residential component and 25% interest of the integrated resort component of the development. (2) The GFA is estimated figure and subject to URA's approval.
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• Movement in foreign currencies impacted balance sheet position and profitability • Assuming exchange rates remained constant, net asset value would have been HK$572 mn lower as at 30 Sep 2025; while loss attributable to shareholders would have been HK$9.2 mn higher for 1H FY2026 Rates as at 30.9.2025 31.3.2025 % change HK$/AUD 5.11 4.87 4.9% HK$/RMB 1.09 1.07 1.9% HK$/MYR 1.84 1.75 5.1% HK$/GBP 10.43 10.05 3.8% HK$/CZK 0.38 0.34 11.8% HK$/SGD 6.03 5.79 4.1% Avg rates for 1H FY2026 1H FY2025 % change HK$/AUD 4.99 5.22 -4.4% HK$/RMB 1.08 1.10 -1.8% HK$/MYR 1.80 1.77 1.7% HK$/GBP 10.24 10.11 1.3% HK$/CZK 0.36 0.34 5.9% HK$/SGD 5.91 5.93 -0.3% Source: The Hong Kong Association of Banks and OANDA 45 Impact of Foreign Exchange Rates
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46 • Refreshed materiality assessment and prioritised ESG topics of 2025 • Obtained a new SLL of HK$540 mn secured by one of the hotels in Hong Kong • Opened the flagship hotel Dorsett Kai Tak Hotel and obtained the BEAM Plus Gold Certification Sustainability Strategy and Governance • Undertook an updated climate-related risks and opportunities assessment aligned with the Taskforce on Climate-related Financial Disclosure • Digitised data collection process by using an AI platform • Received the EarthCheck Bronze Benchmark Award for our Dorsett UK hotels Managing Our Environmental Footprint • Fostering young talents at FEC UK by offering part-time work placement for university students • Holding the second “Positive Impacts Week”. theming ‘Mindful living, Mindful consumption’ • Divert 1,480kg of waste from the landfills • Held the Dorsett Kai Tak recruitment day where the Group empowered local talents through community partnerships Employer of Choice • Established the Dorsett Scholar Association • Signed a memorandum of understanding with the Hong Kong Vocational Training Council on enhancing vocational education • Participated in the Sports for million initiatives and donated HK$200,000 to support 19 social welfare member agencies • Held the first UK Dragon Boat Festival and raised over GBP7,000 for the Life Chances Campaign Cultivating Community • Expanded wellness amenities, in-room fitness options, social engagement initiatives like Wine Hour, and thoughtful touches such as welcome drinks—all reflecting its commitment to comfort, connection, and service excellence • Enhancing guest experience through technology by introducing Jasper, a 24-hour Guest Service Robot, which facilitates a fully paperless and contactless check-in process at DHI hotels Placemaking Key Sustainability Highlights
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Exploring Sustainable Finance Exploring opportunity based on sustainable finance framework Recognition from International ESG Ratings Sustainable finance framework received Aligned Opinion from S&P Global Ratings Strengthen Governance to Improve ESG Performance Formed key internal committees within the ESG Working Group to support the ESG Steering Committee Create strategic ESG Direction for the Group Executing the sustainability strategy based on four pillars Refining Group-level ESG strategy Developed KPI’s with input from different business units for long- term comparison Action against Climate Change Identifying and prioritising key climate risks and opportunities Exploring an appropriate emissions reduction strategy to move towards a net zero roadmap 47 Enhance ESG Efforts to Create Long-Term Value
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East Week Outstanding Corporate Strategy Awards 2024 • Outstanding Corporate Strategy Award FinanceAsia’s 2025 Asia’s Best Companies Poll • Best Small-cap Company in Hong Kong (Gold) China Financial Market’s China Financial Market Awards 2023 • Excellence in Brand Value Award 1H FY2026 48 The Institute of ESG & Benchmark’s ESG Achievement Awards 2023/2024 • Best Sustainable Vision Award – Merit • Outstanding ESG Awards – Listed Company Gold Award Corporate Governance Asia 14th Asian Excellence Award 2024 • Asia’s Best CEO: Mr. David Chiu, Chairman and Chief Executive Officer • Asia’s Best CFO: Mr. Boswell Cheung, Chief Financial Officer and Company Secretary • Best Investor Relations Company Hong Kong Investor Relations Association 11th IR Awards 2025 • Best ESG (E) • Best Investor Meeting • Best Annual Report Reputable Awards for IR and ESG Work East Week Outstanding Corporate Strategy Awards 2024 • Outstanding Corporate Strategy Award FinanceAsia’s 2025 Asia’s Best Companies Poll • Best Small-cap Company in Hong Kong (Gold) China Financial Market’s China Financial Market Awards 2023 • Excellence in Brand Value Award 1H FY2026 48 The Institute of ESG & Benchmark’s ESG Achievement Awards 2023/2024 • Best Sustainable Vision Award – Merit • Outstanding ESG Awards – Listed Company Gold Award Corporate Governance Asia 14th Asian Excellence Award 2024 • Asia’s Best CEO: Mr. David Chiu, Chairman and Chief Executive Officer • Asia’s Best CFO: Mr. Boswell Cheung, Chief Financial Officer and Company Secretary • Best Investor Relations Company Hong Kong Investor Relations Association 11th IR Awards 2025 • Best ESG (E) • Best Investor Meeting • Best Annual Report FY2025