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140 WHARF Established 1886 THE WHARF ( HOLDINGS ) LIMITED 2026 Interim Results Announcement
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22026 Interim Results | Operating & Underlying Profits +6%, Excluding Investments • Investment Income Decreased Following Portfolio Reduction • Excluding Investments, Revenue +2%, OP & UNP +6% • Mainland IP Stable with Prudent Revaluation Deficit • Mainland DP Decline Covered by Hong Kong DP Growth • Logistics Relatively Resilient in Seriously Disrupted Global Markets • Dividend +100% to Celebrate 140th Anniversary
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32026 Interim Results | HK Properties HKDP Pipeline MLDP Developed & Substantially Developed MLIP Hotels Logistics Infrastructure Strategic Pillar: Properties Note: The Above Breakdowns Exclude All Financial Assets (Investments, Cash & Others); Total Assets as at 30 Jun-26 Group Revenue $4,386M 191 -7 1,144 148 -543 Group UNP $933M Total Assets $131B 13% 3% 52% 7% 25% 47% 12% 27% 3% 11% HK$M
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42026 Interim Results | Financial Highlights • UNP -17% - HKDP: Overtaking MLDP; Increase in Bookings - MLDP: Net Provisions of $547M (1H25: $522M) - MLIP: Largest & Stable Contributor (67% of UNP) - Hotels & Logistics: Sound Recurring Income Stream - Liquid Investments for Capital Preservation & Yield • Group Profit -91%, Prudent IP Revaluation • Including Special DPS, Interim DPS +100% to $0.40 HKD Million 1H26 1H25 %Chg. Group Revenue 5,344 5,669 -6% Operating Profit 2,354 2,657 -11% Underlying Net Profit* 1,697 2,035 -17% Attributable IP Revaluation (Deficit) After Taxation (2,049) (1,180) Profit Attributable to Equity Shareholders 48 535 -91% Earnings Per Share (HK$) - Attributable to Equity Shareholders - Underlying* 0.02 0.56 0.18 0.67 -91% -17% Dividend Per Share (HK$) 0.40^ 0.20 +100% * Underlying Net Profit – Excl. IP Revaluation Deficit & Exceptional Items ^ Incl. Special Interim DPS of $0.20
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52026 Interim Results | Net Cash • Progressive Reductions in Net Debt in Recent Years • Net Cash Since End of 2025 - Net Cash $8.6B (Excl. MTL’s Net Debt of $2.4B) • $3.2B Disposal of Equity Investment in 1H26 (FY25: $9.7B) • Avg. Interest Rate 3.1% Net Cash/ (Debt) (HKD Billion) (25.5) (13.2) (5.3) (7.8) (7.1) 6.2 2.0 2020 2021 2022 2023 2024 2025 Jun-26 Gearing: 15.6% 7.9% 3.4% 5.3% 5.0% NA NA Net Cash Period-end:
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• Hong Kong Properties • Mainland Development Properties • Mainland Investment Properties • Hotels • Logistics Infrastructure Agenda
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72026 Interim Results | Hong Kong Properties • Overall Resi Market: Meaningful Gains in Price & Volume - Solid Local Demand; Continued Talent & Capital Inflow • 1H26 Recognitions - 1 Plantation Road Plantation Boulevard Hse 1 Sold at $558M; ~$91K psf - Victoria Voyage (30%-owned JV) $800M; ~$30K psf • Capturing Positive Momentum; Sales Launch as Planned HK Residential Landbank Landbank (Period-end)* 2.7M s.f. Net Book Value $56.6B *Incl. Developed & Undeveloped Note: All Figures Inclusive of JVs & Associates on an Attributable Basis HKDP Operating Matrix & Contracted Sales (1H26) Revenue $1,345M (+183%) Operating Profit $166M (+435%) Contracted Sales $1,084M (+255%) Net Order Book (Period-end) $774M
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82026 Interim Results | HKDP Major Pipeline To be Launched in 2026 • 100%-owned • The Peak • Completed • Attri. GFA: 86,000 sf • 1 of 20 Hse Sold Launched Launched Note: As of 30 Jun 2026; Attri. GFA Net of Recognised Sales • 30%-owned • Kai Tak Waterfront • Completed • Attri. GFA: 293,300 sf • 357 of 2,060 Units Sold • 100%-owned • Peak Project in Kowloon Tong • Completed • Attri. GFA: 436,400 sf • Total 133 Units 2027 & Onwards No. 2-8 Mansfield Road • 100%-owned • The Peak • Attri. GFA: 259,300 sf No. 9, 11 Mansfield Road • 50%-owned • The Peak • Attri. GFA: 72,500 sf Kowloon Bay Redevelopment • 100%-owned • Kowloon Bay Waterfront • Attri. GFA: 829,000 sf
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92026 Interim Results | Mainland Development Properties • Reduced Exposure Since 2019 - Remaining Inventory Concentrate in Slow-moving Office • Weak Sentiment Despite Early Signs of Stabilisation Emerging in Tier-1 Cities • Net Order Book Included Sale of CDIFS Apartment Units - Progressively Released for Sale as Lease Commitments Expire & Upon Completion of Refurbishment Unsold Stock Unsold Stock (Period-end) 0.68M s.m. Net Book Value $15.0B Note: All Figures Inclusive of JVs & Associates on an Attributable Basis Operating Matrix & Contracted Sales (1H26) Revenue $238M (-54%) Operating Profit Loss of $3M (1H25: Profit of $40M) Contracted Sales RMB 345M (-60%) Net Order Book (Period-end) RMB 428M
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102026 Interim Results | Mainland Investment Properties • Retail: - 1Q Improved But Momentum Slowed in 2Q - Consumers Remained Value-Driven, Led by Subsidies - Online & Offline Competition • Office: - Elevated Market Vacancy & Prolonged Oversupply Mainland IP Operating Matrix (in HKD) Revenue $2,269M (+1%) Operating Profit $1,490M (+1%) Mainland IP Revenue (RMB Billion) 1.7 2.2 2.1 2.2 2.1 2.1 2.02.0 2.3 2.0 2.1 2.1 1.9 3.7 4.5 4.1 4.3 4.2 4.0 2020 2021 2022 2023 2024 2025 2026 1H 2H FY Changsha IFS Changsha IFS
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112026 Interim Results | IFS Malls Chengdu IFS Mall | Occupancy*: 97% (Excl. Arcade Conversion) Changsha IFS Mall | Occupancy*: 98% (Occupied Basis) HERMÈS • Opened in Dec 2025 • Expanded into Duplex • Hunan Flagship (First & Only) *As at 30 Jun 2026 BRUNELLO CUCINELLI • Opened in May 2026 • Expanded into Duplex • Largest Flagship in China POP MART • To Open in Late 2026 • Regional Duplex Flagship • With Limited Edition Items New Openings/ Expansions (Selected Brands)Arcade Conversion • Expected Completion: Late 2026 • Tenant Mix: Fashion, Jewelry, Cosmetics & Lifestyle • Mall Occupancy Incl. Arcade Conversion: 89% •
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122026 Interim Results | Hotels • HK – Improved Occupancy & Room Rates: - Supported by Growth in Visitors, Mega Events, Segment Mix Management & RMB Appreciation - Recovery Continues But Growth Begins to Moderate • ML – Pressured by Macro Conditions & Competition: - Focused on Maintaining Occupancy & Room Rates - Implement Effective Promotions & Cost Management Hotels Operating Matrix* (1H26) Revenue $323M (+4%) Operating Loss $4M (1H25: $11M) *Incl. Ownership & Management Niccolo Since 2015 5 Award-winning Hotels (3 Owned) in HK, Chengdu, Changsha, Chongqing & Suzhou Marco Polo Since 1970s 10 Deluxe Hotels (1 Owned) in HK, ML & Philippines Maqo Since 2023 1 Lifestyle Hotel at Changsha IFS (Owned) Park Hyatt Changsha Since 2024 The Group’s Only Hotel with Outsourced Management
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132026 Interim Results | Logistics Infrastructure • Global Trade Faced Ongoing Disruption - Geopolitical Tension & Middle East Conflict - Volatile Fuel Prices & Restructuring of Supply Chain • Overcapacity in South China & Regional Competition - Persistent Pressure on HK Throughput • Proactively Secured New Business, Commence in 2H Modern Terminals (1H26) Revenue $1,066M (+0%) Operating Profit $104M (-18%) Throughput* (million TEUs) 1H26 YoY Chg HK 1.6 -6% DaChan Bay (DCB)# 1.4 +16% Shekou Container Terminals (SCT)# 3.6 +5% Total 6.6 +4% Hong Kong Air Cargo Terminals Ltd (HACTL) # Total Throughput 0.9M Tonnes (-2%) *Total Throughput (Instead of Attributable); Market Throughput Kwai Tsing -5%; Shenzhen +7% #DCB: 65%-owned; SCT: 20%-owned; HACTL: 21%-owned
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Outlook
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152026 Interim Results | Outlook Global • Geopolitical Tensions & Policy Risks • Volatile Energy Prices, Cost Inflation • Concerns over Interest Rate Hikes Hong Kong • “Safe Haven” in Troubled Times • Influx of Capital, Talent & Start-Ups Stimulates Demand for Goods, Services & Properties • Five-Year Plan to Better Connect to Mainland Development Chinese Mainland • Growth Led More by Export than Domestic Consumption • Friendly Visa Policy is Attracting Foreign Visitors • AI-Driven Growth Amid Tariff Risks
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Sustainability
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172026 Interim Results | Recognised Achievements Recognitions ▪ Member of Hang Seng Corporate Sustainability Index Series; “AA+” Sustainability Rating ▪ 2025 Management Band Score “B” at CDP ▪ Morningstar Sustainalytics ESG Risk Rating of 18.3* ▪ CSR Index Plus Mark Certifications LEED Platinum • Chengdu IFS • Changsha IFS • Shanghai Wheelock Square LEED Gold • Wuxi IFS Provisional Platinum • No. 2–8 Mansfield Road • No. 9, 11 Mansfield Road Provisional Gold • The Monet • Kowloon Bay Redevelopment Gold Certified • 3 Niccolo Hotels* • 4 Marco Polo Hotels* Silver Certified • Maqo Changsha • Park Hyatt Changsha • Marco Polo Plaza, Cebu Well Health-Safety Rated • Chengdu IFS *In July 2025, The Wharf (Holdings) Limited Received an ESG Risk Rating of 18.3 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. *Incl. Niccolo Chengdu, Niccolo Chongqing (50%-owned), Niccolo Changsha, Marco Polo Wuhan & Managed Hotels Marco Polo Xiamen, Marco Polo Parkside, Beijing & Marco Polo Ortigas, Manila
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182026 Interim Results | Environment Science Based Targets Initiative (“SBTi”) Sustainable Finance Renewable Energy Near-term GHG Emissions Reductions Targets Validated • Changsha IFS • Chengdu IFS • Shanghai Wheelock Square • Kowloon Bay Redevelopment • The Monet Properties that Raised Green Loans Properties that Support Solar Energy Generation • Changsha IFS • Chengdu IFS • Shanghai Times Square • Times Outlets Changsha Green or Sustainability-linked Loans Raised ~$28.2B Accumulatively (As at 30 Jun 2026) Sustainable Financing Percentage 56% (As at 30 Jun 2026) Modern Terminals • Offers LNG Bunkering at All Facilities • DaChan Bay Terminals: In-Yard Truck Fleet 100% Powered by Cleaner Energy (Battery-Swap or LNG) Target Scope 1 & 2 ↓42%* Scope 3 (From Capital Goods, Downstream Leased Assets & Investments) ↓25%* *By 2030 from 2022 Base Year
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192026 Interim Results | Social Project WeCan – 15th Anniversary Community Care Employee Wellbeing • Flagship Initiative Empowering Youth Development Safe & Healthy Workplace ISO 45001:2018 Certified OSH Systems at Chengdu IFS & Changsha IFS • Accumulated WeCan Scholarships >$76M, ~1,000 Students Benefit to-date No. of Students Benefited 100,000+ No. of Partner Schools 80+ No. of Partner Organisations ~70 Career Exploration Day WeCan Scholarship Scheme Young Innovators Bazaar Job Tasting Programme • Among Top 3 Donors of The Community Chest For 5 Consecutive Years (Awarded to The Wharf Group incl. Wharf REIC & Wharf Holdings) • Raised >$1.4 M in The Community Chest’s Programmes in the Second Half of 2025/2026 Campaign Year, Including Dress Casual Day, The Community Chest HKEX Gong Run & Sports for Millions
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202026 Interim Results | Corporate Governance Board Diversity Corporate Governance Board Engagement INEDs 55% ≤65 18% 66-75 55% >75 27% Male 73% Female 27% Chinese 82% Non-CHN 18% Designation Age Gender Ethnicity 11 Board Members (As at 30 Jun 2026) 1H26 Meeting Attendance 96% For 2 Board Meetings in 1H26 SKILL & EXPERIENCE Accounting Professionals/ Financial Mgt Banking/ Financial & Securities/ Investment Education/ Academia Entrepreneurship Governance/ Regulatory Compliance Public Services & Administration/ Associations Real Estate/ Property Operation & Mgt Hospitality Innovation & Technologies Logistics & Transportation Sustainability/ EnvironmentMedia & Communications Healthcare Services Mgt Industrial & Commerce Executive Board Members 45% Chinese Mainland Exposure Risk Mgt/ Internal Control ConsultancyStrategy Sustainability Steering Committee Chaired by Chairman Anti-corruption Training For Board Members, Directors & Employees
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Appendix
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222026 Interim Results | Summary of HK Properties Portfolio Usage Status Locations Attributable GFA (s.f.) 1. Peak Portfolio Residential Development No. 2-8 Mansfield Road 259,300 No. 9,11 Mansfield Road (50%-JV) 72,500 Sales Mount Nicholson (50%-JV) 15,000 1 Plantation Road 86,000 Lease Chelsea Court 43,000 Strawberry Hill 13,000 11 Plantation Road 46,300 Sub-total 535,100 2. Kowloon East Portfolio Residential Development Kowloon Bay Redevelopment 829,000* Planning Yau Tong Bay (15%-JV) 611,400 Sales Victoria Voyage (30%-JV) 293,300 Sub-total 1,733,700 3. Kowloon Tong Portfolio Residential To be Launched The Monet 436,400 Total 2,705,200 Land Bank as at 30 Jun 26 (Net of Recognised Sales); * Redevelopable GFA
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232026 Interim Results | MLDP Contracted Sales Breakdown Region City Contracted Sales (%) GFA Sold (%) Western China Chengdu 48% 20% Chongqing 15% 27% Western China Sub-Total 63% 47% Eastern China Suzhou 36% 52% Others Foshan, Guangzhou & Hangzhou 1% 1%
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242026 Interim Results | MLDP Key Projects on Sales in 1H26 Projects City Attributable Proceeds (RMB M) Attributable GFA Sold (s.m) Average Price (RMB psm) Ownership Chengdu IFS Residences 成都IFS國金豪庭 Chengdu 170 3,048 55,900 100% Villa One (Huayuan Road Lot 78) 蘇州天灝逅灣雅苑 Suzhou 107 6,064 17,600 100% International Community 重慶國際社區 Chongqing 55 4,027 12,600 40%
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252026 Interim Results | MLDP Unsold Stock Breakdown by City Region City GFA million (s.m) % Total Central China Changsha 0.34 49% Western China Chengdu 0.11 17% Chongqing 0.08 12% Western China Sub-Total 0.19 29% Eastern China Suzhou 0.11 17% Northern China Beijing 0.04 5% Total 0.68 100%
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262026 Interim Results | MLIP – Different Series Times Square Property Project Nature Total GFA * (s.m.) Year of Completion Times Square Chongqing ** O/R 55,000 2004 Dalian** R 17,000 2009 Marco Polo Wuhan** H 38,000 2008 Shanghai IPs Times Square R/O/S.A 90,000 2000 Wheelock Square O/R 111,000 2010 IFS & Times Outlets Property Project Nature Total GFA * (s.m.) Year of Completion Mixed-use IFS Complexes Chengdu R/O/S.A/H 603,000 2013-2016 Chongqing** R/O/H 266,000 2017 Changsha R/H 349,000 2018-2024 Wuxi O 189,000 2014 Times Outlets Chengdu R 63,000 2009 Changsha R 72,000 2016 R = Retail; O = Office; S.A = Serviced Apartments; H = Hotel *Total Development Area, Excl. Basement Area & Carpark **Gross Area & Net of Recognised Sales
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272026 Interim Results | Overview of Application of Funds Major Capital & Development Expenditure HK$M Incurred in 1H26 To be Incurred in Coming Years Committed Uncommitted Total Hong Kong IP 7 27 6,330 6,357 Hong Kong DP 840 2,790 4,412 7,202 Chinese Mainland IP 13 2 119 121 Chinese Mainland DP 83 697 85 782 Others 26 668 30 698 Total 969 4,184 10,976 15,160
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End of Presentation The Wharf (Holdings) Limited [HKEx Stock Code: 4.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.