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I N V E S T O R P R E S E N T A T I O N 202 6 INTERIM RESULTS Stock Code: 683
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Mr. Kuok Khoon Hua Chairman & Chief Executive Officer
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3 Kerry Properties Limited 2026 Interim Results RESULTS HIGHLIGHTS Hong Kong Chinese Mainland ● Residential market supply-demand balance turned positive: Transaction activity picked up and inventory absorption fell to a three-year low; land prices rose faster than housing prices. ● Property sales: Premium and luxury projects continued to attract buyers who remain selective. ● Leasing: Apartments largely achieved full occupancy; retail mall registered double- digit tenant sales growth; office leasing remains challenging. ● New sites: Three modestly sized residential sites acquired in the period with total GFA 235,000 sq. ft. ● Residential market remains weak: Overall transaction volumes, housing prices and Government land sales still declining, although April–July transactions grew, particularly in Tier-1 cities. Unclear if this trend continues. ● Property sales: Development property sales has been slow. ● Leasing: Office occupancy held steady with rents under pressure; retail stable, supported by tenant mix optimisation, marketing initiatives and active lifestyle offerings ● New site: Shanghai Pudong Yangsi site GFA 1.5 million sq. ft. Profit After Tax HK$735 million 20% vs. HK$612 million prior period Underlying Profit Excluding non-cash changes in the fair value of investment properties Interim Dividend Per Share HK$0.40 Maintained HK$782 million 9% vs. HK$863 million prior period
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4 Kerry Properties Limited 2026 Interim Results OUTLOOK Long Term Positive Outlook Short and Medium Term Cautious & Prudent ● Positive on long-term prospects of both the Chinese Mainland and Hong Kong. ● Improving living standards and more sustainable urban development in the Chinese Mainland create opportunities for well-positioned assets in major urban centres over the longer term. ● Acquired a commercial development site in Shanghai Pudong in July 2026 – signaling continued conviction in the long-term growth of tier-one cities and the structural growth of consumption on the Chinese Mainland. ● Hong Kong continues to attract international capital, businesses, and talent amid a more uncertain global environment. ● Future interest rate trends, investors' expectations regarding Chinese Mainland outbound capital controls, and geopolitical headwinds continue to temper market expectations in Hong Kong and the Chinese Mainland. ● General economic sentiment on the Chinese Mainland remains weak. ● Significant supply-demand imbalances and elevated vacancy levels persist in the Chinese Mainland office market. ● Prioritise the health and resiliency of the company and strive to find the optimal (dynamic) balance between the various time horizons.
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Ms. Suzanne Cheng Chief Financial Officer
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6 Kerry Properties Limited 2026 Interim Results N1: Refer to 100% of KPL subsidiaries and KPL’s share of associates and JV’s. N2: Percentage changes are calculated using the unrounded figures. 0.8 0.8 5.5 5.6 6.2 2.5 9.9 Contracted sales N1 (HK$ billion) 1H 20261H 2025 16.2 6.9 11% 81% 8% 5% 34% 61% DEVELOPMENT PROPERTIES Net order book remains healthy; decrease in contracted sales reflects a high comparison base from Shanghai Jinling Residences launch in 1H 2025 0.5 1H 2025 1H 2026 2H 2026 FY 2027 FY 2028 6.4 3.0 3.5 12.6 13.7 Combined DP revenue N1 (HK$ billion) Hong KongChinese Mainland – ex Shanghai Jinling Residences Chinese Mainland – Shanghai Jinling Residences Contracted sales yet to be recognised N1 (HK$ billion) Major projects Shanghai Jinling Residences Mont Verra LA MIRABELLE La Montagne YoY -58% -94% +1% +5% YoY -59% +180% -53% 0.2 0.5 11% 77% 89% 23% Chinese Mainland — HK$23.9 billion Hong Kong — HK$5.9 billion HK$29.8 billion
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7 Kerry Properties Limited 2026 Interim Results Adjusted change in RMB terms N2 1H 2026 YoY 1H 2026 HoH Office -5% -5% Retail -1% +4% Apartment -17% -8% Total -5% -2% 1,050 1,142 1,094 670 685 720 168 183 160 78 Chinese Mainland Combined Rental Revenue N1 (HK$ million) YoY +5% +6% -5% +7% +4% Excluding the impact of renovations at two for-lease apartment projects, apartment combined rental revenue increased 4% YoY on a like-for-like basis N2. 2,045 71 1H 20262H 20251H 2025 67 1,955 2,088 N1: Combined rental income includes attributable income from associates and joint ventures. N2: The adjusted percentage changes, presented in RMB terms, exclude the impact from property management fee classification. 14.4 Office | 7.2 Retail | 6.0 Apartment | 1.2 Chinese Mainland Investment Property Portfolio Attributable GFA Chinese Mainland Occupancy Rates N3 90% 90% 90% 90% 89% 87% 89% 90% 92% 91%92% 91% 94% 92% 95% Jun 24 Dec 24 Jun 25 Dec 25 Jun 26 Office Retail Apartment Dec 24 Dec 25 Shanghai Jing An Kerry Centre 94% 95% Shanghai Pudong Kerry Parkside 97% 96% Beijing Kerry Centre 87% 87% Hangzhou Kerry Centre 90% 92% Shenzhen Kerry Plaza 92% 92% Shenzhen Qianhai Kerry Centre Phases I & II 87% 89% N3: As at month end N4: Occupancy rates exclude Shanghai Central Residences II due to major renovation works, renovation areas at the service apartments of Shanghai Pudong Kerry Parkside, as well as newly completed projects in Shanghai Pudong, Hangzhou, Tianjin and Shenzhen Qianhai that had yet to commence full operations or reach stabilised operating levels. N5: Occupancy rates include office, retail and apartments, if applicable, and exclude the hotel portion. Jun 26 95% 91% 89% 90% 89% 92% N4 million sf N4 By Asset Type Major Assets N5 HoH -2% -9% -13% +5% -4% Increase in 1H 2026: +1.1 million sf As at 30 Jun 2026 INVESTMENT PROPERTIES: CHINESE MAINLAND Retail segment performed steadily, while office segment remained under pressure Carpark & others Apartment Retail Office PRISMA – mixed-use development in Shanghai Pudong
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8 Kerry Properties Limited 2026 Interim Results 111 122 111 162 143 162 209 265 210 65 73 42 525 Hong Kong Combined Rental Revenue N1 (HK$ million) YoY -4% -35% Flat Flat Flat 2H 20251H 2025 1H 2026 547 603 N1: Combined rental income includes attributable income from associates and joint ventures. Hong Kong Occupancy Rates N3 82% 78% 80% 81% 83% 99% 100% 97% 97% 94%93% 95% 96% 99% 99% Jun 24 Dec 24 Jun 25 Dec 25 Jun 26 Office Retail Apartment Dec 24 Dec 25 MegaBox N4 100% 97% Enterprise Square Five 77% 82% Kerry Centre 82% 77% Mid-Levels Portfolio N5 95% 100% N3: As at month end N4: As of 31 Dec 2025, 30 Jun 2025, 31 Dec 2024 and 30 Jun 2024, occupancy rates exclude area undergoing refurbishment at MegaBox. N5: Occupancy rates exclude Branksome Crest due to major refurbishment. N6: As of 30 Jun 2026 and 31 Dec 2025, occupancy rates exclude THE HILLTOP, a newly completed for-lease apartment project that had not yet reached stabilised operating levels. Jun 26 94% 81% 90% 99% N5, N6N4 By Asset Type Major Assets 1H 2026 YoY 1H 2026 HoH Apartment +8% +5% Total -2% -3% Carpark, warehouse & others Apartment Retail Office HoH -13% -42% -21% +13% -9% The Hong Kong IP portfolio was affected by the progressive sale of DP units previously under rental arrangements. Excluding this transition impact: 2.8 As at 30 Jun 2026 Hong Kong Investment Property Portfolio Attributable GFA million sf Office | 0.8 Retail | 1.2 Apartment | 0.8 INVESTMENT PROPERTIES: HONG KONG Retail and apartment segments improved, while office market conditions remained weak
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Ms. Suzanne Cheng Chief Financial Officer
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10 Kerry Properties Limited 2026 Interim Results Dividend per share (HK$) 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95 2.3 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 1.35 1.35 1.35 3.65 1.35N1: Combined revenue represents revenue from subsidiaries and the attributable share of revenue from associates and joint ventures in the Chinese Mainland and in Hong Kong. N2: Underlying profit represents profit attributable to shareholders excluding non-cash changes in the fair value of investment properties. Combined revenue breakdown (HK$ mn) 1.35 3,596 (54%) 3,075 (46%) 3,143 (32%) 6,811 (68%) 2,570 (39%) 3,031 (45%) 6,422 (65%) 2,502 (25%) 6,671 9,954 6,671 9,954 YoY Chg +14% -55% -33% YoY Chg +3% -53% -33% +4%1,070 (16%) 1,030 (10%) Hong KongChinese Mainland 1H 20261H 2025 1H 20261H 2025 By region By segment FY 2025 1H 2026 1H 2025 Change Combined revenue (HK$ mn) N1 6,671 9,954 -33% Profit attributable to shareholders (HK$ mn) - Reported - Underlying profit N2 735 782 612 863 +20% -9% Earnings per share (HK$) - Reported - Underlying N2 0.51 0.54 0.42 0.59 +20% -9% Interim dividend per share (HK$) 0.40 0.40 Maintain 30 Jun 2026 31 Dec 2025 Change Net debt (HK$ mn) 37,826 39,671 -5% Gearing ratio - Net debt to total equity (%) 31.3% 33.3% -2% pts Hotel operations Property sales Property rental 1.35 Final Special Interim FY 2018 1.35 FY 2026 FINANCIAL HIGHLIGHTS Interim dividend maintained
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11 Kerry Properties Limited 2026 Interim Results 17.9 bn (33%) Within 1 Year 8.4 bn (15%)Debt Maturity Profile (As at 30 Jun 2026, HK$) 2nd Year 3rd to 5th Year 28.9 bn (52%) Cash & Bank Deposits Undrawn Bank Loan Facilities 17.4 bn 30.9 bn 1,435 48.3 bn covers ~88% of total borrowingsEffective interest rate Total Finance Costs (HK$ m) & Effective Interest Rate 33.6% 34.1% 41.5% 33.3% 31.3% FY 2022 FY 2023 FY 2024 FY 2025 1H 2026 FY 2026e Gearing Ratio Targeting around-30% by end-2026 3.2% 4.7% 4.6% 3.8% Over 5 Years 0.08 bn (n.m.) 317 600 378 714 331 403 1,118 1,950 2,282 1,506 842 544 FY 2022 FY 2023 FY 2024 FY 2025 1H 2025 1H 2026 Borrowing costs capitalised (HK$m) Finance costs charged to Income Statement (HK$m) 2,6602,550 2,220 1,173 947 (31 Dec 2025: HK$16.1 bn) HK$17.4 bn Cash & Bank Deposits (31 Dec 2025: HK$31.1 bn) HK$30.9 bn Undrawn Bank Loan Facilities (31 Dec 2025: $55.8 bn) HK$55.2 bn Total Borrowings (31 Dec 2025: HK$39.7 bn) HK$37.8 bn Net Debt Total Capital Resources (As at 30 Jun 2026, HK$) Average Debt Maturity (31 Dec 2025: 2.5 years) 2.4 years YoY chg -19% -35% +22% 4.0% 3.5% CAPITAL & TREASURY MANAGEMENT Deleveraging progress remains on track; effective interest rate declined due to active treasury management (Net debt divided by total equity)
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12 Kerry Properties Limited 2026 Interim Results 30 Jun 2026 31 Dec 2025 HKD Fixed 25% RMB Floating 22% HKD Fixed 22% RMB Floating 21% RMB Fixed 29% N1: On after-swap basis HKD Floating 28% HKD Floating 25% RMB Fixed 28% Gross debt mix Fixed rate and RMB debt to gross debt ratio N1 72% 75% Fixed rate debt to gross debt ratio N1 51% 53% Fixed rate debt to net debt ratio N1 74% 74% Interest Rate Swaps in Effect Fixed Rate Debt to Gross Debt N1 (31 Dec 2025: 53%) 51% RMB Debt to Gross Debt N1 50% (31 Dec 2025: 50%)(31 Dec 2025: HK$13.2 bn) 11.3 HK$ bn 72% 75% CAPITAL & TREASURY MANAGEMENT Debt profile remained largely stable
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13 Kerry Properties Limited 2026 Interim Results Q& A Session
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14 Kerry Properties Limited 2026 Interim Results Appendix
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15 Kerry Properties Limited 2026 Interim Results Major movements Combined revenue Declined mainly due to lower development property revenue recognition in Hong Kong. Gross margin Improved due to different product mix of development properties recognised, partly offset by lower margins from investment properties. Provision on development properties and fair value changes of investment properties Mark-to-market adjustments in development and investment property values reflecting market conditions. Net finance costs Increased due to lower finance cost capitalisation. Taxation Increased mainly due to higher land appreciation tax in the Chinese Mainland. N1: KPL’s attributable share N2: Net of deferred tax (HK$ million) 1H 2026 1H 2025 Change, favourable / (unfavourable) Combined revenue N1 6,671 9,954 -33% Combined results N1 2,597 2,693 -4% Gross margin (%) N1 39% 27% +12% pts Underlying profit excluding provision on development properties 782 978 -20% Provision on development properties N1 - (115) n/a Underlying profit 782 863 -9% Fair value changes of investment properties N1, N2 (47) (251) +81% Profit attributable to shareholders 735 612 +20% Further details regarding underlying profit are provided below: Net finance costs (403) (331) -22% Taxation (687) (609) -13% FINANCIAL SUMMARY
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16 Kerry Properties Limited 2026 Interim Results Major projects with recent sales 1. Shanghai Jinling Residences 2. Shenzhen Qianhai The Bayside 3. Shenyang The Arcadia 4. Qinhuangdao Habitat Ph II 5. Wuhan River Mansion 6. Fuzhou Rivercity 7. Kunming Peakview Major project in the pipeline 1. Wuhan Project Phase II Major projects with recent sales 1. LA MIRABELLE 2. Mont Verra 3. La Montagne 4. La Marina 5. FLORA 6. HAVA Major projects in the pipeline 1. Branksome Crest 2. To Kwa Wan Project 3. Tsuen Wan Project 4. Mid-Levels West Project 5. Cheung Sha Wan Project 6. Shau Kei Wan Project 7. Kowloon Tong Project Major projects in operation 1. Shanghai Jing An Kerry Centre 2. Shanghai Pudong Kerry Parkside 3. Shanghai PRISMA 4. Hangzhou Kerry Centre 5. Shenzhen Kerry Plaza 6. Shenzhen Qianhai Kerry Centre Ph I-III 7. Beijing Kerry Centre 8. Shenyang Kerry Centre Ph II 9. Tianjin Kerry Centre Ph I and II Major projects in the pipeline Major projects in operation 1. MegaBox / Enterprise Square Five 2. Kerry Centre 3. Mid-Levels Portfolio 4. The Bonham 5. THE HILLTOP Commercial portions in: 1. Shanghai Huangpu MUD 2. Shanghai Pudong Project 3. Hangzhou Kerry Plaza* 4. Shenyang Kerry Centre Ph III 5. Wuhan MUD 6. Zhengzhou MUD Major projects in operation 1. Shanghai Jing An Shangri-La 2. Shanghai Pudong Kerry Hotel 3. Hangzhou Midtown Shangri-La 4. Hangzhou JEN by Shangri-La 5. Beijing Kerry Hotel 6. Shenzhen Qianhai JEN by Shangri-La 7. Nanjing Shangri-La 8. Shenyang Shangri-La 9. Tianjin Shangri-La 10. Tangshan Shangri-La 11. Putian Shangri-La 12. Jinan Shangri-La 13. Nanchang Shangri-La 14. Kunming JEN by Shangri-La 15. Kunming Shangri-La Major project in the pipeline 1. Hotel portion in Zhengzhou MUD Project in operation 1. JEN Hong Kong Property Sales Property Rental Hotel Operation Chinese Mainland Chinese Mainland Hong Kong Note: MUD = mixed-use development * Completed but not yet fully operational Chinese MainlandHong Kong As of 24 August 2026 Hong Kong BUSINESS AT A GLANCE
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17 Kerry Properties Limited 2026 Interim Results Chinese Mainland Hong Kong Overseas Total Properties under development 12.3 1.6 3.9 17.8 Investment properties 14.4 2.8 2.0 19.2 Hotel properties 4.9 0.04 0.5 5.4 Properties held for sale 4.4 0.3 0.04 4.8 Total 36.0 4.8 6.4* 47.2 Chinese Mainland Attributable GFA as at 30 Jun 2026 (million sf) Properties under development Investment properties Hotel properties Properties held for sale 17.8 (38%) 19.2 (41%) 5.4 (11%) 4.8 (10%) Total 47.2 million sf By typeBy region Attributable GFA (million sf) Attributable GFA (million sf) * Includes 6.3 million sf of attributable GFA held through Shang Properties, Inc., a listed company in the Philippines. 36.0 (76%) 4.8 (10%)Hong Kong Overseas 6.4 (14%) PROPERTY PORTFOLIO COMPOSITION
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18 Kerry Properties Limited 2026 Interim Results DEVELOPMENT PROPERTIES: COMPLETION TIMELINE Conversion of Branksome Crest into a development property for sale ~7m sf Under Development ~8m sf Saleable Resources Projects Under Development Chinese Mainland — 78% Hong Kong — 22% Saleable Resources Chinese Mainland — 80% Hong Kong — 20% 2H 2026 2027 2028 2029 2030 2031 Hong Kong Chinese Mainland Shenyang The Arcadia* 0.88m sf Chinese Mainland Wuhan River Mansion* 2.31m sf Chinese Mainland Qinhuangdao* 1.34m sf Chinese Mainland Shanghai Jinling Residences 0.6m sf Chinese Mainland Shanghai Jinling Residences 0.7m sf Chinese Mainland To Kwa Wan Project 0.37m sf Hong Kong Tsuen Wan Project 0.31m sf Hong Kong Cheung Sha Wan Project 0.23m sf Hong Kong Shau Kei Wan Project 0.13m sf Hong Kong Kowloon Tong Project 0.07m sf Hong Kong Mid-Levels West Project 0.04m sf Hong Kong * Phased completion from the specified year onwards # KPL’s share of subsidiaries, associates and JV’s LA MIRABELLE 0.39m sf Hong Kong # Branksome Crest 0.11m sf Hong Kong
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19 Kerry Properties Limited 2026 Interim Results Wuhan Fuzhou Qinhuangdao Shenyang Kunming Shenzhen Shanghai Shenzhen Bayside Townhouses expected to be launched in late 2026 – 2027 Qinhuangdao The Habitat Kunming Peakview Fuzhou Rivercity Wuhan River Mansion Shenyang The Arcadia Shanghai Jinling Residences DEVELOPMENT PROPERTIES: CHINESE MAINLAND PIPELINE
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20 Kerry Properties Limited 2026 Interim Results Wong Chuk Hang HONG KONG ISLAND KOWLOON Beacon Hill Tsuen Wan Tseung Kwan O Upcoming projects to be launched To Kwa Wan Cheung Sha Wan Cheung Sha Wan project La Montagne Mid-Levels Mid-Levels West project Shau Kei Wan Project LA MIRABELLE Shau Kei Wan Mont Verra DEVELOPMENT PROPERTIES: HONG KONG PIPELINE Tsuen Wan project Branksome Crest Kowloon Tong project To Kwa Wan project
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21 Kerry Properties Limited 2026 Interim Results CHINESE MAINLAND INVESTMENT PROPERTIES & HOTELS Portfolio GFA growth of 76% from 2024 to 2033 and beyond PORTFOLIO GFA Attributable GFA (million sf) BY CITY Shanghai Hangzhou Shenzhen Shenyang Beijing Others 2033 onwards 38% 11% 15% 8% 6% 22% 27 Under development 65% 13% 22% 8 1H 2026 26% 15% 21% 7% 8% 23% 19 2025 22% 16% 22% 24% 187% 9% 2024 26% 9% 23% 8%10% 24% 15 BY SEGMENT Office Retail Hotel Apartment 2033 onwards 42% 34% 19% 5% 27 Under development 54% 43% 3% 8 2025 39% 27% 27% 7% 18 2024 38% 25% 30% 7% 15 PROJECT ADDITIONS 2025 Hangzhou · Tianjin · Shenzhen Qianhai Office 1.2m Retail 1.1m Hotel 0.2m Apartment 0.2m Total 2.7m sf 1H 2026 Shanghai Pudong (PRISMA) Office 0.1m Retail 1.0m Total 1.1m sf From 2027 Shenyang · Zhengzhou Office 0.8m Retail 0.6m Hotel 0.2m Total 1.6m sf From 2029 Shanghai Huangpu Office 2.4m Retail 1.3m Total 3.7m sf From 2030 Shanghai Pudong (Yangsi) Retail 1.5m Total 1.5m sf From 2033 Wuhan Office 1.2m Total 1.2m sf Figures may not add due to rounding. 1H 2026 37% 31% 25% 197% +76% vs. 2024 +76% vs. 2024 2.7m sf 1.1m sf 1.6m sf 3.7m sf 1.5m sf 1.2m sf Attributable GFA (sf) Percentage changes are calculated using the unrounded figures
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22 Kerry Properties Limited 2026 Interim Results Renewable Energy Expanded renewable energy coverage to include Shenyang • Shanghai Jing An Kerry Centre • Shanghai Pudong Kerry Parkside • Shanghai Kerry Everbright City – Enterprise Centre • Beijing Kerry Centre • Shenyang Kerry Centre Emissions Data Sustainability features incorporated in AEIs Green Financing Further secured green loans In 1H 2026 HK$6.6 bn loan facilities from green financing 76% SUSTAINABILITY UPDATES Improved the quality and coverage of emissions data • Enhancing emissions data collection across value chain • Strengthening asset attractiveness
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23 Kerry Properties Limited 2026 Interim Results Thank you DISCLAIMER The information in this presentation is for personal, non-commercial reference and general information purposes only and should not be relied upon for investment decision purposes. The information in this presentation, including without limitation any stock price, market data information, statement, analysis or opinion displayed in this presentation or other presentations linked to this presentation (the “Contents”) is for personal non-commercial reference and general information purposes only and should not be relied upon for investment decision purposes. The Contents, which are subject to change without notice, do not and are not intended to constitute any offer, investment advice, solicitation, invitation, recommendation or suggestion by Kerry Properties Limited (the "Company"), its subsidiaries, associated or affiliated companies (collectively the "Group") or their respective directors, employees, agents, representatives or associates (collectively the "Group Representatives") to buy or sell or otherwise deal in any securities, shares, bonds, futures, options or other financial derivatives and instruments. As dealing in investments may involve risks, please consult your professional advisors before making any financial or investment decision. This presentation may contain links to third parties’ presentations and materials. The provision of these links does not indicate, expressly or impliedly, any endorsement by the Company for the linked site or the products or services provided at those sites. Any information, material, analysis or opinion included in this presentation that is made by third parties are the views of such third parties and do not represent the views of the Company or the Group. The Company, the Group, and the Group Representatives take no responsibility and make no representation or guarantee as to the accuracy, validity, fairness, timeliness, completeness or reliability of the Contents. The Company, the Group and the Group Representatives further disclaim any liability whatsoever for any loss or damage of whatsoever nature (whether based on contract, tort or otherwise, and whether direct, indirect, special, consequential, incidental or otherwise) arising from or in connection with any delays, inaccuracies, omissions, incompleteness or otherwise of the Contents, or the transmission or the inaccessibility thereof, or for any actions taken in reliance thereon. Past Performance and Forward-Looking Statements The performance and the results of operations of the Group contained in this presentation are historical in nature, and past performance is no guarantee for the future results of the Group. Any forward-looking statements and opinions contained in this presentation are based on current plans, estimates and projections, and therefore involve risks and uncertainties. Actual results may differ materially from expectations presented in such forward-looking statements and opinions. The Company, the Group, and the Group Representatives assume (a) no obligation to correct or update the forward-looking statements or opinions contained in this presentation; and (b) no liability in the event that any of the forward-looking statements or opinions do not materialise. 2026 Interim Results Presentation 2026 Interim Results Announcement