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MILLENNIUM HOTELS AND RESORTS HY26 INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2026 M HOUSE.OR AV MILLENNIUM HOTELS AND RESORTS
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2 Strategic execution proving the resilience of the business, and working through the Revive to Thrive strategyHotel improvement programme adding value to existing assetsPositioned to capitalise as the tourism and property sectors rebound
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PROFIT BEFORE TAXNZ HOTEL REVENUETOTAL REVENUE$17.9mHY25: $11.3m$73.9mHY25: $64.1m$88.8mHY25: $79.3mSHAREHOLDERS’ FUNDS*TOTALASSETSEARNINGS PER SHARE$579.6mFY25: $567.2mBOOK VALUE $785.8mFY25: $800.5m7.32 centsHY25: 4.20 cents•Hotels: continuing positive growth in hotel businessSofter domestic consumer and corporate travel as fiscal conditions biteStrong customer loyalty developing, driving repeat stays•Residential property development: cooldown in sales with trading conditions more subdued than envisaged•Use of capital: continuing to invest in hotel property refurbishments and network expansion HY26 Performance Snapshot 3 *Equity attributable to MCK shareholders
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•Uplift in NZ Hotels revenue driven by refurbishments with increased rooms available and demand•Property sales opportunities softer•Improvement in hotel operating profit offset by drop in property sale contribution•Operating costs include the scoping and rollout of updated property management and business digital technologies•Profit before tax increases 58.2% yoychangeUnaudited HY25UnauditedHY26+15.3%+12.8%-3.3%64.071.5313.7073.881.7213.24Revenue – HotelRental incomeProperty sales12.0%79.3088.84REVENUE24.7%11.9714.93Operating profit(1.37)1.67Finance (expense)/income0.751.35Share of profit of joint venture (Sofitel Brisbane)58.2%11.3517.95Profit before tax+58.0%8.5013.43Profit after tax4.20c7.32cEarnings per share Group SummaryStrong Hotels trading benefits from increased rooms and revenue despite headwinds 4
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•Development properties increase with the strategic acquisitions of land and development works by CDL Investments•Investment properties are the remaining Zenith Apartments & CDL Investments Industrial/Retail Properties•Positive cash position with surplus trading profits utilised to repay the bank facility funding the settlement of The Mayfair Hotel•Balance Sheet further strengthened as net assets up $13m to $698mChangeFY25UnauditedHY26321.7319.4Property, plant and equipment (PP&E)279.7286.9Development properties35.535.2Investment properties51.255.8Investment in JV64.162.0Loans in JV24.214.4Cash and bank deposits-1.8%800.5785.8Total assets20.00.0Bank debt32.332.8Deferred tax liability63.255.0Other Liabilities+1.9%685.0697.9Net Assets3.583.66NTA per share Robust Balance SheetReady to deploy, provides optionality for growth phase 5
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Business Performance
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HY2026: Hotel Rooms Revenue increased by 15.3% compared to the same period last year with both Q1 and Q2 being higherQ1 2026: Positive flow of international visitors with increased room capacity and standards following refurbishments. Q1 prior year reflected the flow of international visitors and domestic markets along with increased room capacity Q2 2026: Challenging conditions as middle east fuel shortages increased uncertainties. Q2 prior year had steady trading in challenging conditions as increased hotel inventory (particularly Auckland) impacted. Q12025 Q22025 Q12026 Q22026 NZ Hotels Quarterly RevenueHY26 NZ Hotel Business Making ProgressFocused on making sure we have the best hotel properties available to capture demand as the tourism market recovers 7
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Strategic opportunities in the property portfolioOptimising the use of capital across the hotel portfolio and under-utilised land and buildings Surplus land adjacent to hotels -oCopthorne Hotel Rotorua – surplus land and hotel buildings being marketed for sale, oCopthorne Hotel Palmerston North – surplus land being marketed for sale and oQueenstown Lakefront land – being considered for further developmentSeismic assessments to take place following upcoming changes to criteria and work through any requirements for seismic strengthening in Wellington, Oriental BayRemediating or replacing critical aged infrastructure at key hotelsAuckland Downtown Carpark development,adjoining M Social Hotel, has received Fast Track Panel approval and progressing through consenting with consideration required on the impacts and the opportunity available for further development of the M Social Auckland hotel siteDevelopment worksacross CDI’s key sites, maintaining flexibility across its landholdings, carefully staged investment, and progressed consent pathways where possible8
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9 Australia Operations Sydney Apartments•Sold 16 apartment FY2025 & 2 YTD HY2026•Reducing stream of income with 4 remaining apartments Brisbane Sofitel Hotel•Consistent demand across all major segments•Increasing contribution to group profitability expected to continue•Commencing planning on a refurbishment program for the property% changeHY25$mHY26$mBrisbane Hotel Joint Venture19.3%25.330.1Hotel Revenue 100%2.74.5Hotel Operating profit79.0%0.81.3MCK’s share of: Profit after tax 50%0.60.6Net finance expense % changeHY25HY26Zenith Apartments – 100%12Units Sales214Units Available70.5%$1.4m$2.4mRental & Sales Income($0.4m)$1.9mProfit before tax Uplift in performancePositive progress on Zenith apartment sales
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UnauditedHY25$mUnauditedHY26$m(8.8%)13.7612.55Revenue (5.3%)4.814.56Operating profit(6.7%)5.054.71Profit before taxFY25275.5283.5Development properties35.535.2Investment properties13.96.1Cash and bank deposits(1.0%)331.6328.5Total assets--Bank debt0.2%321.2321.9Net assets CDL InvestmentsTrading conditions more subdued than envisaged, effects of reductions in bank lending rates have not translated to increased activity in housing and other property markets as purchaser confidence remains cautious•Diverse portfolio of land development and commercial property leasing•Total land holding ~302ha•Maintained a nationwide geographical spreadContinually looking to grow the Portfolio •Commencing earthworks at its Fast-track development at Arataki Rd (Havelock North) •Submission of substantive Fast-track application at Ruakura Growth Cell, Hamilton10
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2026 Priorities 11 2026 Outlook2026 Priorities•Continue to increase the utilisation of hotel rooms available to sell following refurbishments and rooms being reinstated•Focusing on improving the guest experience with a loyal customer base•Grow My Millennium loyalty scheme to drive bookings•Review investment into portfolio, refurbishmentupgrades and infrastructure•Identify and assess opportunities for surplus land2026 will be remembered as a year shaped by external uncertainty increasing the requirement to look at ways to improve our overall performance across the business Continue progression towards Thrive ambitions, although the pace of transition is being moderated by heightened global uncertainty and softer economic conditions•Economic recovery reinvigorated late-2025 and started looking to continue to build within 2026•Results reflecting hard work put in, but needing to navigate a more uncertain global environment•Maintain a view that Central and local Government stability and support is needed to promote NZ and attract tourists, conferences and events•Property markets in New Zealand are showing little signs of recovery with interest rate volatility, construction cost pressures and the gradual pace of recovery.•Advancing development pipeline works across key sites in a disciplined focus on long-term value creation
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Appendices
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New Zealand Hotel Brands: •Lifestyle – M Social•Premium – Grand Millennium & Millennium•Comfortable - Copthorne & Kingsgate•Luxury - MayfairCDL Investments New Zealand: •Land developments•Investment properties•Projects in progress across New Zealand Australia: •Zenith Residences – Exit Strategy•JV - Sofitel Brisbane Central •Own and operate hotels across New Zealand; building beachhead in Australia•Experienced executive team•~1,200 team members across New Zealand and Australia•Own 65% shareholding in CDL Investments NZ –residential and commercial land development•NZX-listed. Board with independent Chairman, as well as representation from majority shareholder•MCK is 83.9% owned by CDL Hotels Holdings, a 100% subsidiary of Hong Leong Group13 Our Business
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Our Hotel Networks19Hotels in New ZealandOpportunity to fill in the network2,300 rooms per night owned and managed1Hotel in Australia*Established operationSignificant opportunity to build footprint14*50/50 Joint Venture acquired Sofitel Brisbane Central in December 2023 As at 30 June 2026
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Provides MCK with a diversified property portfolio and revenue streamDetails as at May 2026 CDL Investments NZ (NZX: CDI)65.05% shareholdingInvestment Properties•4x Commercial Investment properties:o2x Warehouses (NLA 16,402 m2 WALE 4.0 years )o2x Retail (NLA 3,411 m2 WALE 3.8 years)Land Development Projects Across New Zealand•9x Residential Land Development•1x Commercial Land Development S U B D I V I S I O N L O C AT I O N M A P 15
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Explore New Zealand with Millennium Hotel and ResortsAt Millennium Hotels and Resorts, we believe there are A Thousand Ways of Happiness — and it all starts with where you stay. Proudly located across New Zealand’s most sought-after destinations, from the urban energy of gateway cities to scenic lakes, bays, and mountains, our hotels offer the best of both business and leisure.With trusted global standards and deep local roots, our 19 properties are uniquely equipped to deliver memorable experiences. We offer everything from refined corporate stays and large-scale conferences to group tours, romantic escapes, and unforgettable family holidays. Our versatile event spaces include some of the largest ballrooms in their regions, backed by dedicated on-site teams and cutting-edge facilities.Every hotel offers easy access, and some locations provide ample car parking, ensuring a smooth and hassle-free guest experience. And with a range of brands — from smart 3-star solutions to elegant 5-star escapes — we cater to a wide range of budgets, travel styles, and business needs. Plus, My Millennium members enjoy exclusive rates, stay benefits, and recognition every time they book direct. 17
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UNIQUE
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19 LIFESTYLE
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20 PREMIUM
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21 COMFORTABLE
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DisclaimerThis announcement has been prepared by Millennium & Copthorne Hotels New Zealand Limited ("M&C Hotels"). The details in this announcement provide general information only. It is not intended as investment, legal, tax or financial advice or recommendation to any person and must not be relied on as such. You should obtain independent professional advice prior to making any decision relating to your investment or financial needs.All references to $ are to New Zealand dollars unless otherwise indicated. Percentages may be subject to rounding. This announcement may contain forward-looking statements. Forward-looking statements can include words such as “expect”, “intend”, “plan”, “believe”, “continue” or similar words in connection with discussions of future operating or financial performance or conditions. The forward-looking statements are based on management's and directors’ current expectations and assumptions regarding the M&C Hotels business, assets and performance and other future conditions, circumstances and results. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and to any changes in circumstances. M&C Hotels actual results may vary materially from those expressed or implied in the forward-looking statements. M&C Hotels and its directors, employees and/or shareholders have no liability whatsoever to any person for any loss arising from this announcement or any information supplied in connection with it. M&C Hotels are under no obligation to update this announcement or the information contained in it after it has been released. Past performance is no indication of future performance.