Wharf (holdings) Ltd. · HKEX:4
Wharf (holdings) — The Wharf (Holdings) — H1 2025 Earnings Presentation
26 slides from Wharf (holdings)'s earnings presentation, Aug 12, 2025
Slide 1: Prudent Balance Sheet with Healthy Liquidity
Prudent Balance Sheet with Healthy Liquidity The Wharf (Holdings) Limited 2025 Interim Results 12 Aug 2025
Slide 2: Results Highlights
Results Highlights • Impairment Provisions & Revaluation Deficits to Mark Assets to Market • Proactive Capital Management to Maintain Low Gearing • RMB Assets Natural Hedge Also Lowers Borrowing Cost • Liquid Long Term Investment to Preserve Capital with Satisfactory Yield • Group UNP at Par with La
Slide 3: Financial Highlights
Financial Highlights HKD Million 1H25 1H24 %Chg. Group Revenue 5,669 7,032 -19% Operating Profit 2,657 3,085 -14% Underlying Net Profit* 2,035 1,979 +3% • Revenue -19% & OP -14% Attributable IP Revaluation (Deficit) After Taxation (1,180) (4,481) – Largely due to Lower MLDP Recognition Profit/ (Loss
Slide 4: Sound Financial Management
Sound Financial Management Total Debt & Net Debt (HKD Billion) 42.2 36.7 19.9 19.4 16.8 19.6 Total Debt • Healthy Capital Structure with Low Leverage 25.5 13.2 5.3 7.8 7.1 6.5 Net Debt – Net Debt $6.5B; Gearing 4.4% Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 Gearing: 15.6% 7.9% 3.4% 5.3% 5.0% 4.4% •
Slide 5: Strategic Capital Allocation
Strategic Capital Allocation Total Assets Breakdown Total: $198.6B (As at 30 Jun 25) Properties (62%) HK Properties (30%) MLDP (9%) • Core Businesses – HK & ML Prop., Hotels & Logistics Majority Under Development Both Developed & Undeveloped • Near-term CapEx to Focus on Full HK DP Pipeline MLIP (21
Slide 6: Agenda
Agenda Hong Kong Properties Mainland Investment Properties Mainland Development Properties Hotels Logistics Infrastructure
Slide 7: Hong Kong Properties
Hong Kong Properties Mount Nicholson • Prestigious Peak Portfolio for Tender Proceed as Planned – Marketing for 1 Plantation Road Underway • Mount Nicholson – Strategic Focus on Market & Marketing – Penthouse Sold at Record ASP for Apt. 1 Plantation Road (Total $609M, ~$144,000 psf) • Att. DP Revenu
Slide 8: Mainland Investment Properties
Mainland Investment Properties Mainland IP Revenue (RMB Billion) 4.5 1H 4.1 4.3 4.2 3.7 2H 3.5 • Consumer Sentiment Soft; Capacity Still an Issue FY 2.0 2.2 2.3 2.1 2.0 2.2 2.1 2.1 2.1 2.1 – Intensifying Competition & Evolving E-commerce 1.7 1.8 1.7 • IFS: Competitive with Critical Mass & Strategic
Slide 9: Mainland Development Properties
Mainland Development Properties Operating Matrix & Contracted Sales (1H25) Revenue $520M (-79%) • Fragile Buyer Confidence; Prices Still Declining Operating Profit $40M (-92%) • Strategic Timing: Suspended Acquisitions After 2019 Contracted Sales RMB 859M (+23%) – Derisked Portfolio in Timely Manner
Slide 10: Hotels
Hotels Niccolo Marco Polo Hotels Since 2015 Since 1970s 5 Award-winning Hotels (3 Owned) 10 Deluxe Hotels (1 Owned) • Mixed Occupancy Trends in HK, Chengdu, Changsha, in HK, ML & Philippines – HK: Major Events & Holidays Drive Gradual Uptick Chongqing & Suzhou – ML: More Hotel & Destination Options,
Slide 11: Logistics Infrastructure
Logistics Infrastructure Modern Terminals (1H25) Revenue Operating Profit $1,066M (+0.4%) $127M (+13%) Throughput* (million TEUs) 1H25 YoY Chg HK 1.7 -3% • Persistent External Pressures on Throughput DaChan Bay (DCB)# 1.2 +20% – Sino-US Trade Conflict Disrupted Cargo Flow Shekou Container Terminals
Slide 12: HK DP Project Pipeline
HK DP Project Pipeline Completed / To be Launched ▪ 1 Plantation Road ▪ Victoria Voyage 維港 ‧ 灣畔 (Kai Tak; 30%-JV) ▪ 8 Lung Ting Lane 龍庭里8號 (Kowloon Tong) Under Development ▪ Mansfield Road Projects ▪ Kowloon Bay Redevelopment The Wharf (Holdings) Limited – 2025 Interim Results | 12
Slide 13: Outlook: Unforeseeable Geopolitical Developments
Outlook: Unforeseeable Geopolitical Developments • Geopolitical Risks & Evolving Sino-US Relations Remain Top Concern in Shaping Economic Growth Prospects • ML Property Mkt. Recovery Banking on Government Stimulus Policies; Inventory Takes Times to be Absorbed • Lower Interest Rate to Support HK Pro
Slide 14: Sustainability
Sustainability
Slide 15: Recognised Achievements
Recognised Achievements Recognitions Certifications LEED Platinum ▪ Chengdu IFS ▪ Member of Hang Seng Corporate Sustainability ▪ Changsha IFS Index Series; “AA+” Sustainability Rating ▪ Shanghai Wheelock Square ▪ “A” at MSCI ESG Rating LEED Gold ▪ Wuxi IFS ▪ 2024 Management Band Score “B” at CDP BEA
Slide 16: Environment: For a Greener Tomorrow
Environment: For a Greener Tomorrow Science Based Targets Initiative (“SBTi”) Sustainable Finance Renewable Energy Chengdu IFS Green or Sustainability-linked Loans Near-term GHG Emissions Reductions Raised ~$23.6B Accumulatively 50-80% of Electricity from Hydroelectric Power Targets Validated (By 30
Slide 17: Social: Community Care & Wellbeing
Social: Community Care & Wellbeing Donations Employee Wellbeing Among Top 3 Donors of The Community Chest (“The Chest”) Safe & Healthy Workplace For 4 Consecutive Years ISO 45001:2018 Certified OSH Systems Awarded to The Wharf Group at Chengdu IFS & Changsha IFS incl. Wharf REIC & Wharf Holdings Pro
Slide 18: Corporate Governance
Corporate Governance Board Diversity Board Engagement 12 Board Members (As at 30 Jun 2025) 1H25 Meeting Attendance Accounting Professionals/ Financial Mgt Executive Board INEDs Designation Banking/ Financial & Securities/ Investment Members 42% 58% Consultancy Education/ Academia Entrepreneurship Ag
Slide 19: Appendix
Appendix
Slide 20: Summary of HK Properties
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) 17,000 1 Plantation Road 91,000 Lease Chelsea Court 43,000 Strawberry Hill
Slide 21: MLDP Contracted Sales Breakdown
MLDP Contracted Sales Breakdown Region City Contracted Sales (%) GFA Sold (%) Eastern China Suzhou 61% 68% Hangzhou 23% 17% Shanghai 9% 5% Eastern China Sub-Total 93% 90% Southern China Guangzhou 2% 2% Western China Chongqing 2% 6% Central China Changsha 3% 2% The Wharf (Holdings) Limited – 2025 Int
Slide 22: MLDP Key Projects on Sales in 1H25
MLDP Key Projects on Sales in 1H25 Attributable Attributable Average Proceeds GFA Sold Price Projects City (RMB M) (s.m) (RMB psm) Ownership Villa One (Huayuan Road Lot 78) 蘇州天灝逅灣雅苑 Suzhou 258 12,331 20,800 100% Imperial Park 杭州天禦 Hangzhou 171 7,377 21,900 100% Poetic Palace 蘇州荷岸曉風 Suzhou 142 8,471
Slide 23: MLDP Stock Breakdown by City
MLDP Stock Breakdown by City Region City GFA million (s.m) % Total Western China Chengdu 0.57 48% Chongqing 0.09 7% Western China Sub-Total 0.66 55% Eastern China Suzhou 0.13 11% Hangzhou 0.01 1% Eastern China Sub-Total 0.14 12% Central China Changsha 0.35 30% Northern China Beijing 0.04 3% Total 1.
Slide 24: Mainland IP – Different Series
Mainland IP – Different Series Times Square IFS & Times Outlets Project Total GFA * Year of Project Total GFA * Year of Property Nature (s.m.) Completion Property Nature (s.m.) Completion Times Square Mixed-use IFS Complexes Chongqing ** O/R 55,000 2004 Chengdu R/O/S.A/ H 603,000 2013-2016 Chongqing
Slide 25: Overview of Application of Funds
Overview of Application of Funds Major Capital & Development Expenditure To be Incurred in Coming Years HK$M Incurred in 1H25 Committed Uncommitted Total Hong Kong IP 87 30 6,335 6,365 Hong Kong DP 853 7,271 1,322 8,593 Mainland China IP 23 3 113 116 Mainland China DP 555 849 321 1,170 Others 31 1,3
Slide 26: End of Presentation
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 an