Howard Hughes Holdings Inc. · NYSE:HHH
Howard Hughes — Q3 2026 Earnings Presentation
40 slides from Howard Hughes's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Supplemental Information
Howard Hughes Holdings Inc. Third Quarter 2026 Supplemental Information September 30, 2026 Exhibit 99.2
Slide 2: Cautionary Statements
2H O W A R D H U G H E S H O L D I N G S Cautionary Statements Forward-Looking Statements This presentation contains forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance,
Slide 3: Table of Contents
3H O W A R D H U G H E S H O L D I N G S Table of Contents Topics Page # Howard Hughes Holdings (HHH) Company Highlights 4 Howard Hughes Communities (HHC) Highlights 5 Vantage Highlights 16 Appendix 27
Slide 4: Howard Hughes Holdings Company Highlights
4H O W A R D H U G H E S H O L D I N G S Howard Hughes Holdings Company Highlights Continued strong growth and diversification across our underlying insurance and reinsurance platform, delivering 17% net earned premium growth in the quarter and $76.6 million net pre-tax profit from insurance and r
Slide 5: Howard Hughes Communities Highlights
Howard Hughes Communities Highlights
Slide 6: Howard Hughes Communities Performance Update
6H O W A R D H U G H E S H O L D I N G S ($ in millions) Q3 2026 Q3 2025 TTM Q3 2026 TTM Q3 2025 Master Planned Communities: MPC Segment EBT $89.5 $205.0 $414.0 $427.6 Residual Value for Wholly Owned MPCs(1) $5,701.3 $5,623.1 N/A N/A Operating Assets: Total Net Operating Income (NOI) $73.0 $67.9 $28
Slide 7: Master Planned Communities: Earnings Before Taxes
7H O W A R D H U G H E S H O L D I N G S Master Planned Communities: Earnings Before Taxes1 ($ in millions, unless otherwise noted) Q3 2026 Q3 2025 TTM Q3 2026 TTM Q3 2025 Trailing 5- Year Avg. Earnings Before Taxes Total Acres Closed 101.0 ac. 348.9 ac. 398.6 ac. 589.5 ac. 481.0 ac. Price Per Acre
Slide 8: Master Planned Communities: Land Bank Overview
8H O W A R D H U G H E S H O L D I N G S Master Planned Communities: Land Bank Overview1 Wholly Owned MPCs Joint-Venture MPCs ($ in millions, unless otherwise noted) Summerlin Bridgeland The Woodlands The Woodlands Hills Wholly Owned MPC Total Teravalis (5) Floreo (5)(6) Residential Land Remaining S
Slide 9: Master Planned Communities: Residual Land Values
9H O W A R D H U G H E S H O L D I N G S Master Planned Communities: Residual Land Values1 (1) MPC residual value is margin-adjusted and excludes Teravalis and Floreo. MPC EBT includes Floreo. (2) Reflects residual value as of quarter end and trailing twelve months MPC EBT as of quarter end. MPC Res
Slide 10: Operating Assets: Adjusted Maintenance Free Cash Flow
10H O W A R D H U G H E S H O L D I N G S Operating Assets: Adjusted Maintenance Free Cash Flow2 ($ in millions) Q3 2026 Q3 2025 TTM Q3 2026 TTM Q3 2025 NOI to Adjusted Maintenance Free Cash Flow Total Operating Assets NOI $73.0 $67.9 $284.7 $269.5 YoY Same Store NOI Growth 9 % 5 % 7 % 7 % YoY Total
Slide 11: Operating Assets: Results by Asset Type
11H O W A R D H U G H E S H O L D I N G S Operating Assets: Results by Asset Type2 Q3 2026 (1) Adj. Maintenance Free Cash Flow By Asset Type Note: Total Operating Assets NOI and Adjusted Maintenance Free Cash Flow are non-GAAP performance measures. See the “Definitions” section for definitions of ou
Slide 12: Condominiums: Sales Activity & Profit Generation
12H O W A R D H U G H E S H O L D I N G S Condominiums: Sales Activity & Profit Generation3 ($ in millions) Q3 2026 Q3 2025 TTM Q3 2026 TTM Q3 2025 Condominium Sales Activity & Gross Profit Number of Condo Units Closed During the Period 5 Units 0 Units 1,228 Units 349 Units Condo Rights & Unit Sales
Slide 13: Condominiums: Future Condo Tower Pipeline
13H O W A R D H U G H E S H O L D I N G S Condominiums: Future Condo Tower Pipeline3 Completed Under Construction Predevelopment ($ in millions) The Park Ward Village Ritz-Carlton Residences Kalae The Launiu Melia ‘Ilima Mahana Total Under Construction and Predevelopment Condo Tower Pipeline Key Met
Slide 14: HHH Adj. G&A and Net Interest Expense
14H O W A R D H U G H E S H O L D I N G S ($ in millions) Q3 2026 Q3 2025 TTM Q3 2026 TTM Q3 2025 HHH General & Administrative Expense Detail G&A Expense $28.8 $28.3 $127.7 $108.1 Less: Restructuring & Acquisition-Related Costs (1.0) (1.1) (30.5) (15.4) Less: Pershing Square Base & Variable Fees (3.
Slide 15: HHC Liquidity & Debt Maturity Schedule
15H O W A R D H U G H E S H O L D I N G S Q3 2026 HHC Liquidity & Debt Maturity Schedule (3) ($ in millions) Q3 2026 HHC Net Debt Summary ($ in millions) Amount Operating Assets Debt $2,685 MPC Debt 424 Strategic Developments Debt 341 Senior Unsecured Notes 2,300 Deferred Financing Costs (46) Mortga
Slide 16: Vantage Highlights
Vantage Highlights ene fie HHH 4
Slide 17: Group Statement of Operations
17 H O W A R D H U G H E S H O L D I N G S CommentaryGroup Statement of Operations $ in millions (Unaudited) GWP for the three months ended September 30, 2026, of $386m grew 4% vs. prior year and NEP of $316m grew 17%, reflecting continued production growth mainly in insurance and earning growth i
Slide 18: Results by Segment Q3 2026 vs Q3 2025
18 H O W A R D H U G H E S H O L D I N G S Q3 2026 Q3 2025 Insurance Reinsurance ILS Corporate Total Insurance Reinsurance ILS Corporate Total Gross Written Premiums $309 $77 -- -- $386 $286 $85 -- -- $372 Net Written Premiums $198 $75 -- -- $273 $186 $83 -- -- $270 Net Earned Premiums $181 $134 --
Slide 19: Gross Written Premiums Detail
19 H O W A R D H U G H E S H O L D I N G S Gross Written Premiums Detail Reinsurance: Q3 2026 Gross Written Premiums by LineInsurance: Q3 2026 Gross Written Premiums by Line $ in millions (Unaudited) $97 31% $61 20% $46 15% $45 15% $25 8% $21 7% $14 4% Casualty PropertyConstruction Financial Lines H
Slide 20: Insurance Underwriting Results
20 H O W A R D H U G H E S H O L D I N G S Insurance Underwriting Results $ in millions (Unaudited) Commentary Total GWP for the three months ended September 30, 2026 was 8% ahead of prior year, driven by growth in Construction, Casualty and Financial Lines. Lower loss ratio primarily due to res
Slide 21: Reinsurance Underwriting Results
21 H O W A R D H U G H E S H O L D I N G S Reinsurance Underwriting Results $ in millions (Unaudited) Total GWP for the three months ended September 30, 2026 was 9% below prior year, driven by lower writings in Property and Specialty segments. Total NEP in the quarter was 13% ahead of prior year
Slide 22: Vantage Historical Balance Sheets
22 H O W A R D H U G H E S H O L D I N G S 34% 1% 65% Invested Assets & Cash AllocationBalance Sheet Vantage Historical Balance Sheets As of September 30, 2026 Fixed Income Securities Sept 30, Dec 31, Dec 31, Assets 2026 2025 2024 Common Equities $1,264 $-- $-- Fixed Income Securities 11 2,618 1,930
Slide 23: Investment Portfolio
23 H O W A R D H U G H E S H O L D I N G S Investment Portfolio As of September 30, 2026 $ in millions Common Equities Portfolio & Investment Return Security Q3 2026 % of Total Quarterly Return Microsoft (MSFT) $155 4% 37.7% Meta (META) 152 4% 28.8% Amazon (AMZN) 126 3% 4.5% Uber (UBER) 122 3% (5.1)
Slide 24: Investment Portfolio Returns
24 H O W A R D H U G H E S H O L D I N G S Investment Portfolio Returns $ in millions (Unaudited) Net Investment Results Commentary Net interest income was $21m (3.7% annualized) driven principally by interest income on cash and short-term investments. Net investment results from our common equiti
Slide 25: Capital & Financial Strength Overview
25 H O W A R D H U G H E S H O L D I N G S Rating Agency Entity Capital Adequacy Ratio(1) Financial Strength Rating(2) Group 49% (99.6% VaR) A- (Positive Outlook) Capital & Financial Strength Overview Rating Agency Capital Measures GAAP Equity (1) A.M. Best Capital Adequacy Ratio calculated by Vanta
Slide 26: Return on Equity
26 H O W A R D H U G H E S H O L D I N G S Return on Equity (“ROE”) Return on Equity Note: Presentation is based on HGAAP accounting. Denominator used in after-tax ROE is average equity. (1) TTM metrics as follows: Underwriting Income Q4 2025 $28m, Q1 2026 $28m, Q2 2026 ($4m) and Q3 2026 $16m. Net I
Slide 27: Appendix
Appendix “~~ HHH ar
Slide 28: Operating Assets Net Operating Income Definitions
28H O W A R D H U G H E S H O L D I N G S Operating Assets Net Operating Income (NOI): We define NOI as operating revenues (rental income, tenant recoveries, and other revenues) less operating expenses (real estate taxes, repairs and maintenance, marketing, and other property expenses). NOI excludes
Slide 29: Reconciliation of Non-GAAP Financial Measure
29H O W A R D H U G H E S H O L D I N G S Reconciliation of Non-GAAP Financial Measure $ in millions Q3 2026 Q3 2025 TTM Q3 2026 TTM Q3 2025 Reconciliation of Operating Assets Segment EBT to Total Operating Assets NOI Total Revenues $121.6 $117.2 $478.7 $460.2 Total Operating Expenses (48.5) (51.7)
Slide 30: Vantage Glossary
30 H O W A R D H U G H E S H O L D I N G S Vantage Glossary Acronym Full Term Definition / Context GWP Gross Written Premiums The total premium on policies written during the period, before deductions for reinsurance ceded. NWP Net Written Premiums Gross written premiums less premiums ceded to reins
Slide 31: Vantage Non-GAAP Definitions: Rationale
31 H O W A R D H U G H E S H O L D I N G S Vantage Non-GAAP Definitions Rationale for the Use of Non-GAAP Financial Measures We present our results of operations and financial position in the way we believe will be most meaningful and useful to investors, analysts, rating agencies and others who use
Slide 32: Vantage Non-GAAP Definitions: Basis of Presentation
32 H O W A R D H U G H E S H O L D I N G S Vantage Non-GAAP Definitions Basis of Presentation — Results Including the Pre-Acquisition Period and Excluding Acquisition Accounting Adjustments HHH completed its acquisition of Vantage on June 4, 2026 (the "Acquisition Date"). Under U.S. GAAP as of Septe
Slide 33: Vantage Non-GAAP Definitions: Underwriting Income
33 H O W A R D H U G H E S H O L D I N G S Vantage Non-GAAP Definitions Underwriting Income (Loss) and Underwriting-Related General and Administrative Expenses Underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net earned premiums as revenue, and cl
Slide 34: Vantage Non-GAAP Definitions: Impact of Catastrophes
34 H O W A R D H U G H E S H O L D I N G S Vantage Non-GAAP Definitions Impact of Catastrophes on the Combined Ratio The impact of catastrophes on the combined ratio represents claims and claim expenses incurred in the current accident year in respect of natural catastrophes, man-made disasters and
Slide 35: Vantage Non-GAAP Definitions: Accident Year Combined Ratio
35 H O W A R D H U G H E S H O L D I N G S Vantage Non-GAAP Definitions Accident Year Combined Ratio, Excluding Impact from Catastrophes The accident year combined ratio, excluding impact from catastrophes, is the calendar year combined ratio adjusted to exclude (i) claims and claim expenses incurre
Slide 36: Vantage Non-GAAP Definitions: Invested Assets and Cash
36 H O W A R D H U G H E S H O L D I N G S Vantage Non-GAAP Definitions Invested Assets and Cash; Invested Assets and Cash to Equity Invested assets and cash represents the sum of common equity securities, fixed income securities, cash, restricted cash and short-term investments (including U.S. Trea
Slide 37: Vantage Non-GAAP Definitions: Average Equity and ROE
37 H O W A R D H U G H E S H O L D I N G S Vantage Non-GAAP Definitions Average Equity; Pre-Tax and After-Tax Return on Equity Average equity value represents the average of total equity as of the end of each of the four most recent quarterly periods. Pre-tax return on equity represents income (loss
Slide 38: Post-Acquisition PGAAP Adjustments Q3 2026
38 H O W A R D H U G H E S H O L D I N G S Post-Acquisition PGAAP Post-Acquisition Period after PGAAP AdjustmentsPeriod Adjustments Gross Written Premiums $386 -- $386 Net Written Premiums $273 -- $273 Net Earned Premiums $316 -- $316 Claims and Claim Expenses Incurred 198 2 201 Acquisition Expenses
Slide 39: YTD Q3 2026 Pre- and Post-Acquisition Results
39 H O W A R D H U G H E S H O L D I N G S Total Pre-Acquisition Post- Acquisition PGAAP Post-Acq. Period after PGAAP AdjustmentsYTD Q3 2026 Period Period Adjustments Gross Written Premiums $1,404 $862 $542 -- $542 Net Written Premiums $1,033 $653 $380 -- $380 Net Earned Premiums $896 $483 $413 -- $
Slide 40: Balance Sheet Historical Basis after PGAAP Adjustments
40 H O W A R D H U G H E S H O L D I N G S Balance Sheet Historical Basis Historical Basis after PGAAP Adjustments September 30, PGAAP September 30, Assets 2026 Adjustments 2026 Common Equities $1,264 $-- $1,264 Fixed Income 11 -- 11 Cash, Restricted Cash & Short-Term Investments 2,393 -- 2,393 Inve
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