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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 2026 Interim Results 27 August 2026
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Business Review and Outlook & Strategy Vincent Lo Chairman Key Financial Highlights Douglas Sung CFO & CIO, Shui On Land Property Sales, Development & Sustainability Jessica Wang CEO, Shui On Land Commercial Asset Management Allan Zhang CEO, Shui On Xintiandi Agenda
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Business Review and Outlook & Strategy _______ Vincent Lo Chairman
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Resilient Performance, Opportunities Ahead 4 1H 2026: positive business performance ▪ Profit recovery supported by resilient operating performance and prudent cost management ▪ Advancing Asset-Light growth initiatives ▪ Maintaining prudent and proactive capital management Risks Persistent geopolitical uncertainties Opportunities Muted consumer confidence and uncertain economic outlook Liquidity concerns and constraints Urban regeneration Sustained recovery in inbound tourism Shifts in consumption patterns focusing on experiences and services Prolonged adjustment and correction in the property sector Divergent market performance
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 1H 2026 Highlights 5 Notes: (1) Excluding non-cash fair value changes in investment properties and impairment provision. (2) As of 26 August 2026. Profit recovery Positive momentum in commercial property performance Proactive capital management Special dividend ◼ Special dividend of HKD0.04 per share declared to commemorate the 20th anniversary of listing on HKEX ◼ Total rental and related income 4% y-o-y ◼ Continued strong growth in retail sales and shopper traffic, 20% and 17% y-o-y ◼ Fully repaid USD400 million of senior notes ◼ A total of RMB51.5 billion offshore debts (gross amount) repaid since 20212 ◼ Issued USD450 million of senior notes due 2029 ◼ Net gearing ratio at 56% ◼ Core earnings 53% y-o-y to RMB403 million1 ◼ Profit attributable to shareholders 337% y-o-y to RMB223 million
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 “Thriving cities are made of vibrant communities, not buildings. We are dedicated to building resilient and culturally diverse urban communities that bring heritage to life. We remain committed to a human-centric approach, opening up new possibilities for diverse ways of living, and shaping communities into self-sustaining, resilient, and enduring urban environments. By sustainably balancing historical heritage, future development needs with environmental sustainability, we provide exemplary solutions for cities—solutions that stand the test of time.” --- Stephanie Lo, Vice Chairman of Shui On Land 6 6 First and Only Chinese Property Company to Receive This Global Honour Shui On Land- TIME World’s Most Impactful Companies 2026
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Gradual Recovery in China’s Property Market ▪ Property market expected to remain in a gradual bottoming-out process as supportive policies and supply-demand rebalancing take effect ▪ Market divergence widening with transactions gathering pace and prices beginning to stabilise in first-tier markets, particularly in Shanghai ▪ Urban regeneration expected to gain momentum through policy support ▪ Consumer market remained subdued while consumption of services and experiential spending outperformed ▪ A modest recovery in Shanghai’s retail property market with rental declines moderating and prime retail areas expected to recover faster ▪ Recovery in inbound tourism presents attractive market opportunities for the Group’s developments, with Shanghai welcoming 9.36 million inbound visitors in 2025 and 5.32 million in 1H 2026 ▪ Office demand in core cities shows early signs of recovery, supported by high- value economic activities, while rental declines moderate ▪ In Shanghai’s Grade A office market, citywide rental declines moderated to 9.4% year-on-year in 1H 2026, supported by a significant increase in net absorption ▪ Market to remain tenant-driven, with recovery likely led by high-quality assets in core locations Residential Retail Office 7
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Short-term strategic priorities Strategy Going Forward 8 ▪ Expand Asset-Light strategy and capture selective opportunities ▪ Leverage on our brands (community brand - “Xintiandi” and luxury residential living brand -“Lakeville”), focusing on Shanghai and selective top-tier cities, and further expand in GBA ▪ Continue to manage liquidity prudently, and to look for attractive acquisition opportunities as the market bottoming out ▪ Sustainable growth in profitability ▪ Strive for a leadership position in selective cities/markets ▪ Balanced strategy between property development, asset management and fee income Long-term goals
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Key Financial Highlights _______ Douglas Sung CFO & CIO
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Revenue (RMB) 1,711m Property sales revenue (RMB) 7m Total rental and related income (RMB) 1,856m Core earnings (RMB) 223m Financial Performance 10 Gross profit (RMB) 1,167m Profit attributable to shareholders (RMB) ▪ Core earnings and profit attributable to shareholders rose by 53% and 337% y-o-y, supported in part by prudent cost management and solid rental growth ▪ Revenue and property sales revenue declined due to the absence of new residential completions during the period ▪ Total rental and related income (including JVs and associates) grew by 4%, driven partly by contributions from two newly opened projects in 2025 403m 0.04 Special dividend per share (HKD)
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 RMB’m 1H 2026 1H 2025 Change Revenue of the Group 1,711 2,074 (18%) Property sales 7 145 (95%) Rental & related income 1,038 965 8% Property management income 291 281 4% Hotel, construction and others 375 683 (45%) Cost of sales (544) (705) (23%) Gross profit 1,167 1,369 (15%) Gross profit margin 68% 66% 2ppt Net other income 4722 173 173% Selling & marketing expenses (43) (53) (19%) General & administrative expenses (381) (382) 0% Decrease in fair value of investment properties (110) (133) (17%) Share of results of associates and joint ventures (34) (73) (53%) Finance costs1, inclusive of exchange differences (752) (888) (15%) Net exchange gain/(loss) 9 (87) (110%) Net interest costs and others (761) (801) (5%) Profit before tax 319 13 24x Income Statement (1) Average cost of debt as at the end of period: 1H 2026: 4.4% vs. 1H 2025: 4.3% (The average cost of debt herein only includes interest cost, excluding arrangement fees and other fees.) (2) Net other income included a gain of RMB356 million from purchase of interest in subsidiaries during six months ended 30 June 2026. 11 Notes:
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 RMB’m 1H 2026 1H 2025 Change Profit before tax 319 13 24x Tax (76) 68 (212%) Profit for the period 243 81 200% Attributable to: Non-controlling shareholders 20 30 (33%) Profit attributable to shareholders 223 51 337% Core earnings 403 263 53% Earnings per share – Basic RMB2.78 cents RMB0.64 cents 337% Special dividend per share HKD0.04 - - Income Statement (Cont’d) 12 Having considered the 20th anniversary of the Group’s listing on the Main Board of The Stock Exchange of Hong Kong Limited and the Group’s financial performance during the period, the Board has resolved to declare a special dividend of HKD0.04 per share.
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 RMB’m 1H 2026 1H 2025 Change Profit attributable to shareholders 223 51 337% Decrease in fair value of investment properties, net of tax and non- controlling interests 112 136 (18%) Share of results of associates and joint ventures - decrease in fair value of investment properties, net of tax 68 76 (11%) Net effect of changes in the valuation 180 212 (15%) Profit attributable to shareholders before revaluation 403 263 53% Core earnings 403 263 53% Core Earnings 13
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 14 Key Balance Sheet Metrics Total assets (RMB) 84,598m Total debt (RMB) 27,851m Total cash and bank deposits (RMB) 6,142m Net debt (RMB) 21,709m Net gearing ratio 56% Shareholders' equity per share (RMB) 4.58 ▪ Valuation of investment property portfolio remained largely stable ▪ Net gearing ratio slightly increased 36,764/8,027
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Asset and Debt Movements (RMB’bn) 44.1 42.7 38.2 38.7 Dec 23 Dec 24 Dec 25 1H 2026 50% 15% 19% 4% 1% 7%4% Investment Properties JV and Associate Investment & Loans - for IP JV and Associate Investment & Loans - for Sale and Mixed use Property Under Development for Sale Property Held for Sale Cash & Bank Deposits Others Net assets Breakdown of assets by nature 15 Net debt 23.0 22.2 19.8 21.7 Dec 23 Dec 24 Dec 25 1H 2026 (RMB’bn)
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 16 Note: (1) Self-use properties (total GFA 11,000 sq.m. with carrying value of RMB619 million) are classified as property and equipment in t he consolidated statement of financial position, and the respective leasable GFA and carrying value are excluded from this table . Portfolio Leasable GFA Increase /(decrease) in fair value for 1H 2026 Carrying Value as of 30 June 2026 Fair Value Gain/(loss) to Carrying Value Attributable Carrying Value to the Group sq.m. RMB’m RMB’m % RMB’m Completed investment properties at valuation Shanghai 1,589,000 (234) 77,831 (0.3%) 43,375 Office 780,000 (298) 41,885 (0.7%) 19,395 Retail 809,000 64 33,619 0.2% 22,629 Carparks - - 2,327 - 1,351 Other Cities 823,000 (147) 17,379 (0.8%) 17,007 Sub-total 2,412,0001 (381) 95,210 (0.4%) 60,382 Investment properties under development at valuation Sub-total 254,000 - 1,760 - 1,760 Grand Total 2,666,000 (381) 96,970 (0.4%) 62,142 Valuation of Investment Property Portfolio
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 17 Net debt (RMB’m) Net gearing Supported by RMB6.1 bn cash and bank deposits, and maintaining diversified funding sources Consistently maintained a relatively low gearing ratio in the past few years as compared against industry peers Stable Financial Position After Deleveraging 81% 68% 51% 40% 52% 45% 30% 45% 52% 52% 52% 56% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 37,378 31,556 24,939 18,877 25,882 21,063 14,579 20,144 23,016 22,193 19,843 21,709 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Refinancing Extended Maturity Profile 18 Amount (Currency million) Coupon Rate Issue Date Maturity Date USD450 9.75% 26-Jan-26 26-Jan-29 Senior notes repaid in 1H 2026 Amount (Currency million) Coupon Rate Issue Date Maturity Date USD400 Sustainability- Linked Bond 5.50% 29-Jun-21 29-Jun-26 Outstanding senior notes as of 30 June 2026 6,114 3,999 3,611 3,520 3,512 2,788 5,018 4,931 7,965 5,824 2,390 Offshore Bond Offshore Loan 8,930 11,576 9,344 11,132 Up to 26 Aug 2026 5,320 FY 2022FY 2021 FY 2023 FY 2024 FY 2025 5,178 1,808 (RMB’m) ▪ Full repayment of USD400 million senior notes ▪ Since 2021, a total of RMB51.5 billion offshore debts (gross amount) and RMB26.8 billion in net amount (after refinancing) repaid as of 26 August 2026 ▪ Successful issuance of USD450 million senior notes due 2029, achieving the lowest issue yield since 2021 for USD bond offerings exceeding USD100 million among private-sector China property developers at the time Offshore debt repayment since 2021
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 A Well-Managed Debt Maturity Profile 19 Annual debt maturity from 2023 Debt maturity profile as of 30 June 2026 14,359 10,870 7,551 10,165 1,909 2,114 3,891 5,375 2023 2024 2025 1H 2026 2H 2026 2027 2028 2029 Repaid Outstanding 14,359 10,870 2,114 3,891 7,551 (RMB’m) 1,909* 10,165 5,375 3,1231,909 1,638 476 3,891 2,252 14,562 2H 2026 1H 2027 2H 2027 2028 2029 Beyond USD senior notes Bank borrowings 1,909* 1,638 476 3,891 14,562(RMB’m) 5,375 ▪ Maturity wall has peaked ▪ 96% of debts due in 2026 already repaid/refinanced ▪ Maturity over the next 18 months is relatively light * As of 26 August 2026, RMB1,438 million of 2H 2026 maturity have been repaid/refinanced.
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Strengthening Credit Profile and Coverage Ratio 20 RMB and FX debt ratio Average cost of debt ▪ Proportion of FX funding has lowered from 78% in 2022 to 18% as of 30 June 2026 ▪ Average cost of debt remained at a relatively low level of 4.4% ▪ Interest coverage continued to strengthen 106.1% 104.6% 124.2% 134.7% 140.5% FY 2022 FY 2023 FY 2024 FY 2025 1H 2026 Rental income/ total interest costs1 (1) Rental income refers to rental and related income. Total interest costs are calculated by adding interest on debts, interest on loans from an associate and joint ventures and interest expense from lease liabilities. Note: 22% 42% 62% 81% 82%78% 58% 38% 19% 18% RMB Debt FX Debt Dec 24Dec 23Dec 22 Dec 25 Jun 26 5.9% 5.7% 4.9% 4.2% 4.4% FY 2022 FY 2023 FY 2024 FY 2025 1H 2026 Average Cost of Debt
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Strong Increase in Net Current Assets 21 Note: * As of 31 December 2024, net current assets increased by RMB6.1 billion compared with June 2024, primarily because the remaining proceeds from the KIC Shanghai restructuring were recorded as receivables at year - end 2024. These proceeds were subsequently distributed to the JV partners in early 2025. Net current assets (RMB’m) 6,978 1,507 2,387 1,902 1,516 1,443 Jun 26 Dec 25 Jun 25 Dec 24 Jun 24 Dec 23 Jun 23 7,975*
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Priorities for Capital Management 22 Prime commercial property portfolio with recurring rental income Quality residential land bank with upcoming project launches in Shanghai and Wuhan Selective investments under Asset-Light strategy as new income stream ▪ Continue to exercise prudent yet proactive capital management strategy for liquidity management and financial stability ▪ Exercise strong discipline in cost control ▪ Maintain a diversified approach to funding, including exploring ABS issuance, CMBS issuance, asset disposal, restructuring and other onshore financing channels ▪ Revenue and cash flows in 2H 2026 and beyond supported by:
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Property Sales， Development & Sustainability _______ Jessica Wang CEO, Shui On Land
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Note: (1) See Appendix for more details. ▪ Encouraging sales performance in 1H 2026: ▪ All villas and townhouses at Lakeville VI with pre-sale permits have been contracted ▪ La Valle , the final residential phase of Wuhan Xintiandi, was fully contracted by Q2 2026 after launching in November 2025 ▪ KIC Wuhan· The Moment was launched in late June 2026 with ~77% of units contracted and subscribed ▪ Contracted property sales amounted to RMB2,961 million , comprising residential property sales of RMB2,440 million and commercial property sales of RMB521 million ▪ RMB464 million subscribed sales for contract in coming months ▪ RMB19,433 million locked-in sales available for delivery to customers and to be recognised in the Group’s financial results in 2H 2026 and beyond Property Sales 24 1H 2026 highlights: ▪ All villas and townhouses at Lakeville VI with pre-sale permits have been sold ▪ The final phase of Wuhan Xintiandi was launched in November 2025, all units have been sold ▪ KIC Wuhan well received (target handover date)
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 25 Lakeville VI1 （Low-rise/Townhouse） 6,200 sq.m. available for sale in 2H 2026 KIC Wuhan (High-rise) 22,500 sq.m. available for sale in 2H 2026 Project Product GFA in sq.m. Group’s Interests Attributable GFA in sq.m. Shanghai Lakeville VI (Lot 122)1 Townhouses 6,200 50% 3,100 Riverville Townhouses 10,100 60% 6,100 Nanqiao Tiandi High-rises 13,900 5% 700 KIC Wuhan High-rises 22,500 50% 11,300 Wuhan Changjiang Tiandi High-rises 73,200 50% 36,600 Total 125,900 57,800 Residential GFA available for sale and pre-sale in 2H 2026 Notes: (1) Including saleable commercial villas and townhouses. (2) By way of a cautionary note, the actual market launch dates depend on, and will be affected by, factors such as construction progress, changes in the market environment, and government regulations. i ii i ii Residential Sales Pipeline Targeted structure completion date Q2 2027 Targeted handover date Q4 2027 Targeted structure completion date Q2 2027 Targeted handover date Q3 2027
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Continuing to Advance our Development Strategy Market highlights in 1H 2026 Strategic focus “Best-in-class” product strategy anchored by Lakeville and leverage on our brands & strength in Xintiandi Communities Business development and land-banking with the refined Asset-Light strategy and continue to expand partnership network 1 Continue to focus on top- tier cities with priority in Shanghai and capture suitable opportunities selectively 2 3 26 More supportive policies released to stabilise the market ▪ Continued policy support focused on market stabilisation and the shift towards “improving quality and transforming the development model" ▪ First national-level 15th Five-Year Plan for urban renewal to promote further development in key cities ▪ More demand-side measures, e.g. lower down-payment ratio, relaxed purchase restrictions and tax relief, etc. K-shaped market continued with top-tier cities outperforming ▪ Market divergence widened ▪ Major coastal cities showed early signs of bottoming out ▪ Most lower tier cities remained under elevated inventory pressure ▪ “K-shaped” recovery continued ▪ High-end segments in top-tier cities outperformed, supported by solid demand for quality living ▪ Tech-driven cities saw strong growth in high-end residential sales Shanghai market outperformed the national average ▪ Outperformance supported by a steady decline in inventory following easing measures launched in late February ▪ Secondary market recorded a robust recovery; new-home segment showed structural resilience ▪ High-end projects in core areas and quality products maintained good sales momentum, supported by solid demand
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Prudent business expansion and expanded brand presence, e.g. Xintiandi, Lakeville Fee income growth Capital efficiency Building investor ecosystem, e.g. insurance companies, state-owned enterprises Strategic capital recycling Fee income growth Capital efficiency Asset-Light strategy Adhering to Asset-Light Strategy 27 Developer Developer, Investor & Asset Manager Leading position in selective markets: Shanghai as home market and further expand in GBA Balanced strategy between property development, asset management and fee income Asset-Light strategy Progressively introduce financial investors for mature commercial assets Continue to broaden investor base and look for suitable investment partners Undertake new development projects through Asset-Light partnerships
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Asset-Light Projects in Progress 28 Sanlin Xintiandi Urban village renewal project in Pudong New Area Project Estimated Residential Estimated Commercial Estimated Group’s GFA sq.m. GFA sq.m. Project Period Interests Nanqiao Tiandi, Shanghai 325,000 98,000 2025 – 2031 5% Yong Xin Li, Shanghai 165,000 55,0001 2025 – 2031 15% Yong Nian Li, Shanghai 105,000 50,000 2025 – 2032 - Sanlin Xintiandi, Shanghai 633,000 92,000 2026 – 2035 13.26% Total 1,228,000 295,000 Asset-Light mixed-use development projects as of 30 June 2026 ▪ Design in progress Latest progress Yong Xin Li Urban regeneration project in Greater Xintiandi Area ▪ Construction commenced in Q2 2026 ▪ Pre-sale expected in 2027 Nanqiao Tiandi Community oriented development in Fengxian District ▪ Construction work in progress ▪ Pre-sale launch of the first residential phase expected in late 2026/early 2027 Yong Nian Li High-end mixed-use development in Greater Xintiandi Area ▪ Construction expected to commence in Q4 2026 ▪ Pre-sale expected after 2027 Note: (1) Including 32,000 sq.m. GFA of saleable commercial villas and townhouses.
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Expanding Urban Retreat Community Line 29 High recognition from the government and various social groups with 40+ industry awards Named as “National Tourism Leisure Street Blocks” by Ministry of Culture and Tourism, being 1 of the only 7 destinations in Shanghai on the list 52,000,000+ Visitors since opening ▪ Drawing on the success of Panlong Xintiandi, two urban retreat projects in the pipeline ▪ To capture growth opportunities arising from evolving consumption patterns ▪ Strategically located near Qiantan CBD and the Sanlin Riverside; well-placed to capture housing demand from nearby mid to high- income young people and families Location Qingpu District, Shanghai Minhang District, Shanghai Pudong New Area, Shanghai Group’s Interest 80% 60% 13.26% Est. Total GFA (sq.m.) 308,000 (actual) ~ 223,000 725,000 Residential 254,000 150,000 633,000 Commercial 42,000 (retail) 12,000 (hotel & others) 73,000 92,000 Est. Project Period 2020 – 2023 (actual) 2026 – 2032 2026 – 2035 Zhaolou Xintiandi (upcoming) Panlong Xintiandi (completed) Sanlin Xintiandi (upcoming) Urban village renewal project under development location is close to Shanghai Shenjiahu Expressway and Shanghai North-South Elevated Road and is also surrounded by two subway lines for public transportation, which makes it very convenient for commuters to travel to Shanghai city centre. The Zhaojia Lou Project will preserve the unique history and culture of Pujiang Town in Minhang District and the Land is expected to develop into a new landmark in Shanghai 依托召稼楼古镇近千年的历史文化 积淀与江南水乡文化的独特基因 XXXX ▪ A mixed-used community preserving the unique history and culture of Pujiang Town in Minhang District ▪ Proven success with 50+ industry awards and received over 71 million visitors since opening ▪ Recognised as a national-level tourism and leisure block by Ministry of Culture and Tourism
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Notes: (1) This table represents saleable resources not yet recorded as contracted sales as of 30 June 2026. (2) Including 1,700 sq.m. and 32,000 sq.m. GFA of saleable commercial villas and townhouses in Lakeville VI and Yong Xin Li, resp ectively. (3) Excluding 5,000 sq.m. and 10,000 sq.m. GFA of underground space in Nanqiao Tiandi and Yong Xin Li, respectively. (4) Figures are preliminary estimates subject to further revision of the project plan. Residential Development Saleable Resources as of 30 June 2026 30 Project Approximate Saleable Residential GFA sq.m. Estimated Gross Saleable Resource RMB’ bn Group’s Interests Estimated Attributable Sales RMB’ bn Lakeville VI (Lot 122)2 11,200 3.6 50% 1.8 Riverville 10,100 2.0 60% 1.2 Nanqiao Tiandi3 67,000 2.7 5% 0.1 Zhaolou Xintiandi New 24,000 1.5 60% 0.9 Yong Xin Li2,3,4 New 187,000 37.9 15% 5.7 Shanghai Sub-total 299,300 47.7 9.7 Wuhan Changjiang Tiandi4 665,200 24.4 50% 12.2 KIC Wuhan 87,700 1.4 50% 0.7 Other Cities Sub-total 752,900 25.8 12.9 Grand Total 1,052,200 73.5 22.6 ▪ Two new projects in Shanghai have been added
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Commercial Development Commercial properties Under development and for future development as of 30 June 2026 Note: (1) Hotel use. 31 Project Office Retail Total Group’s Attributable GFA sq.m. GFA sq.m. GFA sq.m. Interests GFA sq.m. Xintiandi Liuheli (Lot 122) - 11,000 11,000 50% 5,500 Yong Xin Li New - 23,000 23,000 15% 3,500 Shanghai Sub-total - 34,000 34,000 9,000 Wuhan Xintiandi 70,000 3,000 73,000 100% 73,000 KIC Wuhan 187,000 281,000 468,000 50% 234,000 Wuhan Changjiang Tiandi - 126,000 126,000 50% 63,000 Lingnan Xintiandi 450,000 107,000+ 80,0001 637,000 100% 637,000 Chongqing Tiandi 228,000 65,000+ 25,0001 318,000 19.80% 63,000 Other Cities Sub-total 935,000 687,000 1,622,000 1,070,000 Grand Total 935,000 721,000 1,656,000 1,079,000
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Delivering Sustainability Performance and Recognition 32 Global benchmark recognitions AA Hang Seng Corporate Sustainability Benchmark Index A (Climate) (2nd Consecutive Year) 5 Star1 1H 2026 achievements Sustainability Rating and Research Clean – carbon reduction Community – sustainable lifestyle ✓ Hong Shou Fang received the 2026 ULI Asia Pacific Award for Excellence for its success in heritage-led regeneration and placemaking ✓ KIC Corporate Avenue in Wuhan’s Optics Valley obtained WELL Platinum certification, setting a new benchmark for healthy, people-centric office environments in Wuhan External recognition ▪ Held across 11 projects in five cities ▪ Engaged tenants and the public to embrace low-carbon and nature-friendly lifestyles 100% Renewable electricity adoption at KIC Shanghai since January 2026 Green Xintiandi Festival Note: (1) The Shui On Land Core-Plus Office Venture only.
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Commercial Asset Management _______ Allan Zhang CEO, Shui On Xintiandi
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Prime Shanghai Assets Underpin Commercial Portfolio Strength Hongqiao Xintiandi GFA: 263,000 sq.m. 34 78% of 1H 2026 total rental and related income Completed commercial assets in Shanghai RMB78.4 bn Asset value1 5 Corporate Avenue, Xintiandi Hubindao GFA: 79,000 sq.m. CPIC Xintiandi Commercial Centre GFA: 271,000 sq.m. Hong Shou Fang GFA: 62,000 sq.m. Xintiandi Shikumen Block , Xintiandi Style, Shui On Plaza and Xintiandi Plaza GFA: 140,0001 sq.m. Ruihong Xintiandi GFA: 441,000 sq.m. 263,000 Total commercial GFA (sq.m.) 4 new projects in progress KIC Shanghai GFA: 253,000 sq.m. Panlong Xintiandi GFA: 42,000 sq.m. 1,596,000 Total GFA1 (sq.m.) Note: (1) Including self-use. (as of 30 June 2026) Asset-Light projects
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 965 1,038 816 818 1,781 1,856 1H 2025 1H 2026 Rental and related income (RMB’m) 35 Consolidated rental and related income Rental and related income from JVs and associates Note: (1) Related income includes revenue derived from carpark leasing, venue leasing, advertising and promotion, provision of food and beverage and other services. *Total rental and related income refers to the sum of (1) consolidated rental and related income and (2) rental and related income from JVs and associates Solid Rental Growth ▪ Total rental and related income increased by 4% y-o-y ▪ Shanghai portfolio recorded 5% y-o-y growth ▪ Contributions from new projects: ▪ Xintiandi Dongtaili (opened in December 2025) ▪ Wuhan KIC Park (opened in September 2025) Notes: (1) Including rental income from Ruihong Xintiandi commercial partnership portfolio, 5 Corporate Avenue and Xintiandi Hubindao, CPIC Xintiandi Commercial Centre, Hong Shou Fang, KIC Shanghai and Wuhan KIC Park, in which the Group has 49.5%, 44.55%, 25%, 35%, 46.33% and 50% effective interests, respectively. (2) Related income includes revenue derived from carpark leasing, venue leasing, advertising and promotion, provision of food and beverage and other services.
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Retail: Positive Momentum ▪ Strong momentum in overall sales and shopper traffic, up 20% and 17% y-o-y in 1H 2026 ▪ Average occupancy stable at 94% ▪ Accounted for 62% of total rental income, excluding rental related income ▪ Xintiandi communities well-positioned for shifts in consumption patterns towards experiential spending and the sustained surge in inbound tourism ▪ Retail GFA: 82,000 sq.m. ▪ Open street-style all- weather shopping and leisure/entertainment/ cultural area within Greater Xintiandi ▪ Attracted >4.4 million shopper traffic in 1H 2026 Shanghai Xintiandi Dongtaili ▪ Retail GFA: 47,000 sq.m. ▪ Social and entertainment destination offering lifestyle in nature within KIC Wuhan ▪ Maintained high occupancy at 90% ▪ 40% first stores in Wuhan/Optics Valley 10.5% 15% 20% 10.5% 12% 17% 1H 2025 FY 2025 1H 2026 Retail Sales Shopper Traffic Wuhan KIC Park New stores opened, e.g. DJI, CROCS, APR(Apple), 咪好猫咖, 兰纳象SPA, 瓜瓜农场, 邂春 山·川派寿司, 一淼川, Mipopo, 万炭 36 New stores opened, e.g. IMOD DOMI, POETS 泰狮, 馥添,岩时攀岩, skinceuticals, BABOR, KLAZ, AI CINEMA& Party King, 鑼狮, 足莲得 Retail sales and shopper traffic growth (y-o-y)
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Office: Higher Occupancy Supported by Quality Tenants ▪ Mature Shanghai office portfolio achieved 94%1 average occupancy as of 30 June 2026, up from 93% as of 31 December 2025 ▪ Supported by a refined leasing strategy and an exceptional level of service ▪ Attracted quality tenants, including at new projects - CPIC Xintiandi Commercial Centre in Shanghai and KIC Corporate Avenue in Wuhan Selected tenants2 secured in 1H 2026 Notes: (1) Represents average occupancy of the office portion of Xintiandi Shikumen Block, Shui On Plaza, 5 Corporate Avenue, Hongqiao Xintiandi, KIC Shanghai, Inno KIC, Hong Shou Fang and CPIC Life Tower as of 30 June 2026. (2) Tenants listed in no particular order. ▪ Upgraded Shui On WorkX into an “Office Ecosystem Value Co-creation Platform”, integrating XSpace, XService and XContent to enhance tenant experience 37 Resilient performance Office service platform upgrade
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 38 Strategic Focus in 2H 2026 Maintaining robust growth in shopper traffic and tenant sales while sustaining high occupancy ▪ Capitalise on inbound tourism opportunities ▪ Deliver vibrant cultural and lifestyle experiences and launch an enhanced CRM platform to elevate the community experience ▪ Adopt a refined asset management approach focused on proactive tenant engagement and customer experience enhancement Maintaining high occupancy remains a priority ▪ Retain and attract tenants through flexible, proactive and refined leasing strategies, supported by high-quality product offerings ▪ Enhance tenant engagement through differentiated community services ▪ Build a strong community ecosystem Retail Office
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Q&A
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Appendix
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Commercial Portfolio Performance by Project Project Product Leasable GFA sq.m. Occupancy Rate 30 June 2026 Shanghai Xintiandi Xintiandi Shikumen Block Office / Retail 54,000 96% Xintiandi Style Retail 26,000 96% Shui On Plaza and Xintiandi Plaza Office / Retail 53,000 96% 5 Corporate Avenue, Xintiandi Hubindao Office / Retail 79,000 97% CPIC Xintiandi Commercial Centre Office / Retail 271,000 66% Ruihong Xintiandi Office / Retail 441,000 88% Hongqiao Xintiandi Office / Retail 263,000 93% KIC Shanghai Office / Retail 253,000 96% Inno KIC Office / Retail 45,000 89% Panlong Xintiandi Retail 42,000 99% Hong Shou Fang Office / Retail 62,000 96% Wuhan Xintiandi Office / Retail 401,000 75% Lingnan Xintiandi Office / Retail 158,000 96% Chongqing Xintiandi Retail 117,000 97% Nanjing IFC Office/Retail 100,000 82% Wuhan KIC Park Retail 47,000 90% Grand Total 2,412,0001 Note: (1) A total GFA of 11,000 sq.m. located at Shanghai Shui On Plaza, Wuhan Xintiandi, and Lingnan Xintiandi was occupied by the Group and was excluded from the above table. 41 Rental & Related Income RMB’m Change %1H 2026 1H 2025 Shanghai 1,456 1,384 5% Other Cities 400 397 1% Total 1,856 1,781 4%
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 RMB’m 30 June 2026 31 December 2025 Change % Total cash and bank deposits 6,142 6,451 (5%) Total assets 84,598 82,577 2% Total debt 27,851 26,294 6% Bank and other borrowings 24,728 19,200 29% Senior notes 3,123 2,809 11% CMBS - 4,285 (100%) Net debt 21,709 19,843 9% Total equity 38,678 38,230 1% Net gearing 56% 52% 4ppt Shareholders’ equity per share RMB4.58 RMB4.54 1% Financial Position 42 Note: (1) Average cost of debt as at the end of period: 1H 2026: 4.4% vs. 1H 2025: 4.3% (The average cost of debt herein only includes interest cost, excluding arrangement fees and other fees.)
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Property Sales by Projects 43 As of 30 June 2026 Lakeville VI Riverville La Valle Wuhan Xintiandi KIC Wuhan The Moment (R2) Wuhan Changjiang Tiandi (B4) GFA (sq.m.) 86,0001 30,0001 38,600 32,300 135,000 Total units 108 (High-rises)+ 44 (Townhouses) 90 226 280 836 No. of units launched 108 (High-rises)+ 28 (Townhouses) 90 226 120 836 Sales progress All available units contracted Nearly two- thirds of units contracted and subscribed All units contracted 77% contracted and subscribed 632 units contracted The Group’s interests 50% 60% 100% 50% 50% Target/Actual handover date Q4 2027 2025 Q4 2027 Q3 2027 2025 (1) Including GFA of underground space. Note:
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 2030 Sustainability Strategy Our Vision: To be a pioneer of sustainable premium urban communities 44
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Project Residential Commercial Total Approximate/ Estimated GFA sq.m. Shanghai Xintiandi 86,000 508,000 594,000 Ruihong Xintiandi - 441,000 441,000 KIC Shanghai - 253,000 253,000 Inno KIC - 45,000 45,000 Hongqiao Xintiandi - 263,000 263,000 Panlong Xintiandi - 42,000 42,000 Hong Shou Fang - 62,000 62,000 Riverville 16,000 - 16,000 Nanqiao Tiandi 72,000 - 72,000 Yong Xin Li 165,000 55,000 220,000 Zhaolou Xintiandi 24,000 - 24,000 Wuhan Xintiandi 39,000 476,000 515,000 KIC Wuhan 97,000 618,000 715,000 Wuhan Changjiang Tiandi 670,000 126,000 796,000 Lingnan Xintiandi 28,000 853,000 881,000 Chongqing Xintiandi2 - 117,000 117,000 Chongqing Tiandi3 - 419,000 419,000 Nanjing IFC - 100,000 100,000 Total 1,197,000 4,378,000 5,575,000 Completed Properties 59,000 2,683,000 2,742,000 Under Development and for Future Development Properties 1,138,000 1,695,000 2,833,000 Notes: (1) As of 30 June 2026, total leasable and saleable landbank excludes 2.0 million sq.m. of clubhouse, carpark and other facilities. (2) The Group has effective interests of 99.00%. (3) Chongqing Tiandi partnership portfolio is a project developed by associates of the Group. The Group holds a 19.8% interest in the partnership portfolio. Quality Resources in Top-tier and High-growth Cities 45
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R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140