Henderson Land Development Company Limited (“Henderson Land”) reported a sharp rebound for the six months ended 30 June 2026, driven by a surge in Hong Kong residential sales and a land-resumption gain.

Revenue and earnings • Group revenue jumped 80.1 % year on year to HK$17.20 billion. • Underlying profit attributable to shareholders rose 66.4 % to HK$5.07 billion, while reported profit climbed 41.0 % to HK$4.09 billion. • Underlying EPS increased to HK$1.05 from HK$0.63; reported EPS advanced to HK$0.84 from HK$0.60. • Interim dividend maintained at HK$0.50 per share, payable on 17 September 2026.

Segment performance • Property Development revenue more than doubled to HK$12.89 billion; pre-tax profit contribution soared 13.2-fold to HK$2.88 billion, underpinned by completions such as The Legacy (Mid-Levels) and government land resumptions that generated a HK$1.57 billion pre-tax gain. • Property Leasing produced HK$4.38 billion in gross rental income (+1.2 %); pre-tax net rental income edged up 1.4 % to HK$3.19 billion with an average portfolio occupancy of 94 %. • Mainland China development revenue fell 47.0 % to HK$1.01 billion, generating a HK$0.43 billion pre-tax loss amid a subdued market. • Other businesses (department stores, supermarkets, hotels, construction, property management, etc.) recorded HK$1.20 billion revenue (-6.6 %) and a HK$6 million pre-tax profit (versus HK$30 million loss a year earlier).

Balance-sheet highlights • Net asset value per share inched up 1.0 % to HK$67.25. • Net debt fell to HK$58.43 billion (31 December 2025: HK$60.22 billion); net debt-to-equity ratio improved to 17.9 % from 18.7 %. • Total debt stood at HK$79.91 billion with an average cost of 3.30 % and average maturity of 3.8 years. • The group closed Hong Kong’s first biodiversity-linked loans during the period; cumulative green and sustainability financings now exceed HK$50 billion.

Operating metrics • Hong Kong contracted sales surged 188 % to HK$18.12 billion; unrecognised Hong Kong sales totalled HK$17.06 billion, of which HK$6.37 billion are expected to book in 2H 2026. • Group land bank: 20.30 million sq ft in Hong Kong (including 11.20 million sq ft of completed investment properties) and 23.70 million sq ft in Mainland China. • New Territories agricultural land holdings remained the city’s largest at 38.40 million sq ft even after government resumption of 2.25 million sq ft for public projects, which generated HK$2.35 billion in cash compensation. • Phase 1 of the 1.60 million sq ft Central Yards mixed-use development is on track for completion in 4Q 2026; 70 % of the 223,000 sq ft office component is pre-let to a financial institution. • The Henderson office tower in Central is more than 90 % leased and has secured multiple global tenants.

Capital commitments and liquidity • Group-level capital commitments total HK$11.17 billion; share of JV and associate commitments adds HK$3.82 billion. • Cash and bank balances stood at HK$21.48 billion; interest coverage improved to 3.22 times (1H 2025: 1.56 times). • Outstanding HK$8.00 billion 0.5 % convertible bonds due 2030 remained unconverted; adjusted conversion price is HK$34.53.

Outlook Management plans to launch eight Hong Kong projects in 2H 2026, offering about 1.70 million sq ft of residential space and 180,000 sq ft of commercial space. Investment property GFA is projected to rise to 11.50 million sq ft upon completion of Central Yards Phase 1, bolstering recurring income. The company expects contributions from listed associates—particularly The Hong Kong and China Gas Company Limited—and ongoing sustainability-linked financings to support long-term growth.