香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 於本公告日期，董事會的成員為吳天海先生、徐耀祥先生、凌緣庭女士和李偉中先 生，以及八位獨立非執行董事歐肇基先生、周德熙先生、蔣麗苑女士、梁君彥先生、 廖淥波先生、韋理信先生、余灼強博士和楊永強教授。 承董事會命 九龍倉置業地產投資有限公司 公司秘書 許仲瑛 香港，二○二六年三月二十四日 沒收未領取之 二○一 九 年 第 二 次 中 期 股 息 根據九龍倉置業地產投資有限公司（「本公司」）經第二次修訂及重列的組織章程細 則第140條，任何在宣派日期起計六年後仍未有人領取的股息會被沒收並歸本公司所 有。本公司董事會（「董事會」）謹知會本公司股東（「股東」），在二○二○年三 月五日宣派每股港幣0.93元的二○一九年第二次中期股息（「二○一九年第二次中期 股息」），若在二○二六年四月二十四日仍然無人領取，將被沒收並歸本公司所有。 凡有權收取但仍未收到二○一九年第二次中期股息之款項或尚未兌現相關股息單的股 東，務 ...

Group 1 - Hong Kong real estate stocks are generally declining, with notable drops in companies such as Hang Lung Properties (down 3.62% to HKD 9.05), Wharf Real Estate Investment (down 3.27% to HKD 24.28), Cheung Kong Property (down 3.88% to HKD 46.08), and Sino Land (down 2.03% to HKD 11.61) [1] - Federal Reserve Chairman Jerome Powell's speech conveyed a "hawkish" signal, indicating persistent inflation and rising uncertainty in the outlook, suggesting that interest rate cuts will not occur unless there is progress on inflation [1] - The latest dot plot from the Federal Reserve shows expectations for one rate cut this year and another in 2027, although the specific timing remains unclear [1] Group 2 - Huatai Securities noted that the escalating situation in the Middle East is likely to hinder short-term liquidity expectations in Hong Kong, introducing uncertainty for the recovery of the real estate market [1] - In the long term, the changes in the Middle East may enhance Hong Kong's attractiveness for global risk-averse and diversified capital allocation, particularly as Middle Eastern capital has shown a positive inclination towards investment in Greater China, potentially increasing demand for core commercial real estate and high-end residential properties in Hong Kong [1]

Group 1 - Hong Kong real estate stocks are generally declining, with notable drops in companies such as Hang Lung Properties (down 3.62% to HKD 9.05), Wharf Real Estate Investment (down 3.27% to HKD 24.28), Cheung Kong Property (down 3.88% to HKD 46.08), and Sino Land (down 2.03% to HKD 11.61) [1][1][1] - Federal Reserve Chairman Jerome Powell's speech signaled a "hawkish" stance, indicating persistent inflation and increased uncertainty in the outlook, with no interest rate cuts expected unless inflation shows progress [1][1] - The latest dot plot from the Federal Reserve shows expectations for one rate cut this year and another in 2027, although the specific timing remains unclear [1][1] Group 2 - Huatai Securities noted that the escalating situation in the Middle East is likely to hinder short-term liquidity expectations in Hong Kong, introducing uncertainty for the recovery of the real estate market [1][1] - In the long term, the changes in the Middle East may enhance Hong Kong's attractiveness for global risk aversion and diversified capital allocation, particularly as Middle Eastern capital has shown a positive inclination towards investment in Greater China [1][1] - This could potentially lead to increased demand for core commercial real estate and high-end residential properties in Hong Kong [1][1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 周先生於二○二一年加入本公司董事會（「董事會」）。彼已確認與董事會並無任何 意見分歧，且並無就彼退任而須提呈予本公司股東知悉的任何事項。 董事會謹此衷心感謝周先生在其任內對本公司作出寶貴貢獻。 董事退 任 九龍倉置業地產投資有限公司（「本公司」）宣布，獨立非執行董事周德熙先生 （「周先生」）將於本公司在二○二六年五月十二日舉行的應屆股東週年大會 （「二○二六年股東週年大會」）上輪值卸任，並且不參與重選連任。因此，周先生 在本公司之董事職務將於二○二六年股東週年大會結束時完結。 香港，二○二六年三月十二日 於本公告日期，董事會的成員為吳天海先生、徐耀祥先生、凌緣庭女士和李偉中先生， 以及八位獨立非執行董事歐肇基先生、周德熙先生、蔣麗苑女士、梁君彥先生、廖淥波 先生、韋理信先生、余灼強博士和楊永強教授。 九龍倉置業 － 公告 (二○二六年三月十二日) 承董事會命 九龍倉置業地產投資有限公司 公司秘書 許仲瑛 ...

Investment Rating - The report upgrades the investment rating of the company from "Hold" to "Outperform" [1] Core Insights - The company's basic earnings increased by 5.2% year-on-year to 6.456 billion HKD, exceeding expectations due to better-than-expected rental performance from Harbour City and higher-than-expected interest savings [1] - The target price for the company has been raised from 18.8 HKD to 40 HKD [1] - The report highlights a rapid recovery in retail sales since the second half of 2025, aligning with a positive outlook for luxury goods sales in Hong Kong [1] - The company is expected to benefit significantly from factors such as an increase in tourist numbers and the depreciation of the Hong Kong dollar [1]

Financial Data and Key Metrics Changes - In 2025, the underlying net profit increased by 5%, and the dividend per share rose by 6% to HKD 1.32, reflecting a year-on-year increase of 10% in the second half [4][9] - Net debt decreased to HKD 32 billion, with gearing reaching a new low of 17.2%, leading to a significant decline in interest costs [4][9] - NAV per share was HKD 59.85 at year-end, representing a mild drop of 3% [5] Business Line Data and Key Metrics Changes - The investment properties portfolio maintained an overall occupancy rate of 92%, with retail revenue at Harbour City growing by 2% despite challenges [5][7] - Office revenue increased by 1% due to improved occupancy, although negative rental reversion persisted [8][9] - The hotel sector saw improved revenue and occupancy, driven by a vibrant inbound tourism market, although average room rates were below expectations [11][12] Market Data and Key Metrics Changes - Hong Kong's retail sales grew by 5% in the second half of the year, indicating a potential new base for recovery, primarily driven by discretionary spending [6][7] - Inbound tourism increased by 12%, with a more diversified mix of visitors contributing to retail sales turning positive [5] - The overall consumption recovery remained uneven, posing challenges for landlords and the retail sector [6] Company Strategy and Development Direction - The company aims to maintain low leverage and a healthy financial position while navigating ongoing market disruptions [14][15] - Incremental improvements are planned for Times Square to enhance competitiveness without significant capital expenditure [27] - The company is focused on retaining tenants through flexible leasing strategies and enhancing the quality of its properties [31][32] Management's Comments on Operating Environment and Future Outlook - The management highlighted significant global disruptions, including geopolitical tensions and rapid technological changes, impacting the business environment [13][14] - Despite signs of economic recovery in Hong Kong, the outlook remains mixed due to external risks and challenges in the investment properties sector [14][15] - The management remains vigilant regarding interest rate fluctuations and plans to continue deleveraging to maintain financial flexibility [9][46] Other Important Information - The company achieved strong ratings and green building certifications, with 37% of financing being sustainable as of December last year [12] - The management is exploring the impact of AI on property management and marketing, although it remains cautious about switching investments from properties to tech stocks [55][60] Q&A Session Summary Question: Retail sales sentiment and expectations for 2026 - Management noted that retail sales in Hong Kong started to pick up in mid-2025, with early numbers from January indicating continued strength [17][18] Question: Details on HKD 1 billion capital commitment - The capital expenditure primarily focuses on upgrading older office spaces to regain competitiveness [22] Question: Magnitude of negative rental reversion - Management indicated single-digit negative rental reversion overall, with expectations that it may not improve significantly in 2026 [26] Question: Plans for Times Square - Incremental improvements will be made to Times Square, with no grand plans for extensive redevelopment [27] Question: Strategy for Harbour City amid competition - The company aims to retain flagship brands and enhance tenant performance through marketing efforts [32] Question: Interest cost management and hedging policy - The company plans to maintain a floating interest rate strategy, with no current plans to switch to fixed rates [59] Question: Repositioning of high-end retailers - Management emphasized the importance of retaining flagship stores and collaborating with brands for expansion [66]

Financial Data and Key Metrics Changes - In 2025, the underlying net profit increased by 5%, and the dividend per share rose by 6% to HKD 1.32, reflecting a year-on-year increase of 10% in the second half [4][9] - Net debt decreased to HKD 32 billion, with gearing reaching a new low of 17.2%, leading to a significant decline in interest costs [4][9] - NAV per share was HKD 59.85 at year-end, representing a mild drop of 3% [5] Business Line Data and Key Metrics Changes - The Hong Kong investment properties and hotel underlying net profit increased by 7%, primarily due to a reduction in borrowing costs exceeding mild declines in revenue and operating profit [9] - Retail revenue at Harbour City grew by 2%, while office revenue increased by 1% due to improved occupancy, despite negative rental reversion [7][10] - The overall occupancy rate for the investment properties portfolio remained resilient at 92% [5] Market Data and Key Metrics Changes - Hong Kong's retail sales grew by 5% in the second half of the year, indicating a potential new base for the market [6] - Inbound tourism saw a 12% increase in visitors, contributing positively to retail sales, which turned positive in May with a 1% increase [5] - The office market maintained an occupancy rate of over 90%, outperforming the market despite downward pressure on rental rates [7] Company Strategy and Development Direction - The company aims to maintain low leverage and a healthy financial position while navigating ongoing market challenges [15] - There is a focus on enhancing the quality and appeal of office spaces through ongoing upgrades to remain competitive amid new supply [8][22] - The company is committed to sustainability, with 37% of financing being sustainable as of December last year [12] Management's Comments on Operating Environment and Future Outlook - The management highlighted significant global disruptions, including geopolitical tensions and rapid technological changes, impacting the business environment [13][14] - Despite signs of economic recovery in Hong Kong, the outlook remains mixed due to external risks and challenges in the investment properties sector [14][15] - The management remains cautious about the retail market, noting that recovery is uneven and dependent on various factors, including consumer confidence and sector performance [19] Other Important Information - The company has received strong ratings and green building certifications, including LEED Platinum for Times Square and Harbour City's offices [12] - The hotel sector showed improvement in revenue and occupancy, although average room rates were below expectations due to price sensitivity among customers [11] Q&A Session All Questions and Answers Question: Retail sales sentiment and expectations for 2026 - Management noted that retail sales in Hong Kong started to pick up in the middle of last year, with early numbers from January indicating continued strength [17] - The management expressed hope for gradual improvement in retail sales, but acknowledged ongoing uncertainties [18] Question: Details on HKD 1 billion capital commitment for Hong Kong IP - The capital expenditure primarily focuses on upgrading older office spaces to regain competitiveness [21][22] Question: Magnitude of negative rental reversion and plans for Times Square - Management indicated that negative rental reversion is in the single digits and emphasized the need for leasing flexibility to maintain occupancy [26][27] Question: Strategy for Harbour City amid increasing competition - The management highlighted the importance of retaining flagship stores and maintaining competitive advantages through marketing and tenant support [32][65] Question: Impact of AI on property management - AI is expected to enhance property management efficiency and service quality, although the full benefits are still being assessed [54]

Financial Data and Key Metrics Changes - In 2025, the underlying net profit increased by 5%, and the dividend per share rose by 6% to HKD 1.32, reflecting a year-on-year increase of 10% in the second half [4][9] - Net debt decreased to HKD 32 billion, with gearing reaching a new low of 17.2%, leading to a significant decline in interest costs [4][9] - NAV per share was HKD 59.85 at year-end, representing a mild drop of 3% [5] Business Line Data and Key Metrics Changes - The Hong Kong investment properties and hotel underlying net profit increased by 7%, primarily due to a reduction in borrowing costs exceeding declines in revenue and operating profit [9] - Harbour City accounted for around 80% of Hong Kong IP revenue, with retail revenue stable at HKD 5 billion and office revenue rising with occupancy at 91% [10][11] - Retail revenue at Harbour City grew by 2%, while office revenue increased by 1% despite negative rental reversion [6][8] Market Data and Key Metrics Changes - Hong Kong's retail sales grew by 5% in the second half of the year, indicating a potential new base for the market [6] - Inbound tourism increased by 12%, with a more diverse mix of visitors, contributing positively to retail sales, which turned positive in May with a 1% increase [5] - The overall consumption recovery remains uneven, posing challenges for landlords and the retail sector [6] Company Strategy and Development Direction - The company aims to maintain low leverage and a healthy financial position while preparing to navigate ongoing market headwinds [14] - Incremental improvements are planned for Times Square to enhance competitiveness without significant capital expenditure [26] - The company is focused on retaining flagship tenants and enhancing tenant performance through marketing strategies [31] Management's Comments on Operating Environment and Future Outlook - The management highlighted significant global disruptions, including geopolitical tensions and rapid technological changes, impacting market stability [13] - Despite signs of economic recovery in Hong Kong, the outlook remains mixed due to external risks and challenges in the investment properties sector [14] - The management remains cautious about the retail market, expecting a gradual recovery rather than a rapid rebound [17] Other Important Information - The company has received strong ratings and green building certifications, with 37% of financing being sustainable as of December last year [12] - The hotel sector showed improvement in revenue and occupancy, although average room rates were below expectations due to price sensitivity among customers [11] Q&A Session All Questions and Answers Question: Retail sales sentiment and expectations for 2026 - Retail sales in Hong Kong started to pick up in the middle of last year, with January showing strength, but the recovery remains uneven [16][18] Question: Details on HKD 1 billion capital commitment for Hong Kong IP - The capital expenditure primarily focuses on upgrading older office spaces to regain competitiveness [20] Question: Magnitude of negative rental reversion and expectations for 2026 - Negative rental reversion is in single digits, and improvements are not expected this year [25] Question: Plans for Times Square amid competition - Incremental improvements will be made to Times Square without a grand plan for extensive redevelopment [26] Question: Strategy for Harbour City amid new competition - The company will maintain flexibility with tenants and focus on retaining flagship stores [29] Question: Impact of AI on property management - AI is being gradually introduced to improve property management efficiency and service [53] Question: Interest cost management and hedging policy - The company prefers floating rates and does not plan to switch significantly to fixed rates in the near future [58]

Market Challenges Dampen Group Profitability Wharf Real Estate Investment Company Limited 2025 Final Results | 10 Mar 2026 • UNP +5% to $2.13 per share • 2H DPS +10% to $0.66 (FY $1.32) • Net Debt ↓$2.2B to $32B; Gearing 17.2% • Interest Cost Decline Outpaced Mild Declines in Revenue & OP • Overall Occupancy of IP Portfolio 92% • Net Asset Value -3% to $59.85 per share Economic Indicators Positive But … Source: Bloomberg, Census and Statistics Department, Hong Kong Tourism Board OVERVIEW Results Highlights ...

EF001 免責聲明 EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 於2026年4月8日的記錄時間為18:00。 | | | 發行人董事 | | | 於本公告日期，九龍倉置業地產投資有限公司董事會的成員為吳天海先生、徐耀祥先生、凌緣庭女士和李偉中先生，以及八位獨立 | | | 非執行董事歐肇基先生、周德熙先生、蔣麗苑女士、梁君彥先生、廖淥波先生、韋理信先生、余灼強博士和楊永強教授。 | | 第 2 頁 共 2 頁 v 1.1.1 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 九龍倉置業地產投資有限公司 | | 股份代號 | 01997 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | ...