Swire Properties reported a resilient operating performance for the first quarter of 2026, with robust retail momentum in both Hong Kong and Mainland China counterbalancing pressure on office rents and stable overall occupancy.

Hong Kong Office Portfolio • Occupancy for the core Hong Kong office portfolio (excluding new completions) held at 91% as of 31 March 2026. When including Two Taikoo Place and Six Pacific Place, occupancy was 89%. • Rent reversions across major Hong Kong office assets, including Pacific Place and Taikoo Place, averaged –14% during the quarter, underscoring continued tenant-favourable conditions. • Headline rents ranged from HK$85–95 per sq ft at One and Two Pacific Place, and low HK$50s–mid HK$60s per sq ft at One Island East and One Taikoo Place.

Chinese Mainland Office Portfolio • Occupancy remained high: 95% at HKRI Centre 1 & 2 in Shanghai, 96% at ONE INDIGO in Beijing, and 90% at Taikoo Hui Guangzhou. • Headline office rents were broadly steady, quoted in the mid- to high-RMB 100s per sq m for Beijing and mid-RMB 300s for Shanghai.

Retail Performance • Hong Kong malls recorded solid year-on-year sales growth: Pacific Place +13.9%, Cityplaza +3.4%, and Citygate Outlets +21.8%, all at 100% occupancy. • Mainland China retail sales surged, led by HKRI Taikoo Hui in Shanghai (+81.5%), Taikoo Li Sanlitun in Beijing (+56.2%), and Taikoo Li Chengdu (+18.4%). Phase 1 of Taikoo Li Julong Wan Guangzhou opened progressively from December 2025 and was 68% let by end-March.

Development Pipeline • Seven mixed-use projects totaling about 1.56 million sq m GFA are under construction across Shanghai, Beijing, Guangzhou, Sanya and Xi’an, with phased completions beginning in 2026. Key milestones include façade and interior fit-outs at the Shanghai New Bund and Lujiazui Taikoo Yuan projects. • In Hong Kong, Phase 1 of THE HEADLAND RESIDENCES obtained its occupation permit in August 2025; Phase 2 superstructure work is progressing.

Trading Property Sales • Hong Kong: 36 of 37 units at EIGHT STAR STREET have been sold at an average HK$39,995 psf. LA MONTAGNE Phase 4A is 82% sold (355 of 432 units) at HK$26,256 psf, while THE HEADLAND RESIDENCES Phase 1 is 40% pre-sold (236 of 592 units) at HK$16,974 psf. • Mainland China: At Lujiazui Taikoo Yuan Residences, 69,404 sq m of saleable area has been sold at an average RMB174,485 psm; Century Summit and Century Heights in Shanghai achieved average sale prices of RMB129,800 psm and RMB132,000 psm, respectively. • Indonesia: The Savyavasa project in Jakarta is 48% pre-sold (195 of 402 units).

Hotel & Investment Property Construction • Façade and interior works are under way for upcoming hotels and retail components within the Shanghai New Bund, Lujiazui Taikoo Yuan and Sanya projects, with completions commencing in 2026.

Outlook The combination of firm retail demand—particularly in Mainland China—and a disciplined development pipeline positions Swire Properties for incremental revenue growth, despite continued negative office rent reversions in Hong Kong. The company cautions investors to exercise care when dealing in its shares.