Lai Sun Development Company Limited reported interim results for the six months ended 31 January 2026.

Key Financials • Turnover rose 1.40% year-on-year to HK$2.58 billion, driven mainly by an 8.20% increase in property development and sales to HK$667.80 million. • Property investment revenue fell 7.70% to HK$573.10 million, while hotel operation revenue slipped 1.50% to HK$637.80 million. • Adjusted EBITDA dropped 23.30% to HK$379.10 million. • Net loss attributable to shareholders expanded to HK$1.17 billion from HK$117.80 million a year earlier, largely due to write-downs and fair-value losses related to Hengqin Novotown Phase II and investment properties. • Adjusted net loss (excluding fair-value and other non-cash items) was HK$400.70 million, marginally narrower than last year’s HK$411.80 million.

Balance Sheet and Liquidity • Net current assets turned positive at HK$789.50 million versus a deficit in the prior period. • Total financial resources stood at HK$4.92 billion, comprising HK$2.94 billion in cash and equivalents, HK$1.10 billion in pledged/restricted deposits, and HK$879.50 million in undrawn banking facilities. • Total borrowings were HK$25.85 billion; 83% are floating-rate. • The Group refinanced a HK$3.46 billion Cheung Sha Wan Plaza syndicated loan for five years in September 2025. Subsidiary Lai Fung refinanced a HK$3.05 billion facility in March 2026 with a one-year tenor extendable for another year.

Asset Disposal Progress • Since announcing a two-year HK$8.00 billion disposal plan (target HK$2.00 billion at Lai Fung), aggregate expected proceeds have reached about HK$7.00 billion. • Sale of Surearn Profits Limited, which owns 3 Connaught Road Central, is expected to close in Q2 2026 and generate net proceeds of roughly HK$2.40 billion. • The Group realised HK$113.90 million from exiting New Vision Fund, L.P. in March 2026.

Operational Highlights • All residential units at Bal Residence and The Parkland are sold. Pre-sales at Deep Water Pavilia (Southside) achieved about 780 units of 825 units. • Hengqin Novotown Phase II contracted sales of two accommodation towers (T1, T3) for RMB625.70 million; T1 revenue was recognised this period. • Average occupancy of Hong Kong and Mainland commercial properties and hotels remained above 90%, though rental reversions stayed negative.

Outlook Management expects further deleveraging upon completion of announced disposals and continued focus on cost controls amid challenging Hong Kong and Mainland commercial real-estate markets.