Pacific Century Premium Developments Limited (PCPD) released unaudited interim results for the six months ended 30 June 2026.

Revenue and margins • Consolidated revenue slipped 7.00% year-on-year (YoY) to HK$593.00 million. • Hospitality operations in Japan contributed 95.42% of total turnover, up 12.08% YoY to HK$566.00 million, offsetting the absence of HK$102.00 million of property-sale revenue recorded in Japan during 1H 2025. • Gross profit fell 10.35% YoY to HK$381.00 million, with gross margin narrowing to 64.25% (1H 2025: 66.82%).

Earnings • Continuing operations generated a HK$1.44 billion profit (1H 2025: HK$163.00 million loss), driven by: – HK$1.50 billion fair-value gain on Japanese investment properties; – HK$149.00 million gain on disposal of Midtown Niseko subsidiary. • Discontinued operations—mainly the disposal of Pacific Century Place Jakarta for US$400.00 million—recorded a HK$1.63 billion loss, including a HK$1.59 billion disposal loss and operating loss of HK$39.00 million. • Resulting group net loss attributable to shareholders narrowed 24.10% YoY to HK$188.00 million. • Basic loss per share: 9.28 Hong Kong cents (1H 2025: 12.23 Hong Kong cents). • No interim dividend was declared.

Segment performance Japan – Park Hyatt Niseko and Hanazono resort reported higher occupancy and room rates; combined hospitality revenue rose 12.08% to HK$566.00 million. – 111 units of Park Hyatt Niseko Hanazono Residences have been sold or reserved to date; no development revenue was recognised during the period.

Thailand – 40% of Phase 1A villas at Aquella, Phang Nga sold or reserved; golf-related revenue reached HK$7.00 million (1H 2025: HK$6.00 million). – Four Seasons Resort and Branded Residences partnership announced with Hotel Properties Limited.

Hong Kong – Central Residence by the Park launched in January 2026; 90.9% of units sold by end-June. – Property and facilities management delivered HK$14.00 million revenue (-6.67% YoY).

Indonesia (discontinued) – PCP Jakarta generated HK$93.00 million rental income up to disposal date (-7.00% YoY). PCPD continues to provide property management services post-sale.

Balance sheet and liquidity • Total assets expanded 31.74% since December 2025 to HK$14.95 billion, supported by the revaluation of Japanese assets and higher cash. • Net assets surged to HK$2.94 billion (31 Dec 2025: HK$36.00 million) after a HK$3.10 billion other comprehensive gain, mainly from property revaluation. • Cash and cash equivalents rose to HK$2.30 billion (31 Dec 2025: HK$0.69 billion); restricted cash tied to Hong Kong pre-sales reached HK$0.93 billion. • Borrowings declined to HK$7.53 billion (31 Dec 2025: HK$9.16 billion) following redemption of US$800 million 5.125% guaranteed notes in June 2026 and issuance of US$500 million 7.5% notes due 2029. • Current ratio improved to 1.60 (31 Dec 2025: 0.59). Secured assets amounted to HK$8.53 billion.

Outlook Management remains “cautiously optimistic” on property markets in Hong Kong, Japan and Thailand, citing resilient tourism demand and recovering local sentiment. The focus will stay on executing projects, monetising the diversified portfolio and maintaining financial discipline amid ongoing geopolitical and macroeconomic uncertainty.