Howard Hughes : 1Q 2026 INVESTOR PRESENTATION

Published: 2026-05-11 09:36:18 ET HHH

Published on 05/11/2026 at 09:36 am EDT

The HHH Opportunity

1Ǫ 2026

Diversified Holding Company Focused on Acquiring Controlling Stakes in High-Ǫuality, Durable Growth Companies

In 2010, The Howard Hughes Corporation was spun off from GGP, comprised of a mix of premier development assets and large-scale master planned communities

In 2020, the Company launched its Transformation Plan, focused on right-sizing the business and disposing of non-core assets it inherited through the GGP spin-off

To further align focus on its core competencies, Howard Hughes spun off Seaport Entertainment-its collection of real estate entertainment assets-in 2024

In May 2025, Howard Hughes Holdings Inc. ("HHH") announced its transformation to a diversified holding company with a $G00 million capital infusion from Pershing Square

In December 2025, HHH announced a definitive agreement to acquire Vantage Group Holdings-a specialty insurance and reinsurance company-for $2.1 billion

Investment of $G00 Million to Transform HHH into a Diversified Holding Company

In May 2025, Pershing Square purchased 9 million newly issued HHH shares for $100 per share, representing a 48% premium(1)

Pershing Square's beneficial ownership in HHH increased to ~46.9%(2w) beneficial ownership limited to 47%

ith voting power capped at 40% and

Investment enables HHH to transform into a diversified holding company seeking controlling stakes in high-quality, durable growth companies while continuing to invest and grow its core real estate platform

Bill Ackman rejoins the Board as Executive Chairman and Ryan Israel-Pershing Square's Chief Investment Officer-joins the Board and HHH executive team

HHH to pay Pershing Square a quarterly base fee of $3.75M, plus a quarterly variable fee equal to 0.375%

of the increase in HHH's equity market capitalization above the reference market cap of the Company (3)

Pershing Square will support HHH's strategic expansion with its investment, advisory, and other services, including corporate development, transaction execution, capital markets, and hedging

Through HHH's transformation to a diversified holding company, Howard Hughes Communities ("HHC") will continue operating as a strategic stand-alone entity

Source: Company filings and data as announced on May 5, 2025.

(1) Premium relative to HHH's closing stock price on May 2, 2025. (2) Ownership percentage post-strategic transaction.

(3) Reference market cap determined by multiplying the post-transaction share count of 59.395M by the reference market price of $66.15, adjusted annually for inflation.

In December 2025, HHH signed a definitive agreement to acquire Vantage-a leading specialty insurance and reinsurance company-from Carlyle and Hellman & Friedman

Purchase Price

$2.1 billion in cash consideration

HHH will retain Vantage's book value accretion from signing to close ("locked box")

Purchase price represents 1.5x estimated year-end 2025 book value and is expected to represent a

~1.4x P / BV multiple at close

Timing

Deal is expected to close in 2Ǫ 2026, subject to regulatory approvals

Funding Sources

$1.2 billion in HHH balance sheet cash(1)

Up to $1 billion backstop investment from Pershing Square Holdings ("PSH")

Investment from PSH will take the form of non-interest-bearing preferred stock issued by HHH (2)

PSH's preferred stock will be convertible into the common stock of Vantage if not redeemed by HHH by the end of the seventh fiscal year, post-transaction

Over time, we expect HHH to repurchase PSH's preferred stock and increase its economic ownership of Vantage to 100%

Note: The transaction and investment management services described herein are subject to customary insurance regulatory approvals.

Of which, approximately $900 million of cash sits at HHH with the remainder at HHC.

The preferred stock will pay a dividend in the event of a default on HHH's obligation to repurchase the stock in certain circumstances.

Income Statement

(Trailing 12 Months as of September 30, 2025)

Balance Sheet

(As of September 30, 2025)

(: in millions) Amount

Book Value $1,306

Gross Written Premium $1,601

Net Written Premium $1,170

% of Gross Written Premium

73%

Fixed Income Portfolio

$2,479

Net Earned Premium

$G74

Cash C Cash Equivalents

277

Invested Assets $2,756

Loss Ratio

61.4%

Expense Ratio

35.7%

Combined Ratio

G7.1%

Underwriting Profit

$29

Investment Income

107

Fee C Other Income

Pre-Tax Income

$150

Pre-Tax Return on Equity (1)

13%

% Fixed Income S0%

% Cash & Cash Equivalents 10%

Investment Leverage(2)

Premium Leverage(3)

2.1x

87%

Pre-tax return on equity calculated as pre-tax income, on a trailing twelve-month basis as of September 30, 2025, divided by beginning of period book value as of September 30, 2024. Vantage currently does not incur any significant tax burden, however, we expect the company's effective tax rate to increase under HHH's corporate structure, post-transaction.

Investment leverage calculated as invested assets divided by book value as of September 30, 2025.

Premium leverage calculated as net earned premium, on a trailing twelve-month basis as of September 30, 2025, divided by beginning of period book value as of September 30, 2024.

Howard Hughes Holdings Inc. (NYSE: HHH)

Howard Hughes Communities ("HHC")

Premier collection of large-scale master planned communities in Texas, Nevada, Hawaii, Maryland, and Arizona

Vantage Group Holdings Ltd. ("Vantage")

Leading specialty insurance, reinsurance and partnership capital platform

Future Operating Business Subsidiaries

HHC is the Country's Premier Developer of Large-Scale Master Planned Communities

Proven track record of developing the most sought-after places to live in the nation

Self-funding business cycle, using proceeds from land sales, condo sales and NOI to fund new opportunities

Equipped with a superior balance sheet, allowing for quick execution to meet underlying demand

Exceptional reputation staffed with industry experts across HHC's various regions

Amassed a diversified real estate portfolio that generates significant recurring income

Note: Company filings and data as of Mar. 31, 2026.

(1) As of Dec. 31, 2025. (2) Results produced since Howard Hughes' inception.

(3) Includes sales on closed and pre-sold condo units.

$276M (1)

Operating Asset NOI

Communities

101k

$4.7B (2)

Cumulative Land Sales

Total Acres

2G0k

Residents

17M SF

$8.3B(2,3)

Cumulative Condo Sales

CRE Portfolio

$1.8B

$11.3B (2)

Cumulative Dev. Spend

Cash on Hand

18%

Historical ROE

SUMMERLIN

Las Vegas, NV

MERRIWEATHER DISTRICT

Columbia, MD

TERAVALIS

Phoenix, AZ

WARD VILLAGE

O'ahu, HI

BRIDGELAND THE WOODLANDS

THE WOODLANDS HILLS

Houston, TX

Concentrated in Low-Tax G Business-Friendly Regions

Expansive Communities Spread Across Five States

Portfolio of Award-Winning

Master Planned Communities

Situated in Affluent G

Growing Markets

Master Planned

Communities

Sale of residential and commercial land within HHC's master planned communities

MPC Earnings Before Taxes

$500M

$400M

$300M

$200M

$100M

$0M

+11.5%

CAGR

'16 '17 '18 '1G '20 '21 '22 '23 '24 '25

Operating

Assets

Recurring income generated from HHC's portfolio of office, retail and multifamily assets

Operating Asset NOI

$300M

$250M

$200M

$150M

$100M

$50M

$0M

+7.G%

CAGR

'16 '17 '18 '1G '20 '21 '22 '23 '24 '25

Condominium

Sales

Development and sale of condo towers, primarily in HHC's Ward Village community

Cumulative Condo Sales Activity (1)

$4.0B

$3.0B

Closed on :3.CB in sales at ~:1,500 / SF and a 28% margin

$2.0B

Condo Sales

$1.0B

$0.0B

Condo Profit

'16 '17 '18 '1G '20 '21 '22 '23 '24 '25

Note: Company filings and data as of Dec. 31, 2025.

(1) Excludes results from HHC's two workforce housing towers-Ke Kilohana (2019) and Ulana (2025)-which were developed to achieve a breakeven profit margin.

Years to Maturity Breakdown

Liquidity G Debt Maturity Schedule (1)

6+ Yrs.

51% G7%

of Debt is Fixed,

10%

< 1 Yr.

10%

< 2 Yrs.

: in millions

$2,GG5

Swapped or Capped

$2,351

Mortgages G Loans Ppayable

Condo Construction Loans Senior Unsecured Unrestricted Cash(2) Revolver Capacity

$1,07G

$573

$570

$140

$273

$34G

Liquidity

2026

2027

2028

202G

2030

Thereafter

$70

$27G

$GG

$174

$263

$42G

$430

$310

$650

$1,345

$1,836

$515

$1,650

< 3 Yrs.

< 5 Yrs.

18%

< 4 Yrs.

Weighted Avg. Debt Maturity

Weighted Avg. Interest Rate

Note: Company filings and data as of Mar. 31, 2026. (1) Excludes deferred financing costs of $47M. (2) Represents consolidated unrestricted cash for Howard Hughes Holdings, Inc. ("HHH") and Howard Hughes Communities ("HHC"), of which approximately

$900M sits at HHH.

Notable Activity

Significant Deleveraging Through Latest Initiatives

Cash Infusion

$900M equity investment from Pershing Square

Net Debt-to-Book Value Leverage Ratio (Bar) and Net Debt-to-Gross Asset Value Leverage Ratio (Dot)

reduces our leverage and will be used to fund our acquisition of Vantage

Sale of MUDs

Completed the sale of $180M of MUD receivables, allowing us to accelerate cash receipt and pay down Bridgeland's credit facility

47% 47% 48%

47%

Bond Offering

Issued $1.0B of senior unsecured notes, redeemed our $750M 2028 notes, and generated $227M of incremental proceeds

45%

34%

33%

31%

24%

26%

25%

32%

33%

37%

36%

1Ǫ '24 2Ǫ '24 3Ǫ '24 4Ǫ '24 1Ǫ '25 2Ǫ '25 3Ǫ '25 4Ǫ '25 1Ǫ '26

Note: Company filings and data as of Mar. 31, 2026.

HHH is Operating as a Leaner, More Efficient Organization

Cash GGA Trend Since 201G (1)

2025

Cash GGA

Cash GCA declined ~7% YoY, signaling Howards Hughes' continued disciplined approach to overhead cost management (1)

Cash G&A (Bar) and Cash G&A as % of Total Assets (Dot), : in millions

$137

$104

$72

$76

201G

2020

2021

2022

2025

2024

2023

$77

$83

Stabilization of G&A

1.71%

0.86%

0.85%

0.75%

0.G0%

0.G5%

1.30%

Efficient Operations

Pershing Square base advisory fee to be substantially offset by strategic reduction in force actioned during 2Ǫ '25

Future Growth

These actions enable HHH to maintain stable overhead while preserving the flexibility to fund strategic growth priorities

Note: Company filings and data as of Dec. 31, 2025.

(1) Excludes non-cash stock compensation, severance expenses related to the 2Ǫ '25 reduction in force, and the Pershing Square variable advisory fee.

LEASE-UP G STABILIZATION

Upon completion, assets are leased up and stabilized

These assets create recurring cash flow that is reinvested back into the business

More commercial amenities captures the attention of prospective homebuyers, thereby increasing the value of raw land we sell to homebuilders

HORIZONTAL DEVELOPMENT

Howard Hughes prepares its raw land for sale by installing the necessary infrastructure

Howard Hughes deploys upwards of ~$400M per year in horizontal development across its master planned communities

Howard Hughes is reimbursed for

a meaningful portion of these costs through local municipalities

STRATEGIC DEVELOPMENT

Howard Hughes uses the proceeds from land sales as the equity contribution for commercial development

The pace of new development is dependent on the demand from the community's residents and underlying economic conditions

MPC LAND SALES

Residential land is sold to homebuilders who then construct homes and sell to prospective home buyers

As homes are sold within the community, the resident population rises, creating

demand for commercial amenities

Robust Land Sales Across All Our MPCs

MPC EBT Trend Since 2016

W.A. Price Per Acre

$1,161k (1)

$465k

150%

# of Acres Sold

621 ac. (2)

351 ac.

77%

# of Remaining Acres (3)

6,353 ac.(4)

11,532 ac.

(45%)

# of Residents

290k

230k

26%

MPC EBT $476M $17GM 166%

% Change

FY 2016

FY 2025

MPC EBT, : in millions

$476

$341

$34G

$317

$283

$264

$20G

$17G $1G0

Land within our MPCs has sustained double-digit pricing growth since 201C

'16 '17 '18 '1G '20 '21 '22 '23 '24 '25

Note: Company filings and data as of Dec. 31, 2025.

(1) Excludes 231-acre bulk sale of unfinished lots in Summerlin that closed 3Ǫ '25. (2) Includes the 231-acre bulk sale in Summerlin.

(3) Includes residential and commercial acres (4) Excludes remaining acres in Teravalis (acquired in 2021) for an apples-to-apples comparison to 2016.

Consistent NOI Growth Fueled by New Development

(1)

Operating Asset NOI Trend Since 2016

(: in millions)

FY 2025

FY 2016

% Change

Office

$138

$48

188%

Multifamily

775%

Retail

15%

Other (1)

(63%)

Total NOI

$276

$13G

GG%

Operating Asset NOI, : in millions

$276

$257

$23G

$244

$217

$227

$1G1

$173

$158

$13G

HHC has nearly doubled its stream of recurring NOI over the last decade

'16 '17 '18 '1G '20 '21 '22 '23 '24 '25

Note: Company filings and data as of Dec. 31, 2025.

Includes NOI from assets that have since been sold.

MPC Gross Asset Value

2017 GAV

Since 2017

2026 GAV (3)

: in millions

The Woodlands

$708

The Woodlands Hills

$328

Summerlin

4,615

Residential Price Per Acre(2)

Acres Sold

: in thousands

$684k

Weighted-Avg. Price Per Acre

$3.2B

Land Sales Revenue (1)

: in millions

The Woodlands

$55G

The Woodlands Hills

$228

Summerlin

$1,6G5

Summerlin Bridgeland TW Hills

+221%

$584

$1,850

+54%

$313

+82%

$377

Billion

$687

$483

$GG8

Billion

$2,728

$G22

Bridgeland

Note: Company filings and data as of Dec. 31, 2025.

Land sales revenue excludes deferred revenue and SID bond revenue.

2017 1Ǫ '26

1Ǫ '26 TTM calculation as of Mar. 31, 2026. Excludes 231-acre bulk sale of unfinished lots in Summerlin that closed 3Ǫ '25.

Excludes value of Teravalis, which Howard Hughes acquired in 2021, for an apples-to-apples comparison to 2017 GAV.

Among the largest master planned

communities in the U.S.

Ownership of undeveloped commercial and residential acres

Land bank is largely deed-restricted, limiting outside competition

Only build to meet demand; sell land

at the pace of home closings

Leasing commercial space against our own portfolio

Operating Assets consistently outperform surrounding markets

Land value appreciation with

reduced volatility

Outsized, risk-adjusted returns on new developments

Long-term value creation through self-funding MPC model

Dominant position within our MPCs creates a competitive moat and drives outsized returns

Disclaimer

Howard Hughes Holdings Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 13:35 UTC.