2024 Half Year Results
Mandarin Oriental Hotel Group

24th July 2024

MANDARIN ORIENTAL

Mandarin Oriental Mayfair, London

Agenda• Highlights• Group Portfolio• Operating Performance• Financial Results• Development Pipeline• Outlook

Mandarin Oriental Savoy, Zurich2024 Half Year ResultsHighlights

Highlights

Strong RevPAR performance; New hotels supported scaling• The Group’s Revenue per Available Room (“RevPAR”) grew by 5% year on year, with positive growth across allregions.
• Management fees grew by 6% over H1 2023 led by strong improvements in Asia.
• Underlying profit was US$23 million in H1 2024, lower than US$28 million in H1 20232.
• Net debt reduced by US$115 million from the same period last year. Funding position remains robust.
• With the openings of two new hotels in 2024, the Group reached a milestone of 40 hotels in its portfolio.
Another new hotel opening is scheduled for H2 2024.

• Two new management contracts in Rome and Bali have been announced since the start of 2024. The Group’s
pipeline currently comprises 28 hotels, of which 13 have residences, and 2 standalone residences projects.
• An interim dividend of US¢1.50 per share has been declared.
Notes: (1) MO Singapore was under renovation from March to August 2023. The Group opened four new hotels since H1 2023.
(2) Includes the benefit of a non-recurring tax credit of US$5 million in owned hotels in H1 2023.

MANDARIN ORIENTAL

Highlights

Highlights

The Group recorded an underlying profit of US$23 million in the first half
Combined Total Revenue Under
Management1

Consolidated Revenue3

US$980m

US$251m▲11% (vs H1 2023)▲5% (vs H1 2023 L/L2)▼4% (vs H1 2023)▲3% (vs H1 2023 L/L4)

Underlying EBITDA

Underlying Profit Attributable toShareholders

US$71m

US$23m▼8% (vs H1 2023)▼13% (vs H1 2023 L/L4)▼19% (vs H1 2023)▼12% (vs H1 2023 L/L4)

Notes: (1) Combined total revenue includes turnover of the Group’s subsidiary hotels in addition to 100% of revenue from associates, joint ventures and managed hotels.
(2) Like-for-like (L/L) basis excludes Mandarin Oriental, Singapore (under renovation for six months in 2023) and new hotels opened since H1 2023.
(3) Includes revenue from the Group’s subsidiary hotels and management fees from all hotels.
(4) L/L basis excludes Mandarin Oriental, Singapore (renovation for six months in 2023), new hotels opened since H1 2023, disposals (Paris, Jakarta). Underlying profit also excludes thebenefit of a non-recurring tax credit of US$5 million in owned hotels.

MANDARIN ORIENTAL

Highlights

2024 Half Year ResultsGroup Portfolio

H1 2024 Portfolio Updates

Portfolio Highlights

Rebranding ofMandarin Oriental Al Faisaliah, Riyadh

Development Milestone of 40 HotelsWorldwideSale of the hotel andretail properties in ParisIn January 2024, the Group completed therebranding of Mandarin Oriental Al Faisaliah,Riyadh, its first flag in Saudi Arabia.

In June 2024, Mandarin Oriental Mayfair,London and Mandarin Oriental, Muscat
joined the Group’s portfolio.

The Group completed the sale of its Paris hotel
property in April 2024 with a long-term
management contract retained and completed
the sale of the adjoining retail properties in July2024.

MANDARIN ORIENTAL

Group Portfolio

Global Portfolio

The Group operates 40 managed hotels
AMERICA
BostonCanouanMiami
New York
Santiago

MANDARIN ORIENTAL

EUROPE
Barcelona
BodrumCosta Navarino
GenevaIstanbul
Lake Como
Hyde Park, London
LucerneMadridMayfair, London (new)Milan
MunichParis
PragueZurichASIAMEA
Abu Dhabi
Doha
Dubai
Marrakech
Muscat (new)RiyadhBangkokBeijing
Guangzhou
Hong Kong
Jakarta
Kuala Lumpur
Landmark, Hong Kong
Macau
Sanya
Shanghai
Shenzhen
Singapore
TaipeiTokyo

Group Portfolio

Global Portfolio – Owned Hotels

Of which 12 are owned or partially owned hotels
AMERICA
BostonCanouanMiami
New York
Santiago

MANDARIN ORIENTALEUROPE
Barcelona
BodrumCosta Navarino
GenevaIstanbul
Lake Como
Hyde Park, London
LucerneMadridMayfair, London (new)MilanMunich
ParisPrague
ZurichASIAMEAAbu Dhabi
Doha
Dubai
Marrakech
Muscat (new)RiyadhBangkokBeijing
Guangzhou
Hong Kong
Jakarta
Kuala Lumpur
Landmark, Hong Kong
Macau
Sanya
Shanghai
Shenzhen
Singapore
TaipeiTokyo

Group Portfolio

Global Portfolio – Branded Residences

The Group manages 12 branded residences

London
New York
Beverly Hills

BostonBarcelona

BodrumMuscatMacau

TaipeiBangkok

MANDARIN ORIENTAL

Group Portfolio2024 Half Year Results

OperatingPerformanceH1 2024 Combined Total Revenue of Hotels Under Management

Higher revenue than H1 2023 across all regions;
EMEA and Asia reported strong growth% change in Combined Total Revenue of Hotels Under Management
H1 2024 vs H1 2023 (US$ terms)
13%

12%

11%

5%

3%

EMEA

MANDARIN ORIENTAL

America

Asia

Total

Total (L/L)

Operating PerformanceH1 2024 Revenue Per Available Room (‘RevPAR’) Performance

RevPAR exceeded H1 2023 levels in all regions,with notable growth in Asia
% change in RevPAR H1 2024 vs H1 2023 (US$ terms)12%5%3%2%

EMEA

MANDARIN ORIENTAL

America

Asia

Total

Operating PerformanceH1 2024 Average Daily Rate (‘ADR’) Performance

Small decrease in rates in EMEA and America;
Higher rates in Asia
% change in ADR H1 2024 vs H1 2023
(US$ terms)
4%-1%-1%

EMEA

America

MANDARIN ORIENTAL

-1%
Asia

Total

Operating PerformanceH1 2024 Occupancy PerformanceOccupancy improved compared to H1 2023 in all regions;
Asia recorded strong growth in demand from corporate and group segments
Change in Occupancy by Region H1 2024 vs H1 2023

4.3%pt3.2%pt
2.4%pt
1.9%ptEMEAMANDARIN ORIENTAL

AmericaAsia

Total

Operating Performance

Management Business Performance

Hotel management fee income grew by 6% in H1 2024

• Total hotel management fees were 6% higher
than H1 2023, with strong growth in Asia(+15% YoY).
Mandarin Oriental, Kuala Lumpur

Mandarin Oriental, Doha

• In EMEA, management fee income grew in linewith RevPAR.
• Branding fees from residences were US$4
million in H1 2024.

Mandarin Oriental, Zurich

MANDARIN ORIENTAL

Mandarin Oriental Residences, Madrid

Operating PerformanceOwned Hotels Performance

Solid RevPAR improvement in Asia;
Mixed performance in EMEA and America• RevPAR of Owned Hotels improved by 6%
compared to H1 2023.

Mandarin Oriental, Singapore

Mandarin Oriental, Tokyo• Hotels in Asia recorded considerable growth in
RevPAR as Singapore was under renovation for six
months from March 2023, and the region
benefitted from stronger travel demand.
• Mixed RevPAR performance in EMEA and America:
growth in Madrid, Munich, and New York, offset bydrops in London and Miami.

Mandarin Oriental Ritz, Madrid

MANDARIN ORIENTAL

Mandarin Oriental, Paris• The Group completed the disposal of its Paris
hotel in April, and adjoining retail properties in July.
The hotel remains under the management ofMandarin Oriental.

Operating Performance

2024 Half Year Results

FinancialResults

Consolidated Revenue

Consolidated Revenue +US$7m L/L mostly driven by Tokyo
Consolidated Revenue
H1 2024

H1 2023

ReportedChange

L/L Change1

Management Business4240+2-

Subsidiary Hotels

219

231

(12)

+7Less: Intra Segment Revenue

(10)

(10)

--Total

251

261

(10)

+7US$mNotes: (1) Management Business excludes management fees from hotels impacted by renovation in 2023 and new hotels opened since H1 2023. Subsidiary Hotels exclude impact ofdisposals.

MANDARIN ORIENTAL

Financial ResultsUnderlying EBITDA

Underlying EBITDA was lower in the Management Business as higher
fee income was offset by timing differences in marketing spend
Underlying EBITDA
H1 2024

H1 2023

ReportedChange

L/L Change1

Management Business

1923(4)(6)

Owned Hotels

5454-(3)Property Development

(2)

-(2)

(2)

Total71

77

(6)

(11)

US$mNotes: (1) Management Business excludes hotels impacted by renovation in 2023 and new hotels opened since H1 2023. Owned Hotels exclude impacts of renovation and disposals.

MANDARIN ORIENTAL

Financial ResultsUnderlying Profit and Loss

The Group recorded a lower underlying profit as results from H1 2023
benefitted from non-recurring items
Underlying Profit/(Loss) Attributable To Shareholders

H1 2024

H1 2023

ReportedChangeL/L Change1

Management Business

1416(2)(4)

Owned Hotels

1192

1

Property Development2(2)(2)--Others3-5(5)-Total2328(5)(3)

US$mNotes: (1) Management Business excludes hotels impacted by renovation in 2023 and new hotels opened since H1 2023. Owned Hotels exclude impacts of renovation and disposals.
(2) Property Development includes the redevelopment of the One Causeway Bay site. (3) Others include a non-recurring tax credit of US$5 million.

MANDARIN ORIENTAL

Financial Results

Loss Attributable to Shareholders

Decrease in loss attributable to shareholders predominantly
due to lower non-trading losses from the revaluation of One Causeway Bay
Loss Attributable to Shareholders
US$m

H1 2024

H1 2023Change2328(5)Net Non-Trading Losses(75) 1(97)22Loss Attributable to Shareholders

(52)

(69)

17

Underlying Profit

Notes: (1) Net non-trading losses primarily comprise a fair value loss of US$37 million on One Causeway Bay and a US$37 million loss on disposal of the hotel portion of the Paris property. AUS$56 million gain on disposal of the retail portion of the Paris property will be recorded in H2 2024, resulting in a full year gain of US$19 million for the entire disposal.

MANDARIN ORIENTAL

Financial Results

Cash Flow Statement

Net increase in cash primarily due to higher cash inflow
from investing activities
Summary Cash Flow Statement
US$m

H1 2024

H1 2023

CommentaryOperating Activities

2460

Working capital and tax impacts from the disposal of Paris;
Reduced operating performance; One-off tax credit in 2023

Investing Activities

142

80

Higher in H1 2024 due to net proceeds from disposal of Paris
hotel property

Financing Activities

(98)

(25)

Primarily comprises dividend payments and repayment ofborrowings

Net increase in cash

68

115

MANDARIN ORIENTAL

Financial Results

Cash Flow Statement – Investing Activities

Increase in net cash inflow from investing activities primarily
attributable to the disposal of the Paris hotel property
Cash Flow From Investing Activities
US$m

H1 2024

H1 2023

Net capital expenditure on existing properties

(9)

(6)

Redevelopment of One Causeway Bay site

(65)

(36)

Net proceeds from disposal of Paris hotel property

216-

Net proceeds from disposal of Jakarta property-

77

Net repayments from associates and joint ventures-

45Total

142

80

MANDARIN ORIENTAL

Financial Results

Net Debt and Gearing

Liquidity position remains robust; Net debt reduced by US$115 million
Net Debt and Liquidity

US$m

June 2024

December 2023

Net debt

110

225

Adjusted shareholders’ funds 1

4,498

4,637

Adjusted gearing 2

2%5%

Adjusted net asset value per share (US$)

3.56

3.67

Cash

254

190

Undrawn committed debt facilities

365

659

Group liquidity

619

849

Note: (1) Includes the market value of the Group’s ownership interest in its freehold and leasehold properties(2) Net debt as a percentage of adjusted shareholders’ funds

MANDARIN ORIENTAL

Financial Results

2024 Half Year Results

Development
Pipeline

Expected Openings in H2 2024

The Group expects to open its second hotel in Beijing in H2 2024
MANDARIN ORIENTAL MAYFAIR, LONDON

MANDARIN ORIENTAL QIANMEN, BEIJING• Newly opened in June2024• Scheduled to open in H22024• Second hotel in London• Second hotel in Beijing• 42 rooms

MANDARIN ORIENTAL RESIDENCES,
FIFTH AVENUE• Opened in Q1 2024

MANDARIN ORIENTAL, MUSCAT• Newly opened in June 2024
• The Group’s first property inOman

MANDARIN ORIENTALDevelopment PipelineNew Projects in the Pipeline

Two new management contracts announced since the start of 2024
Bali, Indonesia• Located on the Bukit peninsula• Beachfront hideaway resort
with private residences• 110 rooms and 68 residences
Rome, Italy• Located in the heart of Rome, steps
away from the city’s major
attractions and archaeological sites• Housed in ten 19th-century villas
originally built as homes for Romans• 108 rooms and suites

MANDARIN ORIENTAL

Development Pipeline

2024 Half Year Results

OutlookQuestions toInvestors@mohg.com