Howard Hughes (HHH) investor relations material

Executive summary

• Completed $2.1 billion acquisition of Vantage Group Holdings, establishing insurance/reinsurance as a second operating platform and transforming into a diversified holding company.

• Net income attributable to common stockholders rose to $158.4 million for Q2 2026, reversing a $12.1 million loss in Q2 2025, driven by strong condominium sales, multifamily property gains, and higher MPC land sales, partially offset by a net loss from Vantage.

• Leadership team strengthened with the addition of Marc Grandisson as Executive Chair of Vantage and David Gansberg as CEO-designate, aiming to build a best-in-class insurance business.

• Maintained robust liquidity with $2.65 billion in cash and equivalents, $515 million undrawn on Bridgeland Notes, and $1 billion undrawn lender commitments.

• Real estate operations continue to generate strong cash flow, supporting strategic investments and the transformation of the business model.

Financial highlights

• Q2 2026 total revenues were $1.12 billion, up from $260.9 million in Q2 2025, reflecting the Vantage acquisition and strong real estate sales.

• Net income for Q2 2026 was $158.4 million, compared to a net loss of $12.1 million in Q2 2025.

• Vantage's Q2 2026 gross written premiums were $473 million, up 29% year-over-year; net earned premiums up 22% to $295 million.

• Master Planned Communities (MPC) EBT was $134.7 million, up 32% year-over-year, driven by strong land sales.

• Closed 527 condominium units at The Park Ward Village, generating $226.6 million net proceeds and $130.9 million gross profit.

Outlook and guidance

• Management expects continued value creation from the diversified holding company strategy, with primary cash sources from MPC land sales, condominium closings, operating assets, and insurance premiums.

• Expect continued capital allocation toward Vantage, with a focus on underwriting discipline and expanding product offerings.

• Real estate business to accelerate monetization of stabilized assets and pursue joint ventures or third-party capital to enhance returns.

• Future condo pipeline includes 1,293 units under construction or predevelopment, 78% pre-sold or under contract, with estimated future GAAP revenue at sellout of $4.3 billion.

• Sufficient liquidity is expected to meet obligations and operating expenses for at least the next 12 months.