MCK 2026 ASM Presentation & remarks by Chair and MD

1 | Page


MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED
STOCK EXCHANGE ANNOUNCEMENT
2026 ANNUAL SHAREHOLDER MEETING – REMARKS BY MCK’S CHAIRMAN

Looking back at 2025

Given everyone’s focus on what is going on around the world right now, I do want to take a little time to
reflect on the previous year which was a positive one for MCK. Stuart will speak to the current and future
forecasts in more detail.

As we said in our results release, 2025 was another set of strong results from our key Hotels business. The
results were a validation of our strategic execution and allowed us to transition into the Thrive phase.

We continued to deliver growth for shareholders in two ways – we grew the value of our portfolio through
acquisitions and through ongoing refurbishment at key hotels. Having the additional inventory at the right
time delivered a timely boost to our results.

The acquisition of The Mayfair Hotel in Christchurch, now proudly part of the Leng’s Collection of exclusive
boutique hotels, in January 2025 was a very important strategic acquisition and strengthened our positioning
in the South Island. It is continuing to perform well in a competitive market.

Our 50% interest in the Sofitel Brisbane Central, has performed above expectations, reflected in increased
contributions to our bottom line of $2.64 million. The hotel continues to be busy with corporate and
conference bookings in particular, reflecting the increased activity in Brisbane as they approach some major
international events.

As a result, our overall hotel revenue grew by 19.5% year-on-year to $130.9 million, reflecting the increased
demand from international travellers plus an element of recovery in the corporate and domestic markets up
until now. That also allowed us to record our highest revenue result in five years, with a 6% year-on-year
increase to $186.7 million.

Despite the fall in operating profit due to CDI’s lower contribution, MCK continues to maintain a strong
balance sheet.

Our total book value of assets increased to $800.5 million with the fair market value of hotel and properties
assessed at $1.1 billion as at 31 December 2025 which translates to a net market asset value of $5.24 per
share. With minimal current bank debt, MCK is well positioned for whatever comes next.

2 | Page


Outlook for 2026

Given everyone’s focus on what is going on around the world right now, I do want to take a little time to
reflect on the previous year which was a positive one for MCK. Stuart will speak to the current and future
forecasts in more detail.

As we said in our results release, 2025 was another set of strong results from our key Hotels business. The
results were a validation of our strategic execution and allowed us to transition into the Thrive phase.

We continued to deliver growth for shareholders in two ways – we grew the value of our portfolio through
acquisitions and through ongoing refurbishment at key hotels. Having the additional inventory at the right
time delivered a timely boost to our results.

The acquisition of The Mayfair Hotel in Christchurch, now proudly part of the Leng’s Collection of exclusive
boutique hotels, in January 2025 was a very important strategic acquisition and strengthened our positioning
in the South Island. It is continuing to perform well in a competitive market.

Our 50% interest in the Sofitel Brisbane Central, has performed above expectations, reflected in increased
contributions to our bottom line of $2.64 million. The hotel continues to be busy with corporate and
conference bookings in particular, reflecting the increased activity in Brisbane as they approach some major
international events.

As a result, our overall hotel revenue grew by 19.5% year-on-year to $130.9 million, reflecting the increased
demand from international travellers plus an element of recovery in the corporate and domestic markets.
That also allowed us to record our highest revenue result in five years, with a 6% year-on-year increase to
$186.7 million.

Despite the fall in operating profit due to CDI’s lower contribution, MCK continues to maintain a strong
balance sheet.

Our total book value of assets increased to $800.5 million with the fair market value of hotel and properties
assessed at $1.1 billion as at 31 December 2025 which translates to a net market asset value of $5.24 per
share. With minimal current bank debt, MCK is well positioned for whatever comes next.

3 | Page

Outlook for 2026

When we released our 2025 results, we did signal cautious optimism. That was based on what we knew and
saw at the time.

Recent events have only served to increase our caution. For 2026, I think it is fair to say that (almost) anything
could happen globally at any time!

At our Board Meeting yesterday, Directors asked Management a lot of questions as to how MCK has been
meeting recent challenges such as price increases and market trends. We came away satisfied that the
Management team is very much aware of what is going on and is able to react quickly to changes.

Much of this hard work is taking place behind the scenes. I would like to thank all of our hotel and support
office teams for being agile and responsive over the last three months in particular as it has not been easy. As
a Board, we appreciate the work that has gone in from everyone so far.

We are all assessing the impact of the daily and weekly changes and we are all making sure the impact on
employees and guests can be minimised where we can.

That is probably the right time to hand over to MCK’s Managing Director, Stuart Harrison.

.

4 | Page


2026 ANNUAL SHAREHOLDER MEETING – REMARKS BY MCK’S MANAGING DIRECTOR
Ladies and Gentlemen, Shareholders,
E ngā mana, E ngā waka, E ngā reo,
Ko Stuart Harrison ahau E rau Rangitira ma
Tēnā koutou Tēnā koutou Tēnā koutou katoa

Thank you all for joining our meeting today especially at a time where the costs of getting around is
not cheap.
I am glad to see familiar faces and thank those shareholders both in the room and online for your
loyalty to MCK. We appreciate the continued support you show our company.

Welcome to Hani Daher
Before I take you through an overview of our hotels and other business units, I would like to pause
briefly to acknowledge a change in our leadership team.
At the conclusion of last year’s Annual Meeting, I paid tribute to the outstanding contribution of our
outgoing Vice President Operations, Ken Orr. Today, I am very pleased to formally welcome Hani
Daher, who joined us late last year as our new Vice President Operations.
Hani’s appointment followed an extensive search across the Asia-Pacific region for an experienced
hotelier with deep operational expertise and exposure to a wide range of property types, guest
segments and markets. We were fortunate to attract someone of his calibre.
In the relatively short time Hani has been with us, he has already begun to make a tangible impact. He
is a highly hands-on leader and has spent considerable time on site, working closely with our Hotel
General Managers and operational teams. The improvement we have seen in our first-quarter
performance in part reflects the early benefits of the work he has started with the business.
We are very fortunate to have added someone with Hani’s experience and leadership style at what is
a critical time for the Company, and I am delighted to be strengthening my leadership team with his
appointment.
I encourage you to say hello to Hani at the conclusion of the meeting and take the opportunity to get
to know him.

5 | Page

Colin has already spoken to our FY2025 financial results, so rather than repeat those numbers, I want
to focus on the broader picture: how we have started 2026, the market conditions we are operating
in, how we are responding, and how we continue to position the business for long-term value
creation.

Current Trading and Start to 2026
I am pleased to begin by saying that the opening months of 2026 has started strongly for the Hotels
division of the Group.
Our first quarter’s results continued the positive momentum we saw in 2025, with our Hotels showing
improved occupancy across the network and increases in both revenue and gross profit. This
performance reflects not only solid underlying demand in the early part of the year and continued
pricing discipline across our hotels, but also the benefit of refurbished rooms and previously
unavailable rooms returning to sale.
Having that improved product back online has allowed us to capture demand more effectively, lift
average yields, and convert revenue into profit at a stronger rate. As a result, the opening quarter
represents one of the stronger starts to our Hotel operations we have seen in the past five years.
That strong start will be evident in our half-year results, and it demonstrates the progress that has
been made over the past two years in strengthening our product offering, improving commercial
execution, tightening cost control, and lifting overall hotel profitability.
However, while 2026 began well, it would be unrealistic to expect that level of momentum to
continue unchanged throughout the remainder of the year. Even before recent global events, we
anticipated some moderation in demand with the usual seasonal impacts in the second and third
quarters and planned accordingly. Current conditions have simply reinforced the importance of that
disciplined and cautious approach.

Global Market Conditions and Tourism Outlook
Turning to global market conditions.
Over the past several months, geopolitical disruption has added a new layer of uncertainty to an
already complex global market. While these events have now been unfolding for some time, it is
increasingly clear that their effects will extend through the rest of this year and into next year.
Global travel patterns are changing. Airline capacity is tightening, fuel costs are elevated, and supply
chains remain under pressure. Most of us will have noticed this personally through significantly higher
airfares.

6 | Page

Airlines in our region have already begun reducing services to manage fuel security and operational
risk. While the full impact of those capacity adjustments has yet to be felt, the trend is evident and
unlikely to reverse quickly.
The International Air Transport Association has described recent events as exposing deep
vulnerabilities in jet fuel security. Carriers with significant exposure to affected regions have cancelled
large numbers of services and have yet to return to full pre-disruption schedules.
For our business, this has been felt most directly through reduced aircrew travel and cancellations
from passengers transiting through impacted hubs.
That said, the picture is not uniform.
Demand from North America remains resilient, with travellers adapting their routing choices rather
than cancelling travel entirely. European traffic has similarly adjusted. Across much of Asia, demand
remains broadly within expectations, with some moderation but no widespread collapse in key
markets.
For our hotels, the effects have not yet been of a scale that requires material changes to our
forecasts, but we are realistic that lag effects will flow through over coming quarters. Compounding
this, many suppliers have advised of price increases driven by fuel and freight costs—costs that were
not embedded in our original budgets for 2026.
Until hostilities ease and supply chains normalise, these pressures will remain. Our focus is on
minimising the impact on our guests and our people, while preserving the flexibility needed to
respond quickly as conditions change.

How We Are Responding
In this environment, planning and discipline matter more than ever.
Management teams across the business are actively monitoring forward bookings, business on the
books, and emerging demand patterns. Drawing on the hard-won experience of the pandemic, we
have modelled a range of potential scenarios—not because we expect disruption, but because we
want to be prepared rather than reactive.
We have examined the tempo of our operations, potential shifts in market mix, and how we would
adapt marketing strategies—both domestically and internationally—should conditions deteriorate or
improve.
I want to be clear on one point: this is a planning exercise only. We do not intend to take pre-emptive
action based on speculation or rumour. However, should conditions change materially, we want to be
positioned to respond, and we will keep the market appropriately informed.

7 | Page

Encouragingly, our sales teams continue to see strong longer-term interest in New Zealand as a
destination. Over the past six months, members of the sales team have been active across North
America, Europe, Japan, South Korea and China. While short-term conditions may fluctuate, it is
important to continue to promote New Zealand and the desire to visit New Zealand remains strong,
which gives us confidence in the medium-term outlook.
For Winter 2026, we are placing renewed emphasis on the domestic market—encouraging New
Zealanders and Australian to holiday closer to home, support local businesses and explore regions
they may not yet have visited.

Investment in Product and Guest Experience
Investment in our product continues to be a critical driver of performance.
Over the past two years, completing key refurbishment projects has been a priority. During that time,
we have refurbished almost six hundred rooms [specific quantity ~589 excl GMA] across the portfolio,
improving both guest satisfaction and staff pride.
As Colin mentioned earlier, returning those rooms to inventory was a contributor to the nearly 20
percent uplift in rooms revenue in FY2025. That is clear evidence that disciplined capital investment
delivers measurable returns.
At Copthorne Hotel Wellington Oriental Bay, the temporary closure of the Bay Wing is disappointing
but necessary. It gives us the opportunity to revisit the strengthening requirements for that asset for
the long term. 63 rooms (53%) of the hotel is still open and brand loyalty to the hotel remains strong,
reinforcing our confidence in the long-term demand for high-quality accommodation in the capital.
Food and beverage also remains an important part of our guest offering. Our Signature Dish
Competition last year highlighted the talent across our kitchens, and we continue to review our
restaurant to ensure they remain relevant and commercially sustainable.
A recent example is this hotel, M Social, recently received recognition from ICONIC EATS, with one of
their dishes making it into the Top 100, marking the second year achieving this milestone, selected
from over 2,400 dishes. A special congratulations to Chef Top and the M Social team for this fantastic
accomplishment and striving to deliver high quality food and exceptional experiences for our guests.
We are lucky to have some very talented chefs working for us throughout our network and I would
strongly encourage you and your friends to dine with us and support our local talent. [and Yes you
don’t need to be a hotel guest to dine at our restaurants]

8 | Page

Portfolio Management and Capital Discipline
Alongside operating performance, the Board and management continue to take a disciplined
approach to portfolio management. We have a network of 15 owned hotels in New Zealand having a
Market Value of $575m as at 31 December 2025 and along with an additional 4 managed or
franchised properties gives us a total of 2,579 rooms to fill. Our portfolio remains strategically
positioned in many of New Zealand’s key tourism and gateway destinations.
We continually review our portfolio and surplus land across the network to ensure capital is deployed
where it delivers the best long-term returns. In some cases, this may involve redevelopment; in
others, potential divestment – as is currently being considered at Copthorne Rotorua and land at
Copthorne Palmerston North.
At M Social Auckland, the proposed Downtown Carpark redevelopment is progressing through the
Fast Track process. We support the regeneration of this part of the Auckland CBD and have been
engaging proactively with Precinct Properties and the relevant authorities.
The scale and duration of the development will require us to carefully consider its impact on the hotel
and the opportunities available during the redevelopment period. That work is ongoing, and we will
update shareholders as matters progress.
On acquisitions more broadly, New Zealand hotels continue to attract strong interest from global
investors. While we remain open to opportunities that meet our criteria, we are approaching
acquisitions cautiously in the current environment. The strength of our balance sheet gives us the
flexibility to act when timing and strategy align—not before.

Australia
In Australia, our joint-venture interest in the Brisbane Sofitel Hotel has now completed two full years
of operation. The hotel traded strongly in 2025, benefitting from major demand drivers including the
British & Irish Lions Rugby Tour and the Ashes cricket series, and delivered a profit contribution of
$2.64 million to the Group after tax.
That level of performance gives us confidence that the contribution is sustainable, with potential
upside as Brisbane and Queensland prepare to host a number of major events in the period ahead.
Importantly, we are now commencing planning on a refurbishment program for the property, with
the intention that mock-up rooms will be completed during this year. This work will be funded from
accumulated cashflow from the hotel over the past few years, and will allow us to test and refine
future room concepts, while ensuring that any investment continues to enhance the hotel’s market
positioning and long-term earnings capability.
At Zenith Apartments in Sydney, we completed 16 apartment sales in 2025, and have sold a further
two in 2026 which leaves only four remaining. We are reasonably confident these will be sold before

9 | Page

year-end, bringing to a close an investment in the property that began in the 1990s and has delivered
long-term value to the Company.
I would also like to take this opportunity to formally recognise Joshua Tan, who has been a major
contributor to our Sydney operations for over 30 years. Joshua has played an important role in the
development and success of our Sydney business throughout its life, and his deep knowledge,
commitment and professionalism have been invaluable to the Group.
Joshua will be retiring in July 2026, and I want to acknowledge his outstanding service and extend our
sincere thanks for the contribution he has made over three decades. On behalf of the Board,
management and his colleagues, I wish him every success and happiness in his retirement.

The Mayfair
Closer to home, The Mayfair Hotel in Christchurch completed its first full year under our ownership in
2025 and made a meaningful contribution to the Company’s overall revenue and profitability.
From the outset, we have been careful to preserve the strong reputation that the hotel created since
it opened. It was clear that The Mayfair enjoyed powerful brand recognition as a boutique hotel and
a distinctive loyalty within the Christchurch market. Preserving that identity has been central to our
stewardship of the property.
I am therefore particularly pleased that The Mayfair has now joined the exclusive Leng’s Collection
within Millennium Hotels & Resorts. This is a special achievement for the hotel and its operational
team. Properties within Leng’s Collection are personally selected by our Group Executive Chairman,
Mr Kwek.
Mr Kwek paid an unannounced visit to the hotel last year, and its inclusion in Leng’s Collection reflects
the unique character of the property, its high-quality design, and the consistently strong standard of
service delivered by the team. Preserving The Mayfair’s boutique identity and inclusion in Leng’s
Collection is a significant endorsement of the property and its team.

CDL Investments
Turning briefly to CDL Investments New Zealand, our 65% owned subsidiary.
As you saw from our results announcement, CDI’s performance did have a dampening effect on
MCK’s overall results in 2025, and its outlook for 2026 remains challenging. That will continue to
weigh on MCK’s FY26 performance and is a key reason why management remains focused on
strengthening hotel profitability in the immediate term, where we have greater ability to influence
outcomes.

10 | Page

That said, the view of CDI has not changed, which invests with a long-term horizon and a clear focus
on value creation. Property markets are inherently cyclical, and CDI’s current performance is a direct
reflection of where we sit in the cycle today.
Planning work is continuing with two fast-track projects in Hamilton and Havelock North, with both
applications likely to be lodged before the end of the year. These projects are important to CDI’s
future and support their ability to respond when demand returns. Their diversified portfolio continues
to provide resilience. Residential development remains the cornerstone of the business, but retail and
industrial assets are providing additional earnings resilience through the property cycle.
CDI’s fundamental strengths remain intact, and we are confident that, as market conditions
normalise, it will once again make a meaningful contribution to MCK’s group revenues and
profitability in the years ahead.


Sustainability
MCK continues to make a measured and practical progress on sustainability across the business. In
2025, we achieved a number of important milestones.
In early 2026, we completed our greenhouse gas inventory and achieved Toitū Carbonreduce
certification for the third consecutive year in March, reinforcing an externally verified emissions
baseline.
Our focus is now shifting from foundational work towards embedding a more structured sustainability
framework and clear strategic direction.
Using the global Millennium & Copthorne “Green Path” as our guiding framework, we have defined a
set of sustainability priorities and initial KPIs for our hotels. These have been shared with the
Leadership Team and Hotel Managers with the next phase focused on implementation at the
property level and within the support office to drive measurable improvement across the portfolio.
We are also about to release our FY25 Sustainability and Climate Report, which will provide further
detail on our 2025 emissions profile, our forward-looking strategy, and our key metrics and targets.
While MCK is no longer required to produce a mandatory report, we consider it important to continue
voluntary disclosure. This ensures our shareholders, employees, and wider stakeholders remain
informed of our progress and commitments in this important area. The report will be available on our
Investor Website.

11 | Page

Conclusion
In closing, there is no question that 2026 will be remembered as a year shaped by external
uncertainty.
However, I remain confident in our people, our planning, and our ability to adapt. Our focus remains
unchanged: delivering outstanding hospitality, protecting and growing asset value, and generating
sustainable returns for shareholders.
I look forward to standing here next year and reporting that, despite the challenges, we did some of
our strongest work yet.
Thank you.

---

2026 ANNUAL
SHAREHOLDERS MEETING
26 MAY 2026
Welcome
›If you have a question to submit during the live
meeting, please select the Q & A tab on the right
half of your screen at anytime. Type your
question into the field and press submit. Your
question will be immediately submitted to the
moderator.
Online Questions
How to Participate in Virtual/ Hybrid Meetings
and ask a Question
Shareholder & Proxyholder Q & A Participation
3
Help
›The Q & A tab can also be used for immediate
help. If you need assistance, please submit your
query in the same manner as typing a question
and a Computershare representative will respond
directly to you.
How to Participate in Virtual/ Hybrid Meetings and Vote
›Once the voting has been opened, the resolutions
and voting options will allow voting.
›To vote, simply click on the Vote tab, and select
your voting direction from the options shown on
the screen.
›Your vote has been cast when the tick appears.
›To change your vote, select ‘Change Your Vote’.
Shareholder & Proxyholder Voting
MCK Board of Directors
• Chair and Managing Director’s Addresses
• Resolutions — Director elections and approval of auditor remuneration
• General Business
• Close of the Meeting
Agenda

9
Managing Director’s Address
Stuart Harrison
10
Welcome to Hani Daher
Left to right: Louise Borton, Hani Daher, Melanie Beattie, Stuart Harrison, Lisa
Maclean, Nathan Kruger, Anand Rambhai, Takeshi Ito
Vice President OperationsNew Zealand Leadership Team
Hani was appointed in
November 2025 and
brings over 20 years of
international hospitality
leadership experience
across Australia, the
Pacific, the Middle East,
and Africa.
His leadership has been
recognised through
industry awards,
including finalist for
Australian General
Manager of the Year
(2022–2024).
11
Current Trading and Start to 2026
The Group continues progressing toward its Thrive ambitions
SSttrraatteeggiicc EExxeeccuuttiioonn
•Hotel room refurbishments completed at
Millennium Hotels Queenstown and Rotorua
•Reinstated hotel rooms at Copthorne Hotel &
Resort Bay of Islands and Queenstown Lakefront
•Pace of transition to Thrive is being moderated by
heightened global uncertainty and softer
economic conditions
VVaalluuaabbllee AAsssseett PPoorrttffoolliioo
•19
*
NZ hotel properties in attractive locations
•Majority shareholding in CDI
•50% ownership of Sofitel Brisbane
•Owner of4 remaining apartments in Zenith
Residences (Sydney)
*incl Managed and Franchise properties
12
Global Market Conditions and Tourism Outlook
Geopolitical disruption has added a new layer of uncertainty to an already complex global market
MCK well positioned with increased room capacity following refurbishments
•Tourism continued to recover and demand from
overseasimproved along with increased flights
•International visitor arrivals to New Zealand totaled
3.5m in the December 2025 year (up 6%) – being the
first year since March 2020 to exceed 3.5m
•Events attracting international visitors to New Zealand
assisted in the recovery
Positive Long-Term Drivers
•New Zealand is a top tourist destination and the
second highest export earner for NZ
•Domestic and international travel spend will
increase as economic headwinds ease
•Robust balance sheet providing optionality,
ready to deploy
•2026 sees airlines trimming capacity and
consolidating routes in response to fuel crisis
•Demand remains resilient, with travelers
adapting their routing choices rather than
cancelling travel entirely
2025
2026
Key Events
Our near-term focus is on:
•resilient growth,
•operational excellence; and
•disciplined capital allocation
7
FY25 Performance Snapshot
Uplift in results; material growth in hotel revenue over past two years
•Hotels: continuing positive growth
Strong performance from the
acquisition of The Mayfair;
Release of refurbished rooms
helps meet demand
•Residential land development:
Subdued property market and sales
mix negatively impacts revenue and
margin

•Use of capital: continuing to invest in
hotel property refurbishments and
network expansion
1.Prior year adjusted for one-off deferred tax adjustment, made as a result of government legislation change
2.Unaudited, assessed market valuation based on analysis by independent property experts as at 31 December 2025.Includes 100% of: NZ hotels,
Zenith Apartments and CDI property assets; and 50% of: Sofitel Brisbane Hotel
3.Unaudited, adjusted for MCK proportion of shareholding being 100% NZ hotels and Zenith Apartments, 65% of CDI and 50% Sofitel Brisbane and
including an allowance for tax on the revaluation of property assets
TTOOTTAALL
RREEVVEENNUUEE
NNZZ HHOOTTEELL
RREEVVEENNUUEE
GGRROOUUPP PPRROOFFIITT
BBEEFFOORREE TTAAXX
$$118866..77mm
+6.0%
$$113300..99mm
+19.5%
$$3333..00mm
-29.8%
E
EAARRNNIINNGGSS PPEERR
SSHHAARREE
PPRROOPPEERRTTYY
AASSSSEETTSS
NNTTAA PPEERR SSHHAARREE
1122..7788

cceennttss
-25.6%
11
BBOOOOKK VVAALLUUEE
$$775522..22mm
MMAARRKKEETT VVAALLUUEE
22
$1.1b
BBOOOOKK VVAALLUUEE
$$33..5588
MMAARRKKEETT VVAALLUUEE
$5.24
3
8
FFYY2255
$$mm
FFYY2244
$$mm
Property, plant and equipment321.7283.4
Development properties279.7264.1
Investment properties35.536.3
Investment in JV51.246.6
Loans in JV64.163.8
Cash and bank deposits24.241.3
Total assets800.5762.35.0%
Bank debt20.03.0
Deferred tax liability32.332.7
Other Liabilities63.261.6
Net Assets685.0664.93.0%
NTA per share3.583.46
Resilient Balance Sheet
Provides optionality for further growth
•Total assets grow $38m (including the acquisition
of The Mayfair Hotel for $31.9m) funded by
current year profits and draw down of bank debt
•Development property acquisitions settled
by CDL Investments
•Investment properties are the remaining Zenith
Apartments & CDL Investments Industrial / Retail
Properties
•Positive cash positions as at 31 December, with
$24.2m on a consolidated basis
•Balance Sheet further strengthened as net assets
grow $20m

How We Are Responding
NZ Government has a Fuel Response Framework — New Zealand is at Phase One. ‘The market is working normally. Fuel supplies are
continuing to arrive, and there is no need for households or businesses to change behaviour or buy more fuel than usual. ‘
14
Investment In Product and Guest Experience
Full benefits of refurbishment programme yet to be realised.
Key projects completed:
CCoopptthhoorrnnee HHootteell && RReessoorrtt
BBaayy ooff IIssllaannddss
Refurbishment of 48
Seaspray rooms and
Reinstatement of 40
Garden Wing rooms
M
Miilllleennnniiuumm HHootteell
RRoottoorruuaa
Refurbishment of 127
rooms completed and 2
suites nearing completion
M
Miilllleennnniiuumm HHootteell
QQuueeeennssttoowwnn
Refurbishment of 11 suites
completed and 4 suites
remaining
C
Coopptthhoorrnnee HHootteell && RReessoorrtt
QQuueeeennssttoowwnn LLaakkeeffrroonntt
Soft refurbishmentof Block
2 comprising 52 rooms
added back into inventory
C
Coopptthhoorrnnee HHootteell
PPaallmmeerrssttoonn NNoorrtthh
Recladding and other works
including HVAC and re-
painting to all tower rooms.
15
Investment In Product and Guest Experience (Continued)
Signature Dish Competition
To celebrate 30 years of hospitality excellence, we invited our chefs from across
the country to create a Signature Dish that captures the essence of their region.
Guests can now experience a signature dish at all hotels who took part in the
competition.
With the competition grouped into four areas, the winning dishes
of each area are:
Tip Top of the North: Copthorne Hotel & Resort Bay of Islands – Northland Native
Beef Duo
Middle Feast: Millennium Hotel New Plymouth – Lamb A Toru (Lamb Three Ways)
Cook Strait: Copthorne Hotel Oriental Bay Wellington – Beef Wellington
Deep South Dish: Kingsgate Hotel Te Anau – Venison Ragout with Plum Salad
16
Portfolio Management and Capital Discipline
Optimising the use of capital across the hotel portfolio and under-utilised land and buildings
•Surplus land adjacent to hotels - in Rotorua, Palmerston North and Queenstown – being considered for further
development or sale
•Seismic assessments to take place following upcoming changes to criteria and work through any requirements for
seismic strengthening in Wellington, Oriental Bay
•Remediating or replacing critical aged infrastructure at key hotels
•Auckland Downtown Carpark development, adjoining M Social Hotel, progressing through consenting with
consideration required on the impactsand the opportunity available for further development of the hotel site
•Development worksacross CDI’s key sites, maintaining flexibility across its landholdings, carefully staged
investment, and progressed consent pathways where possible
The Mayfair Hotel Christchurch
Acquired January 2025
•Acquired for $31.9m (Freehold)
•67 Guest Rooms and Suites
•Restaurant, Café & kitchen
•Conference & Meeting facilities
17
CDL Investments
Sydney Apartments
•Sold of 16 apartment
FY2025 & 2 YTD FY2026
•Reducing stream of
income with 4 remaining
apartments
Brisbane Sofitel Hotel
•Consistent demand across
all major segments
•Increasing contribution to
group profitability expected
to continue
•Commencing planning on a
refurbishment program for
the property
BBrriissbbaannee HHootteellJJooiinntt VVeennttuurree
FFYY2255
$$mm
FFYY2244
$$mm
% change
Hotel Revenue 100%58.0853.478.6%
Hotel Operating profit9.076.0749.4%
MCK’s share of: Profit after tax
50%
2.641.5175.0%
Net finance expense1.011.76
ZZeenniitthh AAppaarrttmmeennttss –– 110000%%FFYY2255FFYY2244%% cchhaannggee
Units Sales169
Units Available622
Rental & Sales Income$17.7m$17.6m0.7%
Profit before tax$8.7m$9.5m-8.8%
Uplift in performance
Positive progress on
Zenith apartment sales

19
CDL Investments
Progressing its development programme
and positioning the business for the future
•Total landholding 305ha
•10 Development Project sites
•Nationwide geographical spread
•Diverse portfolio across development
and investment
Focus remains on
•Securing sales
•Preserving cash flow
•Evolving planning and land use settings
at national and regional levels
20
Sustainability
We’ve continued to make progress with
our hotel sustainability initiatives in 2025.
Here are some of our environmental
achievements for the year.
21
2026 Outlook
Continue progression towards Thrive ambitions,
although the pace of transition is being moderated by
heightened global uncertainty and softer economic
conditions
•Economic recovery reinvigorated late-2025 and
started looking to continue to build within 2026
•Now needing to navigate a more uncertain global
environment
•Maintain a view that Central and local Government
stability and support is needed to promote NZ and
attract tourists, conferences and events
•Property markets in New Zealand are showing little
signs of recovery and looking to advance
development pipeline works across key sites in a
disciplined focus on long-term value creation
2026 Priorities
•Continue to increase the utilisation of hotel
rooms available to sell following refurbishments
and rooms being reinstated
•Review investment intoportfolio, refurbishment
upgrades and infrastructure
•Identify and assess opportunities for surplus land
•Grow My Millennium loyalty scheme to drive
bookings
2026 will be remembered as a year shaped by
external uncertainty
Business of the Meeting
General Business
Close of the Meeting
•Resolution 1: Re-election of Graham McKenzie
•Resolution 2: Re-election of Eik Sheng Kwek
•Resolution 3: Re-election of Stuart Harrison
AUDITORS’ REMUNERATION: Resolution 4: That the Board of Directors be authorised to fix the auditor’s
fees and expenses.
The Board unanimously recommends shareholders vote in favour of all resolutions.
Resolutions
DIRECTOR RE-ELECTIONS:

Explore New Zealand with Millennium Hotel and Resorts
At Millennium Hotels and Resorts, we believe there are A Thousand Ways of Happiness — and it all starts with
where you stay. Proudly located across New Zealand’s most sought-after destinations, from the urban energy of
gateway cities to scenic lakes, bays, and mountains, our hotels offer the best of both business and leisure.
With trusted global standards and deep local roots, our 19 properties are uniquely equipped to deliver
memorable experiences. We offer everything from refined corporate stays and large-scale conferences to group
tours, romantic escapes, and unforgettable family holidays. Our versatile event spaces include some of the
largest ballrooms in their regions, backed by dedicated on-site teams and cutting-edge facilities.
Every hotel offers easy access, and some locations provide ample car parking, ensuring a smooth and hassle-
free guest experience. And with a range of brands — from smart 3-star solutions to elegant 5-star escapes —
we cater to a wide range of budgets, travel styles, and business needs. Plus, My Millennium members enjoy
exclusive rates, stay benefits, and recognition every time they book direct.
LIFESTYLE
Contemporary hotels for the curious, the
explorers and those who thrive on new
experiences. Functionally chic, the Lifestyle
brand of hotels are designed for all travellers.
Brands in the Lifestyle collection include:
M Social Hotels, The Mayfair
PREMIUM
The travellers’ choice in gateway cities.
The Millennium brand of hotels are created
with timeless elegance and famed for their
conference and banquet offerings, world-
class facilities and the ultimate in
personalized, gracious service. They are
perfect for corporate, leisure, meetings and
conventions.
Brands in the Premium collection include:
Grand Millennium Hotels and Millennium
Hotels.
COMFORTABLE
Comfortable hotels at a comfortable price.
This brand of hotels are firmly established as a
preferred choice for both business and leisure
travellers in providing comfortable service.
Brands in the Comfortable collection include:
Copthorne Hotels and Kingsgate Hotels.
Explore Our Brands
UNIQUE
Contemporary hotels for the curious, the
explorers and those who thrive on new
experiences. Functionally chic, the Lifestyle
brand of hotels are designed for all travellers.
Brands in the Lifestyle collection include:
M Social Hotels, The Mayfair
28
*50/50 Joint VentureacquiredSofitel Brisbane Central in December 2023
Our Hotel Networks
As at 26 May 2026
19
Hotels in New Zealand
Opportunity to fill in the network
2,300 rooms per night owned and managed
1
Hotel in Australia
*
Beachhead established.
Significant opportunity to build footprint
LIFESTYLE
UNIQUE

PREMIUM
COMFORTABLE
34
Provides MCK with a diversified property portfolio and revenue stream
CDL Investments NZ (NZX: CDI)
65.05% shareholding
Investment Properties
•4x Commercial Investment properties:
o2x Warehouses (NLA 16,402 m2 WALE 4.0 years )
o2x Retail (NLA 3,411 m2 WALE 3.8 years)
Land Development Projects Across New Zealand
•9x Residential Land Development
•1x Commercial Land Development
SUBDIVISION LOCATION MAP
35
Disclaimer
This announcement has been prepared by Millennium & Copthorne Hotels New Zealand Limited ("M&C Hotels"). The details in this announcement provide
general information only. It is not intended as investment, legal, tax or financial advice or recommendation to any person and must not be relied on as such. You
should obtain independent professional advice prior to making any decision relating to your investment or financial needs.
All references to $ are to New Zealand dollars unless otherwise indicated. Percentages may be subject to rounding.
This announcement may contain forward-looking statements. Forward-looking statements can include words such as “expect”, “intend”, “plan”, “believe”,
“continue” or similar words in connection with discussions of future operating or financial performance or conditions. The forward-looking statements are
based on management's and directors’ current expectations and assumptions regarding the M&C Hotels business, assets and performance and other future
conditions, circumstances and results. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and to any
changes in circumstances. M&C Hotels actual results may vary materially from those expressed or implied in the forward-looking statements. M&C Hotels and
its directors, employees and/or shareholders have no liability whatsoever to any person for any loss arising from this announcement or any information supplied
in connection with it. M&C Hotels are under no obligation to update this announcement or the information contained in it after it has been released. Past
performance is no indication of future performance.