MCK 2026 Interim Report

INTERIM REPORT 2026
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LTD

2026/2027 SHAREHOLDER DISCOUNT CARD
As a valued shareholder of Millennium & Copthorne
Hotels New Zealand Limited, we are pleased to offer
a shareholder discount of 20% off our Best Available
Fully Flexible Rate applicable at the time of booking
and 12.00pm check-out (subject to availability) at
participating Millennium, Copthorne and Kingsgate
hotels in New Zealand.
Please note: the participating hotels are M Social Auckland /
Millennium Hotel New Plymouth / Queenstown / Rotorua
Copthorne Hotel Auckland City / Bay of Islands / Greymouth /
Palmerston North / Queenstown Lakefront / Queenstown
Lakeview / Rotorua / Wellington Oriental Bay / Kingsgate
Hotel Dunedin / Te Anau
Terms and Conditions: Shareholder Discount is available to current shareholders of Millennium & Copthorne Hotels New Zealand Limited for private bookings
(maximum 2 rooms) only. The discount is 20% off the Best Available Fully Flexible Rate applicable at time of booking and does not apply to any other previously
discounted / special rate. Where available, a check-out time of 12.00pm may be requested. Reservations must be made via the internet (www.millenniumhotels.
com), by e-mail to central.res@millenniumhotels.co.nz or by telephone (0800 808 228 within New Zealand). The promo code MCKSHR must be used.
Please present this card upon check-in. Card is valid until 30 September 2027 or when you cease to be a shareholder, whichever is the earlier.
Dear Valued Shareholder,
YOUR 2026/2027 SHAREHOLDER DISCOUNT CARD
At Millennium, Copthorne and Kingsgate Hotels and Resorts we are proud of the staff, hotels and locations
we have within New Zealand. As a shareholder we would also like for you to be able to experience
first-hand the experience of staying at, dining at or meeting at one of our participating hotel locations.
To encourage you to utilise this I am pleased to enclose your Shareholder Discount Card along with
our 2026 Half Year Report. The shareholder discount is for up to 2 rooms per stay at 20% off our Best
Available Fully Flexible Rate. If you decide to cancel the booking before the date of arrival there are no
cancellation fees.
In order to receive the discount, please make your bookings through our website www.millenniumhotels.
com using promo code MCKSHR, by e-mail (central.reservations@millenniumhotels.co.nz) or via our
Central Reservations Office on 0800 808 228 (within New Zealand only). Bookings cannot be made via
the hotel directly.
Outside of the Shareholder Discount, we have a range of special promotions available and exclusive
offers for members of our loyalty programme MyMillennium. We encourage all shareholders to join
the programme at www.millenniumhotels.com as we look at how to reward our shareholders through
MyMillennium in the future.
Thank you for your continued support of our Millennium, Copthorne and Kingsgate Hotels and Resorts
and we look forward to hosting you in the near future.
Yours faithfully,
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED
Stuart Harrison
Managing Director

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026 | 3
New Zealand hotel owner and operator, Millennium & Copthorne Hotels New Zealand
Limited (MCK), has today announced its unaudited results for the six months to 30 June
2026.
MCK Chairman Colin Sim was pleased by the increase in hotel revenue following a strong
first quarter with that positive momentum carrying through into the second quarter.
“Despite ongoing global uncertainties, our hotels have done well over the past few
months and we are pleased that the results we are announcing today reflect the hard
work our teams have put in during the year to date as well as the benefit of refurbished
product”, he said.
A 15% increase in hotel revenue was the main contributor to the results which was
reflected in a 58% increase in net profit before tax to $18m for the period (HY2025:
$11.3m).
Mr. Sim noted that MCK’s South Island hotels in particular had been the major contributor
to the results.
“Queenstown continues to be the region which is outperforming the rest. We believe
that this will continue to be the case for the time being and we are therefore allocating
resources to ensure that our hotels can maximise their potential for the remainder of the
year. Our key North Island properties in Rotorua, Auckland and the Bay of Islands are also
performing well and experiencing positive demand trends and we will ensure that they
are also in a position to perform strongly for the balance of 2026 and into 2027”, he said.
MCK’s Managing Director, Stuart Harrison, noted that MCK’s results showed what could
be done despite international turmoil.
“Focusing on improving the guest experience and our overall product have helped our
hotels despite the current difficult global circumstances. We have a loyal customer
base which is keen to stay with us across New Zealand and we are capitalising on their
enthusiasm for our refreshed rooms and service offerings. It is heartening to know that
Australia and New Zealand continue to be attractive and safe destinations for global
tourism and we look forward to that continuing”, he said.
MCK INTERIM RESULTS
FOR SIX MONTHS TO 30 JUNE 2026

4 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026
MCK also saw contributions from its other property investments with two sales at the
Zenith Residences were recorded in the period leaving four apartments remaining for sale.
MCK is aiming to complete the sale of these remaining apartments within the calendar
year subject to market conditions. When sold, this would conclude MCK’s interest in the
residential component of the Zenith Apartments leaving a small commercial office area
remaining.
MCK is also looking at the sale of the land and buildings at the Copthorne Hotel Rotorua
site as well as some under-utilised land around Copthorne Hotel Palmerston North. With
various parties expressing interest, MCK has entered into conditional agreements to
allow for due diligence to take place. MCK’s intention is to settle any transactions before
the end of the financial year and to use the sale proceeds for additional investment into
its existing hotel portfolio. Market updates will be provided should these agreements
become unconditional. The company is also reviewing its ground lease arrangements at
Copthorne Hotel Auckland City.
MCK’s majority owned property development subsidiary, CDL Investments New Zealand
Limited (CDI) reported a result that was lower than its previous year in line with its
guidance at its 2026 annual meeting. MCK does not expect CDI to be a major contributor
to its FY2026 revenue and profit and will be monitoring market conditions carefully to
ensure that its longer term performance is beneficial to MCK.
RESULTS SNAPSHOT
SIX MONTHS TO 30 JUNE1H26 1H25
Average hotel occupancy across the Group76.8%70.0%
Group revenue$88.80m $79.30m
Profit before income tax$17.90m $11.35m
Earnings per share (cents per share)7.32c 4.20c

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026 | 5
OUTLOOK
MCK is looking to take the positive momentum seen to date into Q3 and Q4 of this year.
With almost full inventory after refurbishment available to MCK and with improvements
recorded in its rooms and food and beverage operations, Management and the Hotel
Operations teams are looking to refine its rate and occupancy performance as cost
pressures gradually reduce in line with global tensions.
Mr. Sim stated that MCK was aiming to improve on its FY25 results particularly through
better performance from its hotel portfolio.
“Our New Zealand hotels continue to be the strongest contributor to our results so far
and we want to ensure that the gains made in the first half of the year are not diluted.
While we do expect that the results from our other business segments will impact our
overall profit forecast for the year, we will focus on maximising our hotels’ performance
so that they finish the year as strongly as possible”, he said.
Mr. Harrison also noted that MCK would be monitoring developments in tourism policy
ahead of the November general election in New Zealand.
“While there appears to be a consensus amongst local and central government in favour
of a nationwide bed tax, there is no agreement on the details such as the appropriate rate,
who will collect it and how those funds will be utilised. MCK will be looking for certainty in
these areas from whichever party or parties form the next government. There needs to
be clear leadership and an unambiguous policy direction so that accommodation owners
and operators like MCK and the wider tourism industry know exactly how things will
proceed”.
Mr. Harrison also noted the final decision of the Fast Track Panel in relation to the
Downtown Carpark redevelopment project released last week and its potential impact
on M Social Auckland.
“While the overall development will bring long term benefits to Auckland as a whole,
there will be disruption and disturbances to M Social Auckland during the demolition and
construction periods which will take years. We endeavoured to highlight these effects to
the Panel in our submissions and while the Panel accepted some of our submissions,
they have indicated that MCK will need to work with the developer during demolition and
construction. We are carefully reviewing the Panel’s decision and will look at what we can
do on our site to protect our hotel as well as how we can potentially enhance it”, he said.

A THOUSAND WAYS OF HAPPINESS
Strategic execution proving the resilience of the business,
and working through the Revive to Thrive strategy
Hotel improvement programme adding value to existing assets
Positioned to capitalise as the tourism and property sectors rebound
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
• Results reflecting hard work put in, but
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 with
interest rate volatility, construction cost
pressures and the gradual pace of recovery
• Advancing 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
• Focusing on improving the guest experience
with a loyal customer base
• Grow MyMillennium loyalty scheme
to drive bookings
• Review investment into portfolio,
refurbishment upgrades and infrastructure
• Identify and assess opportunities
for surplus land
2026 will be remembered as a year
shaped by external uncertainty increasing
the requirement to look at ways
to improve our overall performance across
the business

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026 | 7
MANAAKI
Protect & Care
Donate with
SAVE THE KIWI
PARTNERSHIP
MEALS DONATED
Over 100,000 since 1 July 2023
Redeem loyalty points online in MyRewards
Millennium Hotels and Resorts New Zealand has now entered into a third
partnership term with Save the Kiwi. This unique collaboration gives the
opportunity for hotel guests to donate a ‘kiwi meal’ and support Save the Kiwi’s
kiwi crèche in Napier.
Opting out of having your room serviced on a multi-night stay helps the hotels
conserve water and energy, the funds from these resources can then be
redirected towards Save the Kiwi in the form of a ‘kiwi meal’.
Millennium Hotels and Resorts New Zealand gifted the name ‘MaCK’ to a kiwi
chick that hatched on 2 February 2025 at the Kiwi Burrow, before moving to the
Napier Kiwi Crèche.

8 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026
YOUR STORY
STARTS HERE
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be rewarded wherever you travel.
From the moment you join,
MyMillennium opens up a world
of exclusive benefits.
The more you stay, the better it gets
SAVE
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rates & oƒers
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MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026 | 9
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2026
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 1

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Income Statement
for the six months ended 30 June 2026





UnauditedUnaudited
6 months6 months
DOL LA RS IN THOUSA NDSNote
to 30/06/26to 30/06/25
Revenue88,844 79,296
Cost of sales(38,552) (36,634)
Gross profit50,292 42,662
Administrative expenses(19,249) (16,734)
Other operating expenses(16,113) (13,962)
Operating profit before finance income14,930 11,966
Finance income2,766 1,049
Finance costs(1,099) (2,423)
Net finance (expense)/income1,667 (1,374)
Share of profit of joint venture
8
1,349 753
Profit before income tax17,946 11,345
Income tax expense
5
(4,518) (2,848)
Profit/(loss) for the pe riod13,428 8,497
Profit/(loss) for the period attributable to:
Equity holders of the parent11,574 6,650
Non-controlling interests1,854 1,847
Profit/(loss) for the period 13,428 8,497
Basic earnings per share (cents)
4
7.32c4.20c
Diluted earnings per share (cents)
4
7.32c4.20c
The attached notes form part of, and are to be read in conjunction with, these financial statements.
YOUR STORY
STARTS HERE
EXTRAORDINARY
EXPERIENCES AWAIT,
JOIN FOR FREE
Explore with MyMillennium and
be rewarded wherever you travel.
From the moment you join,
MyMillennium opens up a world
of exclusive benefits.
The more you stay, the better it gets
SAVE
Member-exclusive
EARN
Double Points
every 10 nightsrates & oˆers
SHOP
Redeem Points in
My Millennium Mall
UPGRADE
Stay 10 nights for Prestige
status & enhanced perks
YOUR STORY
STARTS HERE

10 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2026
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 2

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Comprehensive Income
for the six months ended 30 June 2026






UnauditedUnaudited
6 months6 months
DOLL A RS IN THOUSA NDSNot e
to 30/06/26to 30/06/25
Profit/(loss) for the period13,428 8,497
Items that are or may be reclassified to profit or loss
Foreign exchange translation movements5,676 (2,232)
- Tax (expense)/credit on foreign exchange(69) (22)
5,607 (2,254)
Total comprehensive income/(loss) for the period19,035 6,243
Total comprehensive income/(loss) for the period attributable to:
Equity holders of the parent17,181 4,396
Non-controlling interests1,854 1,847
Total comprehensive income/(loss) for the period19,035 6,243
DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUE/EXPENSES
Classified under:
Administrative expenses
Audit fees(217) (199)
Other operating expenses
Depreciation of Property, Plant & Equipment(4,780) (4,277)
Depreciation of Investment Property(283) (275)
Depreciation of Right-Of-Use Assets (461) (445)
Leasing and rental expenses(531) (368)
Finance income
Interest income907 1,030
Foreign exchange gain1,858 19
Finance costs
Interest expense(140) (706)
Interest expense on lease liability(930) (938)
Foreign exchange loss(29) (779)
The attached notes form part of, and are to be read in conjunction with, these financial statements.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026 | 11
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIESCONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2026 (UNAUDITED)
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 2

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Comprehensive Income
for the six months ended 30 June 2026






UnauditedUnaudited
6 months6 months
DOLL A RS IN THOUSA NDSNot e
to 30/06/26to 30/06/25
Profit/(loss) for the period13,428 8,497
Items that are or may be reclassified to profit or loss
Foreign exchange translation movements5,676 (2,232)
- Tax (expense)/credit on foreign exchange(69) (22)
5,607 (2,254)
Total comprehensive income/(loss) for the period19,035 6,243
Total comprehensive income/(loss) for the period attributable to:
Equity holders of the parent17,181 4,396
Non-controlling interests1,854 1,847
Total comprehensive income/(loss) for the period19,035 6,243
DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUE/EXPENSES
Classified under:
Administrative expenses
Audit fees(217) (199)
Other operating expenses
Depreciation of Property, Plant & Equipment(4,780) (4,277)
Depreciation of Investment Property(283) (275)
Depreciation of Right-Of-Use Assets (461) (445)
Leasing and rental expenses(531) (368)
Finance income
Interest income907 1,030
Foreign exchange gain1,858 19
Finance costs
Interest expense(140) (706)
Interest expense on lease liability(930) (938)
Foreign exchange loss(29) (779)
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 3
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries Condensed Interim Statement of Changes in Equity for the six months ended 30 June 2026 (unaudited)
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Share
Exchange
Retained
Treasury
Unaudited
Non-controlling
Total
DOLL A RS IN THOUSA NDS
No t e
Capital
Reserves
Earnings
Stock
Tot al
Interests
Equity
Balance at 1 January 2025
383,266

1,246

163,429

(26)

547,915

116,990

664,905

Movement in exchange translation reserve
-

(2,254)

-

-

(2,254)

-

(2,254)

Income and expense recognised directly in equity
-

(2,254)

-

-

(2,254)

-

(2,254)

Profit/(loss) for the period
-

-

6,650

-

6,650

1,847

8,497

Total comprehensive income for the period
-

(2,254)

6,650

-

4,396

1,847

6,243

Transactions with owners, recorded directly in equity :
Dividends paid to:
Equity holders of the parent
6
-

-

(4,747)

-

(4,747)

-

(4,747)

Non-controlling interests
-

-

-

-

-

(4,186)

(4,186)

Movement of non-controlling interests without a change in control
-

-

(150)

-

(150)

824

674

Balance at 30 June 2025
383,266

(1,008)

165,182

(26)

547,414

115,475

662,889

Balance at 1 January 2026
383,266

5,256

178,750

(26)

567,246

117,773

685,019

Movement in exchange translation reserve
-

5,607

-

-

5,607

-

5,607

Income and expense recognised directly in equity
-

5,607

-

-

5,607

-

5,607

Profit/(loss) for the period
-

-

11,574

-

11,574

1,854

13,428

Total comprehensive income for the period
-

5,607

11,574

-

17,181

1,854

19,035

Transactions with owners, recorded directly in equity :
Dividends paid to:
Equity holders of the parent
6
-

-

(4,747)

-

(4,747)

-

(4,747)

Non-controlling interests
-

-

-

-

-

(1,610)

(1,610)

Movement of non-controlling interests without a change in control
-

-

(96)

-

(96)

310

214

Balance at 30 June 2026
383,266

10,863

185,481

(26)

579,584

118,327

697,911

The attached notes form part of, and are to be read in conjunction with, these financial statements.
Attibutable to Equity Holders of the Group

12 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2026
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 4

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Financial Position
As at 30 June 2026





UnauditedAudited
as atas at
DOL LA RS IN THOUSA NDSNote
30/06/202631/12/2025
SHAREHOLDERS' EQUITY
Issued capital
3
383,266 383,266
Reserves196,344 184,006
Treasury stock
3(26) (26)
Non-controlling interests118,327 117,773
Total equity697,911 685,019
Represented by:
NON CURRENT ASSETS
Property, plant and equipment319,420 321,711
Development properties 250,877 257,854
Investment properties35,184 35,525
Investment in associates2 2
Investment in joint venture55,800 51,209
Total non-current assets661,283 666,301
CURRENT ASSETS
Cash and cash equivalents12,831 20,361
Short term bank deposits1,571 3,872
Trade and other receivables9,536 22,212
Advance to related parties
7
63,575 64,821
Inventories944 1,045
Development properties36,018 21,851
Total current assets124,475 134,162
Total assets785,758 800,463
NON CURRENT LIABILITIES
Lease liabilities26,349 26,483
Provision for deferred taxation32,801 32,331
Interest-bearing loans and borrowings- 20,000
Total non-current liabilities59,150 78,814
CURRENT LIABILITIES
Trade and other payables26,877 33,502
Trade payables due to related parties
7
585 789
Lease liabilities435 444
Income tax payable800 1,895
Total current liabilities28,697 36,630
Total liabilities87,847 115,444
Ne t a sse ts697,911 685,019
The attached notes form part of, and are to be read in conjunction with, these financial statements.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026 | 13
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2026
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 5

UnauditedUnaudited
6 months6 months
DOLLA RS IN THOUSA NDSNote
to 30/06/26to 30/06/25
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers101,507 90,145
Interest received378 518
101,885 90,663
Cash was applied to:
Payments to suppliers and employees(82,376) (63,743)
Purchase of development land
2
- (14,811)
Interest paid(148) (651)
Income tax paid(5,335) (7,114)
(87,859) (86,319)
Net cash inflow from operating activities14,026 4,344
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was (applied to)/ provided from:
Purchase of property, plant and equipment(2,892) (43,979)
Purchase of investment property(32) (383)
Proceed from the sale/ (purchase) of property, plant and equipment
57 (15)
Withdrawals/ (investments in) from short term bank deposits2,301 (1,079)
Repayment from joint venture5,752 -
Net cash inflow/ (outflow) from investing activities5,186 (45,455)
CASH FLOW S FROM FINANCING ACTIVITIES
Cash was (applied to)/ provided from:
(Repayment)/ Drawdown of borrowings(20,000) 27,000
Lease payments(1,192) (1,112)
Dividends paid to shareholders of Millennium & Copthorne
Hotels New Zealand Ltd
6
(4,747) (4,747)
Dividends paid to non-controlling interests (1,610) (4,186)
Net cash (outflow)/ inflow from financing activities(27,549) 16,955
Net (decrease)/ increase in cash and cash equivalents(8,337) (24,156)
Add opening cash and cash equivalents20,361 39,726
Exchange rate adjustment807 528
Closing cash and cash equivalents12,831 16,098
The attached notes form part of, and are to be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2026

14 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2026
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 6

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2026





UnauditedUnaudited
6 months6 months
DOL L A RS IN THOUSA NDSNot e
to 30/06/26to 30/06/25
Reconciliation of net profit/(loss) for the period to cash flows from operating activities
Profit/(loss) for the period13,428 8,497
Adjusted for non cash items:
Share of (profit)/loss Joint Venture
8
(1,349) (753)
Loss on Sale of Fixed Assets17 19
Foreign Exchange (Gain)/ Loss(1,829) 775
Depreciation of Property, Plant & Equipment4,780 4,277
Depreciation of Right-Of-Use Assets 461 445
Depreciation of Investment Property283 275
Income tax expense 4,518 2,848
Adjustments for movements in working capital:
Decrease in receivables12,133 10,337
Decrease/(Increase) in inventories101 163
(Increase) in development properties(6,961) (19,940)
(Decrease)/Increase in payables(5,548) 4,211
(Decrease)/Increase in related parties(525) 954
Cash generated from operations19,509 12,108
Interest paid(148) (650)
Income tax paid(5,335) (7,114)
Ne t ca sh inflow from ope ra ting a ctivitie s14,0264,344
Reconciliation of movement of liabilities to cash flows arising
UnauditedUnaudited
from financing activitie s
6 months6 months
to 30/06/26to 30/06/25
External borrowings as at 1 January
20,000 3,000
Proceeds from borrowings- 34,000
Repayment of borrowings(20,000) (7,000)
Financing cash flows
(20,000) 27,000
External borrowings as at 30 June- 30,000
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 6

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2026





UnauditedUnaudited
6 months6 months
DOL L A RS IN THOUSA NDSNot e
to 30/06/26to 30/06/25
Reconciliation of net profit/(loss) for the period to cash flows from operating activities
Profit/(loss) for the period13,428 8,497
Adjusted for non cash items:
Share of (profit)/loss Joint Venture
8
(1,349) (753)
Loss on Sale of Fixed Assets17 19
Foreign Exchange (Gain)/ Loss(1,829) 775
Depreciation of Property, Plant & Equipment4,780 4,277
Depreciation of Right-Of-Use Assets 461 445
Depreciation of Investment Property283 275
Income tax expense 4,518 2,848
Adjustments for movements in working capital:
Decrease in receivables12,133 10,337
Decrease/(Increase) in inventories101 163
(Increase) in development properties(6,961) (19,940)
(Decrease)/Increase in payables(5,548) 4,211
(Decrease)/Increase in related parties(525) 954
Cash generated from operations19,509 12,108
Interest paid(148) (650)
Income tax paid(5,335) (7,114)
Ne t ca sh inflow from ope ra ting a ctivitie s14,0264,344
Reconciliation of movement of liabilities to cash flows arising
UnauditedUnaudited
from financing activitie s
6 months6 months
to 30/06/26to 30/06/25
External borrowings as at 1 January
20,000 3,000
Proceeds from borrowings- 34,000
Repayment of borrowings(20,000) (7,000)
Financing cash flows
(20,000) 27,000
External borrowings as at 30 June- 30,000
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 6

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2026





UnauditedUnaudited
6 months6 months
DOL L A RS IN THOUSA NDSNot e
to 30/06/26to 30/06/25
Reconciliation of net profit/(loss) for the period to cash flows from operating activities
Profit/(loss) for the period13,428 8,497
Adjusted for non cash items:
Share of (profit)/loss Joint Venture
8
(1,349) (753)
Loss on Sale of Fixed Assets17 19
Foreign Exchange (Gain)/ Loss(1,829) 775
Depreciation of Property, Plant & Equipment4,780 4,277
Depreciation of Right-Of-Use Assets 461 445
Depreciation of Investment Property283 275
Income tax expense 4,518 2,848
Adjustments for movements in working capital:
Decrease in receivables12,133 10,337
Decrease/(Increase) in inventories101 163
(Increase) in development properties(6,961) (19,940)
(Decrease)/Increase in payables(5,548) 4,211
(Decrease)/Increase in related parties(525) 954
Cash generated from operations19,509 12,108
Interest paid(148) (650)
Income tax paid(5,335) (7,114)
Ne t ca sh inflow from ope ra ting a ctivitie s14,0264,344
Reconciliation of movement of liabilities to cash flows arising
UnauditedUnaudited
from financing activitie s
6 months6 months
to 30/06/26to 30/06/25
External borrowings as at 1 January
20,000 3,000
Proceeds from borrowings- 34,000
Repayment of borrowings(20,000) (7,000)
Financing cash flows
(20,000) 27,000
External borrowings as at 30 June- 30,000
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 6

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2026





UnauditedUnaudited
6 months6 months
DOL L A RS IN THOUSA NDSNot e
to 30/06/26to 30/06/25
Reconciliation of net profit/(loss) for the period to cash flows from operating activities
Profit/(loss) for the period13,428 8,497
Adjusted for non cash items:
Share of (profit)/loss Joint Venture
8
(1,349) (753)
Loss on Sale of Fixed Assets17 19
Foreign Exchange (Gain)/ Loss(1,829) 775
Depreciation of Property, Plant & Equipment4,780 4,277
Depreciation of Right-Of-Use Assets 461 445
Depreciation of Investment Property283 275
Income tax expense 4,518 2,848
Adjustments for movements in working capital:
Decrease in receivables12,133 10,337
Decrease/(Increase) in inventories101 163
(Increase) in development properties(6,961) (19,940)
(Decrease)/Increase in payables(5,548) 4,211
(Decrease)/Increase in related parties(525) 954
Cash generated from operations19,509 12,108
Interest paid(148) (650)
Income tax paid(5,335) (7,114)
Ne t ca sh inflow from ope ra ting a ctivitie s14,0264,344
Reconciliation of movement of liabilities to cash flows arising
UnauditedUnaudited
from financing activitie s
6 months6 months
to 30/06/26to 30/06/25
External borrowings as at 1 January
20,000 3,000
Proceeds from borrowings- 34,000
Repayment of borrowings(20,000) (7,000)
Financing cash flows
(20,000) 27,000
External borrowings as at 30 June- 30,000
The attached notes form part of, and are to be read in conjunction with, these financial statements.

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026 | 15
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026 (UNAUDITED)

Page 6

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2026





UnauditedUnaudited
6 months6 months
DOL L A RS IN THOUSA NDSNot e
to 30/06/26to 30/06/25
Reconciliation of net profit/(loss) for the period to cash flows from operating activities
Profit/(loss) for the period13,428 8,497
Adjusted for non cash items:
Share of (profit)/loss Joint Venture
8
(1,349) (753)
Loss on Sale of Fixed Assets17 19
Foreign Exchange (Gain)/ Loss(1,829) 775
Depreciation of Property, Plant & Equipment4,780 4,277
Depreciation of Right-Of-Use Assets 461 445
Depreciation of Investment Property283 275
Income tax expense 4,518 2,848
Adjustments for movements in working capital:
Decrease in receivables12,133 10,337
Decrease/(Increase) in inventories101 163
(Increase) in development properties(6,961) (19,940)
(Decrease)/Increase in payables(5,548) 4,211
(Decrease)/Increase in related parties(525) 954
Cash generated from operations19,509 12,108
Interest paid(148) (650)
Income tax paid(5,335) (7,114)
Ne t ca sh inflow from ope ra ting a ctivitie s14,0264,344
Reconciliation of movement of liabilities to cash flows arising
UnauditedUnaudited
from financing activitie s
6 months6 months
to 30/06/26to 30/06/25
External borrowings as at 1 January
20,000 3,000
Proceeds from borrowings- 34,000
Repayment of borrowings(20,000) (7,000)
Financing cash flows
(20,000) 27,000
External borrowings as at 30 June- 30,000
The attached notes form part of, and are to be read in conjunction with, these financial statements.

Page 7

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)

1. Significant accounting policies

Millennium & Copthorne Hotels New Zealand Limited is a company domiciled in New Zealand, registered under the
Companies Act 1993 and listed on the New Zealand Stock Exchange. Millennium & Copthorne Hotels New Zealand Limited
(the “Company”) is a Financial Markets Conduct Reporting Entity in terms of Financial Markets Conduct Act 2013 and the
Financial Reporting Act 2013. The condensed interim financial statements of the Company for the six months ended 30 June
2026 comprise the Company and its subsidiaries (together referred to as the “Group”). The registered office is located at
level 7, 23 Customs Street East, Auckland, New Zealand.

The principal activities of the Group are ownership and operation of hotels in New Zealand; residential development and sale
of land in New Zealand; ownership and leasing of investment properties in New Zealand and development and sale of
residential units in Australia.

The condensed interim financial statements were authorised for issuance on 11
th
August 2026.

(a) Statement of compliance

The condensed interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP). They comply with NZ IAS 34 Interim Financial Reporting. The condensed interim financial
statements do not include all of the information required for full annual financial statements.

The accounting policies and methods of computation applied by the Group in these condensed interim financial statements
are the same as those applied by the Group in its financial statements for the year ended 31 December 2025.

(b) NZ IFRS 18 – Presentation and Disclosure in Financial Statements

NZ IFRS 18, which is effective for annual reporting periods beginning on or after 1 January 2027, has not yet been adopted
by the Group. The Group continues to assess the impact of the standard. Based on work performed to date, the Group expects
the standard to primarily affect the presentation and disclosure of information in the financial statements, including the structure
of the statement of profit or loss and related disclosures. The assessment remains ongoing and the Group has not yet
quantified the full impact of adoption.


2. Segment reporting

Segment information is presented in the condensed interim financial statements in respect of the Group’s reporting segments.
Operating segments are the primary basis of segment reporting. The Group has determined that its chief operating decision
maker is the Board of Directors on the basis that it is this group which determines the allocation of resources to segments and
assesses their performance.

Inter-segment pricing is determined on an arm’s length basis. Segment results include items directly attributable to a segment
as well as those that can be allocated on a reasonable basis.

Segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to be
used for more than one period.


Operating segments


The Group consisted of the following main operating segments:
 Hotel operations, comprising income from the ownership and management of hotels.
 Residential land development, comprising the development and sale of residential land sections.
 Investment property, comprising rental income from the ownership and leasing of retail shops and industrial
warehouse.
 Residential and commercial property development, comprising the development and sale of residential apartments.

Geographical segments


The Group operates in the following main geographic segments:
 New Zealand
 Australia

Segment revenue is based on the geographical location of the asset. The Group has no major customer representing
greater than 10% of the Group’s total revenue

Page 6

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Condensed Interim Statement of Cash Flows
For the six months ended 30 June 2026





UnauditedUnaudited
6 months6 months
DOL L A RS IN THOUSA NDSNot e
to 30/06/26to 30/06/25
Reconciliation of net profit/(loss) for the period to cash flows from operating activities
Profit/(loss) for the period13,428 8,497
Adjusted for non cash items:
Share of (profit)/loss Joint Venture
8
(1,349) (753)
Loss on Sale of Fixed Assets17 19
Foreign Exchange (Gain)/ Loss(1,829) 775
Depreciation of Property, Plant & Equipment4,780 4,277
Depreciation of Right-Of-Use Assets 461 445
Depreciation of Investment Property283 275
Income tax expense 4,518 2,848
Adjustments for movements in working capital:
Decrease in receivables12,133 10,337
Decrease/(Increase) in inventories101 163
(Increase) in development properties(6,961) (19,940)
(Decrease)/Increase in payables(5,548) 4,211
(Decrease)/Increase in related parties(525) 954
Cash generated from operations19,509 12,108
Interest paid(148) (650)
Income tax paid(5,335) (7,114)
Ne t ca sh inflow from ope ra ting a ctivitie s14,0264,344
Reconciliation of movement of liabilities to cash flows arising
UnauditedUnaudited
from financing activitie s
6 months6 months
to 30/06/26to 30/06/25
External borrowings as at 1 January
20,000 3,000
Proceeds from borrowings- 34,000
Repayment of borrowings(20,000) (7,000)
Financing cash flows
(20,000) 27,000
External borrowings as at 30 June- 30,000
The attached notes form part of, and are to be read in conjunction with, these financial statements.
.

16 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026 (UNAUDITED)
Dollars in thousands
Hotel Operations
Residential Land
Development
Investment Property
Residential Property
Development
Group
6 months6 months6 months6 months6 months
to 30/06/26to 30/06/25to 30/06/26to 30/06/25to 30/06/26to 30/06/25to 30/06/26to 30/06/25to 30/06/26to 30/06/25
External revenue73,88064,07110,82412,2791,7241,5292,4161,41788,84479,296
Earnings before interest, depreciation,
amortisation & tax
14,87911,5593,1413,5911,7241,51971029420,45416,963
Finance income1,408735161241--1,947733,5161,049
Finance expense(1,093)(1,680)(6)(6)--(750)(737)(1,849)(2,423)
Depreciation and amortisation(4,771)(4,264)(5)(4)(283)(275)(4)(9)(5,063)(4,552)
Depreciation of Right-of-use assets(435)(425)(20)(15)--(6)(5)(461)(445)
Share of profit/(loss) of joint venture1,349753------1,349753
Profit before income tax11,3376,6783,2713,8071,4411,2441,897(384)17,94611,345
Income tax expense(2,465)(1,642)(917)(1,136)(403)(348)(733)278(4,518)(2,848)
Profit/(loss) after income tax8,8725,0362,3542,6711,0388961,164(106)13,4288,497
Property, plant and equipment
expenditure2,89143,978----112,89243,979
Investment property expenditure----32383--32383
Residential land development
expenditure
--12,74611,737----12,74611,737
Purchase of land for residential land
development
---14,811-----14,811
As atAs atAs atAs atAs at
30/06/2631/12/202530/06/2631/12/202530/06/2631/12/202530/06/2631/12/202530/06/2631/12/2025
Cash & cash equivalents and short
term bank deposits
2,0273,8086,06313,924--6,3126,50214,40224,234
Investment in associates--22----22
Investment in joint venture55,80051,209------55,80051,209
Other segment assets389,371400,543287,281282,17435,18435,5253,7186,776715,554725,018
Total assets447,198455,560293,346296,10035,18435,52510,03013,278785,758800,463
Segment liabilities(50,834)(74,525)(2,062)(5,068)--(1,349)(1,626)(54,245)(81,219)
Tax liabilities(27,763)(26,313)(78)(883)(4,533)(4,495)(1,228)(2,534)(33,602)(34,225)
Total liabilities(78,597)(100,838)(2,140)(5,951)(4,533)(4,495)(2,577)(4,160)(87,847)(115,444)

Page 8

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)

2. Segment reporting - continued

(a) Operating Segments











Dollars in thousands
to 30/06/26 to 30/06/25 to 30/06/26 to 30/06/25 to 30/06/26 to 30/06/25 to 30/06/26 to 30/06/25 to 30/06/26 to 30/06/25
External revenue73,88064,07110,82412,2791,7241,5292,4161,41788,84479,296
Earnings before interest, depreciation,
amortisation & tax
Finance income1,408735161241--1,947733,5161,049
Finance expense(1,093)(1,680)(6)(6)--(750)(737)(1,849)(2,423)
Depreciation and amortisation(4,771)(4,264)(5)(4)(283)(275)(4)(9)(5,063)(4,552)
Depreciation of Right-of-use assets(435)(425)(20)(15)--(6)(5)(461)(445)
Share of profit/(loss) of joint venture1,349753------1,349753
Profit before income tax11,3376,6783,2713,8071,4411,2441,897(384)17,94611,345
Income tax expense(2,465)(1,642)(917)(1,136)(403)(348)(733)278(4,518)(2,848)
Profit/(loss) after income tax8,8725,0362,3542,6711,0388961,164(106)13,4288,497
Property, plant and equipment
expenditure
2,89143,978----112,89243,979
Investment property expenditure----32383--32383
Residential land development
expenditure
--12,74611,737----12,74611,737
Purchase of land for residential land
development
---14,811-----14,811
30/06/2631/12/2025 30/06/2631/12/2025 30/06/2631/12/2025 30/06/2631/12/2025 30/06/2631/12/2025
Cash & cash equivalents and short
term bank deposits
2,0273,8086,06313,924--6,3126,50214,40224,234
Investment in associates --22----22
Investment in joint venture55,80051,209------55,80051,209
Other segment assets389,371400,543287,281282,17435,18435,5253,7186,776715,554725,018
Total assets447,198455,560293,346296,10035,18435,52510,03013,278785,758800,463
Segment liabilities(50,834)(74,525)(2,062)(5,068)--(1,349)(1,626)(54,245)(81,219)
Tax liabilities(27,763)(26,313)(78)(883)(4,533)(4,495)(1,228)(2,534)(33,602)(34,225)
Total liabilities(78,597)(100,838)(2,140)(5,951)(4,533)(4,495)(2,577)(4,160)(87,847)(115,444)
As atAs atAs atAs atAs at
6 m onths6 m onths6 months6 months6 months
1,51971029420,45416,963
Hotel Operations
Residential Land
Development
Investment Property
Residential Property
Development
Gr o u p
14,87911,5593,1413,5911,724
2. Segment reporting - continued

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026 | 17
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026 (UNAUDITED)
(b) Geographic Segments
Dollars in thousands
New ZealandAustraliaGroup
6 months6 months6 months
to 30/06/26to 30/06/25to 30/06/26to 30/06/25to 30/06/26to 30/06/25
External revenue86,42877,8792,4161,41788,84479,296
Earnings before interest, depreciation,
amortisation & tax
19,75417,768700(805)20,45416,963
Finance income1,0254312,4916183,5161,049
Finance expense(1,099)(1,686)(750)(737)(1,849)(2,423)
Depreciation and amortisation(5,059)(4,543)(4)(9)(5,063)(4,552)
Depreciation of Right-of-use assets(455)(440)(6)(5)(461)(445)
Share of profit/(loss) of joint venture--1,3497531,349753
Profit before income tax14,16611,5303,780(185)17,94611,345
Income tax expense(3,788)(3,129)(730)281(4,518)(2,848)
Profit/(loss) after income tax10,3788,4013,0509613,4288,497
Property, plant and equipment
expenditure2,89143,978112,89243,979
Investment property expenditure32383--32383
Residential land development
expenditure
12,74611,737--12,74611,737
Purchase of land for residential land
development
-14,811---14,811
As atAs atAs at
30/06/2631/12/202530/06/2631/12/202530/06/2631/12/2025
Cash & cash equivalents and short term
bank deposits
8,09017,7326,3126,50214,40224,234
Investment in associates22--22
Investment in joint venture--55,80051,20955,80051,209
Investment property35,18435,525--35,18435,525
Other segment assets614,123618,63766,24770,856680,370689,493
Total assets657,399671,896128,359128,567785,758800,463
Segment liabilities(52,896)(79,592)(1,349)(1,626)(54,245)(81,218)
Tax liabilities(32,374)(31,692)(1,228)(2,534)(33,602)(34,226)
Total liabilities(85,270)(111,284)(2,577)(4,160)(87,847)(115,444)
2. Segment reporting - continued

18 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026 (UNAUDITED)

Page 10

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


3. Share capital


Ordinary shares Redeemable preference shares
Shares $ 000s Shares $ 000s
Total shares issued – fully paid
Balance at 30 June 2026 105,578,290 350,048 52,739,543 33,218
Balance at 30 June 2026 105,578,290 350,048 52,739,543 33,218

Ordinary shares repurchased and
held as treasury stock



Balance at 30 June 2026 (99,547) (26) - -
Balance at 30 June 2026 (99,547) (26) - -


Shares issued – fully paid
Balance at 30 June 2026 105,478,743 350,022 52,739,543 33,218
Balance at 30 June 2026 105,478,743 350,022 52,739,543 33,218



At 30 June 2026, the authorised share capital consisted of 105,578,290 ordinary shares (2025: 105,578,290 ordinary shares)
with no par value and 52,739,543 redeemable preference shares (2025: 52,739,543) with no par value.



4. Earnings per share

The basic earnings per share of 7.32 cents (30 June 2025: 4.20 cents) is based on the profit attributable to ordinary
shareholders of $11.6 million (30 June 2025: $6.6 million) and weighted average number of ordinary shares and redeemable
preference shares outstanding during the period ended 30 June 2026 of 158,218,286 (30 June 2025: 158,218,286).

The redeemable preference shares are included in the computation of earnings per share as they rank equally with ordinary
shares in respect of distributions made by the Company except any distribution in the case of liquidation.

The calculation of diluted earnings per share of 7.32 cents (30 June 2025: 4.20 cents) is the same as basic earnings per
share.



5. Income tax expense

Recognised in the income statement

Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25
Current tax expense
Current period 4,116 3,016
Adjustments for prior period - 46
4,116 3,062

Deferred tax expense

Origination and reversal of temporary difference 400 (214)
Adjustments for prior period 2 -
402 (214)
Total income tax expense in the income statement 4,518 2,848



Page 10

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


3. Share capital


Ordinary shares Redeemable preference shares
Shares $ 000s Shares $ 000s
Total shares issued – fully paid
Balance at 30 June 2026 105,578,290 350,048 52,739,543 33,218
Balance at 30 June 2026 105,578,290 350,048 52,739,543 33,218

Ordinary shares repurchased and
held as treasury stock



Balance at 30 June 2026 (99,547) (26) - -
Balance at 30 June 2026 (99,547) (26) - -


Shares issued – fully paid
Balance at 30 June 2026 105,478,743 350,022 52,739,543 33,218
Balance at 30 June 2026 105,478,743 350,022 52,739,543 33,218



At 30 June 2026, the authorised share capital consisted of 105,578,290 ordinary shares (2025: 105,578,290 ordinary shares)
with no par value and 52,739,543 redeemable preference shares (2025: 52,739,543) with no par value.



4. Earnings per share

The basic earnings per share of 7.32 cents (30 June 2025: 4.20 cents) is based on the profit attributable to ordinary
shareholders of $11.6 million (30 June 2025: $6.6 million) and weighted average number of ordinary shares and redeemable
preference shares outstanding during the period ended 30 June 2026 of 158,218,286 (30 June 2025: 158,218,286).

The redeemable preference shares are included in the computation of earnings per share as they rank equally with ordinary
shares in respect of distributions made by the Company except any distribution in the case of liquidation.

The calculation of diluted earnings per share of 7.32 cents (30 June 2025: 4.20 cents) is the same as basic earnings per
share.



5. Income tax expense

Recognised in the income statement

Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25
Current tax expense
Current period 4,116 3,016
Adjustments for prior period - 46
4,116 3,062

Deferred tax expense

Origination and reversal of temporary difference 400 (214)
Adjustments for prior period 2 -
402 (214)
Total income tax expense in the income statement 4,518 2,848



Page 10

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


3. Share capital


Ordinary shares Redeemable preference shares
Shares $ 000s Shares $ 000s
Total shares issued – fully paid
Balance at 30 June 2026 105,578,290 350,048 52,739,543 33,218
Balance at 30 June 2026 105,578,290 350,048 52,739,543 33,218

Ordinary shares repurchased and
held as treasury stock



Balance at 30 June 2026 (99,547) (26) - -
Balance at 30 June 2026 (99,547) (26) - -


Shares issued – fully paid
Balance at 30 June 2026 105,478,743 350,022 52,739,543 33,218
Balance at 30 June 2026 105,478,743 350,022 52,739,543 33,218



At 30 June 2026, the authorised share capital consisted of 105,578,290 ordinary shares (2025: 105,578,290 ordinary shares)
with no par value and 52,739,543 redeemable preference shares (2025: 52,739,543) with no par value.



4. Earnings per share

The basic earnings per share of 7.32 cents (30 June 2025: 4.20 cents) is based on the profit attributable to ordinary
shareholders of $11.6 million (30 June 2025: $6.6 million) and weighted average number of ordinary shares and redeemable
preference shares outstanding during the period ended 30 June 2026 of 158,218,286 (30 June 2025: 158,218,286).

The redeemable preference shares are included in the computation of earnings per share as they rank equally with ordinary
shares in respect of distributions made by the Company except any distribution in the case of liquidation.

The calculation of diluted earnings per share of 7.32 cents (30 June 2025: 4.20 cents) is the same as basic earnings per
share.



5. Income tax expense

Recognised in the income statement

Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25
Current tax expense
Current period 4,116 3,016
Adjustments for prior period - 46
4,116 3,062

Deferred tax expense

Origination and reversal of temporary difference 400 (214)
Adjustments for prior period 2 -
402 (214)
Total income tax expense in the income statement 4,518 2,848



Page 10

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


3. Share capital


Ordinary shares Redeemable preference shares
Shares $ 000s Shares $ 000s
Total shares issued – fully paid

Balance at 30 June 2026 105,578,290 350,048 52,739,543 33,218
Balance at 30 June 2026 105,578,290 350,048 52,739,543 33,218


Ordinary shares repurchased and
held as treasury stock



Balance at 30 June 2026 (99,547) (26) - -
Balance at 30 June 2026 (99,547) (26) - -


Shares issued – fully paid
Balance at 30 June 2026 105,478,743 350,022 52,739,543 33,218
Balance at 30 June 2026 105,478,743 350,022 52,739,543 33,218



At 30 June 2026, the authorised share capital consisted of 105,578,290 ordinary shares (2025: 105,578,290 ordinary shares)
with no par value and 52,739,543 redeemable preference shares (2025: 52,739,543) with no par value.



4. Earnings per share

The basic earnings per share of 7.32 cents (30 June 2025: 4.20 cents) is based on the profit attributable to ordinary
shareholders of $11.6 million (30 June 2025: $6.6 million) and weighted average number of ordinary shares and redeemable
preference shares outstanding during the period ended 30 June 2026 of 158,218,286 (30 June 2025: 158,218,286).

The redeemable preference shares are included in the computation of earnings per share as they rank equally with ordinary
shares in respect of distributions made by the Company except any distribution in the case of liquidation.

The calculation of diluted earnings per share of 7.32 cents (30 June 2025: 4.20 cents) is the same as basic earnings per
share.



5. Income tax expense

Recognised in the income statement

Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25
Current tax expense
Current period 4,116 3,016
Adjustments for prior period - 46
4,116 3,062

Deferred tax expense

Origination and reversal of temporary difference 400 (214)
Adjustments for prior period 2 -
402 (214)
Total income tax expense in the income statement 4,518 2,848


2025
2025
2025

Page 10

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


3. Share capital


Ordinary shares Redeemable preference shares
Shares $ 000s Shares $ 000s
Total shares issued – fully paid
Balance at 30 June 2026 105,578,290 350,048 52,739,543 33,218
Balance at 30 June 2026 105,578,290 350,048 52,739,543 33,218

Ordinary shares repurchased and
held as treasury stock



Balance at 30 June 2026 (99,547) (26) - -
Balance at 30 June 2026 (99,547) (26) - -


Shares issued – fully paid
Balance at 30 June 2026 105,478,743 350,022 52,739,543 33,218
Balance at 30 June 2026 105,478,743 350,022 52,739,543 33,218



At 30 June 2026, the authorised share capital consisted of 105,578,290 ordinary shares (2025: 105,578,290 ordinary shares)
with no par value and 52,739,543 redeemable preference shares (2025: 52,739,543) with no par value.



4. Earnings per share

The basic earnings per share of 7.32 cents (30 June 2025: 4.20 cents) is based on the profit attributable to ordinary
shareholders of $11.6 million (30 June 2025: $6.6 million) and weighted average number of ordinary shares and redeemable
preference shares outstanding during the period ended 30 June 2026 of 158,218,286 (30 June 2025: 158,218,286).

The redeemable preference shares are included in the computation of earnings per share as they rank equally with ordinary
shares in respect of distributions made by the Company except any distribution in the case of liquidation.

The calculation of diluted earnings per share of 7.32 cents (30 June 2025: 4.20 cents) is the same as basic earnings per
share.



5. Income tax expense

Recognised in the income statement

Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25
Current tax expense
Current period 4,116 3,016
Adjustments for prior period - 46
4,116 3,062

Deferred tax expense

Origination and reversal of temporary difference 400 (214)
Adjustments for prior period 2 -
402 (214)
Total income tax expense in the income statement 4,518 2,848



Page 10

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


3. Share capital


Ordinary shares Redeemable preference shares
Shares $ 000s Shares $ 000s
Total shares issued – fully paid
Balance at 30 June 2026 105,578,290 350,048 52,739,543 33,218
Balance at 30 June 2026 105,578,290 350,048 52,739,543 33,218

Ordinary shares repurchased and
held as treasury stock



Balance at 30 June 2026 (99,547) (26) - -
Balance at 30 June 2026 (99,547) (26) - -


Shares issued – fully paid
Balance at 30 June 2026 105,478,743 350,022 52,739,543 33,218
Balance at 30 June 2026 105,478,743 350,022 52,739,543 33,218



At 30 June 2026, the authorised share capital consisted of 105,578,290 ordinary shares (2025: 105,578,290 ordinary shares)
with no par value and 52,739,543 redeemable preference shares (2025: 52,739,543) with no par value.



4. Earnings per share

The basic earnings per share of 7.32 cents (30 June 2025: 4.20 cents) is based on the profit attributable to ordinary
shareholders of $11.6 million (30 June 2025: $6.6 million) and weighted average number of ordinary shares and redeemable
preference shares outstanding during the period ended 30 June 2026 of 158,218,286 (30 June 2025: 158,218,286).

The redeemable preference shares are included in the computation of earnings per share as they rank equally with ordinary
shares in respect of distributions made by the Company except any distribution in the case of liquidation.

The calculation of diluted earnings per share of 7.32 cents (30 June 2025: 4.20 cents) is the same as basic earnings per
share.



5. Income tax expense

Recognised in the income statement

Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25
Current tax expense
Current period 4,116 3,016
Adjustments for prior period - 46
4,116 3,062

Deferred tax expense

Origination and reversal of temporary difference 400 (214)
Adjustments for prior period 2 -
402 (214)
Total income tax expense in the income statement 4,518 2,848



Page 10

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


3. Share capital


Ordinary shares Redeemable preference shares
Shares $ 000s Shares $ 000s
Total shares issued – fully paid
Balance at 30 June 2026 105,578,290 350,048 52,739,543 33,218
Balance at 30 June 2026 105,578,290 350,048 52,739,543 33,218

Ordinary shares repurchased and
held as treasury stock



Balance at 30 June 2026 (99,547) (26) - -
Balance at 30 June 2026 (99,547) (26) - -


Shares issued – fully paid
Balance at 30 June 2026 105,478,743 350,022 52,739,543 33,218
Balance at 30 June 2026 105,478,743 350,022 52,739,543 33,218



At 30 June 2026, the authorised share capital consisted of 105,578,290 ordinary shares (2025: 105,578,290 ordinary shares)
with no par value and 52,739,543 redeemable preference shares (2025: 52,739,543) with no par value.



4. Earnings per share

The basic earnings per share of 7.32 cents (30 June 2025: 4.20 cents) is based on the profit attributable to ordinary
shareholders of $11.6 million (30 June 2025: $6.6 million) and weighted average number of ordinary shares and redeemable
preference shares outstanding during the period ended 30 June 2026 of 158,218,286 (30 June 2025: 158,218,286).

The redeemable preference shares are included in the computation of earnings per share as they rank equally with ordinary
shares in respect of distributions made by the Company except any distribution in the case of liquidation.

The calculation of diluted earnings per share of 7.32 cents (30 June 2025: 4.20 cents) is the same as basic earnings per
share.



5. Income tax expense

Recognised in the income statement

Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25
Current tax expense
Current period 4,116 3,016
Adjustments for prior period - 46
4,116 3,062

Deferred tax expense

Origination and reversal of temporary difference 400 (214)
Adjustments for prior period 2 -
402 (214)
Total income tax expense in the income statement 4,518 2,848

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026 | 19
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026 (UNAUDITED)

Page 11

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)

5. Income tax expense - continued


Reconciliation of tax expense
Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25
Profit before income tax 17,946 11,345
Income tax at the company tax rate of 28% (2025: 28%) 5,025 3,177
Adjusted for:
Tax rate difference (if different from 28% above) 77 (3)
Non-deductible expenses 7 24
Tax exempt income (593) (396)
Changes in treatment of building depreciation - -
Under/(Over) - provided in prior periods 2 46
Total income tax expense
4,518 2,848
Effective tax rate 25% 25%



6. Dividends

The following dividends were paid during the interim periods:



Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25

Ordinary dividend: 3.0 cents per qualifying share (2025: 3.0 cents) 4,747 4,747
Supplementary dividend: 0.529412 cents per qualifying share (2025:
0.529412 cents)

29

29
4,776 4,776





Page 11

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)

5. Income tax expense - continued


Reconciliation of tax expense
Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25
Profit before income tax 17,946 11,345
Income tax at the company tax rate of 28% (2025: 28%) 5,025 3,177
Adjusted for:
Tax rate difference (if different from 28% above) 77 (3)
Non-deductible expenses 7 24
Tax exempt income (593) (396)
Changes in treatment of building depreciation - -
Under/(Over) - provided in prior periods 2 46
Total income tax expense
4,518 2,848
Effective tax rate 25% 25%



6. Dividends

The following dividends were paid during the interim periods:


Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25

Ordinary dividend: 3.0 cents per qualifying share (2025: 3.0 cents) 4,747 4,747
Supplementary dividend: 0.529412 cents per qualifying share (2025:
0.529412 cents)

29

29
4,776 4,776





Page 11

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)

5. Income tax expense - continued


Reconciliation of tax expense
Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25
Profit before income tax 17,946 11,345
Income tax at the company tax rate of 28% (2025: 28%) 5,025 3,177
Adjusted for:
Tax rate difference (if different from 28% above) 77 (3)
Non-deductible expenses 7 24
Tax exempt income (593) (396)
Changes in treatment of building depreciation - -
Under/(Over) - provided in prior periods 2 46
Total income tax expense
4,518 2,848
Effective tax rate 25% 25%



6. Dividends

The following dividends were paid during the interim periods:



Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25

Ordinary dividend: 3.0 cents per qualifying share (2025: 3.0 cents) 4,747 4,747
Supplementary dividend: 0.529412 cents per qualifying share (2025:
0.529412 cents)

29

29
4,776 4,776





Page 11

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)

5. Income tax expense - continued



Reconciliation of tax expense
Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25
Profit before income tax 17,946 11,345
Income tax at the company tax rate of 28% (2025: 28%) 5,025 3,177
Adjusted for:
Tax rate difference (if different from 28% above) 77 (3)
Non-deductible expenses 7 24
Tax exempt income (593) (396)
Changes in treatment of building depreciation - -
Under/(Over) - provided in prior periods 2 46
Total income tax expense
4,518 2,848
Effective tax rate 25% 25%



6. Dividends

The following dividends were paid during the interim periods:



Group
Dollars In Thousands
Six months to
30/06/26
Six months to
30/06/25

Ordinary dividend: 3.0 cents per qualifying share (2025: 3.0 cents) 4,747 4,747
Supplementary dividend: 0.529412 cents per qualifying share (2025:
0.529412 cents)

29

29
4,776 4,776

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026 (UNAUDITED)
20 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026

Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 86.39% (2025: 86.39%) (economic interests from both ordinary
and preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary
of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate parent company is Hong Leong Investment
Holdings Pte Limited in Singapore.

At balance date there were related party advances owing from/(owing to) the following related companies:

Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Trade payables and receivables due to related
parties

Millennium & Copthorne Hotels Limited Recharge of expenses (585) (1,547)
Millennium & Copthorne International Recharge of expenses - (281)
Marquee Hotel Holdings Pty Ltd Interest bearing advance 21,633 19,092
Marquee Hotel Holdings Pty Ltd Interest free advance 40,332 43,146
Marquee Hotel Holdings Pty Ltd Interest receivable 564 571
CDLH (BVI) One Limited Recharge of expenses 1,018 756
CDLH (BVI) One Limited Rent 28 (100)
62,990 61,637

No debts with related parties were written off or forgiven during the period. Interest at 5.28% was charged on interest bearing
advance during 2026. No interest was charged for the other payables or on the interest free advance. The related party
advances to Marquee Hotel Holdings Pty Ltd are unsecured.

During 2026, the Group had the following transactions with related parties:
Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Marquee Hotel Holdings Pty Ltd Interest receivable 544 545
CDLH (BVI) One Limited Management and franchise income 504 452
M&C Reservation Services Ltd (UK) Management and marketing support (330) (249)
CDL Hotels Holdings New Zealand Limited Recharge of takeover offer expenses
and accounting support fee received 30 2,141
Millennium & Copthorne International Limited Recharge of expenses (255) (281)





























Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 86.39% (2025: 86.39%) (economic interests from both ordinary
and preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary
of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate parent company is Hong Leong Investment
Holdings Pte Limited in Singapore.

At balance date there were related party advances owing from/(owing to) the following related companies:

Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Trade payables and receivables due to related
parties

Millennium & Copthorne Hotels Limited Recharge of expenses (585) (1,547)
Millennium & Copthorne International Recharge of expenses - (281)
Marquee Hotel Holdings Pty Ltd Interest bearing advance 21,633 19,092
Marquee Hotel Holdings Pty Ltd Interest free advance 40,332 43,146
Marquee Hotel Holdings Pty Ltd Interest receivable 564 571
CDLH (BVI) One Limited Recharge of expenses 1,018 756
CDLH (BVI) One Limited Rent 28 (100)
62,990 61,637

No debts with related parties were written off or forgiven during the period. Interest at 5.28% was charged on interest bearing
advance during 2026. No interest was charged for the other payables or on the interest free advance. The related party
advances to Marquee Hotel Holdings Pty Ltd are unsecured.

During 2026, the Group had the following transactions with related parties:
Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Marquee Hotel Holdings Pty Ltd Interest receivable 544 545
CDLH (BVI) One Limited Management and franchise income 504 452
M&C Reservation Services Ltd (UK) Management and marketing support (330) (249)
CDL Hotels Holdings New Zealand Limited Recharge of takeover offer expenses
and accounting support fee received 30 2,141
Millennium & Copthorne International Limited Recharge of expenses (255) (281)





























Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 86.39% (2025: 86.39%) (economic interests from both ordinary
and preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary
of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate parent company is Hong Leong Investment
Holdings Pte Limited in Singapore.

At balance date there were related party advances owing from/(owing to) the following related companies:

Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Trade payables and receivables due to related
parties

Millennium & Copthorne Hotels Limited Recharge of expenses (585) (1,547)
Millennium & Copthorne International Recharge of expenses - (281)
Marquee Hotel Holdings Pty Ltd Interest bearing advance 21,633 19,092
Marquee Hotel Holdings Pty Ltd Interest free advance 40,332 43,146
Marquee Hotel Holdings Pty Ltd Interest receivable 564 571
CDLH (BVI) One Limited Recharge of expenses 1,018 756
CDLH (BVI) One Limited Rent 28 (100)
62,990 61,637

No debts with related parties were written off or forgiven during the period. Interest at 5.28% was charged on interest bearing
advance during 2026. No interest was charged for the other payables or on the interest free advance. The related party
advances to Marquee Hotel Holdings Pty Ltd are unsecured.

During 2026, the Group had the following transactions with related parties:
Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Marquee Hotel Holdings Pty Ltd Interest receivable 544 545
CDLH (BVI) One Limited Management and franchise income 504 452
M&C Reservation Services Ltd (UK) Management and marketing support (330) (249)
CDL Hotels Holdings New Zealand Limited Recharge of takeover offer expenses
and accounting support fee received 30 2,141
Millennium & Copthorne International Limited Recharge of expenses (255) (281)





























Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 86.39% (2025: 86.39%) (economic interests from both ordinary
and preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary
of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate parent company is Hong Leong Investment
Holdings Pte Limited in Singapore.

At balance date there were related party advances owing from/(owing to) the following related companies:

Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Trade payables and receivables due to related
parties

Millennium & Copthorne Hotels Limited Recharge of expenses (585) (1,547)
Millennium & Copthorne International Recharge of expenses - (281)
Marquee Hotel Holdings Pty Ltd Interest bearing advance 21,633 19,092
Marquee Hotel Holdings Pty Ltd Interest free advance 40,332 43,146
Marquee Hotel Holdings Pty Ltd Interest receivable 564 571
CDLH (BVI) One Limited Recharge of expenses 1,018 756
CDLH (BVI) One Limited Rent 28 (100)
62,990 61,637

No debts with related parties were written off or forgiven during the period. Interest at 5.28% was charged on interest bearing
advance during 2026. No interest was charged for the other payables or on the interest free advance. The related party
advances to Marquee Hotel Holdings Pty Ltd are unsecured.

During 2026, the Group had the following transactions with related parties:
Group
Dollars In Thousands Nature of balance 6 months to
30/06/26

6 months to
30/06/25

Marquee Hotel Holdings Pty Ltd Interest receivable 544 545
CDLH (BVI) One Limited Management and franchise income 504 452
M&C Reservation Services Ltd (UK) Management and marketing support (330) (249)
CDL Hotels Holdings New Zealand Limited Recharge of takeover offer expenses
and accounting support fee received 30 2,141
Millennium & Copthorne International Limited Recharge of expenses (255) (281)





























Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 86.39% (2025: 86.39%) (economic interests from both ordinary
and preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary
of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate parent company is Hong Leong Investment
Holdings Pte Limited in Singapore.

At balance date there were related party advances owing from/(owing to) the following related companies:

Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Trade payables and receivables due to related
parties

Millennium & Copthorne Hotels Limited Recharge of expenses (585) (1,547)
Millennium & Copthorne International Recharge of expenses - (281)
Marquee Hotel Holdings Pty Ltd Interest bearing advance 21,633 19,092
Marquee Hotel Holdings Pty Ltd Interest free advance 40,332 43,146
Marquee Hotel Holdings Pty Ltd Interest receivable 564 571
CDLH (BVI) One Limited Recharge of expenses 1,018 756
CDLH (BVI) One Limited Rent 28 (100)
62,990 61,637

No debts with related parties were written off or forgiven during the period. Interest at 5.28% was charged on interest bearing
advance during 2026. No interest was charged for the other payables or on the interest free advance. The related party
advances to Marquee Hotel Holdings Pty Ltd are unsecured.

During 2026, the Group had the following transactions with related parties:
Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Marquee Hotel Holdings Pty Ltd Interest receivable 544 545
CDLH (BVI) One Limited Management and franchise income 504 452
M&C Reservation Services Ltd (UK) Management and marketing support (330) (249)
CDL Hotels Holdings New Zealand Limited Recharge of takeover offer expenses
and accounting support fee received 30 2,141
Millennium & Copthorne International Limited Recharge of expenses (255) (281)





























Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 86.39% (2025: 86.39%) (economic interests from both ordinary
and preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary
of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate parent company is Hong Leong Investment
Holdings Pte Limited in Singapore.

At balance date there were related party advances owing from/(owing to) the following related companies:

Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Trade payables and receivables due to related
parties

Millennium & Copthorne Hotels Limited Recharge of expenses (585) (1,547)
Millennium & Copthorne International Recharge of expenses - (281)
Marquee Hotel Holdings Pty Ltd Interest bearing advance 21,633 19,092
Marquee Hotel Holdings Pty Ltd Interest free advance 40,332 43,146
Marquee Hotel Holdings Pty Ltd Interest receivable 564 571
CDLH (BVI) One Limited Recharge of expenses 1,018 756
CDLH (BVI) One Limited Rent 28 (100)
62,990 61,637

No debts with related parties were written off or forgiven during the period. Interest at 5.28% was charged on interest bearing
advance during 2026. No interest was charged for the other payables or on the interest free advance. The related party
advances to Marquee Hotel Holdings Pty Ltd are unsecured.

During 2026, the Group had the following transactions with related parties:
Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Marquee Hotel Holdings Pty Ltd Interest receivable 544 545
CDLH (BVI) One Limited Management and franchise income 504 452
M&C Reservation Services Ltd (UK) Management and marketing support (330) (249)
CDL Hotels Holdings New Zealand Limited Recharge of takeover offer expenses
and accounting support fee received 30 2,141
Millennium & Copthorne International Limited Recharge of expenses (255) (281)

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026 (UNAUDITED)
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026 | 21

Page 13

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)



8. Investment in joint venture

A joint venture is an arrangement in which the Group has joint control, over the financial and operating policies. They are
accounted for using the equity method. The financial statements include the Group’s share of the income, expenses and
reserves of the joint venture from the date that joint control commences until the date that joint control ceases. When the
Group’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including
any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that
the Group has an obligation or has made payments on behalf of the joint venture.

In 2023, the Group through Kingsgate Holdings Pty Limited (100% subsidiary) formed a 50:50 joint venture with its Parent
Company to acquire the leasehold assets and the freehold assets of the Sofitel Brisbane Central hotel in Queensland,
Australia. The joint venture is Marquee Hotel Holdings Pty Limited. Within the Marquee Hotel Holdings group, there are six
wholly owned entities. Marquee Hotel Holdings group completed the acquisition of the Sofitel Brisbane Central on 15
December 2023. The hotel is managed by an external hotel management group.

The Group’s share of profit in its joint venture for the period ended 30 June 2026 was $1,348,733 (2025: $753,519).




Principal Activity
Principal
Place of
Business
Group
interest%

2026
Marquee Hotel Holdings Pty
Limited Investment Holding Australia 50.00

100% owned subsidiaries of
Marquee Hotel Holdings Pty
Limited are:

Marquee Brisbane Hotel Pty
Limited
Trustee Company of Marquee Brisbane Hotel
Trust Australia
Marquee Brisbane Hotel Trust Lessee of leasehold assets expiring 30
December 2057 Australia

Marquee Brisbane Hotel 2 Pty
Limited
Trustee Company of Marquee Brisbane Hotel
2 Trust Australia
Marquee Brisbane Hotel 2 Trust Lessee of leasehold assets expiring 24 May
2120 Australia


Marquee Hotel Operations Pty
Limited
Trustee Company of Marquee Hotel
Operations Pty Trust Australia
Marquee Hotel Operations Pty
Trust
Hotel Assets and Operations
Australia





Page 13

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)



8. Investment in joint venture

A joint venture is an arrangement in which the Group has joint control, over the financial and operating policies. They are
accounted for using the equity method. The financial statements include the Group’s share of the income, expenses and
reserves of the joint venture from the date that joint control commences until the date that joint control ceases. When the
Group’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including
any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that
the Group has an obligation or has made payments on behalf of the joint venture.

In 2023, the Group through Kingsgate Holdings Pty Limited (100% subsidiary) formed a 50:50 joint venture with its Parent
Company to acquire the leasehold assets and the freehold assets of the Sofitel Brisbane Central hotel in Queensland,
Australia. The joint venture is Marquee Hotel Holdings Pty Limited. Within the Marquee Hotel Holdings group, there are six
wholly owned entities. Marquee Hotel Holdings group completed the acquisition of the Sofitel Brisbane Central on 15
December 2023. The hotel is managed by an external hotel management group.

The Group’s share of profit in its joint venture for the period ended 30 June 2026 was $1,348,733 (2025: $753,519).




Principal Activity
Principal
Place of
Business
Group
interest%

2026
Marquee Hotel Holdings Pty
Limited Investment Holding Australia 50.00

100% owned subsidiaries of
Marquee Hotel Holdings Pty
Limited are:

Marquee Brisbane Hotel Pty
Limited
Trustee Company of Marquee Brisbane Hotel
Trust Australia
Marquee Brisbane Hotel Trust Lessee of leasehold assets expiring 30
December 2057 Australia

Marquee Brisbane Hotel 2 Pty
Limited
Trustee Company of Marquee Brisbane Hotel
2 Trust Australia
Marquee Brisbane Hotel 2 Trust Lessee of leasehold assets expiring 24 May
2120 Australia


Marquee Hotel Operations Pty
Limited
Trustee Company of Marquee Hotel
Operations Pty Trust Australia
Marquee Hotel Operations Pty
Trust
Hotel Assets and Operations
Australia

22 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED MID YEAR REPORT 2026
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026 (UNAUDITED)

Page 14

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


8. Investment in joint venture - continued


Summary financial information for joint venture, not adjusted for the percentage ownership held by the Group:

Group Group
Dollars In Thousands As at
30/06/26
As at
31/12/25
Non-current assets 219,824 208,686
Current assets 33,548 36,643
Non-current liabilities (4,143) (3,584)
Current liabilities (137,630) (139,326)
Net assets (100%) 111,599 102,419
Group’s share (50%) 55,800 51,209


The current assets balance of the joint venture includes a cash and cash equivalents (including short term deposits)
balance of $29.26m (2025:$29.34m). The current liabilities balance of the joint venture includes balances owing to
shareholders of $125.05m (2025:$125.01m).

Group Group
6 months to
30/06/26
6 months to
30/06/25
Revenue 30,120 25,250
Operating profit 4,465 2,732
Interest income 477 511
Interest expense (1,089) (1,090)
Income tax expense (1,156) (646)
Profit for the period (100%) 2,697 1,507
Group’s share of profit (50%) 1,349 753


Movements in the carrying value of joint venture:
Group Group
As at
30/06/26
As at
30/06/25
Balance at 1 January 51,209 46,554
Share of profit for the period 1,349 753
Foreign exchange adjustments 3,242 (1,114)
Balance at 30 June 55,800 46,193


9. Subsequent Event


Following the Group's interim reporting period ended 30 June 2026, CDL Land New Zealand Limited, the wholly owned
operating subsidiary of MCK's majority owned property development subsidiary CDL Investments New Zealand
Limited, entered into a new $20.0 million flexible credit facility with ANZ Bank New Zealand Limited. The facility was
established in August 2026 for a term of 24 months and is intended to be used for company's property development
activities.

As the facility was established after the interim reporting period, it has been treated as a non-adjusting subsequent event
and has not been recognised in the condensed interim financial statements.

The Directors are not aware of any other material events subsequent to the reporting period ended 30 June 2026 that
require adjustment or disclosure.






Page 14

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


8. Investment in joint venture - continued


Summary financial information for joint venture, not adjusted for the percentage ownership held by the Group:

Group Group
Dollars In Thousands As at
30/06/26
As at
31/12/25
Non-current assets 219,824 208,686
Current assets 33,548 36,643
Non-current liabilities (4,143) (3,584)
Current liabilities (137,630) (139,326)
Net assets (100%) 111,599 102,419
Group’s share (50%) 55,800 51,209


The current assets balance of the joint venture includes a cash and cash equivalents (including short term deposits)
balance of $29.26m (2025:$29.34m). The current liabilities balance of the joint venture includes balances owing to
shareholders of $125.05m (2025:$125.01m).

Group Group
6 months to
30/06/26
6 months to
30/06/25
Revenue 30,120 25,250
Operating profit 4,465 2,732
Interest income 477 511
Interest expense (1,089) (1,090)
Income tax expense (1,156) (646)
Profit for the period (100%) 2,697 1,507
Group’s share of profit (50%) 1,349 753


Movements in the carrying value of joint venture:
Group Group
As at
30/06/26
As at
30/06/25
Balance at 1 January 51,209 46,554
Share of profit for the period 1,349 753
Foreign exchange adjustments 3,242 (1,114)
Balance at 30 June 55,800 46,193


9. Subsequent Event


Following the Group's interim reporting period ended 30 June 2026, CDL Land New Zealand Limited, the wholly owned
operating subsidiary of MCK's majority owned property development subsidiary CDL Investments New Zealand
Limited, entered into a new $20.0 million flexible credit facility with ANZ Bank New Zealand Limited. The facility was
established in August 2026 for a term of 24 months and is intended to be used for company's property development
activities.

As the facility was established after the interim reporting period, it has been treated as a non-adjusting subsequent event
and has not been recognised in the condensed interim financial statements.

The Directors are not aware of any other material events subsequent to the reporting period ended 30 June 2026 that
require adjustment or disclosure.






Page 14

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


8. Investment in joint venture - continued


Summary financial information for joint venture, not adjusted for the percentage ownership held by the Group:

Group Group
Dollars In Thousands As at
30/06/26
As at
31/12/25
Non-current assets 219,824 208,686
Current assets 33,548 36,643
Non-current liabilities (4,143) (3,584)
Current liabilities (137,630) (139,326)
Net assets (100%) 111,599 102,419
Group’s share (50%) 55,800 51,209


The current assets balance of the joint venture includes a cash and cash equivalents (including short term deposits)
balance of $29.26m (2025:$29.34m). The current liabilities balance of the joint venture includes balances owing to
shareholders of $125.05m (2025:$125.01m).

Group Group
6 months to
30/06/26
6 months to
30/06/25
Revenue 30,120 25,250
Operating profit 4,465 2,732
Interest income 477 511
Interest expense (1,089) (1,090)
Income tax expense (1,156) (646)
Profit for the period (100%) 2,697 1,507
Group’s share of profit (50%) 1,349 753


Movements in the carrying value of joint venture:
Group Group
As at
30/06/26
As at
30/06/25
Balance at 1 January 51,209 46,554
Share of profit for the period 1,349 753
Foreign exchange adjustments 3,242 (1,114)
Balance at 30 June 55,800 46,193


9. Subsequent Event


Following the Group's interim reporting period ended 30 June 2026, CDL Land New Zealand Limited, the wholly owned
operating subsidiary of MCK's majority owned property development subsidiary CDL Investments New Zealand
Limited, entered into a new $20.0 million flexible credit facility with ANZ Bank New Zealand Limited. The facility was
established in August 2026 for a term of 24 months and is intended to be used for company's property development
activities.

As the facility was established after the interim reporting period, it has been treated as a non-adjusting subsequent event
and has not been recognised in the condensed interim financial statements.

The Directors are not aware of any other material events subsequent to the reporting period ended 30 June 2026 that
require adjustment or disclosure.






Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 86.39% (2025: 86.39%) (economic interests from both ordinary
and preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary
of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate parent company is Hong Leong Investment
Holdings Pte Limited in Singapore.

At balance date there were related party advances owing from/(owing to) the following related companies:

Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Trade payables and receivables due to related
parties

Millennium & Copthorne Hotels Limited Recharge of expenses (585) (1,547)
Millennium & Copthorne International Recharge of expenses - (281)
Marquee Hotel Holdings Pty Ltd Interest bearing advance 21,633 19,092
Marquee Hotel Holdings Pty Ltd Interest free advance 40,332 43,146
Marquee Hotel Holdings Pty Ltd Interest receivable 564 571
CDLH (BVI) One Limited Recharge of expenses 1,018 756
CDLH (BVI) One Limited Rent 28 (100)
62,990 61,637

No debts with related parties were written off or forgiven during the period. Interest at 5.28% was charged on interest bearing
advance during 2026. No interest was charged for the other payables or on the interest free advance. The related party
advances to Marquee Hotel Holdings Pty Ltd are unsecured.

During 2026, the Group had the following transactions with related parties:
Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Marquee Hotel Holdings Pty Ltd Interest receivable 544 545
CDLH (BVI) One Limited Management and franchise income 504 452
M&C Reservation Services Ltd (UK) Management and marketing support (330) (249)
CDL Hotels Holdings New Zealand Limited Recharge of takeover offer expenses
and accounting support fee received 30 2,141
Millennium & Copthorne International Limited Recharge of expenses (255) (281)





























Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 86.39% (2025: 86.39%) (economic interests from both ordinary
and preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary
of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate parent company is Hong Leong Investment
Holdings Pte Limited in Singapore.

At balance date there were related party advances owing from/(owing to) the following related companies:

Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Trade payables and receivables due to related
parties

Millennium & Copthorne Hotels Limited Recharge of expenses (585) (1,547)
Millennium & Copthorne International Recharge of expenses - (281)
Marquee Hotel Holdings Pty Ltd Interest bearing advance 21,633 19,092
Marquee Hotel Holdings Pty Ltd Interest free advance 40,332 43,146
Marquee Hotel Holdings Pty Ltd Interest receivable 564 571
CDLH (BVI) One Limited Recharge of expenses 1,018 756
CDLH (BVI) One Limited Rent 28 (100)
62,990 61,637

No debts with related parties were written off or forgiven during the period. Interest at 5.28% was charged on interest bearing
advance during 2026. No interest was charged for the other payables or on the interest free advance. The related party
advances to Marquee Hotel Holdings Pty Ltd are unsecured.

During 2026, the Group had the following transactions with related parties:
Group
Dollars In Thousands Nature of balance 6 months to
30/06/26

6 months to
30/06/25

Marquee Hotel Holdings Pty Ltd Interest receivable 544 545
CDLH (BVI) One Limited Management and franchise income 504 452
M&C Reservation Services Ltd (UK) Management and marketing support (330) (249)
CDL Hotels Holdings New Zealand Limited Recharge of takeover offer expenses
and accounting support fee received 30 2,141
Millennium & Copthorne International Limited Recharge of expenses (255) (281)





























Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 86.39% (2025: 86.39%) (economic interests from both ordinary
and preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary
of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate parent company is Hong Leong Investment
Holdings Pte Limited in Singapore.

At balance date there were related party advances owing from/(owing to) the following related companies:

Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Trade payables and receivables due to related
parties

Millennium & Copthorne Hotels Limited Recharge of expenses (585) (1,547)
Millennium & Copthorne International Recharge of expenses - (281)
Marquee Hotel Holdings Pty Ltd Interest bearing advance 21,633 19,092
Marquee Hotel Holdings Pty Ltd Interest free advance 40,332 43,146
Marquee Hotel Holdings Pty Ltd Interest receivable 564 571
CDLH (BVI) One Limited Recharge of expenses 1,018 756
CDLH (BVI) One Limited Rent 28 (100)
62,990 61,637

No debts with related parties were written off or forgiven during the period. Interest at 5.28% was charged on interest bearing
advance during 2026. No interest was charged for the other payables or on the interest free advance. The related party
advances to Marquee Hotel Holdings Pty Ltd are unsecured.

During 2026, the Group had the following transactions with related parties:
Group
Dollars In Thousands Nature of balance 6 months to
30/06/26

6 months to
30/06/25

Marquee Hotel Holdings Pty Ltd Interest receivable 544 545
CDLH (BVI) One Limited Management and franchise income 504 452
M&C Reservation Services Ltd (UK) Management and marketing support (330) (249)
CDL Hotels Holdings New Zealand Limited Recharge of takeover offer expenses
and accounting support fee received 30 2,141
Millennium & Copthorne International Limited Recharge of expenses (255) (281)





























Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 86.39% (2025: 86.39%) (economic interests from both ordinary
and preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary
of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate parent company is Hong Leong Investment
Holdings Pte Limited in Singapore.

At balance date there were related party advances owing from/(owing to) the following related companies:

Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Trade payables and receivables due to related
parties

Millennium & Copthorne Hotels Limited Recharge of expenses (585) (1,547)
Millennium & Copthorne International Recharge of expenses - (281)
Marquee Hotel Holdings Pty Ltd Interest bearing advance 21,633 19,092
Marquee Hotel Holdings Pty Ltd Interest free advance 40,332 43,146
Marquee Hotel Holdings Pty Ltd Interest receivable 564 571
CDLH (BVI) One Limited Recharge of expenses 1,018 756
CDLH (BVI) One Limited Rent 28 (100)
62,990 61,637

No debts with related parties were written off or forgiven during the period. Interest at 5.28% was charged on interest bearing
advance during 2026. No interest was charged for the other payables or on the interest free advance. The related party
advances to Marquee Hotel Holdings Pty Ltd are unsecured.

During 2026, the Group had the following transactions with related parties:
Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Marquee Hotel Holdings Pty Ltd Interest receivable 544 545
CDLH (BVI) One Limited Management and franchise income 504 452
M&C Reservation Services Ltd (UK) Management and marketing support (330) (249)
CDL Hotels Holdings New Zealand Limited Recharge of takeover offer expenses
and accounting support fee received 30 2,141
Millennium & Copthorne International Limited Recharge of expenses (255) (281)





























Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 86.39% (2025: 86.39%) (economic interests from both ordinary
and preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary
of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate parent company is Hong Leong Investment
Holdings Pte Limited in Singapore.

At balance date there were related party advances owing from/(owing to) the following related companies:

Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Trade payables and receivables due to related
parties

Millennium & Copthorne Hotels Limited Recharge of expenses (585) (1,547)
Millennium & Copthorne International Recharge of expenses - (281)
Marquee Hotel Holdings Pty Ltd Interest bearing advance 21,633 19,092
Marquee Hotel Holdings Pty Ltd Interest free advance 40,332 43,146
Marquee Hotel Holdings Pty Ltd Interest receivable 564 571
CDLH (BVI) One Limited Recharge of expenses 1,018 756
CDLH (BVI) One Limited Rent 28 (100)
62,990 61,637

No debts with related parties were written off or forgiven during the period. Interest at 5.28% was charged on interest bearing
advance during 2026. No interest was charged for the other payables or on the interest free advance. The related party
advances to Marquee Hotel Holdings Pty Ltd are unsecured.

During 2026, the Group had the following transactions with related parties:
Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Marquee Hotel Holdings Pty Ltd Interest receivable 544 545
CDLH (BVI) One Limited Management and franchise income 504 452
M&C Reservation Services Ltd (UK) Management and marketing support (330) (249)
CDL Hotels Holdings New Zealand Limited Recharge of takeover offer expenses
and accounting support fee received 30 2,141
Millennium & Copthorne International Limited Recharge of expenses (255) (281)





























Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 86.39% (2025: 86.39%) (economic interests from both ordinary
and preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary
of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate parent company is Hong Leong Investment
Holdings Pte Limited in Singapore.

At balance date there were related party advances owing from/(owing to) the following related companies:

Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Trade payables and receivables due to related
parties

Millennium & Copthorne Hotels Limited Recharge of expenses (585) (1,547)
Millennium & Copthorne International Recharge of expenses - (281)
Marquee Hotel Holdings Pty Ltd Interest bearing advance 21,633 19,092
Marquee Hotel Holdings Pty Ltd Interest free advance 40,332 43,146
Marquee Hotel Holdings Pty Ltd Interest receivable 564 571
CDLH (BVI) One Limited Recharge of expenses 1,018 756
CDLH (BVI) One Limited Rent 28 (100)
62,990 61,637

No debts with related parties were written off or forgiven during the period. Interest at 5.28% was charged on interest bearing
advance during 2026. No interest was charged for the other payables or on the interest free advance. The related party
advances to Marquee Hotel Holdings Pty Ltd are unsecured.

During 2026, the Group had the following transactions with related parties:
Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Marquee Hotel Holdings Pty Ltd Interest receivable 544 545
CDLH (BVI) One Limited Management and franchise income 504 452
M&C Reservation Services Ltd (UK) Management and marketing support (330) (249)
CDL Hotels Holdings New Zealand Limited Recharge of takeover offer expenses
and accounting support fee received 30 2,141
Millennium & Copthorne International Limited Recharge of expenses (255) (281)





























Page 12

Millennium & Copthorne Hotels New Zealand Limited and Subsidiaries
Notes to the Condensed Interim Financial Statements
For the six months ended 30 June 2026 (unaudited)


7. Related party transactions

Millennium & Copthorne Hotels New Zealand Limited is a 86.39% (2025: 86.39%) (economic interests from both ordinary
and preference shares) owned subsidiary of CDL Hotels Holdings New Zealand Limited which is a wholly owned subsidiary
of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate parent company is Hong Leong Investment
Holdings Pte Limited in Singapore.

At balance date there were related party advances owing from/(owing to) the following related companies:

Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Trade payables and receivables due to related
parties

Millennium & Copthorne Hotels Limited Recharge of expenses (585) (1,547)
Millennium & Copthorne International Recharge of expenses - (281)
Marquee Hotel Holdings Pty Ltd Interest bearing advance 21,633 19,092
Marquee Hotel Holdings Pty Ltd Interest free advance 40,332 43,146
Marquee Hotel Holdings Pty Ltd Interest receivable 564 571
CDLH (BVI) One Limited Recharge of expenses 1,018 756
CDLH (BVI) One Limited Rent 28 (100)
62,990 61,637

No debts with related parties were written off or forgiven during the period. Interest at 5.28% was charged on interest bearing
advance during 2026. No interest was charged for the other payables or on the interest free advance. The related party
advances to Marquee Hotel Holdings Pty Ltd are unsecured.

During 2026, the Group had the following transactions with related parties:
Group
Dollars In Thousands Nature of balance 6 months to
30/06/26
6 months to
30/06/25
Marquee Hotel Holdings Pty Ltd Interest receivable 544 545
CDLH (BVI) One Limited Management and franchise income 504 452
M&C Reservation Services Ltd (UK) Management and marketing support (330) (249)
CDL Hotels Holdings New Zealand Limited Recharge of takeover offer expenses
and accounting support fee received 30 2,141
Millennium & Copthorne International Limited Recharge of expenses (255) (281)

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