Howard Hughes Holdings Inc.

Master Planned Communities

Segment EBTThe following table presents segment EBT for MPC:

(a)MPC land sales include deferred revenue from land sales closed in a previous period that met criteria for recognition in the current period and excludes amounts deferred from current period land sales that do not yet meet the recognition criteria.

(b)Builder price participation revenue is earned when a developer that acquired land from us develops and sells a home to an end user at a price higher than a predetermined breakpoint. The excess over the breakpoint is shared between us and the developer at the time of closing on the sale of the home based on a previously agreed-upon percentage. This revenue fluctuates based upon the number and the prices of homes closed that qualify for builder price participation payments.

The following table presents MPC segment EBT by MPC:

(a)As of March 31, 2025, the Company owned an 88.0% interest in and consolidates Teravalis. For additional detail, refer to Note 1 -Presentation of Financial Statements and Significant Accounting Policiesin the Notes to Condensed Consolidated Financial Statements under Item 1 of this Quarterly Report.

(b)These amounts represent 100% of Floreo EBT. As of March 31, 2025, the Company owned a 50% interest in Floreo. Refer to Note 3 -Investments in Unconsolidated Venturesin the Notes to Condensed Consolidated Financial Statements under Item 1 of this Quarterly Report for a description of the joint venture and further discussion.

MPC segment EBT increased $39.0 million compared to the prior-year period primarily due to the following:

Summerlin EBT increased $34.8 million compared to the prior-year period.

–MPC sales, net of MPC cost of sales increased $25.5 million primarily due to the following activity:

–increase in superpad acres sold, with 29.4 acres sold at an average price of $1.5 million per acre in the first quarter of 2025, compared to no acres sold in the prior-year period

–increase due to $2.3 million in SID bond assumptions resulting from an increase in superpad sales in the first quarter of 2025, compared to the prior-year period

–decrease due to $5.2 million less revenue recognized out of deferred revenue net of associated deferred costs in the first quarter of 2025, compared to the prior-year period

–Equity earnings at The Summit increased $11.0 million. This is primarily due to higher losses in the prior-year period related to changes to the development model.

–Builder price participation decreased $2.1 million as fewer homes were closed with sales prices over the predetermined breakpoint necessary for participation revenue in the current period.

The Woodlands EBT increased $3.6 million compared to the prior-year period.

–Gain on sale or disposal of real estate and other assets, net increased $3.7 million due to an eminent domain settlement related to the condemnation of a 9.9-acre parcel of non-saleable land.

The Woodlands Hills EBT increased $1.0 million compared to the prior-year period.

–MPC sales, net of MPC cost of sales increased $1.0 million primarily due to the following activity:

–increase in residential acres sold, with 3.8 acres sold at an average price of $471,000 per acre in the first quarter of 2025, compared to 0.4 acres sold at an average price of $538,000 per acre in the prior-year period

Bridgeland EBT decreased $0.5 million compared to the prior-year period.

–Builder price participation decreased $1.2 million as fewer homes were closed with sales prices over the predetermined breakpoint necessary for participation revenue in the current period.

–MPC sales, net of MPC cost of sales increased $0.4 million primarily due to the following activity:

–increase in residential acres sold, with 37.0 acres sold at an average price of $605,000 per acre in the first quarter of 2025, compared to 30.7 acres sold at an average price of $601,000 per acre in the prior-year period

–decrease in commercial acres sold, with no acres sold in the first quarter of 2025, compared to 3.5 acres sold at an average price of $801,000 per acre in the prior-year period

–decrease due to $1.6 million less revenue recognized out of deferred revenue net of associated deferred costs in the first quarter of 2025, compared to the prior-year period

MPC Net Contribution MPC Net Contribution is a non-GAAP financial measure derived from EBT, adjusted for certain items as discussed below. Management uses this measure because it captures current period performance through the velocity of sales, as well as current period development expenditures based upon demand at our MPCs, which varies depending upon the stage of the MPC’s development lifecycle, and the overall economic environment. MPC Net Contribution is defined as MPC segment EBT, plus MPC cost of sales, Depreciation and amortization, and net collections from MUD and SID bonds receivables, reduced by MPC development expenditures, land acquisitions, and Equity in earnings from unconsolidated ventures, net of distributions. MPC Net Contribution is not a GAAP-based operational metric and should not be used to measure operating performance of the MPC assets as a substitute for GAAP measures of such performance nor should it be used as a comparison metric with other comparable businesses.

Below is a reconciliation of segment EBT to MPC Net Contribution:

(a)SID collections are shown net of SID transfers to buyers in the respective periods.

MPC Net Contribution increased $41.6 million in the three months ended March 31, 2025, compared to the prior-year period, primarily due to higher MPC land sales and higher MUD and SID bonds collections, partially offset by higher MPC development expenditures.

MPC Land Inventory The following table summarizes MPC land inventory activity for the three months ended March 31, 2025:

(a)Development expenditures are inclusive of capitalized interest and property taxes.

(b)MUD reimbursable costs represent land development expenditures transferred to MUD Receivables.