Howard Hughes Holdings Inc.

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 June 30, 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 June 30, 2025, the Company owned a 50% interest in Floreo. Refer to Note 4 -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 decreased $20.8 million compared to the prior-year period primarily due to the following:

Summerlin EBT decreased $11.0 million compared to the prior-year period.

–MPC sales, net of MPC cost of sales decreased $8.6 million primarily due to the following activity:

–decrease in superpad acres sold partially offset by an increase in price per acre, with 64.6 acres sold at an average price of $1.6 million per acre in the second quarter of 2025, compared to 87.3 acres sold at an average price of $1.5 million per acre in the prior-year period

–decrease of $7.1 million in SID bond assumptions, primarily driven by timing differences between the superpad sale closings and the subsequent assumption of SID bonds by buyers

–increase in custom lots sold, with 1.9 acres sold at an average price of $7.7 million per acre in the second quarter of 2025, compared to no acres sold in the prior-year period

–Equity earnings at The Summit decreased $5.4 million. Land and clubhouse unit sales decreased in the second quarter of 2025, compared to the prior-year period due to low remaining inventory.

–Builder price participation increased $2.4 million as more homes were closed with sales prices over the predetermined breakpoint necessary for participation revenue in the current period.

Bridgeland EBT decreased $4.1 million compared to the prior-year period.

–MPC sales, net of MPC cost of sales decreased $4.9 million primarily due to the following activity:

–decrease in residential acres sold partially offset by an increase in price per acre, with 40.3 acres sold at an average price of $648,000 per acre in the second quarter of 2025, compared to 59.4 acres sold at an average price of $588,000 per acre in the prior-year period

The Woodlands Hills EBT decreased $3.9 million compared to the prior-year period.

–MPC sales, net of MPC cost of sales decreased $3.6 million primarily due to the following activity:

–decrease in residential acres sold partially offset by an increase in price per acre, with 3.7 acres sold at an average price of $512,000 per acre in the second quarter of 2025, compared to 17.0 acres sold at an average price of $452,000 per acre in the prior-year period

Teravalis EBT decreased $2.0 million compared to the prior-year period.

–Equity earnings at Floreo decreased $2.1 million primarily related to no land sales in the second quarter of 2025. Our Floreo joint venture sold a total of 12.5 residential acres at an average price of $903,000 per acre in the prior-year period.

MPC segment EBT increased $18.2 million compared to the prior-year period primarily due to the following:

Summerlin EBT increased $23.7 million compared to the prior-year period.

–MPC sales, net of MPC cost of sales increased $16.8 million primarily due to the following activity:

–increase in superpad acres sold, with 94.0 acres sold at an average price of $1.6 million per acre in the six months ended June 30, 2025, compared to 87.3 acres sold at an average price of $1.5 million per acre in the prior-year period

–increase in custom lots sold, with 1.9 acres sold at an average price of $7.7 million per acre in the six months ended June 30, 2025, compared to no acres sold in the prior-year period

–decrease due to $4.8 million less revenue recognized out of deferred revenue net of associated deferred costs in the six months ended June 30, 2025, compared to the prior-year period

–decrease of $4.8 million in SID bond assumptions, primarily driven by timing differences between the superpad sale closings and the subsequent assumption of SID bonds by buyers

–Equity earnings at The Summit increased $5.6 million. This was primarily due to higher losses in the prior-year period related to changes to the development model.

–Increase of $1.8 million primarily due to higher capitalized interest inclusive of derivatives. For additional detail, refer to Note 10 -Derivative Instruments and Hedging Activitiesin the Notes to Condensed Consolidated Financial Statements under Item 1 of this Quarterly Report.

The Woodlands EBT increased $3.8 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.

Bridgeland EBT decreased $4.6 million compared to the prior-year period.

–MPC sales, net of MPC cost of sales decreased $4.5 million primarily due to the following activity:

–decrease due to $2.9 million less revenue recognized out of deferred revenue net of associated deferred costs in the six months ended June 30, 2025, compared to the prior-year period

–decrease in commercial acres sold, with no acres sold in the six months ended June 30, 2025, compared to 3.5 acres sold at an average price of $801,000 per acre in the prior-year period

–decrease in residential acres sold partially offset by an increase in price per acre, with 77.3 acres sold at an average price of $627,000 per acre in the six months ended June 30, 2025, compared to 90.1 acres sold at an average price of $592,000 per acre in the prior-year period

The Woodlands Hills EBT decreased $3.0 million compared to the prior-year period.

–MPC sales, net of MPC cost of sales decreased $2.6 million primarily due to the following activity:

–decrease in residential acres sold partially offset by an increase in price per acre, with 7.5 acres sold at an average price of $491,000 per acre in the six months ended June 30, 2025, compared to 17.4 acres sold at an average price of $454,000 per acre in the prior-year period

Teravalis EBT decreased $1.9 million compared to the prior-year period.

–Equity earnings at Floreo decreased $1.9 million primarily related to lower land sales in the six months ended June 30, 2025 compared to the prior-year period. Our Floreo joint venture sold a total of 10.6 residential acres at an average price of $793,000 per acre in the six months ended June 30, 2025, compared to 64.1 residential acres sold at an average price of $787,000 per acre in 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 $166.5 million in the three months ended June 30, 2025, compared to the same period in 2024, primarily due to the proceeds from the sale of MUD receivables and higher MUD and SID bonds collections, partially offset by lower MPC land sales. MPC Net Contribution increased $208.1 million in the six months ended June 30, 2025, compared to the same period in 2024, primarily due to proceeds from the sale of MUD receivables, higher MUD and SID bonds collections, and higher MPC land sales, partially offset by higher MPC development expenditures.

MPC Land Inventory The following table summarizes MPC land inventory activity for the six months ended June 30, 2025:

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

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