Howard Hughes Holdings Inc.

RESULTS OF OPERATIONS

Comparison of the nine months ended September 30, 2025, to the nine months ended September 30, 2024

Net income from continuing operations decreased $4.7 million to $118.2 million in the nine months ended September 30, 2025, compared to $122.9 million in the prior-year period.

–Strategic Developments EBT decreased $58.2 million primarily due to a decrease in other income related to the receipt of insurance proceeds for the Waiea remediation in the prior-year period. This decrease waspartially offset by a decrease in condominium cost of sales related to the recognition of additional Waiea remediation costs and final settlement costs paid to the Waiea general contractor in the prior-year period and an increase in gain on sale of real estate assets due to a land swap in The Woodlands and the sale of a land parcel near the Merriweather District in the current period.

–Corporate income, expenses, and other items included an increase in net expenses of $38.4 million primarily due to an increase in income tax expense and an increase in general and administrative expenses, primarily related to a strategic reduction in force in the current period and the Pershing Square advisory fee.

–MPC EBT increased $78.4 million, primarily due to higher residential land sales, net of costs from an increase in superpad sales and higher builder price participation in Summerlin in the current year, partially offset by lower residential land sales, net of costs in The Woodlands Hills.

–Operating Assets EBT increased $13.5 million primarily due to an increase in rental revenues, net of operating costs due to increased leasing activity across our portfolio and an increase in gain on sale of real estate.

Refer to the Third Quarter 2025 Highlights section above for information on the variances for the three months ended September 30, 2025.

See segment discussions for more detail about the changes described above.