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 September 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 September 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 increased $60.3 million compared to the prior-year period primarily due to the following:

Summerlin EBT increased $62.3 million compared to the prior-year period.

–MPC sales, net of MPC cost of sales increased $52.2 million primarily due to the following activity:

–increase in superpad acres sold, with 318.3 acres sold at an average price of $780,000 per acre in the third quarter of 2025, compared to 129.2 acres sold at an average price of $1.3 million per acre in the prior-year period

–increase in custom lots sold, with 0.8 acres sold at an average price of $7.8 million per acre in the third quarter of 2025, compared to no acres sold in the prior-year period

–decrease due to $14.8 million less revenue recognized out of deferred revenue, net of associated deferred costs in the third quarter of 2025, compared to the prior-year period

–decrease of $2.6 million in SID bond assumptions, primarily driven by timing differences between the superpad sale closings and the subsequent assumption of SID bonds by buyers

–Builder price participation increased $7.1 million as homes earned higher participation revenue per home, partially offset by fewer homes closing with sales prices above the predetermined breakpoint necessary for participation revenue in the third quarter of 2025, compared to the prior-year period.

–Other land, rental, and property revenues increased $3.6 million primarily due to higher advertising revenue related to superpad acres sold in the third quarter of 2025, compared to the prior-year period.

Bridgeland EBT increased $5.2 million compared to the prior-year period.

–Operating costs decreased $7.5 million primarily due to lower real estate taxes

–Increase of $2.0 million primarily due to higher capitalized interest

–MPC sales, net of MPC cost of sales decreased $3.9 million primarily due to the following activity:

–decrease in residential acres sold partially offset by an increase in price per acre, with 28.2 acres sold at an average price of $704,000 per acre in the third quarter of 2025, compared to 46.2 acres sold at an average price of $583,000 per acre in the prior-year period

–decrease due to $0.9 million less revenue recognized out of deferred revenue, net of associated deferred costs in the third quarter of 2025, compared to 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 $3.9 million primarily due to the following activity:

–decrease in residential acres sold partially offset by an increase in price per acre, with 1.6 acres sold at an average price of $486,000 per acre in the third quarter of 2025, compared to 15.3 acres sold at an average price of $466,000 per acre in the prior-year period

Teravalis EBT decreased $1.6 million compared to the prior-year period.

–Equity earnings at Floreo decreased $1.5 million primarily related to no land sales in the third quarter of 2025. Our Floreo joint venture sold a total of 17.6 residential acres at an average price of $762,000 per acre in the prior-year period.

The Woodlands EBT decreased $1.6 million compared to the prior-year period.

–Other land, rental, and property revenues decreased $1.3 million as the prior-year period included a fee received due to change in use of previously sold commercial land, with no similar activity in the third quarter of 2025.

MPC segment EBT increased $78.4 million compared to the prior-year period primarily due to the following:

Summerlin EBT increased $86.0 million compared to the prior-year period.

–MPC sales, net of MPC cost of sales increased $69.1 million primarily due to the following activity:

–increase in superpad acres sold, with 412.3 acres sold at an average price of $970,000 per acre in the nine months ended September 30, 2025, compared to 216.5 acres sold at an average price of $1.3 million per acre in the prior-year period

–increase in custom lots sold, with 2.7 acres sold at an average price of $7.5 million per acre in the nine months ended September 30, 2025, compared to no acres sold in the prior-year period

–decrease due to $19.5 million less revenue recognized out of deferred revenue, net of associated deferred costs in the nine months ended September 30, 2025, compared to the prior-year period

–decrease of $7.4 million in SID bond assumptions, primarily driven by timing differences between the superpad sale closings and the subsequent assumption of SID bonds by buyers

–Builder price participation increased $7.4 million as homes earned higher participation revenue per home, partially offset by fewer homes closing with sales prices above the predetermined breakpoint necessary for participation revenue in the nine months ended September 30, 2025, compared to the prior-year period.

–Equity earnings at The Summit increased $4.1 million. This was primarily due to higher losses in the prior-year period related to changes to the development model.

–Other land, rental, and property revenues increased $3.5 million primarily due to higher advertising revenue related to superpad acres sold in the nine months ended September 30, 2025, compared to the prior-year period.

–Increase of $2.4 million primarily due to higher capitalized interest.

The Woodlands EBT increased $2.2 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 in the nine months ended September 30, 2025, with no similar activity in the prior-year period.

–Other land, rental, and property revenues decreased $1.4 million as the prior-year period included a fee received due to change in use of previously sold commercial land, with no similar activity in the nine months ended September 30, 2025.

Bridgeland EBT increased $0.6 million compared to the prior-year period.

–Operating costs decreased $7.7 million due to lower real estate taxes, primarily from the finalization of prior-year accrual estimates.

–Increase of $3.6 million primarily due to higher capitalized interest, partly offset by lower interest income as a result of a lower principal balance in interest-earning accounts.

–MPC sales, net of MPC cost of sales decreased $8.4 million primarily due to the following activity:

–decrease due to $3.7 million less revenue recognized out of deferred revenue, net of associated deferred costs in the nine months ended September 30, 2025, compared to the prior-year period

–decrease in residential acres sold partially offset by an increase in price per acre, with 105.5 acres sold at an average price of $648,000 per acre in the nine months ended September 30, 2025, compared to 136.3 acres sold at an average price of $589,000 per acre in the prior-year period

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

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

The Woodlands Hills EBT decreased $6.9 million compared to the prior-year period.

–MPC sales, net of MPC cost of sales decreased $6.5 million primarily due to the following activity:

–decrease in residential acres sold partially offset by an increase in price per acre, with 9.1 acres sold at an average price of $490,000 per acre in the nine months ended September 30, 2025, compared to 32.7 acres sold at an average price of $460,000 per acre in the prior-year period

Teravalis EBT decreased $3.5 million compared to the prior-year period.

–Equity earnings at Floreo decreased $3.4 million primarily related to lower land sales in the nine months ended September 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 nine months ended September 30, 2025, compared to 81.7 residential acres sold at an average price of $781,000 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 decreased $154.0 million in the three months ended September 30, 2025, compared to the same period in 2024, primarily due to the proceeds from the sale of MUD receivables in the prior-year period, higher MPC development expenditures, and lower MUD and SID bonds collections, net, partially offset by higher MPC land sales. MPC Net Contribution increased $54.2 million in the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to higher MPC land sales and higher MUD and SID bonds collections, net, partially offset by higher MPC development expenditures.

MPC Land Inventory The following table summarizes MPC land inventory activity for the nine months ended September 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.