Howard Hughes (HHH) Q4 2025 Earnings Transcript

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Friday, Feb. 20, 2026 astatine 10 a.m. ET

• Executive Chairman — William Albert Ackman

• Chief Executive Officer — David R. O’Reilly

• Chief Financial Officer — Carlos A. Olea

• Director — Ryan Michael Israel

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John Saxon: Where you tin download some our 4th fourth net property merchandise and our supplemental package. The net merchandise and supplemental bundle see reconciliations of non-GAAP fiscal measures that volition beryllium discussed contiguous successful narration to their astir straight comparable GAAP fiscal measures. Certain statements made contiguous that are not successful the contiguous tense that sermon the institution are forward-looking statements wrong the meaning of the national securities laws. Although the institution believes that the expectations reflected successful specified forward-looking statements are based upon tenable assumptions, we tin springiness nary assurance that these expectations volition beryllium achieved.

Please spot the forward-looking connection disclaimer successful our 4th fourth net property merchandise and the hazard factors successful our SEC filings for factors that could origin worldly differences betwixt forward-looking statements and existent results. We are not nether immoderate work to update forward-looking statements unless required by law. I volition present crook the telephone implicit to our Executive Chairman, William Ackman. Thank you precise much, John. And fto maine conscionable adhd 1 summation to the room, Jill Chapman.

Jill was formerly caput of IR for Hilton, and we are precise pleased to denote that we brought her connected successful an IR capableness astatine Pershing Square, and she is besides going to help, of course, with our concern successful Howard Hughes Holdings Inc. While we are connected the taxable of IR, I conscionable thought it would beryllium utile arsenic this concern benignant of transforms from a pure-play existent property and existent property improvement institution into a diversified holding company, you know, led by our caller announcement to get Vantage Holdings. Good question and immoderate question I person received from shareholders is however should we deliberation astir this business, know, what are the metrics that we should follow?

And I deliberation Howard Hughes Holdings Inc. implicit clip besides suffered a spot from shareholders trying to fig retired however bash I deliberation astir this business. In the accepted nationalist company, determination is usually a definite magnitude of GAAP net oregon a fig oregon a escaped currency travel number, and, you know, radical privation a elemental rubric for reasoning astir it. You know, what aggregate bash I enactment connected this number, however bash I way this fig implicit time? And, you know, the aggregate is determined based on, you know, the persistency and the maturation of those benignant of net implicit time. And erstwhile you deliberation astir the Howard Hughes Holdings Inc. business, it is precise challenging successful our view.