Exhibit 99.1
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HOWARD HUGHES HOLDINGS INC. REPORTS THIRD QUARTER 2026 RESULTS
Vantage transition to HHH in full effect; Howard Hughes Communities® advances asset-light strategy for real estate development and asset management platform

THE WOODLANDS, Texas, November 5, 2026 – Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company,” “HHH,” “Howard Hughes,” or “we”) today reported third quarter 2026 results as highlighted in the following paragraphs.

Third Quarter 2026 Highlights:

–Net loss attributable to common stockholders was $1.1 million for the quarter, compared to net income of $119.5 million in the prior-year period.
–Vantage posts solid results during first full quarter in Howard Hughes. Vantage contributed $315.8 million of net earned insurance premiums and $76.6 million of income before income taxes.
–Howard Hughes Communities (HHC) delivered Master Planned Communities (MPC) EBT of $89.5 million and Total Operating Assets Net Operating Income (NOI) of $73.0 million in the quarter. Further details and prior-year comparisons are presented in Financial Highlights below.

Financial Highlights

Insurance and Reinsurance

–Net earned insurance and reinsurance premiums were $315.8 million for the third quarter 2026.
–Reported underwriting loss was $5.7 million, with a combined ratio of 101.8%, comprising a loss ratio of 63.5% and an expense ratio of 38.3%. These results include the impact of purchase accounting. Without these adjustments, the underlying results represent underwriting income of $16.1 million, with a combined ratio of 94.9%.
–Losses included no catastrophe losses, and $4.0 million of favorable prior-year development, but were impacted by a single current large loss in a specialty line and purchase accounting adjustments resulting in a loss ratio for the quarter of 63.5%.
–The investment portfolio delivered net insurance investment income of $22.7 million and net investment gains of $50.9 million, representing the transition of the portfolio to one based on common equities and U.S. treasuries.
–The AdVantage insurance-linked securities (ILS) structure contributed $13.0 million in net fee income, resulting from the continued positive outcomes for recent property catastrophe business written in this structure.
–Income before income taxes was $76.6 million, including the impact of purchase accounting.

Real Estate

–MPC EBT of $89.5 million in the third quarter was down $115.5 million from $205.0 million in the prior-year period primarily due to bulk sale of 231 acres in Summerlin that occurred during the third quarter of 2025, as well as a $19.4 million loss associated with the consolidation of the Floreo joint venture.
–Pricing remained strong during the first nine months of 2026, with Howard Hughes Communities selling 307.7 residential acres at an average price of $1.2 million per acre and 9.8 commercial acres at an average price of $0.9 million per acre.
–Total Operating Assets NOI, including contributions from unconsolidated ventures, increased by $5.1 million, or 8% to a total of $73.0 million in the quarter compared to $67.9 million in the prior-year period.
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–Closed on two sales of Municipal Utility District (MUD) receivables associated with Bridgeland and The Woodlands Hills that generated net cash proceeds to HHC of $177.6 million, resulting in a GAAP loss of $105.4 million.
–Announced intention to transition real estate model to an asset-light real estate development and asset management platform by monetizing select real estate assets through asset sales and joint ventures.

Conference Call & Webcast Information

Howard Hughes Holdings Inc. will host its third quarter 2026 earnings conference call on Friday, November 6, 2026, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). A live webcast will be available in the Events & Webcast section of the Company’s investor relations website. Participants who wish to ask questions by telephone should preregister using HHH’s earnings call registration webpage. All registrants will receive dial-in information and a PIN allowing them to access the live call. An on-demand replay of the earnings call will be available on the Company’s website immediately after the call for a period of one year.

About Howard Hughes Holdings Inc.

Howard Hughes Holdings Inc. (NYSE: HHH) is a diversified holding company focused on growing long-term shareholder value. Its principal subsidiaries are Vantage Group Holdings, a leading specialty insurance, reinsurance, and partnership capital platform, and Howard Hughes Communities™, one of the nation’s leading real estate platforms. HHH brings together long-duration capital, high-quality operating businesses, and disciplined capital allocation to build long-term value. For additional information visit www.howardhughes.com.

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Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (Exchange Act). We intend these statements to be covered by the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, or business, and are not guarantees of performance. These statements may include words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “plan,” “project,” “realize,” “should,” “transform,” “will,” “would,” and other statements of similar expression. Forward-looking statements should not be relied upon, and actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the Company’s ability to control or predict, some of which include: (i) our ability to transition our real estate business into an asset-light real estate asset management platform on the time frame we anticipate or at all, including our ability to raise third-party capital on terms that are favorable to us or at all, and our increasing dependence on Vantage; (ii) our ability to monetize our real estate assets through asset sales and joint ventures at the values, on the terms, and within the time frame we anticipate, or at all, and to redeploy the resulting proceeds into Vantage; (iii) our ability to realize the anticipated benefits of the transactions with Pershing Square and to identify and consummate transactions as part of our strategy of becoming a diversified holding company; (iv) our ability to integrate Vantage’s insurance and reinsurance business into our operations, and realize the financial and strategic benefits currently anticipated from such acquisition; (v) risks related to our continued operations of Vantage’s insurance and reinsurance business; (vi) Vantage’s ability to accurately assess underwriting risk and establish adequate premium rates; (vii) our dependence on the operations and funds of our subsidiaries, including The Howard Hughes Corporation and Vantage; and (viii) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in our other reports and other public filings with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026. Copies of each filing may be obtained from the Company or the Securities and Exchange Commission. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements unless otherwise required by law.

Non-GAAP Financial Measures

As discussed throughout this release, we use certain non-GAAP performance measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer companies more meaningful. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change. Non-GAAP financial measures should not be considered independently, or as a substitute, for financial information presented in accordance with GAAP. A non-GAAP financial measure used throughout this release is net operating income (NOI). We provide a more detailed discussion about this non-GAAP measure and a reconciliation to the most directly comparable GAAP measure in the appendix to this earnings release. The financial statements, exhibits, and Supplemental Information referenced in this release are available in the attached Appendix and through the Investors section of our website.

Investor Relations:
investorrelations@howardhughes.com
281-929-7700

Media Relations:
press@howardhughes.com
281-929-7700

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HOWARD HUGHES HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED

Three Months Ended September 30,Nine Months Ended September 30,
thousands except per share amounts2026202520262025
REVENUES
Condominium rights and unit sales$6,189 $142 $715,634 $677 
Master Planned Communities land sales133,657 248,467 404,166 445,150 
Rental revenue115,852 111,377 343,599 330,882 
Net earned insurance premiums315,849 — 413,096 — 
Net insurance investment income22,678 — 33,666 — 
Builder price participation11,366 16,012 26,916 39,437 
Other revenues30,705 14,237 57,463 34,297 
Total revenues636,296 390,235 1,994,540 850,443 
EXPENSES
Condominium rights and unit cost of sales5,414 59 583,937 1,112 
Master Planned Communities cost of sales46,242 78,280 140,041 148,672 
Operating costs56,000 45,940 163,756 147,247 
Rental property real estate taxes13,649 15,630 44,675 46,294 
Insurance claims and claim expenses200,551 — 255,761 — 
Insurance underwriting expenses120,973 — 158,354 — 
Provision for (recovery of) doubtful accounts206 (345)270 41 
General and administrative28,802 28,281 90,696 85,269 
Depreciation and amortization51,550 46,381 156,799 135,845 
Other expenses12,061 3,332 22,126 12,402 
Total expenses535,448 217,558 1,616,415 576,882 
OTHER
Gain (loss) on sale or disposal of real estate and other assets, net6,582 14,449 58,382 29,834 
Investment gain (loss), net50,915 — 12,637 — 
Other income (loss), net(1,375)2,445 (1,908)1,963 
Total other56,122 16,894 69,111 31,797 
Operating income (loss)156,970 189,571 447,236 305,358 
Interest income7,593 15,287 36,059 31,736 
Interest expense(50,111)(43,856)(137,713)(128,644)
Gain (loss) on extinguishment of debt(429)(173)(11,068)(480)
Gain (loss) on sale of Municipal Utility District (MUD) receivables(105,362)— (105,917)(48,197)
Equity in earnings (losses) from unconsolidated ventures(7,529)(2,529)(9,868)(3,096)
Income (loss) before income taxes1,132 158,300 218,729 156,677 
Income tax expense (benefit)1,503 38,898 54,078 38,513 
Net income (loss)(371)119,402 164,651 118,164 
Net (income) loss attributable to noncontrolling interests(716)106 853 (267)
Net income (loss) attributable to common stockholders$(1,087)$119,508 $165,504 $117,897 
Basic income (loss) per share$(0.02)$2.03 $2.81 $2.16 
Diluted income (loss) per share$(0.39)$2.02 $2.53 $2.15 

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HOWARD HUGHES HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
UNAUDITED
thousands except par values and share amounts
 September 30, 2026
December 31, 2025
ASSETS
Master Planned Communities assets$2,948,512 $2,635,077 
Buildings and equipment4,071,990 4,028,862 
Less: accumulated depreciation(1,147,577)(1,082,124)
Land323,754 307,625 
Developments1,158,230 1,477,615 
Net investment in real estate7,354,909 7,367,055 
Investments in fixed maturity securities11,036 — 
Investments in equity securities1,263,521 — 
Short-term investments27,761 — 
Investments in unconsolidated ventures121,022 170,122 
Cash and cash equivalents2,868,758 1,468,507 
Restricted cash873,032 628,651 
Accounts receivable, net883,267 134,122 
Municipal district receivables, net444,017 459,729 
Reinsurance recoverable on paid and unpaid losses630,049 — 
Deferred expenses, net217,467 160,966 
Intangibles, net512,475 34,658 
Goodwill282,218 2,336 
Other assets, net829,514 213,315 
Total assets$16,319,046 $10,639,461 
LIABILITIES
Mortgages, notes, and loans payable, net$5,703,949 $5,109,828 
Reserves for claims and claim expenses2,262,306 — 
Unearned premiums1,358,785 — 
Deferred tax liabilities, net225,783 164,472 
Other liabilities, net1,694,218 1,522,915 
Total liabilities11,245,041 6,797,215 
MEZZANINE EQUITY
Series A non-voting exchangeable perpetual preferred stock: $0.01 par value; 140,000 shares issued and outstanding as of September 30, 2026, and none issued or outstanding as of December 31, 2025
995,653 — 
EQUITY
Preferred stock: $0.01 par value; 50,000,000 shares authorized; 140,000 shares designated as Series A Preferred Stock; no other shares issued or outstanding
— — 
Common stock: $0.01 par value; 150,000,000 shares authorized, 66,314,259 issued, and 59,717,775 outstanding as of September 30, 2026, and 65,910,640 shares issued, and 59,370,353 outstanding as of December 31, 2025
663 659 
Additional paid-in capital4,483,276 4,458,838 
Retained earnings (accumulated deficit)103,408 (62,096)
Accumulated other comprehensive income (loss)10,057 (1,827)
Treasury stock, at cost, 6,596,484 shares as of September 30, 2026, and 6,540,287 shares as of December 31, 2025
(624,592)(620,118)
Total stockholders' equity3,972,8123,775,456
Noncontrolling interests105,540 66,790
Total equity4,078,3523,842,246
Total liabilities, mezzanine equity, and equity$16,319,046 $10,639,461 

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Segment Earnings Before Taxes (EBT)

Howard Hughes Communities has three real estate business segments, Operating Assets, MPC, and Strategic Developments. EBT, as it relates to each business segment, includes the revenues and expenses of each segment, as shown below. EBT excludes corporate expenses and other items that are not allocable to the segments.
Three Months Ended September 30,Nine Months Ended September 30,
thousands20262025$ Change20262025$ Change
Operating Assets Segment EBT
Total revenues$121,611 $117,182 $4,429 $360,773 $347,630 $13,143 
Total operating expenses(48,524)(51,713)3,189 (149,969)(149,997)28 
Segment operating income (loss)73,087 65,469 7,618 210,804 197,633 13,171 
Depreciation and amortization(43,503)(43,411)(92)(141,109)(128,839)(12,270)
Interest income (expense), net(39,284)(34,006)(5,278)(110,664)(102,397)(8,267)
Other income (loss), net72 363 (291)(436)801 (1,237)
Equity in earnings (losses) from unconsolidated ventures531 135 396 7,202 4,453 2,749 
Gain (loss) on sale or disposal of real estate and other assets, net429 4,385 (3,956)52,229 14,363 37,866 
Gain (loss) on extinguishment of debt(429)(173)(256)(842)(480)(362)
Operating Assets segment EBT$(9,097)$(7,238)$(1,859)$17,184 $(14,466)$31,650 
Master Planned Communities Segment EBT
Total revenues$149,825 $271,575 $(121,750)$443,846 $499,730 $(55,884)
Total operating expenses(62,439)(83,172)20,733 (180,706)(179,071)(1,635)
Segment operating income (loss)87,386 188,403 (101,017)263,140 320,659 (57,519)
Depreciation and amortization(266)(110)(156)(441)(309)(132)
Interest income (expense), net24,366 19,414 4,952 70,090 54,307 15,783 
Other income (loss), net— 19 (19)1,860 54 1,806 
Equity in earnings (losses) from unconsolidated ventures(22,010)(2,721)(19,289)(26,114)(7,780)(18,334)
Gain (loss) on sale or disposal of real estate and other assets, net— — — — 3,750 (3,750)
MPC segment EBT$89,476 $205,005 $(115,529)$308,535 $370,681 $(62,146)
Strategic Developments Segment EBT
Total revenues$7,244 $1,460 $5,784 $719,083 $3,028 $716,055 
Total operating expenses(10,114)(4,627)(5,487)(601,189)(14,179)(587,010)
Segment operating income (loss)(2,870)(3,167)297 117,894 (11,151)129,045 
Depreciation and amortization(2,380)(1,988)(392)(6,505)(4,222)(2,283)
Interest income (expense), net4,558 4,311 247 13,629 13,590 39 
Other income (loss), net(1,591)2,066 (3,657)(2,480)936 (3,416)
Equity in earnings (losses) from unconsolidated ventures13,950 57 13,893 9,044 231 8,813 
Gain (loss) on sale or disposal of real estate and other assets, net6,153 10,064 (3,911)6,153 11,721 (5,568)
Strategic Developments segment EBT$17,820 $11,343 $6,477 $137,735 $11,105 $126,630 

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Appendix – Reconciliation of Non-GAAP Measures

Below are GAAP to non-GAAP reconciliations of certain financial measures, as required under Regulation G promulgated by the Securities and Exchange Commission. Non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to similarly titled measures.

Net Operating Income (NOI)

We define NOI as operating revenues (rental income, tenant recoveries, and other revenue) less operating expenses (real estate taxes, repairs and maintenance, marketing, and other property expenses). NOI excludes straight-line rents and amortization of tenant incentives, net; interest expense, net; ground rent amortization; demolition costs; other income (loss); depreciation and amortization; development-related marketing costs; gain on sale or disposal of real estate and other assets, net; loss on extinguishment of debt; provision for impairment; and equity in earnings from unconsolidated ventures. This amount is presented as Operating Assets NOI throughout this document. Total Operating Assets NOI represents NOI as defined above with the addition of our share of NOI from unconsolidated ventures.

We believe that NOI is a useful supplemental measure of the performance of our Operating Assets segment because it provides a performance measure that reflects the revenues and expenses directly associated with owning and operating real estate properties. We use NOI to evaluate our operating performance on a property-by-property basis because NOI allows us to evaluate the impact that property-specific factors such as rental and occupancy rates, tenant mix, and operating costs have on our operating results, gross margins, and investment returns.

A reconciliation of segment EBT to NOI for Operating Assets is presented in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
thousands20262025$ Change20262025$ Change
Operating Assets Segment
Total revenues$121,611 $117,182 $4,429 $360,773 $347,630 $13,143 
Total operating expenses(48,524)(51,713)3,189 (149,969)(149,997)28 
Segment operating income (loss)73,087 65,469 7,618 210,804 197,633 13,171 
Depreciation and amortization(43,503)(43,411)(92)(141,109)(128,839)(12,270)
Interest income (expense), net(39,284)(34,006)(5,278)(110,664)(102,397)(8,267)
Other income (loss), net72 363 (291)(436)801 (1,237)
Equity in earnings (losses) from unconsolidated ventures531 135 396 7,202 4,453 2,749 
Gain (loss) on sale or disposal of real estate and other assets, net429 4,385 (3,956)52,229 14,363 37,866 
Gain (loss) on extinguishment of debt(429)(173)(256)(842)(480)(362)
Operating Assets segment EBT(9,097)(7,238)(1,859)17,184 (14,466)31,650 
Add back:
Depreciation and amortization43,503 43,411 92 141,109 128,839 12,270 
Interest (income) expense, net39,284 34,006 5,278 110,664 102,397 8,267 
Equity in (earnings) losses from unconsolidated ventures(531)(135)(396)(7,202)(4,453)(2,749)
(Gain) loss on sale or disposal of real estate and other assets, net(429)(4,385)3,956 (52,229)(14,363)(37,866)
(Gain) loss on extinguishment of debt429 173256842 480 362 
Impact of straight-line rent(2,070)(196)(1,874)(5,707)(1,729)(3,978)
Other(61)(66)5 524 (261)785 
Operating Assets NOI71,028 65,570 5,458 205,185 196,444 8,741 
Company's share of NOI from equity investments1,964 2,295 (331)6,181 6,242 (61)
Distributions from Summerlin Hospital investment— — — 5,318 5,605 (287)
Company's share of NOI from unconsolidated ventures1,964 2,295 (331)11,499 11,847 (348)
Total Operating Assets NOI$72,992 $67,865 $5,127 $216,684 $208,291 $8,393 
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