Nam Tai Property (OTC: NTPIF) Q3 2025 loss narrows as cash rises

Rhea-AI Filing Summary

Nam Tai Property Inc. reported Q3 2025 revenue of $9.7 million, slightly above $9.5 million a year earlier, but gross profit fell to $2.9 million from $5.6 million as costs increased. The Q3 consolidated net loss narrowed significantly to $1.9 million from $7.5 million, reflecting lower general and administrative expenses.

For the first nine months of 2025, the company generated net income of $6.6 million versus a $24.4 million loss in the prior-year period. Cash and cash equivalents rose to $68.6 million as of September 30, 2025 from $26.9 million at year-end 2024, mainly due to net financing inflows and investing cash receipts, while long-term bank loans increased to $162.3 million.

Operationally, Nam Tai had 302,607 square meters of leasable area in Shenzhen with a 72% occupancy rate, including 74% at Nam Tai Inno Park. The company details multiple disputes around the Nam Tai • Longxi project, including a contractor claim with 54 units frozen by court order that remains under review, and a property services dispute that was effectively settled in early 2026 with related litigation and preservation measures being withdrawn.

Positive

• Return to profitability and stronger cash position: For the nine months ended September 30, 2025, Nam Tai generated consolidated net income of $6.6 million versus a $24.4 million loss a year earlier, while cash and cash equivalents increased to $68.6 million from $26.9 million at December 31, 2024.

Negative

• None.

Insights

Real estate equity analyst

Results show a sharp earnings rebound, stronger liquidity and ongoing legal overhangs.

Nam Tai Property delivered modest Q3 2025 revenue growth to $9.7M, but gross profit dropped as cost of revenue rose. Operating performance improved year over year, with the consolidated Q3 net loss narrowing to $1.9M from $7.5M on reduced general and administrative expenses.

For the nine months ended September 30, 2025, the company swung to net income of $6.6M from a $24.4M loss, helped by other income and lower operating costs. Liquidity strengthened, with cash and cash equivalents up to $68.6M, funded largely by net new bank and third-party borrowings, while long-term bank loans increased to $162.3M.

Leasing fundamentals in Shenzhen show a 72% occupancy rate over 302,607 square meters, with Nam Tai Inno Park at 74%. Legal issues around the Nam Tai • Longxi project continue, including a general contractor dispute and court-ordered freezing of 54 units, though a separate property services dispute with a Kaisa-affiliated entity has been addressed through a supplemental settlement agreement dated January 21, 2026.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the Month of February 2026

Commission File Number 001-31583

NAM TAI PROPERTY INC.

(Translation of registrant’s name into English)

Nam Tai Property Inc.

No. 2 Namtai Road, Gushu Community, Xixiang Township

Baoan District, Shenzhen City, Guangdong Province

People’s Republic of China

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				NAM TAI PROPERTY INC.
Date: February 11, 2026				By:		/s/ Bo Hu
						Name: Bo Hu
						Title: Chief Executive Officer

THIRD QUARTER NEWS RELEASE

NAM TAI PROPERTY INC.

Reports Q3 2025 Results

Shenzhen, China – February 11, 2026 – Nam Tai Property Inc. (“Nam Tai” or the “Company”) (OTC Expert Market Symbol: NTPIF) today announced its unaudited results for the third quarter ended September 30, 2025.

The following tables set forth key highlights of the financial information for the periods indicated:

(In thousands of US dollars, except per share data, percentages and as otherwise stated)

		Quarterly Results												Nine Months results
		Q3 2025				Q3 2024				YoY(%)(a)				9M 2025				9M 2024				YoY(%)(a)
Revenue		$	9,670			$	9,482				2.0	%		$	31,628			$	21,228				49.0	%
Gross profit		$	2,948			$	5,568				(47.1	%)		$	10,426			$	11,450				(8.9	%)
Net loss from operation		$	(1,251	)		$	(1,858	)			—			$	(1,830	)		$	(9,343	)			—
% of revenue			(12.9	%)			(19.6	%)							(5.8	%)			(44.0	%)
per share (diluted)		$	(0.02	)		$	(0.03	)			—			$	(0.03	)		$	(0.16	)			—
Consolidated net income (loss)		$	(1,871	)		$	(7,509	)			—			$	6,597			$	(24,423	)			—
% of revenue			(19.4	%)			(79.2	%)							20.9	%			(115.1	%)
Basic earnings (loss) per share		$	(0.03	)		$	(0.13	)			—			$	0.11			$	(0.42	)			—
Diluted earnings (loss) per share		$	(0.03	)		$	(0.13	)			—			$	0.11			$	(0.42	)			—
Weighted average number of shares (’000)
Basic			58,644				58,372								58,644				58,384
Diluted			58,644				58,372								58,644				58,384

Notes:

(a) Percentage change is not applicable if either of the two periods contains a loss or no amount.

		Financial Position
		As of September 30, 2025				As of December 31, 2024				As of September 30, 2024
Cash and cash equivalents(a)		$	68,564			$	26,861			$	4,086
Restricted cash		$	4,313			$	6,414			$	129,780
Real estate properties under development, net		$	208,023			$	191,549			$	197,198
Real estate properties held for sale		$	36,632			$	52,552			$	58,868
Real estate properties held for lease, net		$	133,746			$	135,428			$	140,004
Property, plant and equipment, net(b)		$	7,379			$	16,256			$	20,490
Total assets		$	487,630			$	453,609			$	579,783
Current portion of amount due to shareholders		$	19,204			$	—			$	—
Short term bank and third party loans		$	4,360			$	7,649			$	22,317
Current portion of long term bank loans		$	3,375			$	27,860			$	15,722
Accounts payable		$	35,153			$	31,629			$	33,006
Advance from customers(b)		$	556			$	16,026			$	3,336
Long term bank loans		$	162,274			$	106,803			$	117,834
Amount due to shareholders			—				17,836				17,399
Total shareholders’ equity		$	184,435			$	172,332			$	120,663
Total number of common shares issued (’000)			60,203				60,203				59,267

Notes:

(a) Cash and cash equivalents include all cash balances and certificates of deposit having a maturity date of three months or less when purchased.

1

(b) Property, plant and equipment, net decreased by $8.9 million, from $16.3 million as of December 31, 2024 to $7.4 million as of September 30, 2025. Advances from customers decreased by $15.4 million, from $16.0 million as of December 31, 2024 to $0.6 million as of September 30, 2025. These decreases were mainly attributable to the closing of the sale of the Wuxi Property.

SUPPLEMENTARY INFORMATION (UNAUDITED) IN THE THIRD QUARTER OF 2025

Key Highlights of Financial Position

		As of September 30, 2025				As of December 31, 2024				As of September 30, 2024
Current ratio(a)			1.34				0.92				0.77
Debt ratio(b)			62.2	%			62.0	%			79.2	%
Return on equity(c)			3.7	%			19.7	%			(20.0	%)
Ratio of total liabilities to total equity			1.64				1.63				3.80

Notes:

(a) Current ratio is calculated as current assets divided by all current liabilities.

(b) Debt ratio is calculated as total liabilities divided by total assets.

(c) Return on equity is calculated as consolidated net income (loss) divided by the average of total shareholders’ equity at the beginning and end of the period.

FINANCIAL RESULTS

Revenue

Revenue for the third quarter of 2025 was $9.7 million compared to $9.5 million in the third quarter of 2024. Revenue for the third quarter of 2025 mainly consisted of sales of property of $5.6 million from Nam Tai • Longxi, operating lease income of $2.6 million from Nam Tai Inno Park and Nam Tai Inno Valley, property service income of $0.8 million from Nam Tai Inno Park, and other revenue of $0.7 million. Revenue for the third quarter of 2024 mainly consisted of sales-type lease income of $4.7 million from Nam Tai Inno Park, operating lease income of $3.2 million from Nam Tai Inno Park, Nam Tai Inno Valley, and Wuxi, property service income of $0.9 million from Nam Tai Inno Park, and other revenue of $0.7 million.

Gross Profit

Gross profit for the third quarter of 2025 was $2.9 million compared to $5.6 million in the third quarter of 2024. Gross profit for the third quarter of 2025 was mainly derived from revenue of $9.7 million, offset by costs of $6.7 million. Gross profit for the third quarter of 2024 was mainly derived from revenue of $9.5 million, offset by costs of $3.9 million.

General and administrative expenses

General and administrative expenses for the third quarter of 2025 were $3.3 million compared to $7.1 million in the third quarter of 2024. General and administrative expenses for the third quarter of 2025 mainly consisted of staff costs of $1.9 million, PRC taxes and surcharges of $0.7 million, office expenses of $0.5 million, and professional service fees of $0.2 million. General and administrative expenses for the third quarter of 2024 mainly consisted of professional service fees of $3.8 million, staff costs of $2.2 million, PRC taxes and surcharges of $0.6 million, and office expenses of $0.4 million.

Selling and marketing expenses

Selling and marketing expenses for the third quarter of 2025 were $0.9 million compared to $0.4 million in the third quarter of 2024. Selling and marketing expenses for the third quarter of 2025 mainly consisted of staff costs of $0.4 million, marketing and commission fees of $0.3 million, and property management fees of $0.1 million. Selling and marketing expenses for the third quarter of 2024 mainly consisted of staff costs of $0.3 million, and marketing and commission fees of $0.1 million.

Net Loss from Operations

Net loss from operations for the third quarter of 2025 was $1.3 million compared to net loss from operations of $1.9 million for the third quarter of 2024. Net loss from operations for the third quarter of 2025 mainly consisted of gross profit of $2.9 million, offset by general and administrative expenses of $3.3 million, and selling and marketing expenses of $0.9 million. Net loss from operations for the third quarter of 2024 mainly consisted of gross profit of $5.6 million, offset by general and administrative expenses of $7.1 million, and selling and marketing expenses of $0.4 million.

2

Consolidated Net Income (Loss)

Consolidated net loss for the third quarter of 2025 was $1.9 million compared to consolidated net loss of $7.5 million for the third quarter of 2024. Consolidated net loss for the third quarter of 2025 mainly consisted of net loss from operations of $1.3 million and other net expenses of $1.1 million, offset in part by interest income of $0.02 million, and income tax benefits of $0.4 million. Consolidated net loss for the third quarter of 2024 mainly consisted of net loss from operations of $1.9 million and other net expenses of $2.1 million, and income tax expenses of $3.6 million, offset in part by interest income of $0.02 million.

Cash and Cash Equivalents

Cash and cash equivalents increased by $41.7 million from $26.9 million as of December 31, 2024 to $68.6 million as of September 30, 2025. The increase was primarily attributable to net cash provided by financing activities of $25.9 million, and net cash provided by investing activities of $15.7million.

Restricted Cash

Restricted cash decreased by $2.1 million from $6.4 million as of December 31, 2024 to $4.3 million as of September 30, 2025. The decrease was primarily due to the release of $1.9 million previously frozen under other restrictions.

Real estate properties held for sale

Real estate properties held for sale are stated at the lower of carrying amounts or fair value less selling costs. Real estate properties held for sale decreased by $16.0 million from $52.6 million as of December 31, 2024 to $36.6 million as of September 30, 2025. The decrease was mainly due to the handover of sold units at Nam Tai • Longxi during the first nine months of 2025.

Real Estate Properties under Development, Net

Real estate properties under development, net increased by $16.5 million from $191.5 million as of December 31, 2024 to $208.0 million as of September 30, 2025, which is primarily attributable to the construction of Nam Tai Technology Center.

Real estate properties held for lease, net

Real estate properties held for lease, net are recorded at cost less accumulated depreciation. Real estate properties held for lease, net decreased by $1.7 million from $135.4 million as of December 31, 2024 to $133.7 million as of September 30, 2025, which was mainly due to depreciation for the first nine months of 2025.

Accounts Payable

Accounts payable increased by $3.6 million from $31.6 million as of December 31, 2024 to $35.2 million as of September 30, 2025. The increase was mainly due to the increase of $3.3 million arising from the construction of the Nam Tai Technology Center.

Current Portion of Long Term Bank Loans

The current portion of long term bank loans decreased by $24.5 million from $27.9 million as of December 31, 2024 to $3.4 million as of September 30, 2025. The decrease was mainly due to loan repayments during the first nine months of 2025.

Liquidity and Capital Resources

As of September 30, 2025, the Company had a total cash and cash equivalents of $68.6 million. As of December 31, 2024, the Company had a total cash and cash equivalents of $26.9 million.

BUSINESS OVERVIEW

Leasing and sales Progress

As of September 30, 2025, we had a leasable area of approximately 302,607 square meters, which was located in Shenzhen. As of September 30, 2025, the occupancy rate of our Shenzhen projects, including pre-leasing areas, was approximately 72%. The occupancy rate of Nam Tai Inno Park was 74%, a decrease of 1 percentage point from the quarter ended June 30, 2025.

In the third quarter of 2025, a total of 57 residential units of Nam Tai • Longxi were newly subscribed, compared with 66 residential units in the quarter ended June 30, 2025.

3

Projects		Leasable Area as of September 30, 2025				Leased Area as of September 30, 2025				Occupancy Rate
Nam Tai Inno Park			264,337				196,851				74	%
Nam Tai Inno Valley			38,270				21,887				57	%
Total			302,607				218,738				72	%

Project Construction and Development Progress

• Nam Tai Technology Center is the Company’s second factory-turned-industrial-park redevelopment project, located in Baoan District, Shenzhen. Currently under construction, the project has a site area of 22,364 square meters and a total GFA of 194,595 square meters. It consists of three R&D office buildings and a combined dormitory and retail podium.

• The construction of the project started in December 2019, but has been suspended for approximately two and a half years due to the shareholders’ dispute and related financial challenges. Under the current management, the construction of the project resumed in February 2025, and is expected to be completed in the first half of 2026.

Real Estate Market Update

• During the third quarter of 2025, the residential property market in Dongguan remained under adjustment. Industry research and official statistics indicate that overall transaction activity stayed relatively depressed, with buyers maintaining a cautious stance. While seasonal factors supported stable market activity during certain periods, overall residential demand remained weak. Developers continued to prioritize inventory reduction, and residential prices continued to adjust in line with prevailing market conditions.

RECENT DEVELOPMENTS

Nam Tai • Longxi General Contractor Dispute

In July 2025, the Company received a notice from Shenzhen Guangshengda Construction Co., Ltd. (“Guangshengda”) regarding the assignment of claims for Nam Tai • Longxi project under its general construction contract to Shenzhen Weiyueda Mechanical & Electrical Installation Engineering Co., Ltd. (“Weiyueda”). The Company responded in August 2025, disputing and refusing to acknowledge the validity of such assignment. The Company believes the assignment is invalid due to, among other reasons, Guangshengda’s failure to fully perform its post-warranty maintenance obligations, which has led to customer complaints and potential group disputes; the ongoing and unresolved final project settlement process, which includes potential claims for liquidated damages against Guangshengda for project delays; and Guangshengda’s failure to issue the full amount of required invoices for the project.

In late August 2025, 54 residential units of the project were frozen by a court order following a pre-litigation asset preservation application filed by Weiyueda.

In September 2025, the Company filed a jurisdictional challenge, arguing that the case should be heard by a court in Shenzhen, which is currently under review by the court. The Company has also applied to substitute the frozen assets, specifically the pre-sold properties, with other unencumbered assets. Such an application has not been approved as the plaintiff, Weiyueda, objected.

In October 2025, Weiyueda’s legal counsel proposed a potential settlement involving the transfer of properties in lieu of cash payment. This proposal was reviewed by the Company but no agreement was reached.

In January 2026, the case held its initial hearing and remains under court review.

Nam Tai • Longxi Property Services Dispute

The Company is involved in litigation with Dongguan Kaisa Property Management Co., Ltd. (“Dongguan Kaisa Property”), the initial property management service provider for Nam Tai • Longxi project, the construction of which was substantially completed in 2022.

In October 2024, as part of the abovementioned Settlement with Greater Sail Ltd. (“GSL”), the Company entered into a settlement agreement with Dongguan Kaisa Property to terminate the property management contract for Nam Tai • Longxi project and change the property management company with the assistance of Dongguan Kaisa Property. However, Dongguan Kaisa Property render such assistance or vacate the property management premises. However, Dongguan Kaisa Property did not vacate, and filed a lawsuit against the Company later in 2025.

4

In August 2025, Dongguan Kaisa Property obtained a pre-litigation preservation order from the court, freezing two residential units of the Nam Tai • Longxi project and approximately RMB 0.16 million in the Company’s bank accounts. In October 2025, the Company obtained Dongguan Kaisa Property’s statement of claim, which seeks payment of approximately RMB 1.09 million in property management fees for vacant residential units and parking units from November 2024 to May 2025, plus fees of approximately RMB 2.2 million for vacant commercial units from September 2023 to May 2025, totaling approximately RMB 3.43 million, inclusive of late payment interest.

In November 2025, in response to Dongguan Kaisa Property’s actions, the Company initiated arbitration with the International Chamber of Commerce (“ICC”) against GSL and Kaisa.

On January 21, 2026, the Company and the Kaisa-affiliated parties executed a supplemental agreement to the Settlement. Pursuant to this supplemental agreement, the parties have submitted applications to withdraw the Dongguan litigation, to lift all related preservation measures, and to withdraw the ICC arbitration. Dongguan Kaisa Property has also undertaken that it will not pursue any claims for property management service fees incurred on or before December 31, 2025.

Dispute with IsZo

Since late 2024, IsZo Capital LP (“IsZo”) has made several demands against the Company related to, among other things, IsZo’s allegation that the Company owes it reimbursements for certain litigation and activism campaign costs. The Company has been engaged in discussions with IsZo regarding IsZo’s allegations. To date, IsZo has not filed any formal litigation action against the Company.

Shareholder loans with IsZo and IAT

On December 23, 2025, the Company and IAT Insurance Group, Inc. (“IAT”) entered into an amendment to the amended Original Promissory Note, which had a principal amount of $12 million and a maturity date of January 11, 2026. Based on the new amendment, beginning January 12, 2026, the maturity date will automatically extend for successive 90-day rollover periods unless IAT delivers at least 60 days’ prior written notice requiring repayment before the end of any such period. As of the amendment date, the outstanding principal balance of the IAT note was approximately $15.75 million, with accrued interest of approximately $47 thousand.

On January 9, 2026, the Company fully repaid the outstanding principal of $3 million and accrued interest of approximately $0.95 million under the IsZo note. IsZo has also claimed additional expenses of $0.95 million. The Company has requested supporting evidence for this claim but has not yet received a response as of the date of this filing.

5

OPERATING RESULTS

Project Portfolio – As of September 30, 2025

The following two stages are the principal stages for our properties:

• Properties Completed, comprising the properties held for sale and leasing for which the completion acceptance has been filed and the construction has been completed and the internal acceptance criteria are met.

• Properties Under Development, comprising properties for which the foundation work construction permits have been obtained and property that is under construction and has not yet completed acceptance.

		Nam Tai				Nam Tai Technology				Nam Tai				Nam Tai •
		Inno Park				Center				Inno Valley				Longxi
		Guangming District,				Baoan District,				Baoan District,				Machong Town,
		Shenzhen				Shenzhen				Shenzhen				Dongguan
Type		Industrial buildings and supporting dormitory buildings												Residential and Commercial Property
Site Area (sq. m.)			103,739				22,364				26,313				33,763
Capacity GFA (sq.m.)			265,139				139,746				N/A				84,408
Total GFA (sq. m.)			331,701				194,595				41,927				114,520
Under Development (sq. m.)			—				194,595				—				—
Total GFA Completed (sq. m.)			331,701				—				41,927				114,520
Interest attributable to us			100	%			100	%			100	%			100	%

6

FORWARD-LOOKING STATEMENTS

This announcement contains forward-looking statements about future expectations and plans, as well as other statements regarding matters that are not historical facts. These forward-looking statements include but are not limited to statements regarding the management’s belief that the Company would be able to meet its cash requirements for at least the 12 months following the issuance date of these consolidated financial information; the expected completion timeline of Nam Tai Technology Center; the Company’s ability to implement its lease-up program for Nam Tai Technology Center and secure relevant target tenants; the Company’s belief on the invalidity of Guangshengda’s assignment of claims for Nam Tai • Longxi project under its general construction contract, statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company’s control. These factors include risks related to its currently contemplated strategy, competition, timing, increases in costs of materials, capital and financing needs, access to funding under the Company’s debt instruments and the timing thereof, the Company’s ability to refinance certain debt, its ability to sell certain assets, construction/development challenges or setbacks, its ability to hire and retain construction contractors and subcontractors, the Company’s ability to obtain materials and supplies necessary for construction of various projects, any unforeseen issues relating to construction, including environmental, weather, catastrophes, or other issues, the Company’s ability to add additional guaranteed power to certain of its projects, projected regional development, composition of potential tenants of development projects, development of asset light capabilities for internal or external use and monetization, judicial and regulatory challenges and/or delays, changes in economic policy, including in relation to trade and/or tariffs, anticipated savings or uses of funding from refinancings, changes in general economic conditions and other factors detailed from time to time in the Company’s filings with the SEC. The words “may”, “could”, “should”, “would”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, and similar expressions are intended to identify forward-looking statements. All forward-looking statements are based on information currently available to the Company and the Company does not undertake to update any forward-looking statement, whether written or oral, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulations.

ABOUT NAM TAI PROPERTY INC.

Nam Tai Property Inc., a Company incorporated in the British Virgin Islands (the “BVI”) and governed by BVI law, owns certain subsidiaries, which own and operate commercial real estate projects across the People’s Republic of China. Those subsidiaries currently maintain two industrial complex projects, with one in Guangming, Shenzhen and one in Bao’an, Shenzhen. Learn more about the Company, and the portfolio of properties held by certain of its subsidiaries by emailing our investor relations team or visiting Weibo: https://weibo.com/u/7755634761.

7

NAM TAI PROPERTY INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

(In Thousands of US dollars except share and per share data)

		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Revenue		$	9,670			$	9,482			$	31,628			$	21,228
Cost of revenue			(6,722	)			(3,914	)			(21,202	)			(9,778	)
Gross profit			2,948				5,568				10,426				11,450
Expenses
General and administrative expenses			(3,325	)			(7,073	)			(9,234	)			(19,656	)
Selling and marketing expenses			(874	)			(353	)			(3,022	)			(1,137	)
Total operating expenses			(4,199	)			(7,426	)			(12,256	)			(20,793	)
Net loss from operations			(1,251	)			(1,858	)			(1,830	)			(9,343	)
Other income (expenses), net			(1,069	)			(2,109	)			11,636				(3,855	)
Interest income			21				15				78				41
Income (loss) before income tax			(2,299	)			(3,952	)			9,884				(13,157	)
Income tax (expense) benefit			428				(3,557	)			(3,287	)			(11,266	)
Consolidated net income (loss)			(1,871	)			(7,509	)			6,597				(24,423	)
Functional currency translation adjustment			1,075				2,045				3,228				17,626
Other comprehensive income (loss)(1)			1,075				2,045				3,228				17,626
Consolidated comprehensive income (loss)		$	(796	)		$	(5,464	)		$	9,825			$	(6,797	)
Earnings (loss) Per Share
Basic		$	(0.03	)		$	(0.13	)		$	0.11			$	(0.42	)
Diluted		$	(0.03	)		$	(0.13	)		$	0.11			$	(0.42	)
Weighted average number of shares (’000)
Basic			58,644				58,372				58,644				58,384
Diluted			58,644				58,372				58,644				58,384

Notes:

(1) Other comprehensive income (loss) was due to foreign exchange translation.

8

NAM TAI PROPERTY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS AT SEPTEMBER 30, 2025 AND DECEMBER 31, 2024

(In Thousands of US dollars)

		September 30,				December31,
		2025				2024
		(Unaudited)				(Audited)
ASSETS
Current assets:
Cash and cash equivalents		$	68,564			$	26,861
Restricted cash			4,313				6,414
Accounts receivable			7,004				6,058
Real estate properties held for sale			36,632				52,552
Prepaid expenses and other receivables			17,248				14,492
Total current assets		$	133,761			$	106,377
Real estate properties under development, net			208,023				191,549
Property, plant and equipment, net			7,379				16,256
Real estate properties held for lease, net			133,746				135,428
Deferred income tax assets			2,813				2,114
Other assets			1,908				1,885
Total assets		$	487,630			$	453,609
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short term bank and third party loans			4,360				7,649
Current portion of long term bank loans			3,375				27,860
Accounts payable			35,153				31,629
Rental deposits from customers			1,881				2,465
Accrued expenses and other payables			23,810				22,152
Advance from customers			556				16,026
Contract liabilities			11,396				7,556
Current portion of amount due to shareholders			19,204
Total current liabilities		$	99,735			$	115,337
Long term bank loans			162,274				106,803
Long term rental deposits			1,996				1,825
Financing lease payable			—				4
Other payable			23,137				23,130
Deferred income tax liabilities			16,053				16,342
Amount due to shareholders			—				17,836
Total liabilities		$	303,195			$	281,277
EQUITY
Shareholders’ equity:
Common shares		$	602			$	602
Additional paid-in capital			321,289				320,389
Accumulated deficit			-130,449				-138,424
Accumulated other comprehensive loss (1)			-7,007				-10,235
Total shareholders’ equity		$	184,435			$	172,332
Total liabilities and shareholders’ equity		$	487,630			$	453,609

Notes:

(1) Accumulated other comprehensive loss was due to foreign exchange translation.

9

NAM TAI PROPERTY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

(In Thousands of US dollars)

		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income (loss)		$	(1,871	)		$	(7,509	)		$	6,597			$	(24,423	)
Adjustments to reconcile consolidated net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization			1,193				1,259				3,710				3,821
Amortization of right-of-use asset			—				66				—				198
Gain on disposal of property, plant and equipment			—				—				(17,593	)			—
Share-based compensation expenses			96				1,560				899				4,680
Unrealized exchange (gain) loss			(188	)			(78	)			122				(150	)
Deferred income taxes			(391	)			3,648				(988	)			(5,106	)
Loss on lease termination			—				(1,180	)			—				(2,360	)
Interest paid			(929	)			(1,315	)			(4,784	)			(3,404	)
Changes in assets and liabilities:
Accounts receivable			(402	)			(98	)			(946	)			(75	)
Prepaid expenses and other receivables			(1,138	)			(313	)			(2,779	)			(356	)
Rental deposits paid out as leasee			—				86				—				87
Real estate properties under development			(690	)			(16,337	)			(2,300	)			(16,579	)
Accrued expenses and other payables			800				205				7,828				12,830
Accounts payable			200				3,489				3,524				31
Lease liabilities			—				1,180				—				(194	)
Advance from customers			(1,064	)			(1,223	)			232				(2,262	)
Rental deposits from customers			(342	)			(13	)			(413	)			82
Amount due to shareholders			472				427				1,368				1,240
Contract liabilities			1,843				397				3,840				114
Total adjustments		$	(540	)		$	(8,240	)		$	(8,280	)		$	(7,403	)
Net cash used in operating activities		$	(2,411	)		$	(15,749	)		$	(1,683	)		$	(31,826	)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of property, plant and equipment			—				—				15,702				—
Decrease in short term investments			—				30,853				0				30,796
Net cash provided by investing activities		$	—			$	30,853			$	15,702			$	30,796
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of bank and third party loans			(56,752	)			(8,285	)			(134,629	)			(13,486	)
Proceeds from bank and third party loans			84,223				9,076				160,545				16,821
Decrease in finance lease payable			—				—				(4	)			(6	)
Net cash provided by financing activities		$	27,471			$	791			$	25,912			$	3,329
Net increase in cash and cash equivalents and restricted cash		$	25,060			$	15,895			$	39,931			$	2,299
Cash and cash equivalents and restricted cash at beginning of period			45,421				106,551				33,275				113,791
Effect of exchange rate changes on cash and cash equivalents and restricted cash			2,396				11,420				(329	)			17,776
Cash and cash equivalents and restricted cash at end of period		$	72,877			$	133,866			$	72,877			$	133,866
SUPPLEMENTARY INFORMATION ON CASH FLOWS
Cash and cash equivalents		$	68,564			$	4,086			$	68,564			$	4,086
Restricted cash		$	4,313			$	129,780			$	4,313			$	129,780

10

NAM TAI PROPERTY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

(In Thousands of US dollars)

1. These financial statements, including the consolidated balance sheet as of December 31, 2024, which was derived from audited financial statements, do not include all of the information and notes required by U.S. Generally Accepted Accounting Principles for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024.

2. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

3. Accumulated other comprehensive loss represents foreign currency translation adjustments. The consolidated comprehensive loss was $0.8 million for the three months ended September 30, 2025 and the consolidated comprehensive income was $9.8 million for the nine months ended September 30, 2025.

4. A summary of the operations income, net income (loss) and long-lived assets by geographical areas is as follows:

		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
Operations income within:
- PRC, excluding Hong Kong:		$	9,670			$	9,482			$	31,628			$	21,228
Net income (loss) within:
- PRC, excluding Hong Kong:		$	(1,597	)		$	(2,710	)		$	10,219			$	(9,244	)
- Hong Kong:			(274	)			(4,799	)			(3,622	)			(15,179	)
Total net income (loss)		$	(1,871	)		$	(7,509	)		$	6,597			$	(24,423	)

		September 30, 2025				December 31, 2024
Long-lived assets by geographical area:
- Real estate properties under development in PRC, excluding Hong Kong		$	208,023			$	191,549
- Property, plant and equipment in PRC, excluding Hong Kong			7,379				16,250
- Hong Kong			—				6
- Real estate properties held for lease in PRC, excluding Hong Kong			133,746				135,428
Total long-lived assets		$	349,148			$	343,233

11

FAQ

How did Nam Tai Property (NTPIF) perform in Q3 2025?

Nam Tai reported Q3 2025 revenue of $9.7 million, slightly above $9.5 million in Q3 2024. However, gross profit fell to $2.9 million from $5.6 million, and the consolidated net loss narrowed to $1.9 million from $7.5 million.

Did Nam Tai Property (NTPIF) return to profitability in 2025 year-to-date?

Yes. For the nine months ended September 30, 2025, Nam Tai recorded net income of $6.6 million, compared with a net loss of $24.4 million in the same period of 2024. The improvement reflects higher revenue, lower operating expenses, and favorable other income items.

What is Nam Tai Property’s cash and debt position as of September 30, 2025?

As of September 30, 2025, Nam Tai held $68.6 million in cash and cash equivalents and $4.3 million in restricted cash. Long-term bank loans totaled $162.3 million, and total assets were $487.6 million, with shareholders’ equity of $184.4 million.

What are Nam Tai Property’s occupancy levels and leasable area in Shenzhen?

As of September 30, 2025, Nam Tai had 302,607 square meters of leasable area in Shenzhen. The overall occupancy rate, including pre-leasing, was about 72%, with Nam Tai Inno Park at 74% occupancy and Nam Tai Inno Valley at 57%.

What legal disputes affect Nam Tai • Longxi and how have they progressed?

The company faces a general contractor-related dispute involving claims assigned to Weiyueda and a court order freezing 54 residential units. Separately, a property services dispute with Dongguan Kaisa Property led to asset freezes but was later addressed through a supplemental settlement agreement in January 2026.

How have shareholder loans with IsZo and IAT changed for Nam Tai Property?

On December 23, 2025, Nam Tai amended its promissory note with IAT, allowing automatic 90-day maturity rollovers, with principal about $15.75 million. On January 9, 2026, it fully repaid the $3 million principal and around $0.95 million interest on the IsZo note.