Bill Ackman on Liquidity

The Board believes that this amount of leverage is conservative, particularly given the quality, liquidity and mark- to-mark nature of PSH’s portfolio assets. • As discussed in my August letter, the Investment Manager made an investment of $900 million to acquire newly issued shares of HHH in May 2025. PSH did not purchase additional shares in this particular transaction. Following the acquisition, the Investment Manager and its affiliates, including PSH, collectively own 46.9% of HHH’s outstanding shares. The acquisition positions the Investment Manager to create significant shareholder value at HHH over time, benefiting PSH shareholders.

Pershing Square Holdings, Ltd. 5 In connection with the Transaction, HHH entered into a services agreement with the Investment Manager pursuant to which the Investment Manager will provide investment, advisory, and other ancillary services to HHH, and HHH will pay the Investment Manager a quarterly fee further described in the following joint press release: investor.howardhughes.com/news-releases/news-release-details/pershing-square-invest-900-million-acquire- nine-million-newly. To that end, the Board approved amendments to the IMA that provide reductions to the management fees otherwise payable by PSH to the Investment Manager. The reduction is an amount equal to the fees payable to the Investment Manager by HHH that are attributable to the HHH common stock held by PSH. Since the acquisition, the Investment Manager has made significant progress with HHH. In December, HHH announced that it has entered into a definitive agreement to acquire 100% of Vantage Group Holdings Ltd. (“Vantage”), a privately held leading specialty insurance and reinsurance company. The acquisition of Vantage by HHH will be financed by a combination of HHH’s cash on hand and an equity commitment from PSH of up to $1 billion of non-voting exchangeable perpetual preferred stock to be issued by HHH.

If this plan is implemented, the Trump administration could begin working on the necessary actions to achieve a successful exit from conservatorship within the next couple of years. These actions would include revising the capital rule to allow the GSEs to earn adequate returns without raising guarantee fees, modifying the existing Preferred Stock Purchase Agreements to act as an ongoing, paid-for government backstop, codifying and communicating the regulatory powers that FHFA would retain post-conservatorship, and recruiting and incentivizing world-class management and boards of directors for Fannie and Freddie. As we previously disclosed in our X presentation, we believe this plan would drive a re-rating of Fannie and Freddie common shares above $40, roughly five times current levels, implying a valuation of over $300 billion for the taxpayers’ 79.9% stake in the companies. We believe a share sale to investors, whether through a “re-IPO” to raise primary capital or a secondary sale of a portion of Treasury’s ownership, is neither feasible while the entities remain in conservatorship, nor necessary as the companies are recapitalizing rapidly through retained earnings. Hertz Hertz is a leading vehicle rental provider in the early stages of a turnaround led by a strong management team. The company has successfully navigated a challenging period, reached important operational milestones, and is now profitable with a strengthened liquidity profile.

Pershing Square Holdings, Ltd. 17 Beyond the core rental business, we believe Hertz has the potential to meaningfully grow through high-margin ancillary services. The company is currently building out the infrastructure to sell more used cars directly through its retail channels. The company has partnerships with Amazon and Cox, and a “rent-to-buy” program which is now live in over 100 cities. We believe this retail strategy can evolve into a meaningful profit center, leading to structurally lower depreciation costs and providing a platform to sell additional Finance and Insurance (F&I) products. In addition, we believe Hertz is uniquely positioned to be a critical partner for mobility companies rolling out autonomous vehicle fleets. The company’s expertise in vehicle maintenance and the scale of its parking and service facilities make it an ideal partner to manage these complex fleets. Both of these initiatives have the potential to further leverage Hertz’s fixed-cost base and diversify its revenue streams. The company is also now in a much stronger liquidity position. In September, we helped facilitate a convertible bond issuance by increasing our economic exposure to the company through the purchase of swaps on its shares. Simultaneously with the issuance, the company entered into a capped-call transaction, which ensures the convertible bonds are not dilutive unless the stock nearly triples from current prices.

As a result of this opportunistic and economically advantageous financing, Hertz has ample liquidity to address near-term liabilities and maturities while also continuing to grow its fleet this year. Given the combination of improving industry structure, sound execution, and significant strategic optionality, we believe Hertz continues to offer an attractive, asymmetric return profile and we remain excited about the company’s future. Howard Hughes Holdings (“HHH”) 2025 marked a pivotal year for HHH as it began its transformation from a real estate company into a diversified holding company. In May 2025, Pershing Square Holdco, L.P., the owner of Pershing Square Capital Management, L.P. (PSCM), invested $900 million of primary capital into HHH as part of a plan to transform HHH into a diversified holding company seeking controlling stakes in high-quality, durable growth companies. As a result of the transaction, Pershing Square’s beneficial ownership of HHH, including PSH’s and PSCM’s private funds’ interest, increased to 47%. Bill Ackman rejoined HHH’s board as Executive Chairman and Ryan Israel joined HHH’s board and executive team as Chief Investment Officer. The full resources of PSCM have been made available to support HHH in its transformation in exchange for a base and variable management fee.

Pershing Square Holdings, Ltd. 18 manage Vantage’s investment portfolio for no additional fees. Over time, Vantage’s investment portfolio is expected to be principally invested in cash, short-term Treasurys, and a portfolio of common stocks. Float (loss reserves) will be invested in cash and short-term Treasurys, to avoid duration, credit or liquidity risk. We will seek to increase the proportion of Vantage’s investment portfolio allocated to common stocks, where PSCM has a 22-year track record of generating superior investment returns, subject to regulatory and credit rating considerations. The $2.1 billion acquisition will be financed with capital from HHH’s balance sheet and up to $1 billion of non-interest- bearing, non-voting preferred stock issued by HHH to PSH (the “HHH Preferred”). The HHH Preferred will be split into 14 equally sized tranches that HHH will have the right to repurchase at the end of each fiscal year for the first seven years post- closing of the transaction. The repurchase price for each share of the HHH Preferred will be cash consideration equal to 1.5 times Vantage’s book value at the repurchase date, multiplied by the ownership percentage of Vantage represented by the HHH Preferred shares (on an as-exchanged basis, subject to a minimum repurchase price equal to the original issue price plus 4% per annum).

Pershing Square Holdings, Ltd. 24 Principal Risks and Uncertainties The Board has ultimate responsibility for the Company’s risk management. The Board recognizes that identifying the inherent risks related to the business and operations of the Company and developing an effective strategy to manage and mitigate these risks is crucial to the ongoing viability and success of the Company. In order to identify these risks, the Board reviews the management of investment risk and the operations of the Investment Manager at each quarterly Board meeting. In addition, the Board has established a Risk Committee, which at least annually carries out a robust assessment of the existing and emerging risks facing the Company, including those that could threaten its business model, future performance, solvency or liquidity. The Risk Committee’s assessment identified 45 existing risks relevant to the Company’s business, including risks arising from the Company’s investment activities, structure and operations as well as risks relating to shareholder engagement and regulatory compliance. The Risk Committee has considered the cause of each risk, the likelihood of the risk occurring, and the severity of the impact on the Company if the risk occurs, both before and after taking into account the mitigating controls that are in place. Based on this assessment, the Risk Committee has identified the subset of risks set out below as the principal risks faced by the Company.

The Company was admitted to the FTSE 100 in December 2020 and was the 57th largest company on the LSE by market capitalization as of February 10, 2026. As the majority of the Company’s liquidity moved to the LSE, the Company consolidated all trading on the LSE and the Public Shares were de-listed from Euronext Amsterdam as of January 31, 2025. In November 2024, the Board approved the publication of a modified UK Key Information Document (“KID”) and European MiFID Template (“EMT”) with “0” cost disclosures. The Board believes this approach, taken as a whole with the Company’s expense disclosures in this Annual Report, more accurately reflects the reality that the Company’s ongoing costs are not directly charged or attributable to shareholders. This approach also avoids other investment firms, which buy the Company’s shares for inclusion in client portfolios, having to double-count the Company’s costs in their own fee disclosures. In February 2024, the Investment Manager and the Board expanded the performance fee offset provisions in the Company’s IMA, which would reduce the Company’s performance fees as the Investment Manager launches new funds. Under the previous arrangement, the Company received a fee reduction of 20% of performance fees earned by the Investment Manager on current and certain future non-PSH funds only once the Investment Manager recovered costs it incurred in connection with PSH’s initial public offering.

GOING CONCERN Risks associated with the Company’s investment activities, together with existing and emerging risks likely to affect its future development, performance and position are set out in Principal Risks and Uncertainties on pages 24-29 and in Note 13. The Board has considered the financial prospects of the Company through March 31, 2027 and made an assessment of the Company’s ability to continue as a going concern. In assessing the going concern status of the Company, the Directors have considered: • The Company’s net assets attributable to all shareholders at December 31, 2025 of $15,049,406,887; • The liquidity of the Company’s assets (at December 31, 2025, 98.6% of its assets comprised of cash and cash equivalents and Level 1 assets); • The Company’s total indebtedness to total capital ratio of 19.5% at December 31, 2025; • The liquidity of the Company’s assets relative to the future interest and redemption obligations of the Bonds; and • The low level of fixed operating expenses relative to net assets, such expenses approximating 2.3% for the year ended December 31, 2025. After making reasonable enquiries, and assessing all data relating to the Company’s liquidity, particularly its cash holdings and Level 1 assets, the Directors and the Investment Manager believe the Company is well placed to manage its business risks.

Pershing Square Holdings, Ltd. 42 The Board has also evaluated the sustainability of the Company’s business model, taking into account its investment objectives, sources of capital and strategy. The Board believes the Company’s closed-ended structure and Investment Policy position it to invest over the long-term, and provide the Company with the flexibility to meet its investment objective in a variety of market conditions. In addition, the 2024 amendments to the performance fee offset provisions and the 2025 amendments to the management fee provisions in the Company’s IMA have the potential to meaningfully reduce the fees paid to the Investment Manager over time and improve the Company’s NAV per share performance. The Board has also evaluated quantitative data as of December 31, 2025 including net assets attributable to shareholders, the liquidity of the Company’s assets, and the Company’s total liabilities. It has also considered projections of expected net cash outflows for the next three years. The Board believes a three-year timeframe is appropriate given the general business conditions affecting the Company’s portfolio positions, the typical duration of equity positions taken by the Company and the regulatory environment in which the Company operates. The Board is confident these projections can be relied upon to form a conclusion as to the viability of the Company with a reasonable degree of accuracy over the three-year timeframe.

Pershing Square Holdings, Ltd. 62 • We challenged the appropriateness of the Investment Manager's forecasts by applying downside sensitivity analysis and applying further sensitivities to understand the impact on the liquidity of the Company; • Holding discussions with the Investment Manager and the Directors on whether events or conditions exist that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern; • Assessing the assumptions used in the going concern assessment prepared by the Investment Manager and considering whether the methods utilised were appropriate for the Company; and • Reading the going concern disclosures included in the Annual Report and Financial Statements in order to assess that the disclosures were appropriate and in conformity with the reporting standards. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period to March 31, 2027. In relation to the Company's reporting on how they have applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the Directors' statement in the Financial Statements about whether the Directors considered it appropriate to adopt the going concern basis of accounting.

Pershing Square Holdings, Ltd. 78 Exchange Listings The Company’s Public Shares trade on the LSE in USD and Sterling. The Company’s Public Shares also traded on Euronext Amsterdam until they were delisted from the exchange on January 31, 2025 at the Company’s request. 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES Basis of Preparation The Financial Statements of the Company have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). The Financial Statements have been prepared on a historical-cost basis, except for financial assets and financial liabilities at fair value through profit or loss that have been measured at fair value. The Company presents its statement of financial position with assets and liabilities listed in order of liquidity. After making reasonable inquiries and assessing all data relating to the Company’s liquidity, particularly its holding of cash and Level 1 assets in relation to its liabilities, the Investment Manager and the Board of Directors believe that the Company is well placed to manage its business risks and has adequate resources to continue in operational existence through March 31, 2027. The Board of Directors and the Investment Manager do not consider there to be any threat to the going concern status of the Company. For these reasons, the Company has adopted the going concern basis in preparing the Financial Statements.

Any material changes in valuation methods are discussed and agreed with the Board of Directors. Offsetting of Financial Instruments Financial assets and financial liabilities are reported gross by counterparty in the statement of financial position. It is not the Company’s intention to settle financial assets and financial liabilities net of the collateral pledged to or received from counterparties. The Company’s derivative assets and liabilities reported by counterparty, showing the effect of netting financial assets and financial liabilities against collateral pledged to or received from the same relevant counterparties, are presented in Note 8. Functional and Presentation Currency The Company’s functional currency is USD, which is the currency of the primary economic environment in which it operates. The Company’s performance is evaluated, and its liquidity is managed, in USD. Therefore, USD is considered the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions. The presentation currency of the Company’s Financial Statements is USD. Foreign Currency Translations Assets and liabilities denominated in non-U.S. currencies are translated into USD at the prevailing exchange rates at the reporting date. Transactions in non-U.S. currencies are translated into USD at the prevailing exchange rates at the time of the transaction.

Pershing Square Holdings, Ltd. 90 8. DERIVATIVE CONTRACTS In the normal course of business, the Company enters into derivative contracts for investment and hedging purposes. These instruments are subject to various risks, similar to non-derivative instruments, including market, credit and liquidity risk (see Note 13). The Company manages these risks on an aggregate basis along with other risks associated with its investing activities as part of its overall risk management strategy. All derivatives are reported at fair value (as described in Note 2) in the statement of financial position. Changes in fair value are reflected in the statement of comprehensive income. A description of the derivatives traded by the Company is below. Currency Forwards A currency forward contract is a commitment to purchase or sell a currency on a future date at a negotiated forward exchange rate. Currency forward contracts are used for trading purposes and may hedge the Company’s exposure to changes in currency exchange rates on its portfolio investments. Equity Forwards An equity forward contract involves a commitment by the Company to purchase or sell equity securities for a predetermined price, with payment and delivery of the equity securities at a predetermined future date. An equity forward embeds a cost of carry (interest) charge payable by the Company (when the Company commits to purchase) or receivable by the Company (when the Company commits to sell) the underlying securities.

Pershing Square Holdings, Ltd. 93 9. TRADE AND OTHER RECEIVABLES/PAYABLES The following is a breakdown of the Company’s trade and other receivables/payables as reflected in the statement of financial position. As of December 31 2025 2024 Trade and other receivables Dividends receivable $ 9,717,602 $ 15,152,991 Interest receivable 2,884,642 1,772,235 Prepayments and other receivables 1,632,393 1,265,661 Receivable from PS VII Master, L.P. — 10,581,212 $ 14,234,637 $ 28,772,099 As of December 31 2025 2024 Trade and other payables Performance fees payable $ 486,622,392 $ 225,356,173 Settlement of share buybacks 2,363,439 4,409,741 Other payables 1,181,804 2,666,827 Interest payable 139,675 37,010 $ 490,307,310 $ 232,469,751 10. CASH AND CASH EQUIVALENTS The following is a breakdown of the Company’s cash and cash equivalents as reflected in the statement of financial position. As of December 31 2025 2024 Cash and cash equivalents U.S. Treasury money market funds $ 1,104,637,085 $ 436,520,113 U.S. Treasury Bills 36,865,279 — $ 1,141,502,364 $ 436,520,113 As of December 31, 2025, money market fund investments in Goldman Sachs Financial Square Treasury Instruments Fund and BlackRock Liquidity Funds Treasury Trust Fund had fair values of $687,011,385 (2024: $377,786,506) and $417,625,700 (2024: $58,733,607), respectively. 11.

The majority of these holdings are in short-term, highly liquid instruments such as money market funds and short-dated U.S. Treasurys. The Company does not perform a sensitivity analysis on these instruments because they are not subject to material interest rate risk. Short-dated U.S. Treasurys are held to maturity and recorded at amortized cost, with interest accrued as a receivable, so fluctuations in interest rates do not impact the Company’s net assets. Similarly, investments in money market funds are designed to maintain a stable net asset value and provide daily liquidity, such that changes in interest rates would not materially affect the value of these holdings. The Bonds have no interest rate risk as the interest rates are fixed and they are carried at amortized cost. Currency Risk The Company invests in financial instruments and enters into transactions that are denominated in currencies other than USD. Consequently, the Company’s financial assets or liabilities denominated in currencies other than USD are exposed to the risk that the exchange rate of USD relative to other currencies may change in a manner that has an adverse effect on their fair value. In addition, portfolio companies with foreign operations are also exposed to currency risk, which may adversely affect their valuation.

Pershing Square Holdings, Ltd. 100 additional risk as the amount needed to satisfy the Company’s obligations may exceed the amount recognized in the statement of financial position. As of December 31, 2025 and December 31, 2024, the Company did not have an investment in any short equity positions. Liquidity Risk The Company’s policy and the Investment Manager’s approach to managing liquidity are to ensure, as much as possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressful market conditions. The Company invests primarily in liquid, large-capitalization securities which, under normal market conditions, are readily convertible to cash. Less liquidity is tolerated in situations where the risk/reward trade-off is sufficiently attractive to justify a greater degree of illiquidity. The Company’s portfolio investments may be subject to contractual or regulatory restrictions on trading, or “trading windows” imposed with respect to certain issuers for which the Investment Manager has board representation or is otherwise restricted. However, these restrictions were not taken into consideration in the liquidity calculation below as the Investment Manager has been able to liquidate such securities successfully through block trades or automatic purchase/sale plans.

The Investment Manager believes that the appropriate metric for assessing portfolio liquidity is to calculate how many days it would require to liquidate a position assuming the Investment Manager were able to capture 20% of the trailing 90-day average trading volume (the “Liquidation Period”). On a monthly basis, the Liquidation Period is applied to the existing portfolio to assess how long it will take to divest the Company (and the other PSCM-managed funds) of its portfolio positions. The following tables summarize the liquidity profile of the Company’s assets and liabilities based on the following assumptions: • Financial assets and financial liabilities at fair value through profit or loss are disposed over their Liquidation Period; • The receipt/disposition of all other assets and liabilities, including cash and cash equivalents, due to/from brokers, trade receivables and payables and Bonds is based on their contractual interest payments and maturities; and • Cash flows are undiscounted.5,127,614,133

S. Treasury Bills with daily liquidity as disclosed in Note 10. The Company’s prime brokers are required to provide custody services for the Company’s securities. The prime brokers are not permitted under U.S. law to lend out (or “re-hypothecate”) the Company’s securities if these securities are fully paid for unless the Company enters into a securities lending agreement. If the Company uses margin leverage, the prime brokers may lend out the Company’s securities to fund the prime brokers’ business, but are restricted under U.S. law; that is, the prime brokers may only lend out an amount of the Company’s securities that is less than or equal to 140% of the debit balance that the prime broker extends to the Company as credit. The Company monitors its accounts to avoid running a debit balance. Additionally, the Company has processes in place that allow it to quickly move securities from its prime brokers into a regulated bank entity which is not legally permitted to re-hypothecate client securities.

Rebalancing transactions are subject to a number of considerations including, but not limited to, cash balances and liquidity needs, tax, regulatory, risk and other considerations, which may preclude these transactions from occurring or limit their scope at the time of the transactions. The Investment Manager effects rebalancing transactions based on independent market prices, and consistent with the valuation procedures established by the Investment Manager. Neither the Investment Manager nor any of the Pershing Square Funds receive any compensation in connection with rebalancing transactions. In addition, rebalancing transactions are generally effected without brokerage commissions being charged. To the extent that rebalancing transactions may be viewed as principal transactions due to the ownership interests in the Pershing Square Funds by the Investment Manager and its personnel, the Investment Manager will either not effect such transactions or comply with the requirements of Section 206(3) of the U.S.Investment

Pershing Square Holdings, Ltd. 118 guarantees to Third Parties with respect to derivatives, prime brokerage and other arrangements. These guarantees are not provided by the Company as a guarantee of the payment and performance by other funds managed by the Investment Manager to such Third Parties. Rather, the guarantees are typically to guarantee the payment and performance by entities that are direct or indirect subsidiaries of the Company. Such entities are typically set up to manage regulatory, tax, legal or other issues. To the extent that a subsidiary is not 100% owned by the Company, the Company will typically only guarantee such subsidiary for the benefit of Third Parties to the extent of the Company’s ownership interest in the subsidiary. 4. With respect to the liquidity management procedures of the Company, the Company is a closed-ended investment fund, the Public Shares of which are admitted to trading on the LSE. As such, Public Shares have no redemption rights and shareholders’ only source of liquidity is their ability to trade Public Shares on the LSE. 5. The Bonds are subject to the following transfer restrictions: (a) Each holder of the Bonds is required to be either (a) a qualified institutional buyer (“QIB”) as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) who is also a qualified purchaser (“QP”) as defined in Section 2(a)(51) of the U.S. Investment Company Act of 1940 or (b) a non-U.S.

in on streaming as we love the business models, the industry contexts, and the management teams leading these remarkable organizaYons. In order to fund our purchase of NeTlix, beginning on Friday and over the last few days, we unwound the substanYal majority of our interest rate hedge generaYng proceeds of $1.25 billion. We retained interest rate swapYons that are currently out-of-the-money, and also purchased some addiYonal longer-dated, out-of-the-money swapYons. The result of all of the above is that the noYonal size of our interest rate hedge has been reduced by 80%, the term of a substanYal porYon of the hedge we retain has been extended, and our dollar investment in hedges has been reduced by more than 90%. Had we not sold the hedge, we could have likely realized more gains based on the increase in rates, largely today, since our sale. That said, we believed the opportunity to invest in NeTlix at current prices offered a more compelling risk/reward and likely greater, long-term profits for the funds. We invest in hedges not to protect the funds from a short-term mark-to-market loss, but rather because they can become a large source of potenYal liquidity at precisely the Yme stocks become cheap. We invest in asymmetric hedges as they offer the opportunity for large gains without exposing the porTolio to meaningful losses in the event the potenYal risk does not transpire.