Bill Ackman on Valuation

Pershing Square Holdings, Ltd. 1 Company Overview The Company Pershing Square Holdings, Ltd. (“PSH”, or the “Company”) (LN:PSH) (LN:PSHD) is an investment holding company structured as a closed-ended fund principally engaged in the business of acquiring and holding significant positions in a concentrated number of large capitalization companies. PSH’s objective is to maximize its long-term compound annual rate of growth in intrinsic value per share. PSH was incorporated with limited liability under the laws of the Bailiwick of Guernsey on February 2, 2012. It commenced operations on December 31, 2012 as a registered open-ended investment scheme, and on October 1, 2014 converted into a registered closed-ended investment scheme. Public Shares of PSH commenced trading on Euronext Amsterdam N.V. on October 13, 2014 and were delisted from that exchange on January 31, 2025. On May 2, 2017, PSH’s Public Shares were admitted to the Official List of the UK Listing Authority and commenced trading on the London Stock Exchange (“LSE”). PSH has appointed Pershing Square Capital Management, L.P. (“PSCM”, or the “Investment Manager”) as its investment manager. PSCM was founded by William A. Ackman on January 1, 2004.

Pershing Square Holdings, Ltd. 8 companies, and are important marginal buyers and sellers of a security. These shorter-term investors – which include so-called market-neutral and quantitative funds – use large amounts of margin, derivative, and total return swap leverage in their strategies. As highly leveraged market participants, these investors’ tolerance for mark-to-market losses is small, which contributes to stock price volatility as they can become effectively forced sellers when companies disappoint, even in the short term. This phenomenon of massive short-term volatility in even the largest, most well-capitalized and most closely followed companies has only increased over the last two years. As a result, the stock market at times feels ‘broken;’ that is, stocks can trade in, what appears to us, a completely irrational fashion in the short term when a company fails to meet and/or exceed analysts’ or investors’ expectations. While short-term disappointments can be a harbinger of future underperformance, the degree of downward volatility in many cases appears irrational – well in excess of reasonably anticipated potential intrinsic value risk or impairment due to the potential disappointment. In many cases, the market has responded in a negative way to news that we viewed favorably, and with the passage of time, the initial negative market reaction has often proven to be an overreaction.

We believe that current market dynamics are due to the ever-growing percentage of capital controlled by highly-leveraged market participants who have extremely short-term objectives, and are incentivized or required to exit when certain stop loss triggers are hit due to margin and/or total-return swap leverage and/or risk limits, amplified by the reduction in float due to growing index ownership. The market increasingly appears like a casino where money is wagered over the course of a day, hours, minutes or even seconds. This mismatch between stocks, which represent perpetuity interests in businesses that are inherently long-term assets, and their temporary ‘owners,’ creates growing opportunities for the patient investor with stable capital. Because of our permanent capital structure, the increasingly volatile market dynamics will likely continue to offer us occasionally extraordinary opportunities to buy the highest quality durable growth companies in the world at bargain prices. Market Valuation Since the onset of COVID-19, equity markets have delivered strong returns. From 2020 through 2025, the S&P 500 has generated a 112% total return or 13% per annum.14 While the past five years have experienced enormous volatility due to significant geopolitical, pandemic, and inflation-related challenges, the overall result has been a strong, multi-year advance in the index. Stock market performance has been particularly robust over the last three years.

Importantly, The Three have the financial wherewithal to comfortably make these investments. When a business you own, managed by a management team you trust, announces a large increase in capital spending due to increased demand for its products or services, you should be applauding rather than booing. If, however, the surprise in capital spending is due to an unexpected increase in capex due to larger than anticipated maintenance capex requirements, then boos are appropriate. As long as a company’s increased capex spending is on projects that are expected to deliver returns comfortably in excess of the company’s cost of capital and the company has the financial wherewithal to make these investments, the company’s growth and intrinsic value should increase as a result. We believe the large recently announced capex programs at Alphabet, Amazon, and Meta meet these standards and will contribute to accelerated and sustained increases in their long-term intrinsic values and further improvements in their competitive positions. Howard Hughes Holdings Since our initial investment in Howard Hughes Holdings (“HHH”) nearly 15 years ago, we have believed that the company’s unique portfolio of master planned communities represents one of the highest-quality collections of real estate development assets in the country.

Yet, despite the attractive long-term economics of these communities, HHH’s share price has persistently failed to reflect the company’s intrinsic value and attractive business attributes. We attribute the trading discount to the inherent complexity of the business, the company’s exposure to vacant land and real estate development, and the long-term nature of the company’s business model to which investors assign a high cost of capital.

The HHH Preferred is structured to provide bridge equity to HHH while offering PSH a return similar to a direct investment in Vantage plus a small premium in the likely event it is repurchased by HHH over the next several years. If HHH does not fully repurchase the HHH Preferred from PSH, it converts into common stock in Vantage at the initial acquisition price, and PSH has registration rights which can facilitate a public listing of the company. As part of our services arrangement with HHH, Pershing Square will manage the assets of Vantage for no incremental cost. We intend for Vantage to invest 100% of its insurance float in short-term U.S. Treasurys, and over time, its surplus capital in common stocks, similarly to how Berkshire Hathaway has managed its insurance subsidiaries’ assets. We expect that our approach to managing Vantage’s assets will allow it to earn a substantially higher return on equity than a typical insurer, which should enable it to compound its book value at a high rate over time. If we are successful in achieving our expectations for Vantage, it will materially accelerate HHH’s growth profile, diversify the sources of its revenues and earnings, reduce its cost of capital, and accelerate HHH’s long-term growth in intrinsic value and share price. The Current Economic and Market Backdrop We believe that 2026 could be a very strong economic year. There are a number of geopolitical, economic, and political factors and forces that contribute to our view.

Pershing Square Holdings, Ltd. 11 Big Beautiful Bill which will lead to large tax refunds early this year and provide massive incentives for investment, (3) the President and this administration’s highly pro-business posture which drives business confidence and includes a Federal Trade Commission which for the first time in four years is supportive of mergers and acquisitions, unleashing a large number of strategic and other transactions, (4) a massive deregulation initiative led by Secretary of the Treasury Scott Bessent, (5) reduced and stable inflation data that will allow the Federal Reserve to lower rates, (6) the extraordinary scale of data center and energy investments due to AI, (7) the productivity benefits of AI, (8) the wealth effects from stock market and private company valuation gains, (9) the potential for a peace dividend in the Middle East, South America, and potentially Europe as it appears the Russia/Ukraine war is closer to resolution, and (10) the accelerated pace of innovation, software development, and discovery due to AI. All of the above are occurring in a year with mid-term elections that typically swing against the incumbent administration. As such, the Trump Administration is extremely motivated to deliver on promises made and will likely take additional actions that will drive the economy.

In light of our view that the market is not overvalued and the fact that there are many of the highest-quality growth companies available at prices which offer 20%-30%+ rates of long-term returns at current valuations, including many within our current portfolio, we are constructive on the current economic and market backdrop and on Pershing Square Holdings. 2025 was a great year for Pershing Square. We would not be able to achieve our objectives were it not for the long-term commitment of our shareholders. We are very grateful for your support. Sincerely, William A.Ackman

As a result, we were able to establish our position in Meta at a very attractive valuation of just 20 times earnings per share, earnings which include the significant losses from its Reality Labs segment that amount to nearly 25% of the company’s overall profit. Excluding the Reality Labs losses, the implied market valuation for Meta’s core advertising business was less than 16 times earnings per share. This valuation represented a significant discount to the S&P 500 for one of the world’s great businesses that is currently growing its revenues in excess of 20% per annum.

While Alphabet’s share price appreciated meaningfully in 2025 to reflect its strong product and business momentum, we believe it continues to trade at an attractive valuation for a business of its quality, leadership position in AI and ability to grow earnings per share at a high-teens rate over the medium term. Amazon.com, Inc. (“Amazon”) Amidst tariff-related market volatility in April 2025, we were able to initiate a position in Amazon at a highly compelling valuation. Amazon operates two of the world’s great, category-defining franchises between its Amazon Web Services (AWS) cloud business and its e-commerce retail operations. Both businesses are underpinned by decades-long secular growth trends, occupy dominant market positions, and leverage their immense scale to continually enhance their customer value proposition. AWS is the leader in the highly concentrated cloud hyperscaler market, benefiting from the long-term migration of IT workloads to the cloud. Amazon.com is also the world’s largest e-commerce retailer, enabled by a one-of-a-kind logistics network that fulfills over $700 billion in gross merchandise value annually. Despite these compelling attributes, concerns around AWS’s growth trajectory, compounded by broader tariff-related market volatility, presented a compelling entry point in April 2025 and we were able to initiate our position at a valuation of only 25 times forward earnings, which was near the lowest valuation multiple in the company’s history.

Pershing Square Holdings, Ltd. 15 offerings, continues to invest in its logistics network to allow for same-day shipping to an increasing percentage of its customer base, and leverages AI investments to improve the overall customer purchasing experience. We estimate that Amazon’s retail business’s structural profit margin potential to be meaningfully higher than its current ~7% level achieved this year after adjusting for differences in its business mix relative to peers and factoring in its fast-growing, high-margin advertising revenue. Moreover, the company is seeing large productivity gains from warehouse automation and its one-of-a- kind logistics network. As a proof point, per-unit shipping costs have been steadily declining for the last eight quarters in a row. While Amazon’s share price has appreciated from our initial cost, it continues to trade at an attractive multiple of approximately 26 times earnings per share, a highly discounted valuation relative to peers and its expected earnings per share growth rate of 20%+ over the medium to longer term. Brookfield Corporation (“BN” or “Brookfield”) Brookfield is a high-quality, asset-rich, rapidly growing business that has a long-term track record of excellent capital allocation.

We initiated our position in Brookfield in 2024 during a period of substantial dislocation where BN traded at a deep discount to intrinsic value – essentially valuing its vast invested capital base at close to zero after accounting for its 73% ownership in its asset management franchise, Brookfield Asset Management. Brookfield delivered strong performance in 2025 driven in equal measure by earnings growth and multiple expansion. Distributable earnings (“DE”) – a proxy for recurring economic earnings – showed solid gains, though the headline numbers still obscure the significant latent earnings power at the company. Growth was principally driven by the rapid scaling of Brookfield’s captive annuities and insurance business (“Brookfield Wealth Solutions,” or “BWS”) as BN continues to expand its operations and reposition acquired investment portfolios for higher long-term yields. This growth is expected to accelerate further upon the closing of the Just Group acquisition. This transaction will expand BWS’s fixed-annuity portfolio by ~30% to ~$180 billion and firmly position Brookfield as a major player in the attractive U.K. market where BN is already one of the largest real estate and infrastructure investors.

The decline in earnings contribution from Brookfield’s real estate businesses partially offset BN growth in 2025 and reflects targeted balance sheet simplification actions and softer macroeconomic conditions at Brookfield’s small but highly cash generative residential homebuilder business. Importantly, growth in 2025 remained meaningfully below our view of Brookfield’s structural potential and management’s long-term targets. The company’s current level of Distributable Earnings do not reflect the likely step-function increase in future carried interest realizations, nor the full earnings power of BWS insurance float. In addition, we believe Brookfield’s single largest business, Brookfield Asset Management, which comprises more than 50% of Brookfield Corporation’s total value, is positioned for growth in fee earnings of 20% or more this year. In total, we expect BN’s DE growth to meaningfully accelerate this year with the potential to grow 25% or more, a level that is consistent with management’s targeted 25% annual growth rate over the medium term. Despite Brookfield’s strong growth outlook, its valuation remains compelling. Brookfield presently trades at 14 times our estimate of distributable earnings per share, or only 11 times when adjusted for the steady-state earnings power of BWS and a normalized level of carried interest.

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. 19 In the U.S., the acquired Carrols stores are outperforming the broader Burger King system, validating the unit economics of the company’s remodel program and its recent investments in the system. As a result, QSR’s plan to refranchise these stores to smaller, operator-led franchisees is proceeding ahead of schedule. The company will host an investor day at the end of February, where we expect management to provide further detail on the building blocks of its future growth strategy while reaffirming its long-term targets of at least 8% annual operating profit growth. Despite these strong results and inflecting trends, QSR trades at only 16 times our estimate of earnings per share, which represents a discount of nearly 30% to peers with comparable long-term, earnings growth potential. With a strong operating model, improving financial performance, and a deeply discounted valuation, QSR remains a highly attractive investment. Uber Technologies (“Uber”) Uber is the world’s leading mobility and delivery platform. The company operates a high-quality, capital-light, high-growth business which benefits from robust structural network effects. We acquired our position in early 2025 at an attractive valuation, capitalizing on the dislocation driven by misplaced market fears regarding the perceived threat from autonomous vehicles (“AVs”).

Uber’s share price appreciation from our average cost at announcement through year end reflected the company’s substantial operating profit growth, but was somewhat offset by a modest decrease in the valuation multiple due to lingering investor concerns regarding the impact on Uber’s long-term growth from future competition by perceived AV competitors, such as Tesla and Waymo. Uber delivered exceptional financial performance in 2025, including new all-time highs on multiple key operating metrics. Constant-currency bookings grew 20%, driven by a 16% increase in monthly active users and deepening engagement per user, driving a 20% increase in annual trips of 13.6 billion on Uber’s network. Robust top-line growth combined with strong cost control and operating leverage generated operating profit growth of ~50%. Operating results accelerated throughout the year and the outlook for 2026 remains strong, with operating profit growth that we estimate could again exceed 30%. In 2025, AV technology made great strides with increasing evidence that it is approaching super-human safety standards across multiple vendors. Beyond Waymo and Tesla, a host of small companies are making significant advancements as artificial intelligence and end-to-end neural networks provide new opportunities for AV technology. We believe it is likely that AV technology will ultimately be broad-based and spread among a much larger number of companies than many industry observers previously expected.

We believe that the combination of Uber’s rapid earnings-per-share growth and the potential for significant valuation multiple expansion, as investors better appreciate the sustainability of Uber’s future growth prospects and competitive positioning, should drive substantial future share price appreciation. Universal Music Group (“UMG”) Universal Music Group is the world’s leading music entertainment company and a high-quality, capital-light business that can be best thought of as a rapidly growing royalty on greater global consumption and monetization of music. While UMG’s share price performance over the last year has been disappointing, we fortunately monetized a meaningful portion of our investment at significantly higher prices last March, generating positive attribution for the year. Importantly, the business has made considerable progress that we believe the market has not yet fully appreciated. We expect growth to accelerate this year as the company begins to realize the benefits of several strategic initiatives. Over the last year, UMG signed a number of “Streaming 2.0” deals with major digital service providers (“DSPs”) such as Spotify, Amazon, and YouTube, which incorporate wholesale price increases that will lead to higher subscription revenue growth.

Pershing Square Holdings, Ltd. 21 targeted products for “superfans,” the small minority of listeners who drive a disproportionate share of total music spend, the music industry will also be able to better monetize fans previously ignored by the one-size-fits-all monthly price point of a music subscription. Despite these developments, the shares have further weakened this year, and the company now trades at only 18 times our estimate of earnings per share, the lowest valuation since UMG became a publicly traded company. We believe this is largely the result of two technical overhangs and the market’s concern that AI-generated music will disrupt the business. The first overhang is due to uncertainty regarding a potential sale of stock by UMG’s largest shareholder, Bolloré, who through the Bolloré Group owns 18.5% of the company. After Cyrille Bolloré stepped down from UMG’s Board of Directors in July following an adverse court ruling that could have required the Bolloré Group to spend up to €2.5 billion to buy out Vivendi’s minority shareholders, market participants have speculated that Bolloré might fund the forced buyout by selling some of its UMG shares. Although the Bolloré Group has more than ample cash and the French Court of Cassation recently struck down the ruling that would have required a mandatory offer, the matter has been sent back to lower courts, prolonging the uncertainty. The second overhang is the delay in UMG’s U.S. listing due to the government shutdown.

The company has recently signed deals with new AI-native DSPs that monetize this music creation with AI at a higher per-user level than traditional streaming, all while creating “walled gardens” that protect artist rights. UMG also possesses a vast catalog library that can both be made available to fans looking to experiment with AI tools and allow the company to revitalize this historic IP through new releases. We expect the company will continue to announce new deals with partners launching new and exciting tools. Separately, UMG has ensured that deal renewals with traditional DSPs include dilution and rights protections. DSPs like Deezer and Spotify have already begun to demonetize background music and tracks that fail to hit minimum streaming thresholds. Ultimately, there is a natural ceiling to the amount of AI content a service can host; if it becomes too large a percentage of a platform's library, it degrades the listening experience and increases hosting and ingestion costs for the provider. Given UMG’s dominant market position and decades-long runway for sustained earnings growth, we believe the current valuation represents a very large discount to intrinsic value.

Pershing Square Holdings, Ltd. 22 Recently Exited Equity Positions: Hilton (“HLT”) We exited our investment in Hilton after a highly successful, more than seven-year holding period. Hilton is a quintessential Pershing Square investment: a high-quality, asset-light, high-margin business with significant long-term growth potential and superb management. We initiated the position in 2018 at an attractive valuation of less than 23 times our estimate of earnings per share for the following year. At the time, HLT traded at a discount to both its historical average and our estimate of intrinsic value, as investors were concerned about a potential macroeconomic slowdown and failed to appreciate the high-quality nature of the company’s fee-based business model and highly attractive earnings algorithm. Over the subsequent years, Hilton generated excellent financial results, anchored by best-in-class net unit growth which drove fee revenue growth of approximately 70%. Strong top-line performance was enhanced by exceptional cost control, with corporate overhead essentially flat over the past seven years, driving operating profit growth of 85%. Earnings growth was further supported by best-in-class capital allocation – Hilton retired more than 20% of its outstanding shares at highly accretive prices – driving a 150% increase in earnings per share over our holding period.

These results are particularly impressive considering the lodging industry was uniquely impacted by the COVID-19 pandemic, a crisis which CEO Chris Nassetta and his team navigated with exceptional skill. Our investment returns further benefited from a significant expansion in Hilton’s valuation multiple from 23 times earnings per share at entry to 32 times at exit as investors increasingly recognized the quality of the company’s consistent and high-growth earnings algorithm. While we remain admirers of the franchise and believe strongly in its long-term growth, we exited the position earlier this year as we believed HLT’s current valuation made it unlikely that the future share price growth would meet our high returns thresholds. We continue to monitor the business and believe the company is positioned for continued success. Other Exited Equity Positions: As we previously disclosed, we completed the sale of Chipotle, Canadian Pacific, and Nike during 2025.

Pershing Square Holdings, Ltd. 33 Report of the Directors We present the Annual Report and Financial Statements of the Company for the year ended December 31, 2025. PRINCIPAL ACTIVITY The Company was incorporated in Guernsey, Channel Islands on February 2, 2012. It became a registered open-ended investment scheme under Guernsey law on June 27, 2012, and commenced operations on December 31, 2012. On October 1, 2014, the Guernsey Financial Services Commission (“GFSC”) approved the conversion of the Company into a registered closed- ended investment scheme. Please refer to Note 11 for further information on the various classes of shares (any reference to “Note” herein shall refer to the Notes to the Financial Statements). INVESTMENT POLICY The Company’s investment objective is to preserve capital and seek maximum, long-term capital appreciation commensurate with reasonable risk. For these purposes, risk is defined as the probability of permanent loss of capital, rather than price volatility. In its value approach to investing, the Company seeks to invest in long (and occasionally short) investment opportunities that the Investment Manager believes exhibit significant valuation discrepancies between current trading prices and intrinsic business (or net asset) value, often with a catalyst for value recognition. The Investment Manager may also seek short sale investments that offer absolute return opportunities.

Pershing Square Holdings, Ltd. 35 The Company announces the weekly and monthly NAV and investment performance of its Public Shares to the LSE and publishes this information on the Company’s website (www.pershingsquareholdings.com). In addition, monthly transparency reports created by the Administrator and the Company’s fact sheets are published on the Company’s website. The Company released semi-annual financial statements on August 20, 2025 relating to the first half of 2025. The Company intends to release semi-annual financial statements for the first half of 2026 in the third quarter. DISCOUNT TO NAV The Board monitors the discount to NAV at which the Company’s Public Shares trade closely and seeks opportunities to narrow it. The discount narrowed over the course of 2025 from 31.2% at the beginning of the year to 24.1% as of December 31, 2025. The discount has further narrowed slightly since year end to 22.5% as of February 10, 2026. The Board and the Investment Manager continue to believe that the Public Shares are undervalued and remain focused on delivering positive performance and attracting long-term investors to narrow the discount. The Company has taken a variety of actions to better position the Public Shares as an attractive investment opportunity to potential investors in the UK and internationally. The Company has transitioned its trading to the LSE over time, adding a listing on the Main Market of the LSE (2017) and a USD denominated LSE quotation (2018).

Pershing Square Holdings, Ltd. 55 COMMITTEES OF THE INVESTMENT MANAGER The Investment Manager has a Conflicts Committee, which meets no less frequently than annually and on an as-needed basis; a Best Execution Committee, which meet no less frequently than quarterly and on an as-needed basis; and Information Security, Valuation and Disclosure Committees, which meet no less frequently than semi-annually, and on an as-needed basis. The meeting minutes are presented to the Board at the quarterly Board meetings, or sooner if necessary. BOARD PERFORMANCE The performance of the Board and that of each individual Director is evaluated annually. The Board engaged Egon Zehnder as an independent external adviser to facilitate the evaluation of its 2025 performance. The external adviser assessed the effectiveness of the Board on key indicators of performance, including the Board’s composition and diversity, the Board’s agenda, governance, division of responsibility with its committees, inter-personal dynamics, the Board’s understanding of its role, risk management, succession planning, stakeholder engagement and culture. The assessment was based on (i) a review of key Board documents, (ii) a series of interviews with Board members, the Company Secretary and Investment Manager personnel, (iii) a questionnaire survey of Board members and the Company Secretary, and (iv) an observation of a quarterly Board meeting.

• The Audit Committee has confirmed that where the Investment Manager has fair valued Level 2 or Level 3 assets, including the Company’s investment in SPARC Sponsor and the SPARC Committed FPA, the Investment Manager has obtained pricing from an independent service or valuation agent, or otherwise uses a valuation methodology that has been reviewed by the auditor and found to be appropriate for the investment, free of management bias and consistent with the requirements of IFRS. The Audit Committee also reviewed the input assumptions associated with Level 3 assets, this being an area that requires management judgement. • The Audit Committee reviewed the completeness and accuracy of the disclosures in the Annual Report and Financial Statements, and satisfied itself that the disclosures appropriately reflected the risks facing the Company and its financial results. • The Audit Committee reviewed the report of the Risk Committee and the Board’s procedures regarding the identification, management, and monitoring of risks that could affect the Company. The Audit Committee is satisfied that the Risk Committee and the Board are engaged on an ongoing basis in the process of identifying, evaluating and managing (where possible) the principal and emerging risks facing the Company as described in Principal Risks and Uncertainties on pages 24-29.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern. Overview of Our Audit Approach Key audit matters Misstatement of the valuation of the Company’s level 1 investments Materiality Overall materiality of $150m which represents 1% of Total Equity An Overview of the Scope of our Audit Tailoring The Scope Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality determine our audit scope for the Company. This enables us to form an opinion on the Financial Statements. We take into account size, risk profile, the organisation of the Company and effectiveness of controls, changes in the business environment and the potential impact of climate change when assessing the level of work to be performed. Climate Change The Company has explained climate-related risks in the “ESG” section of the Report of the Directors and forms part of the “Other Information”, rather than the audited Financial Statements. Our procedures on these disclosures therefore consisted solely of considering whether they are materially inconsistent with the Financial Statements, or our knowledge obtained in the course of the audit, or otherwise appear to be materially misstated.

Pershing Square Holdings, Ltd. 63 Based on our work we have not identified the impact of climate change on the Financial Statements to be a key audit matter or to impact a key audit matter. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters. Risk Our response to the risk Key observations communicated to the Audit Committee Misstatement of the valuation of the Company’s level 1 investments (2025 – assets: $17,951 million and liabilities: nil; 2024 – assets: $15,077 million and liabilities: nil) Refer to the Report of the Audit Committee (pages 56-60); Accounting policies (pages 78 -83); and Note 7 of the Financial Statements (pages 86-89) The fair value of investments may be misstated due to the application of inappropriate methodologies or inputs to the valuations.

The valuation of the Company’s investments is a key driver of the Company’s net asset value and total return. Misstatements to investment valuation could have a significant impact on the net asset value of the Company and the total return generated for shareholders. There has been no change in this risk from the previous year. Updated our understanding of the investment valuation process through a review of the SOC 1 report of the Company’s Administrator, performed a walkthrough and evaluated the design of controls in this area. We obtained values for all level 1 investments from independent sources and agreed these to management’s proposed values. We tested the existence of all of the level 1 investments as at December 31, 2025 by agreeing investment holdings to independent custodian confirmations. We assessed whether the valuation determined is in accordance with IFRS by comparing the valuation methodology to the requirements of IFRS 13. We confirmed that there were no material instances of use of inappropriate policies or methodologies and that the valuation of the investments was not materially misstated. We also confirmed that there were no material matters arising from our audit work on the valuation of financial instruments, in accordance with IFRS, that we wanted to bring to the attention of the Audit Committee. In the prior year, our auditor’s report included a key audit matter in relation to “Misstatement of the valuation of the Company’s level 2 investments”.

Pershing Square Holdings, Ltd. 73 STATEMENT OF COMPREHENSIVE INCOME For the years ended December 31, 2025 and December 31, 2024 (Stated in United States Dollars) Notes 2025 2024 Investment gains and losses Net gain/(loss) on financial assets and liabilities at fair value through profit or loss $ 3,307,266,164 $ 1,676,375,513 Net realized gain/(loss) on commodity interests (net of brokerage commissions and other related fees of (2025: nil, 2024: nil)) — (124,865,760) Net change in unrealized gain/(loss) on commodity interests (net of brokerage commissions and other related fees of (2025: nil, 2024: nil)) — (129,552,453) 6 3,307,266,164 1,421,957,300 Net gain/(loss) on currency translation of the Bonds 18 (93,964,036) 33,706,191 Income Dividend income 121,175,185 152,930,011 Interest income 12 45,604,029 85,936,817 Other income — 35,932 166,779,214 238,902,760 Expenses Performance fees 15 (489,198,531) (226,588,185) Management fees 15 (207,995,255) (188,818,228) Interest expense 12 (112,813,503) (77,292,603) Professional fees (9,120,678) (10,056,040) Other expenses (2,437,116) (3,031,876) (821,565,083) (505,786,932) Profit/(loss) before tax attributable to equity shareholders 2,558,516,259 1,188,779,319 Taxes Withholding tax (dividends) (26,247,858) (32,025,140) Deferred tax expense 19 (6,892,500) 16,941,739 (33,140,358) (15,083,401) Profit/(loss) attributable to equity shareholders $ 2,525,375,901 $ 1,173,695,918 Earnings per share (basic & diluted)(1) Public Shares 17 $ 14.

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.

Financial Instruments Financial Assets and Financial Liabilities at Fair Value Through Profit or Loss Classification In accordance with IFRS 9, the Company classifies its financial assets and financial liabilities at initial recognition into the categories of financial assets and financial liabilities. A financial asset or financial liability is measured at fair value through profit or loss if it meets the definition of held for trading. In applying that classification, a financial asset or financial liability is considered to be held for trading if: (a) it is acquired or incurred principally for the purpose of selling or repurchasing it in the near term, (b) on initial recognition, it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking or (c) it is a derivative (except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument). Financial Assets The Company classifies its financial assets as subsequently measured at fair value through profit or loss or measured at amortized cost based on the Company’s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.

Pershing Square Holdings, Ltd. 79 Financial assets measured at fair value through profit or loss (“FVPL”) A financial asset is measured at fair value through profit or loss if any of the following apply: 1. Solely payments of principal and interest (“SPPI”) test fails – contractual cash flows are not just principal and interest on specific dates. 2. Business model test fails – it is not held within a business model whose objective is either to collect contractual cash flows (e.g. interest and principal), or to both collect contractual cash flows and sell. 3. Voluntary designation – at initial recognition, it is irrevocably designated as measured at FVPL when doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. The Company classifies its investments in securities and derivative financial instruments at FVPL as their cash flows are not limited to SPPI. Financial assets measured at amortized cost A debt instrument is measured at amortized cost if it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and its contractual terms give rise on specified dates to cash flows that are SPPI on the principal amount outstanding.

The Company includes in this category short-term non-financing receivables including cash collateral posted on derivative contracts and other receivables. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or a part of a group of similar financial assets) is derecognized when the rights to receive cash flows from the asset have expired. Financial Liabilities Financial liabilities measured at fair value through profit or loss A financial liability is measured at fair value through profit or loss if it meets the definition of held for trading. This category would include derivative contracts in a liability position and equity instruments sold short since they are classified as held for trading. Financial liabilities measured at amortized cost This category includes all financial liabilities, other than those measured at fair value through profit or loss. The Company includes in this category its Bonds and other short-term payables. Derecognition of financial liabilities The Company will derecognize a financial liability when the obligation under the liability is discharged, canceled or expired. Bonds at Amortized Cost (i) Classification The Company classifies its Bonds, as discussed in Note 1 and Note 18, at amortized cost.

Pershing Square Holdings, Ltd. 80 (ii) Recognition The Company recognizes its Bonds upon the date of their issuance. (iii) Initial Measurement Bonds are initially measured at their par values minus the original issue discount, if any, and any transaction costs directly attributable to their issuance, which is representative of their fair value at that time. (iv) Subsequent Measurement After initial measurement, the Company measures the Bonds at amortized cost using the effective interest method. Interest expense relating to the Bonds is calculated using the effective interest method allocated over the relevant period and is recognized in the statement of comprehensive income accordingly. The interest expense relating to the Bonds includes the amortization of coupon interest, the original issue discount, if any, and the transaction costs attributable to their issuance. (v) Derecognition The Company will derecognize its liability associated with each of the Bonds upon maturity, tender, or in the event that the Company exercises its prepayment option for all or some of the Bonds, in which case all or some of the liability would be derecognized at the settlement date. Fair Value Measurement The Company measures its investments in financial instruments, such as equities, options and other derivatives, at fair value at each reporting date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company values equity securities listed on a securities exchange at the official closing price reported by the exchange on which the securities are primarily traded on the date of determination. In the event that the date of determination is not a day on which the relevant exchange is open for business, such securities are valued at the official closing price reported by the exchange on the most recent business day prior to the date of determination. Where the primary exchange does not report an official closing price and the composite price is available, equity securities will be valued at the composite price. Exchange- traded options and securities listed on a securities exchange for which the exchange does not report an official closing price on the date of determination (other than because the relevant exchange was closed on such date) are valued at the average of the most recent “bid” and “ask” prices. Over the counter (“OTC”) options (including commodity, currency, equity and flex options), OTC currency forwards and OTC interest rate swaptions will generally be valued using a third-party pricing service that obtains quotes from multiple dealers to calculate fair value, or if not readily available, in accordance with procedures adopted by the Investment Manager.

OTC equity forwards and swaps will be valued by reference to the price of the underlying security, index or other asset, as applicable, and other relevant factors (e.g., fixed and variable financing rates). Cleared credit default swaps (including index credit default swaps) will generally be valued using pricing obtained from the clearing house that clears the majority of the volume of such swap and/or as necessary, the value of a third-party pricing service if a single clearing house does not clear the majority of such swap. Uncleared credit default swaps will generally be valued using a third-party pricing service that obtains quotes from multiple dealers to calculate fair value.

Pershing Square Holdings, Ltd. 81 Other securities that are not listed on an exchange (including derivatives of both equity and debt) but for which external pricing sources (such as dealer quotes or other independent pricing services) may be available are valued by the Investment Manager after considering, among other factors, such external pricing sources, recent trading activity or other information that, in the opinion of the Investment Manager, may not have been reflected in pricing obtained from external sources. When dealer quotes are being used to assess the value of a holding, an attempt is made to obtain several independent quotes. The practical application of quoted market prices to portfolio positions is a function of the quoted differential in bid/offer spreads. Long and short positions generally are marked to mid-market (subject to the Investment Manager’s discretion to mark such positions differently if and when deemed appropriate). Investments that have unobservable inputs are fair valued using valuation methodologies determined by the Investment Manager. The Investment Manager may choose to employ an independent third-party valuation firm to conduct valuations. The valuation committee of the Investment Manager considers the appropriateness of the valuation methods and inputs, including information obtained after the close of markets, and may request that alternative valuation methods be applied to support the valuation arising from the methods discussed.

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. 82 Amounts Due To and Due From Brokers Due from brokers consists of cash held at the Company’s Prime Brokers, cash and securities pledged in connection with derivative contracts and amounts receivable for securities transactions that have not settled at the reporting date, if any. Due to brokers consists of cash received from counterparties to collateralize the Company’s derivative contracts and amounts payable for securities transactions that have not settled at the reporting date, if any. Cash and Cash Equivalents The Company considers all highly liquid financial instruments with a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents in the statement of financial position is comprised of U.S. Treasury Bills and/or money market funds which are invested in U.S. Treasury obligations. Investment Income/Expense Dividend income is recognized on the date on which the investments are quoted ex-dividend and presented gross of withholding taxes, which are disclosed separately in the statement of comprehensive income. Interest income and expense related to cash and cash equivalents and collateral cash received/posted by the Company are recognized when earned/ incurred. Net Gain or Loss on Financial Assets and Financial Liabilities at Fair Value Through Profit or Loss The Company records its security transactions and the related revenue and expenses on a trade date basis.

Unrealized gains and losses are comprised of (i) changes in the fair value of financial instruments for the year and (ii) the reversal of prior years’ unrealized gains and losses for financial instruments which were realized in the reporting period. Realized gains and losses on disposals of financial instruments classified at fair value through profit or loss are calculated using the highest cost relief method (specific identification). These gains or losses represent the differences between an instrument’s initial carrying amount and disposal amount. Professional Fees Professional fees include, but are not limited to, expenses relating to accounting, investment valuation, administrative services, auditing, tax preparation expenses, legal fees and expenses, fees of investment bankers, advisers, appraisers, public and government relations firms and other consultants and experts, and investment-related fees and expenses including research, but excluding investment transaction costs. Other Expenses Other expenses include, but are not limited to, printing and postage expenses, bank service fees, insurance expenses, listing- related fees and expenses relating to corporate engagement, regulatory filings and registrations in connection with the Company’s business and investment activities. Taxes The Company is a tax-exempt Guernsey entity under The Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989, (as amended).

(“PSINTL” and together with the Company and PSLP, the “Pershing Square Funds”) wholly own SPARC Sponsor, a Delaware limited liability company, as non- managing members and are its only source of funding. The business and affairs of SPARC Sponsor are managed exclusively by its non-member manager, PSCM. SPARC Sponsor is the sponsor entity for Pershing Square SPARC Holdings, Ltd. (“SPARC”), a Delaware corporation, which is a company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. SPARC’s initial Form S-1 Registration Statement (“SPARC S-1”) was filed with the Securities and Exchange Commission (“SEC”) on November 24, 2021 and became effective on September 29, 2023 (“SPARC Prospectus”). As of December 31, 2025 and December 31, 2024, the Company held an investment in SPARC Sponsor. This investment is reflected under financial assets at fair value through profit or loss in the statement of financial position.

Pershing Square Holdings, Ltd. 84 The Company assessed whether SPARC Sponsor should be classified as a structured entity. The Company considered the terms of the limited liability company agreement of SPARC Sponsor and determined that the dominant factor of control is PSCM’s role as non-member manager. The Company concluded that SPARC Sponsor is a structured entity. Although both PS VII Master and SPARC Sponsor (together, the “Structured Entities”) meet the definition of structured entities under IFRS 12, the Company determined that it does not have power over the relevant activities of either entity, nor does it have rights that would provide significant influence. Accordingly, the Company does not consolidate these entities or apply the equity method, but instead accounts for its interests as financial assets at fair value through profit or loss in accordance with IFRS 9. All realized and unrealized gains and losses from the Company’s investments in the Structured Entities are reflected in the statement of comprehensive income for the years ended 2025 and 2024, as applicable. See Note 7 for the discussion on the fair value measurement and Note 16 for related-party transactions regarding the Company’s investments in the Structured Entities.

Estimates and Assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. The Company based its assumptions and estimates on parameters available when the Financial Statements were prepared. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur. Fair Value of Financial Instruments When the fair value of financial assets and financial liabilities recorded in the statement of financial position cannot be derived from active markets, their fair value is determined by the Investment Manager using prices obtained from counterparties or independent third-party pricing services/valuation agents. The independent third-party pricing services/valuation agents utilize proprietary models to determine fair value. The valuation agents’ modeling may consider, but is not limited to, the following inputs: amount and timing of cash flows, probability assessments, volatility of the underlying securities’ stock price, comparable transaction data, dividend yields and/or interest rates.

Changes in assumptions about these factors could affect the reported fair value of financial instruments in the statement of financial position and the level where the instruments are disclosed in the fair value hierarchy. The models are calibrated regularly and tested for validity using prices from observable current market transactions in the same instrument (without modification or repackaging) or based on available observable market data. Refer to Note 7 for the sensitivity analysis performed on significant unobservable inputs used in the valuation of Level 3 investments. 4. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS The Company has assessed the impact of amendments in 2025 made to IAS 21 and has determined that they do not affect the Company’s Financial Statements. The Company has assessed the impact of IFRS 18, which has been issued but is not yet effective. While the presentation of the statement of comprehensive income will change on implementation, the valuation and measurement of balances will not be impacted. The Company will continue to assess the impact of IFRS 18 as additional guidance is released prior to implementation. No other standards that have been issued but are not yet effective are likely to materially affect the Company’s Financial Statements.

Pershing Square Holdings, Ltd. 85 New Pronouncement Effective Date Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments January 1, 2026 Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity January 1, 2026 Volume 11 – Annual Improvements to IFRS Accounting Standards January 1, 2026 IFRS 18 – Presentation and Disclosure in Financial Statements January 1, 2027 IFRS 19 – Subsidiaries without Public Accountability: Disclosures January 1, 2027 Amendments to IAS 21 – Translation to a Hyperinflationary Presentation Currency January 1, 2027 5. SEGMENT INFORMATION In accordance with IFRS 8: Operating Segments, it is mandatory for the Company to present and disclose segmental information based on the internal reports that are regularly reviewed by the Board in order to assess each segment’s performance. Management information for the Company as a whole is provided internally to the Directors for decision-making purposes. The Board’s decisions are based on a single integrated strategy and the Company’s performance is evaluated on an overall basis. The Company has a portfolio of long investments that the Board and Investment Manager believe exhibit significant valuation discrepancies between current trading prices and intrinsic business value, often with a catalyst for value recognition.

Pershing Square Holdings, Ltd. 86 7. FAIR VALUE OF ASSETS AND LIABILITIES Fair Value Hierarchy IFRS 13 requires disclosures relating to fair value measurements using a three-level fair value hierarchy. The level within which the fair value measurement is categorized is determined on the basis of the lowest level input that is significant to the fair value measurement. Assessing the significance of a particular input requires judgment and considers factors specific to the asset or liability. Financial instruments are recognized at fair value and categorized in the following table based on the following: Level 1 – Inputs are unadjusted quoted prices in active markets. Level 2 – Inputs (other than quoted prices included in Level 1) are obtained directly or indirectly from observable market data at the measurement date. Level 3 – Inputs, including significant unobservable inputs, reflect the Company’s best estimate of what market participants would use in pricing the assets and liabilities at the measurement date.15,165,987

Pershing Square Holdings, Ltd. 87 As of December 31 2025 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Liabilities: Derivative Contracts: Total Return Swaps $ — $ 34,093 (3) $ — $ 34,093 $ — $ — $ — $ — Total $ — $ 34,093 $ — $ 34,093 $ — $ — $ — $ — (1) Figure relates to the Company’s investment in Pershing Square SPARC Sponsor, LLC. Refer to Note 16 for further details. (2) Currency forwards are fair valued by the Investment Manager. The fair values of these financial instruments may reflect, but are not limited to, the following inputs: current market and contractual prices from market makers or dealers, volatilities of the underlying financial instruments, interest rates, and/or current foreign exchange forward and spot rates. The significant inputs are market observable and included within Level 2. The Investment Manager utilizes a third-party pricing service and its widely recognized valuation models to obtain fair values of these financial instruments. (3) Total return swaps are fair valued by the Investment Manager using market observable inputs. The fair values of these financial instruments may reflect, but are not limited to, the following inputs: market price of the underlying security, notional amount, and/or fixed and floating interest rates. (4) Refers to the Company’s investment in the SPARC Committed Forward Purchase Agreement. Refer to Note 16 for further details.

The Company’s cash and cash equivalents and short-term receivables and payables are recorded at carrying value which approximates fair value. The Bonds, which are not included in the table of Recurring Fair Value Measurement of Assets and Liabilities, are classified as Level 1 financial liabilities and the fair values of the Bonds are discussed further in Note 18. Some of the Company’s investments in Level 1 securities represent a significant portion of the Company’s portfolio. If such investments were sold or covered in their entirety, it might not be possible to dispose of them at the quoted market price. IFRS does not permit adjustments to the fair value of these investments to account for a potential sale at a discount to quoted market price. The Directors have considered the impact of climate change on the valuation of the Company’s investments. In line with IFRS, the Company’s investments are valued at fair value, which for substantially all of the Company’s investments are, or incorporate, quoted prices for investments in active markets at December 31, 2025 and December 31, 2024 and therefore reflect market participants’ view of climate change risk. Climate change risk does not have a material impact on the value of the Company’s other investments. Level 3 Transfers Transfers between levels during the year are determined and deemed to have occurred at each financial statement reporting date.

There were no transfers into or out of Level 3 fair value measurements since the last financial statement reporting date. Level 3 Reconciliation Level 3 investments are fair valued using valuation methodologies determined by the Investment Manager. In applying its valuation methods, the Investment Manager utilizes information including, but not limited to the following: amount and timing of cash flows, probability assessments, volatility of the underlying securities’ stock price, comparable transaction data, dividend yields and/or interest rates. The Investment Manager engaged an independent third-party valuation firm to conduct valuations of the SPARC Committed FPA and of the SPARC Sponsor Shares and the SPARC Sponsor Warrants held by SPARC Sponsor (each as disclosed in Note 16). The independent third-party valuation firm provided the Investment Manager with a written report documenting their recommended valuations as of the determination date. The following table summarizes the change in the carrying amounts associated with Level 3 investments for the years ended 2025 and 2024.

Pershing Square Holdings, Ltd. 88 SPARC Sponsor SPARC Committed FPA Total Balance at December 31, 2024 $ 37,540,131 $ — $ 37,540,131 Funding for Sponsor expenses 7,216 — 7,216 Net gain/(loss) 1,329,445 — 1,329,445 Balance at December 31, 2025 $ 38,876,792 $ — $ 38,876,792 SPARC Sponsor SPARC Committed FPA Total Balance at December 31, 2023 $ 35,372,728 $ — $ 35,372,728 Funding for Sponsor expenses 6,165 — 6,165 Net gain/(loss) 2,161,238 — 2,161,238 Balance at December 31, 2024 $ 37,540,131 $ — $ 37,540,131 As a result of changes in the fair value of the SPARC Sponsor Warrants, the Company had net gains of $1,329,445 and $2,161,238 from Level 3 securities for the years ended December 31, 2025 and December 31, 2024, respectively. The fair value of the SPARC Sponsor Shares and the SPARC Committed FPA remained constant. When the Investment Manager agrees to a SPARC transaction, the SPARC Sponsor Shares and the SPARC Sponsor Warrants will be valued with reference to the market valuation of the post-combination company. During the period before a SPARC transaction, the Investment Manager will value the SPARC Sponsor Warrants and Shares using assumptions determined in accordance with its valuation policy and applicable accounting standards.

Quantitative Information of Significant Unobservable Inputs – Level 3 The quantitative information about the significant unobservable inputs used in the fair value measurement by the Company for Level 3 investments as of December 31, 2025 and December 31, 2024 are listed below. SPARC Sponsor Description December 31, 2025 December 31, 2024 Volatility 25.0% 25.0% Probability of Not Completing a Deal 30.0% 30.0% Expected Time to Complete a Deal 3.9 Years 4.4 Years Probability of Warrant Renegotiation 30.0% 30.0% Estimated Target Equity Value $4.5 billion $4.5 billion The SPARC Sponsor Warrants held through the Company’s investment in SPARC Sponsor are valued using a Black-Scholes option pricing model, with the following significant unobservable inputs: (i) Volatility, (ii) Probability of Not Completing a Deal, (iii) Expected Time to Complete a Deal, (iv) Probability of Warrant Renegotiation and (v) Estimated Target Equity Value. The Volatility reflects the anticipated implied volatility of the potential target company from SPARC’s business combination over the SPARC Sponsor Warrants’ 10-year term based on comparable measures derived from past and existing investments. The Probability of Not Completing a Deal reflects a discount relating to SPARC’s deadline to complete its business combination prior to the expiration of its term.

Pershing Square Holdings, Ltd. 89 combination. This assumption factors in SPARC’s available capital at the time of the deal which is the estimated proceeds from the exercise of the subscription warrants and the forward purchase agreements, and applies a multiplier to SPARC’s available capital based on its observation of the median multiple between historical blank check companies’ available capital and the equity value of their eventual merger targets. The significant unobservable input for the SPARC Sponsor Shares held through the Company’s investment in SPARC Sponsor is the Probability of Not Completing a Deal. SPARC Committed FPA As described in more detail in Note 16, the Pershing Square Funds entered into the SPARC Committed FPA, obligating them to purchase at least $250 million and up to $1 billion of SPARC Public Shares, determined by the Final Exercise Price (as defined in Note 16). The fair value of the SPARC Committed FPA is mainly driven by SPARC’s ability to execute on a business combination that is value-additive, meaning the intrinsic value exceeds the Final Exercise Price. After reviewing independent studies of value creation in business transactions, the valuation agent determined that there was no expected incremental value creation in a SPARC transaction. Based on this determination, the Final Exercise Price and the intrinsic value of the business combination would be equal, leaving all other unobservable inputs irrelevant to the fair value.

This analysis will likely remain unchanged until SPARC’s subscription warrants are quoted on the OTCQX marketplace of the OTC Markets Group Inc., which will not occur until after a business combination is announced. Sensitivity Analysis to Significant Changes in Unobservable Inputs with Level 3 Hierarchy The sensitivity analysis calculates the effect of a reasonably possible change of each significant unobservable input and its effect on the fair value with all other variables held constant as of December 31, 2025 and December 31, 2024. As of December 31, 2025 Inputs Sensitivity Used (+) Effect on Fair Value Sensitivity Used (-) Effect on Fair Value SPARC Sponsor Warrants Volatility 25.0% 5% $ 4,140,188 5% $ (4,153,556) Probability of Not Completing a Deal 30.0% 5% $ (2,592,277) 5% $ 2,592,277 Expected Time to Complete a Deal 3.9 Years 1 Year $ (1,293,334) 1 Year $ 1,341,128 Probability of Warrant Renegotiation 30.0% 5% $ (2,592,277) 5% $ 2,592,277 Estimated Target Equity Value $4.5 billion 5% $ 1,814,594 5% $ (1,814,594) SPARC Sponsor Shares Probability of Not Completing a Deal 30.0% 5% $ (184,637) 5% $ 184,637 As of December 31, 2024 Inputs Sensitivity Used (+) Effect on Fair Value Sensitivity Used (-) Effect on Fair Value SPARC Sponsor Warrants Volatility 25.0% 5% $ 3,892,649 5% $ (3,894,781) Probability of Not Completing a Deal 30.0% 5% $ (2,496,802) 5% $ 2,496,802 Expected Time to Complete a Deal 4.

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.

Options Options are contractual agreements that convey the right, but not the obligation, for the purchaser either to buy or sell a specific amount of a financial instrument, commodity or currency at a contracted price, either at a fixed future date or at any time within a specified period. The Company purchases and sells call and put options through regulated exchanges and OTC markets. Options purchased by the Company provide the Company with the opportunity to purchase (call options) or sell (put options) the underlying asset at an agreed-upon value either on or before the expiration of the option, depending on the option’s style of exercise. The Company is exposed to credit risk on purchased options only to the extent of their carrying amount, which is their fair value. Options written by the Company provide the purchaser (the party facing the Company) the opportunity to purchase from or sell to the Company the underlying asset at an agreed-upon value. In writing an option, the Company bears the market risk of an unfavorable change in the asset underlying the written option. The exercise by the purchaser of an option written by the Company could result in the Company buying or selling a financial instrument at a price higher or lower than the current market value, respectively.

Pershing Square Holdings, Ltd. 91 Total Return Swaps A total return swap (“TRS”) is a contractual agreement between two parties to exchange the total economic return of a reference financial instrument, which includes both income (e.g., dividends, interest) and capital appreciation or depreciation. The Company is either obligated to pay or entitled to receive the net change in the value of the underlying asset, measured from the inception of the swap to its termination or reset date. In addition to the return on the underlying instrument, TRS contracts typically include a financing charge based on an agreed upon spread and a floating interest rate. The party receiving the performance of the underlying instrument generally pays financing to the other counterparty. Fair Value of Derivative Financial Instruments The following table shows the fair values of derivative financial instruments recorded as assets or liabilities as of December 31, 2025 and December 31, 2024, together with their notional amounts which is indicative of the trading activity throughout the year. The notional amount, which is recorded on a gross basis, is the amount of a derivative’s underlying asset, reference rate or index value, and is the basis upon which changes in the value of derivatives are measured.

As of December 31 2025 2024 Fair Value Notional(1) Fair Value Notional(2) Derivatives primarily held for trading purposes Assets Total Return Swaps $ 39,960,965 $ 134,302,503 $ — $ — Total Assets $ 39,960,965 $ 134,302,503 $ — $ — Liabilities Total Return Swaps $ 34,093,323 $ 125,000,001 $ — $ — Total Liabilities $ 34,093,323 $ 125,000,001 $ — $ — Derivatives primarily held for risk management purposes Assets Currency Forwards $ — $ — $ 51,380,344 $ 2,156,603,377 Total Assets $ — $ — $ 51,380,344 $ 2,156,603,377 (1) The Company also traded currency forwards and equity options during 2025 but did not hold these instruments as of December 31, 2025. The average notional amounts traded were $1.5 billion and $797.8 million, respectively. (2) The Company also traded equity options, equity forwards, commodity options and interest rate swaptions during 2024 but did not hold these instruments as of December 31, 2024. The average notional amounts traded were $70.8 million, $773.1 million, $9.1 million and $1.5 billion, respectively. The table below summarizes gains or losses from the Company’s derivative trading for the years ended December 31, 2025 and December 31, 2024 that are included in investment gains and losses in the statement of comprehensive income.(140,398,424)

Where this is the case, collateral pledged/received is limited to the net amounts of financial assets and liabilities with that counterparty. As of December 31, 2025, the Company received additional collateral of $3.8 million and posted additional collateral of $59.3 million related to independent amounts and/or valuation differences with the counterparty, not presented in the tables above. (3) The Company is subject to Uncleared Margin Rules, requiring the Company to post initial margin to individual third-party accounts custodied at a bank separate from the counterparty with which the instruments are traded. The Company is subject to insolvency risk at the bank where these third-party accounts are custodied. The collateral posted to the Company's third-party accounts is represented by “Counterparty H”. As of December 31, 2024, the Company held derivative assets totaling $51,380,344, none of which could be offset in accordance with IAS 32 Financial Instruments Presentation or are subject to enforceable ISDA master netting arrangements.

SHARE CAPITAL Authorized and Issued Capital The Board has general and unconditional authority to issue an unlimited number of shares (or options, warrants or other rights in respect of shares). All of the Company’s share classes participate pro-rata in the profits and losses of the Company based upon the NAV of the share class (before any accrued performance fees) at the time of such allocation. The NAV of each share class is the proportion of the Company’s NAV attributable to such share class at the relevant valuation date, taking into account the assets and liabilities of the Company specifically attributable to such class of shares. The Company had 176,382,491 Public Shares (December 31, 2024: 182,956,010) and the Special Voting Share outstanding as of December 31, 2025.a

Pershing Square Holdings, Ltd. 97 Interest Expense Year Ended 2025 Year Ended 2024 Bonds coupon expense $ 98,809,410 $ 72,106,453 Bilateral collateral balances 9,286,805 2,197,258 Amortization of Bonds issue costs incurred as finance costs 3,969,451 2,632,775 Amortization of Bonds original issue discount incurred as finance costs 489,954 348,715 Debit balance at prime brokers 257,883 7,402 $ 112,813,503 $ 77,292,603 13. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES Risk Mitigation The Investment Manager defines investment risk as the probability of a permanent loss of capital rather than price volatility. The Investment Manager does not use formulaic approaches to risk management. Instead, risk management is integrated into the portfolio management process. The primary risk management tool is extensive research completed by the Investment Manager prior to an initial investment. Factors considered by the Investment Manager in assessing long investment opportunities include, but are not limited to: • The volatility/predictability of the business; • Its correlation with macroeconomic factors; • The company’s financial leverage; • The defensibility of the company’s market position; and • Its discount to intrinsic value The Investment Manager seeks to invest the substantial majority of the Company’s capital in high-quality, low-leverage, North American, large-cap companies.

Pershing Square Holdings, Ltd. 98 Market Risk Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market variables such as interest rates, foreign exchange rates and equity prices. The Company’s derivatives and investments held as of December 31, 2025 are presented in the Condensed Schedule of Investments on pages 114-115. Interest Rate Risk Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments. Generally, most financial assets decline in value when interest rates rise and increase in value when interest rates decline. While nearly every one of the Company’s investments is exposed to the economy to some degree, the Investment Manager attempts to identify companies for which increases or decreases in interest rates are not particularly material to the investment thesis. The Company does not generally hedge its interest rate exposure as the Investment Manager does not believe that, absent the potential for asymmetric profits, hedging interest rate risk is a prudent use of capital. As of December 31, 2025 and December 31, 2024, the Company did not have an investment in any interest rate derivatives. As of December 31, 2025 and December 31, 2024 cash and cash equivalents equaled $1,141,502,364 and $436,520,113, respectively.

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.

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

Pershing Square Holdings, Ltd. 101 As of December 31, 2024 Less than 1 Month 1 to 3 Months 3 to 6 Months 6 to 12 Months Over 1 Year Total Assets Cash and cash equivalents $ 436,520,113 $ — $ — $ — $ — $ 436,520,113 Due from brokers 1,107,529 — — — — 1,107,529 Trade and other receivables 28,772,099 — — — — 28,772,099 Financial assets at fair value through profit or loss: Investments in securities 9,254,605,391 2,636,197,318 1,343,418,643 1,327,440,095 552,944,805 15,114,606,252 Derivative financial instruments* 51,380,344 — — — — 51,380,344 Total Assets $ 9,772,385,476 $ 2,636,197,318 $ 1,343,418,643 $ 1,327,440,095 $ 552,944,805 $ 15,632,386,337 Liabilities Trade and other payables $ 232,469,751 $ — $ — $ — $ — $ 232,469,751 Bonds 12,900,000 — 19,500,000 39,521,469 2,869,117,937 2,941,039,406 Total Liabilities $ 245,369,751 $ — $ 19,500,000 $ 39,521,469 $ 2,869,117,937 $ 3,173,509,157 * In the case of derivatives that reference equity securities, the derivative terms provide that the counterparty, if directed, may terminate the derivative directly in the marketplace without requiring any upfront cash payment and such termination would follow the above liquidation time horizons. Credit Risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that is entered into with the Company, resulting in a financial loss to the Company.

In connection with Pershing Square’s purchase of HHH shares as described in “Howard Hughes Holdings Inc.” in this Note, on May 5, 2025, William Ackman rejoined the HHH board as executive chairman and Ryan Israel became HHH’s Chief Investment Officer and joined the HHH board. On July 31, 2024, Anthony Massaro, a member of the PSCM investment team, joined the board of SEG as a non-executive director. William Ackman served as a non-executive director of Universal Music Group N.V. (“UMG”) until his resignation at UMG’s annual general meeting on May 14, 2025. Associates As of December 31, 2025 and December 31, 2024, HHH and SEG were deemed to be associates of the Company under IFRS 12 due to the significant ownership of HHH and SEG by the Company. As of December 31, 2025 HHH SEG Nature of the relationship with the Company Portfolio Company Portfolio Company Principal place of business United States United States Beneficial ownership 27.8% 34.6% Fair value of the investment $ 1,317,706,112 $ 87,027,757 As of December 31, 2024 HHH SEG Nature of the relationship with the Company Portfolio Company Portfolio Company Principal place of business United States United States Beneficial ownership 33.0% 34.123,036,207

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. 110 Manager will notify the relevant entity (or an independent representative of that entity) in writing of the transaction and obtain the consent of that entity (or an independent representative of that entity), and any other applicable law or regulation. No rebalancing transactions occurred during the year ended December 31, 2025. During the year ended December 31, 2024, the Investment Manager effected one rebalancing transaction between the Company and PSINTL with a fair value of $38,099,020. PS VII Master, L.P. PS VII Master, an affiliated investment fund that commenced operations on August 9, 2021, operated as a co-investment vehicle invested primarily in securities of UMG. The Company held an investment in PS VII Master from its inception until December 31, 2024 (the “Cessation Date”). In connection with the wind-down of the fund, PSVII Master’s general partner elected to distribute each limited partner’s pro- rata share of UMG stock and cash, subject to a 1% holdback. Immediately prior to the Cessation Date, the Company held a 28% economic interest in PS VII Master. PS VII Master distributed to the Company 10,624,789 shares of UMG, valued at $272,060,600 as of the Cessation Date, along with $10,601,403 in cash. The Company was not subject to any management or performance fees in connection with its investment in PS VII Master. 17.

The fair value of the Bonds as of December 31, 2025 and December 31, 2024 is summarized in the table below: As of December 31 2025 2024 2027 €500m Bonds $ 572,739,596 $ 486,393,726 2030 €650m Bonds 775,254,173 — 2030 $500m Bonds 464,310,000 432,975,000 2031 $700m Bonds 633,514,000 579,719,000 2032 $200m Bonds 171,496,000 150,078,000 2032 $500m Bonds 500,655,000 — 2039 $400m Bonds 361,244,000 330,424,000 Total Fair Value $ 3,479,212,769 $ 1,979,589,726 In accordance with IFRS 9, the Bonds’ carrying value on the statement of financial position as of December 31, 2025 and December 31, 2024, is $3,669,110,397 and $2,320,801,301, respectively. The carrying value includes the original issue discount and capitalized transaction costs, which are amortized over the life of the Bonds using the effective interest method.

Pershing Square Holdings, Ltd. 115 Description/Name Shares Fair Value Percentage of Net Assets Preferred Stock United States: Financial Services: Federal Home Loan Mortgage Corporation Series B Preferred 0% 273,499 $ 5,141,781 0.03 % Federal Home Loan Mortgage Corporation Series F Preferred 5% 3,167 71,226 — Federal Home Loan Mortgage Corporation Series M Preferred 0% 4,325 82,175 — Federal Home Loan Mortgage Corporation Series P Preferred 6% 11,481 276,922 — Federal Home Loan Mortgage Corporation Series Q Preferred 0% 364,253 7,066,508 0.05 Federal Home Loan Mortgage Corporation Series W Preferred 5.66% 641,340 8,786,358 0.06 Federal Home Loan Mortgage Corporation Series X Preferred 6.02% 24,812 317,594 — Federal Home Loan Mortgage Corporation Series Z Preferred 8.375% 3,683,188 53,037,907 0.35 Federal National Mortgage Association Series F Preferred 0% 2,184 50,865 — Federal National Mortgage Association Series P Preferred Floating 240,600 3,130,206 0.02 Federal National Mortgage Association Series Q Preferred 6.75% 716,918 9,499,164 0.06 Federal National Mortgage Association Series S Preferred 8.25% 747,357 11,382,247 0.08 Federal National Mortgage Association Series T Preferred 8.25% 844,244 11,777,204 0.08 Total Preferred Stock (cost $30,744,171) 110,620,157 0.73 Total Equity Securities (cost $11,126,760,908) 17,950,592,995 119.29 Investment in Affiliated Entity United States: Special Purpose Acquisition Rights Company: Pershing Square SPARC Sponsor, LLC 38,876,792 0.