D.m. Wenceslao & Associates, Inc. · PSE:DMW
D.m. Wenceslao & Associates — Q2 2026 Earnings Presentation
40 slides from D.m. Wenceslao & Associates's earnings presentation, Aug 13, 2026
Slide 1: 2Q2026 Analysts' Briefing
2Q2026 Analysts’ Briefing August 13, 2026 0
Slide 2: Disclaimer
Disclaimer The information in this document has been prepared by D.M. Wenceslao & Associates, Incorporated (“DMW”) and does not constitute a recommendation regarding the securities of DMW. The statements contained in this document speak only as at the date as of which they are made, and DMW expressl
Slide 3: Denzel G. Francisco, Investor Relations Officer
• Joined DMW last August 5, 2026 • Graduated from Ateneo de Manila University with degrees in BS Management and AB Economics • Started career in Credit Analysis before moving to Research and Consultancy for a Real Estate firm in Metro Manila • Joined a utility company as part of the steering committ
Slide 4: Agenda
3 Property Market Overview 8 Valuation of Assets in Aseana 11 Development Milestones and Pipeline 23 Operating and Financial Highlights 3 32 Sustainability
Slide 5: Metro Manila Office Market Update
Metro Manila Office Market Update 2Q2026 Office Take-up Manageable Additional Office Supply in Manila Bay Area 446 K 336 K 622K 268 K 203 K 923K 178 K 295K 133 Ksqm 63Ksqm 70K 46K 79K 1H 2025 1H 2026 1H2026 July-Dec 2026F 2027F 2028F BPO Traditional Ocupied Stock Available Stock Upcoming Stock Sourc
Slide 6: Metro Manila Office Market PEZA Office Supply
Metro Manila Office Market PEZA Office Supply 292 K 24 K 4K 1K 131 K 30 K 209 K 221 K 209 K 88 K 38 K 163 K 164 K 119 K 124 K 131 K 101 K Current PEZA Supply Potential PEZA Supply Source: Colliers • With AO45 allowing PEZA IT-Park/Center Applications in Metro Manila, Bay Area has the highest potenti
Slide 7: Metro Manila Office Market Forecast
Metro Manila Office Market Forecast Share of Green Building Stock H1 2026 Transactions 18.0 M 16.0 M 14.0 M 6.6 M 6.9 M 7.1 M 12.0 M 6.0 M 6.2 M 43% 102 K 10.0 M 42% 41% 8.0 M 40% 39% 6.0 M 228 K 9.3 M 9.4 M 9.5 M 9.5 M 9.6 M 4.0 M 2.0 M 0.0 M 2026F 2027F 2028F 2029F 2030F Non-Green Green % Green No
Slide 8: Metro Manila Residential Market Update
Metro Manila Residential Market Update 58K 53K 54K 52K 49K 39K 38K No. of Units 31K 32K 26K 25K 23K 21K 14K 13K 11K 10K 9K 3K 2K 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 Unit Launches (LHS) Unit Take-up (LHS) Source: Colliers Source: Colliers and Company Estimates 7
Slide 9: Agenda
3 Property Market Overview 8 Valuation of Assets in Aseana 11 Development Milestones and Pipeline 23 Operating and Financial Highlights 8 32 Sustainability
Slide 10: Aseana City Land Holdings
Aseana City Land Holdings DMW’s updated summary of land holdings in Aseana City as of March 2026 Land Used/ Allocated for Remaining Land Future Reserves Land Holdings Development 62.3 Hectares 30.6 Hectares 31.7 Hectares • 3.7ha Completed Properties • 0.4ha Allocated for Future Sales • 18.1ha Leased
Slide 11: DMW Net Asset Value
DMW Net Asset Value Colliers’ Valuation of DMW’s Aseana City Assets as of December 2025 Land currently leased-out Completed & Pipeline Php72B; 29% Properties Php62B; 24% >90% Market Cap Discount to NAV Recurring Gross Profit ₱692M Market Capitalization Remaining land reserves ₱16 Billion Php119B; 47
Slide 12: Agenda
3 Property Market Overview 8 Valuation of Assets in Aseana 11 Development Milestones and Pipeline 23 Operating and Financial Highlights 11 32 Sustainability
Slide 13: Key Project Completions Drive Sustained Growth
Key Project Completions Drive Sustained Growth Total Building Leasable Floor Area (sq.m.) Office Retail and F&B ~300,000 235,846 22% 162,351 162,351 15% 15% 90,712 78% 23% 85% 85% 77% 2020 2021 2022 1Q2026 2028F 12
Slide 14: DMW 5-Year Development Pipeline in Aseana City
DMW 5-Year Development Pipeline in Aseana City Aseana Plaza (formerly Aseana Five and Six) Commercial Leasing • Commercial Leasing Aseana Plaza Phase 1, office development • with Aseana~70,000sqms Plaza Phase 1,GLA, office commenced development with ~70,000sqms construction in May 2025 GLA, commence
Slide 15: Aseana Plaza Phase 1 - Under Construction
Aseana Plaza Phase 1 - Under Construction Aseana Plaza Phase 1 GLA: ~70,000sqms Aseana Plaza Phase 1 Construction POC: 14% Figures are based on latest estimates 14
Slide 16: Urban Street Life Reimagined
ae” a a lI | i “i URBAN STREET LIFE REIMAGINED AND ASSOCIATES, INCORPORATED, ) — : : 4 . Bs i y ee k : x Sa <3" at) we \ 4 ; ey ‘ die « © j wv" wet _ ae
Slide 17: Received DOT Accreditation as a Tourism Recreation Center
Received the Department of Tourism (DOT) Accreditation as a Tourism Recreation Center July 2026 16
Slide 18: Received its DOT MICE Accreditation
Received its DOT MICE Accreditation June 2026 17
Slide 19: Completely Inaugurated
Completely Inaugurated May 2026 18
Slide 20: LRT Redemptorist-Aseana Station
LRT Redemptorist-Aseana Station 19
Slide 21: Railway Connectivity
Railway Connectivity Line 1 Population Reach: 8,869,711 Mega Manila Rail Population Reach: 19,460,000 20 Source: LRMC, Estimates
Slide 22: Expressway Link
Expressway Link 7.7 km expressway connecting C-5 to CAVITEX Cuts Taguig-Paranaque travel time from 1.5hrs to 30 mins 21 Source: Philippine Information Agency, CAVITEX
Slide 23: Aseana City Loop
Aseana City Loop ASEANA ASEANA LOOP SERVICE ROUTE SCHEDULE PUTA + ASEANA CITY LOOP « MOR 6:00 AM to 11:00 AM every 10 mins. 11:00 AM to 4:00 PM every 30 mins. 4:00 PM to 8:00 PM every 10 mins. HOTLINE NUMBER 02-8882 2732 pD.M. WENCESLAO 22 AND ASSOCIATES, INCORPORATED
Slide 24: Agenda
3 Property Market Overview 8 Valuation of Assets in Aseana 11 Development Milestones and Pipeline 23 Operating and Financial Highlights 23 32 Sustainability
Slide 25: DMW's 2Q2026 Net Income Reaches ₱865 Million
DMW’s 2Q2026 Net Income Reaches ₱865 Million PHP 2Q2026 2Q2025 Change Rentals Land P 661,073,124 P 661,141,181 0% Building 686,925,501 759,097,707 -10% Other rental revenues 295,728,745 286,319,225 3% 1,643,727,370 1,706,558,113 -4% Land Sales - - - P1.8 Billion Sale of residential units 129,414,948
Slide 26: Stable Recurring Income Base and Consumption-Driven Upside
Stable Recurring Income Base and Consumption-Driven Upside 2Q2026 % to Gross (in Php) Profit Rentals 92% Recurring Gross Profit to Land 644,119,786 47% Total Building & other rental 616,064,921 45% Recurring Gross Profit 1,260,184,707 92% Recurring Gross Profit ₱692M 25 25
Slide 27: In Focus: Leasing
55% In Focus: Leasing Building Lease Land Lease P661M P687M P296M lease agreements generally lease agreements generally Land Building Other rental revenues stipulate fixed stipulate minimum annual escalation guaranteed rent or if higher, a percentage of sales Building and Ancillary Rental Revenues 1
Slide 28: Robust Leasing Activities
Robust Leasing Activities Commercial GLA Commercial Building Leased Out Land (sqm) Occupancy (sqm) 235,846 235,846 78% 183,818 180,731 180,731 72% 70% 90,712 2020 2025 2Q2026 2024 2025 2Q2026 2024 2025 2Q2026 2.6x From 90,712sqm in 2020 70% Occupancy Rate Long-Term Up to 50-year lease terms 27
Slide 29: In Focus: Residential
55% InLorem Focus: Residential ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna. P129 Million We are complementing the speed of development in the area with residential offerings in the upscale to luxury categories, ranging in size from 36
Slide 30: Superior Margins
Superior Margins Gross Profit EBITDA Net Profit to Parent 3,062 2,915 2,992 2,792 1,845 1,864 1,358 1,308 865 2024 2025 2Q2026 2024 2025 2Q2026 2024 2025 2Q2026 76% Gross Profit Margin 73% EBITDA Margin 48% Net Profit Margin 29
Slide 31: Financial Strength Supports Growth Aspirations
Financial Strength Supports Growth Aspirations Debt-to-Equity Ratio Return on Equity Current Ratio 3.6 8% 3.2 3.2 7% 7% 5% 5% 4% 2024 2025 2Q2026 2024 2025 2Q2026 2024 2025 2Q2026 7% Debt to Equity Ratio 4% Return on Equity 3.6x Current Ratio 30
Slide 32: Summary and Outlook
Summary and Outlook 2Q2026 Summary 2026 Outlook • Consolidated revenues reached ₱1.8 billion and net income • Industry-wide Headwinds: Occupancy is expected to remain under totaled to ₱865 million pressure in 2026, but our competitive lease rates, and structure are expected to draw sustained tenant
Slide 33: Agenda
3 Property Market Overview 8 Valuation of Assets in Aseana 11 Development Milestones and Pipeline 22 Operating and Financial Highlights 32 32 Sustainability
Slide 34: D.M. Wenceslao's Five Pillars of Sustainability
D.M. Wenceslao’s Five Pillars of Sustainability Good Governance Environmental People-Centric Economic Quality of Life and Ethical Stewardship Labor Practices Development Business Practice • Customer Health • Environmental • Business Conduct • Human Rights • Economic Value and Safety Compliance and E
Slide 35: Corporate Sustainability Assessment
Corporate Sustainability Assessment Corporate Sustainability Assessment Ranking D.M. Wenceslao & Associates, Incorporated REA Real Estate Industry 86th Percentile rank 86th Percentile Rank or Top 14% Among a global universe of S&P-assessed real estate companies as of February 2026 34
Slide 36: ATRAM Philippine SDG Fund
ATRAM Philippine SDG Fund The ATRAM Philippine Sustainable Development and Growth Fund is a UITF that invests in the top twenty (20) Philippine Stock Exchange-listed companies ranked for their integration of Sustainable Development Goals into operations DMW is an ATRAM SDG Fund Investee and strategi
Slide 37: Long-Term Renewable Energy Supply Agreement with MPower
Long-Term Renewable Energy Supply Agreement with MPower 37
Slide 38: Q&A
Q&A www.dmwai.com www.aseanacity.com iro@dmwai.com 38
Slide 39: Appendix: Consolidated Statements of Profit or Loss
Appendix: Consolidated Statements of Profit or Loss PHP 2Q2026 2Q2025 Change Rentals Land P 661,073,124 P 661,141,181 0% Building 686,925,501 759,097,707 -10% Other rental revenues 295,728,745 286,319,225 3% 1,643,727,370 1,706,558,113 -4% Land Sales - - - Sale of residential units 129,414,948 178,1
Slide 40: Appendix: Consolidated Statements of Financial Position
Appendix: Consolidated Statements of Financial Position PHP 2Q2026 2025 Current Assets 25,223,223,363 25,750,042,758 Non-current Assets 29,588,470,711 29,323,472,408 Total Assets 54,811,694,074 55,073,515,166 Current Liabilities 7,023,652,245 7,934,882,009 Non-current Liabilities 5,249,779,552 5,151
D.M. Wenceslao & Associates — Q2 2026 Earnings Presentation on 6ix