D.m. Wenceslao & Associates, Inc. · PSE:DMW
D.m. Wenceslao & Associates — PSE STAR Investor Day 2025
54 slides from D.m. Wenceslao & Associates's conference presentation, May 15, 2025
Slide 1: PSE STAR
PSE STAR May 15, 2025 D.M. WENCESLAO AND ASSOCIATES, INCORPORATED
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: Agenda
2 Property Market Overview 6 Company Background 14 Key Investment Highlights 39 Operating and Financial Highlights 2 48 Sustainability
Slide 4: Metro Manila Office Market Update
Metro Manila Office Market Update Metro Manila Office Supply Forecast, 2024 and 2028F Manageable Additional Office Supply in Manila Bay Area Location 2024 1Q2025 end of 2028F Manila Bay Area Existing Stock, Upcoming Supply Makati CBD 3,386,000 3,401,000 3,420,000 500K Makati Fringe 732,000 732,000 8
Slide 5: Metro Manila Residential Market Update
Metro Manila Residential Market Update Metro Manila Condominium Market 58K 53K 54K 52K 49K No. of Units 39K 38K 31K 32K 26K 25K 23K 21K 14K 11K 9K 5K 0.1K 2017 2018 2019 2020 2021 2022 2023 2024 1Q2025 Unit Launches (LHS) Unit Take-up (LHS) Source: Colliers International Market Report as of 1Q2025 4
Slide 6: Expansionary Monetary Policy
Expansionary Monetary Policy BSP Reverse Date 2025F Repurchase Rate (%) 2025-04-10 5.50 BSP Policy Rate 5.00% 5.75 Forecast 2024-12-19 2024-10-16 6.00 2024-08-15 6.25 2023-10-26 6.50 2023-03-23 6.25 2023-02-16 6.00 2022-12-15 5.50 2022-11-17 5.00 2022-09-22 4.25 2022-08-18 3.75 2022-07-14 3.25 2022-
Slide 7: Agenda
2 Property Market Overview 6 Company Background 14 Key Investment Highlights 39 Operating and Financial Highlights 6 48 Sustainability
Slide 8: The Company at a Glance
The Company at a Glance… 60 YEARS IN BUSINESS AAAA PCAB LICENSE 83 HAS. LANDBANK 62 HAS. INSIDE ASEANA 21 HAS. OUTSIDE ASEANA RESIDENTIAL COMMERCIAL CONSTRUCTION 235,846 sqms Other Businesses COMMERCIAL GLA 180,731 sqms LEASED OUT LAND 60,000sqms RESIDENTIAL GFA *as of November 2021 **Colliers’ valu
Slide 9: The Company at a Glance
The Company at a Glance… Robust Balance Growing Income Rising Dividends Sheet P17 B 1,845 0.07x 0.095 MARKET CAPITALIZATION 2x Debt to Equity 0.079 Ratio 0.075 P34 B 927 P1.7 B Net Cash 0.0470.047 0.061 BOOK VALUE Position 0.035 P255 B 3.2x Current NET ASSET VALUE* Ratio 2018 2019 2020 2021 2022 202
Slide 10: Distinct Profile with Strong Embedded Upside Across Businesses
Distinct Profile with Strong Embedded Upside Across Businesses We are an an integrated property developer with expertise in land reclamation, construction and real estate development >140 construction >2.4mn sqms land 180,731 sqms 4 Condo Projects 235,846 sqms GLA & projects reclaimed leased-out lan
Slide 11: Key Milestones – Demonstrating Execution Track Record
Key Milestones – Demonstrating Execution Track Record 2022 - 2025 2014 - 2015 2017 ▪ Signed Contract of Lease with St. Luke’s for a 1.4ha lot in Aseana and subsequent lease ▪ Completion of ▪ Completion of expansion to 1.9ha total Aseana Two Aseana 3 Office ▪ Awarded the City of Building Dreams ▪ Com
Slide 12: Aseana City
de ASEANA CITY | 1984 BD.M. WENCESLAO 1 AND ASSOCIATES, INCORPORATED
Slide 13: Aseana City Taking Shape
Aseana City Taking Shape D.M.WENCESLAO 12 AND ASSOCIATES, INCORPORATED
Slide 14: Aseana City Taking Shape
Aseana City Taking Shape SSOCIATES, INCORPORATED
Slide 15: Agenda
2 Property Market Overview 6 Company Background 14 Key Investment Highlights 39 Operating and Financial Highlights 14 48 Sustainability
Slide 16: Key Investment Highlights
Key Investment Highlights 1 A Strategic and Sizeable Land Bank that is Well Positioned for Future Growth 2 An Integrated Master Developer Committed to Holistic Estate Development 3 Key Project Completions Drive Sustained Growth 4 Growth Anchored on Robust Financial Standing 5 Grossly Undervalued 15
Slide 17: Updated summary of land holdings in Aseana City as of March 2025
Updated summary of land holdings in Aseana City as of March 2025 Land Used/Allocated Remaining Land Reserves for Development (317,396 sq.m.) (306,141 sq.m.) Land Allocated Completed for Future Sales Properties (4,218 sq.m.) (36,659 sq.m.) Land Allocated for Future Leases (10,047 sq.m.) Land Leased L
Slide 18: Aseana City – Strategically Located and Anchored by Tourism, Recreational Developments, and Retail Malls
Aseana City – Strategically Located and Anchored by Tourism, Recreational Developments, and Retail Malls Aseana City ✓ Located along the shoreline of Manila Bay bordering Pasay City and extending east to Roxas Ortigas CBD Boulevard within Parañaque City (<12km) ✓ Located within the estate are 1) the
Slide 19: LRT 1 Cavite Extension Phase 1
LRT 1 Cavite Extension Phase 1 18
Slide 20: Railway Connectivity
Railway Connectivity Line 1 Population Reach: 8,869,711 Mega Manila Rail Population Reach: 19,460,000 19 Source: LRMC, Estimates
Slide 21: Aseana City Loop
Aseana City Loop Bop PITX » ASEANA CITY LOOP « MOA TOTTI Il | ll \ i : i BE \ Monday to Friday | 7:00 AM to 7:00 PM PITX .s¢2u. PARARAQUE INTEGRATED TERMINAL EXCHANGE CITY PITx Ayala Malls Manila Bay Parqal St. John Paul Il Chapel Aseanal&2 S&R Aseana LRT 1 Redemptorist - Aseana Station Aseana Power
Slide 22: Key Investment Highlights
Key Investment Highlights 1 A Strategic and Sizeable Land Bank that is Well Positioned for Future Growth 2 An Integrated Master Developer Committed to Holistic Estate Development 3 Key Project Completions Drive Sustained Growth 4 Growth Anchored on Robust Financial Standing 5 Grossly Undervalued 21
Slide 23: An Integrated Master Developer with Competitive Advantages across Business Lines
An Integrated Master Developer with Competitive Advantages across Business Lines Integrated master developer covering the entire value chain - land creation, infrastructure construction and property development Capital recycling for future growth Our Current Focus Construction Land sale For sales La
Slide 24: Holistic Estate Development
Holistic Estate Development GLOBAL COMMUNITY URBAN RECREATION Master planned district Holistic development for all lifestyles Global infrastructure & Balanced locator mix service standards Detailed Promote Regular Attractive development continued review tenant mix plan investments ✓ Update the maste
Slide 25: Holistic Estate Development
Holistic Estate Development 24
Slide 26: Key Investment Highlights
Key Investment Highlights 1 A Strategic and Sizeable Land Bank that is Well Positioned for Future Growth 2 An Integrated Master Developer Committed to Holistic Estate Development 3 Key Project Completions Drive Sustained Growth 4 Growth Anchored on Robust Financial Standing 5 Grossly Undervalued 25
Slide 27: Placemaking Activities Allow for Surging Foot Traffic in PARQAL
Placemaking Activities Allow for Surging Foot Traffic in PARQAL 26
Slide 28: Key Project Completions Drive Sustained Growth
Key Project Completions Drive Sustained Growth Total Building Leasable Floor Area (sq.m.) Office Retail and F&B 235,846 22% 162,351 162,351 15% 15% 90,712 78% 23% 85% 85% 77% 2020 2021 2022 2023 to 1Q2025 8912 Asean Ave Parqal 58 Jupiter 27
Slide 29: Residential Pipeline: MIDPARK TOWERS
Residential Pipeline: MIDPARK TOWERS Construction Progress 92% 28
Slide 30: 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 • Aseana Plaza Phase 1, office development with ~70,000sqms GLA, set to commence construction in May 2025 • Aseana Plaza Phase 2, office development with ~60,000sqms GLA Residential • Workpa
Slide 31: Aseana Plaza Phase 1 Set to Break Ground in May 2025
Aseana Plaza Phase 1 Set to Break Ground in May 2025 Aseana Plaza Total GLA: ~130,000sqms Phase 1 GLA: ~70,000sqms Figures are based on latest estimates 30
Slide 32: Office Bright Spot: Shipping, Manning, Logistics Sector
Office Bright Spot: Shipping, Manning, Logistics Sector Global New Ship Orders Sea-based Deployment Year Total Volume (in CGT) YoY growth 2023 49 million 2024 66 million 34% • In 2024, global shipyards received new ship orders with a total volume of 65.81 million compensated gross tonnage (CGT), 34%
Slide 33: Office Bright Spot: Shipping, Manning, Logistics Sector
Office Bright Spot: Shipping, Manning, Logistics Sector Year Sea-based Deployment Full Year 2024 p 504,057 Jan to Feb 2025p 156,341 • Filipino seafarers constitute 25% of the global maritime workforce • 2M2025 sea-based overseas worker deployment reached 156,341, already constituting 31% of the full
Slide 34: Office Bright Spot: Shipping, Manning, Logistics Sector
Office Bright Spot: Shipping, Manning, Logistics Sector • Breakthrough in trade negotiations conducive for continued growth in global trade 33
Slide 35: Key Investment Highlights
Key Investment Highlights 1 A Strategic and Sizeable Land Bank that is Well Positioned for Future Growth 2 An Integrated Master Developer Committed to Holistic Estate Development 3 Key Project Completions Drive Sustained Growth 4 Growth Anchored on Robust Financial Standing 5 Grossly Undervalued 6 3
Slide 36: Financial Strength Supports Growth Aspirations
Financial Strength Supports Growth Aspirations Debt To Equity(1) (%) Return on Equity(2) (%) 25% 12% 8% 7% 7% 9% 8% 6% 2022 2023 2024 1Q2025 2022 2023 2024 1Q2025 Current Ratio(3) (x) Asset to Equity(4) (x) 3.2x 3.2x 2.8x 1.5x 1.4x 1.6x 1.3x 1.3x 2022 2023 2024 1Q2025 2022 2023 2024 1Q2025 Notes: Da
Slide 37: Financial Strength Supports Growth Aspirations
Financial Strength Supports Growth Aspirations Support from Leading Local Financial Net Debt/(net cash) (PHP mn) Institutions 2022 2023 1Q2025 (1,790) (1,749) (2,413) Healthy borrowing profile ▪ DMW maintains good relationships with and is well supported by leading local ▪ DMW maintains strict finan
Slide 38: Key Investment Highlights
Key Investment Highlights 1 A Strategic and Sizeable Land Bank that is Well Positioned for Future Growth 2 An Integrated Master Developer Committed to Holistic Estate Development 3 Key Project Completions Drive Sustained Growth 4 Growth Anchored on Robust Financial Standing 5 Grossly Undervalued 37
Slide 39: Value of DMW’s Aseana City Assets as of December 31, 2024
Value of DMW’s Aseana City Assets as of December 31, 2024 Colliers / Third Party Valuation of DMW’s Aseana City Assets PHP252 Billion Valuation of DMW’s Assets in Aseana Land currently leased-out Completed and Pipeline properties Php73B 29% Php61B Php1.7 Billion 24% Net Cash Position ~Php255 Billion
Slide 40: Agenda
2 Property Market Overview 6 Company Background 14 Key Investment Highlights 39 Operating and Financial Highlights 39 48 Sustainability
Slide 41: 1Q2025 Net Income Grows to ₱562 Million
1Q2025 Net Income Grows to ₱562 Million PHP 1Q2025 1Q2024 Change Rentals Land P 346,339,860 P 343,922,521 1% Building 406,389,264 320,009,337 27% Other revenues 146,730,167 126,037,054 16% 899,459,291 789,968,912 14% Land Sales - - N/A P1.1 billion Sale of residential units 167,297,802 147,565,295 1
Slide 42: Stable Recurring Income Base and Consumption-Driven Upside
Stable Recurring Income Base and Consumption-Driven Upside 1Q2025 % to Gross Profit Rentals Land P 337,556,385 42% Building & other rental 354,322,173 44% Recurring Gross Profit 691,878,558 86% 41 41
Slide 43: Landmark Manila Bay Department Store Opened in March 2025
Landmark Manila Bay Department Store Opened in March 2025 42 Source: (1) Jones Lang LaSalle, (2) Commission on Higher Education, (3) IT-BPM, (4) Colliers
Slide 44: In Focus: Leasing
In Focus: Leasing P899 Million Land We pay particular attention to recurring income sources to provide our lease with Ayala Land provides for a us with higher earnings visibility. We primarily target traditional minimum guaranteed companies, including logistics, BPOs, and tourism-related businesses.
Slide 45: Robust Leasing Activities
Robust Leasing Activities Recurring Income Contribution(1) (%) Total Leased Land Area (sq.m.) Total recurring revenues 186,246 180,731 32% 37% 34% 38% 13% 14% 1Q2024 1Q2025 % to Total Revenues 84% 84% Land (PHP mm) 344 346 Building 320 406 1Q2024 1Q2025 Other Revenues 126 147 Total Leasable Floor Ar
Slide 46: In Focus: Residential
In Focus: Residential Residential sales % to Revenue contribution P167 Million total revenues We are complementing the speed of development in the area with 2022 30% Accounted for 16% of total revenues on the back of residential offerings in the mid-income and upscale categories, 2023 33% accounts t
Slide 47: Superior Margins
Superior Margins Gross Profit (PHP mm) Operating Profit (PHP mm) 79% 74% 72% 3,000 77% 71% 2,500 65% 64% 52% 2,000 1,500 1,000 3,245 2,930 2,889 796 2,728 2,136 2,643 686 500 2022 2023 2024 1Q2025 2022 2023 2024 1Q2025 Gross Profit Gross Profit Margin Operating Profit Operating Profit Margin EBITDA(
Slide 48: Summary and Outlook
Summary and Outlook 1Q2025 Summary 2025 Outlook • Consolidated revenues increased 14% to ₱1.1 billion and net • Robust Tenant Demand: Maintained strong tenant interest income increased to ₱562 million. across our portfolio — particularly from logistics locators — will enhance office occupancy rates.
Slide 49: Agenda
2 Property Market Overview 6 Company Background 14 Key Investment Highlights 39 Operating and Financial Highlights 48 48 Sustainability
Slide 50: 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 51: 91st Percentile Rank or Top 9%
Corporate Sustainability Assessment 91st Percentile Rank or Top 9% Among a global universe of S&P-assessed real estate companies as of Jan 2025 50
Slide 52: D.M. Wenceslao ranks among top performers in S&P Global Sustainability Assessment
(}D.M.WENCESLAO Sap Global i 4.COM D.M. Wenceslao ranks among top performers in S&P Global Sustainability Assessment SoM WENCESLAO. edit de, Sia SLs. is Sustainable Development and G been part of the ATRAM SDG D.M. Wenceslao ranks in top 9% globally for sustainability = Context.ph B INE.CON D.M. Wen
Slide 53: Notable New ESG Initiatives
Notable New ESG Initiatives 52
Slide 54: Q&A
Q&A www.dmwai.com www.aseanacity.com iro@dmwai.com 53
D.M. Wenceslao & Associates — PSE STAR Investor Day 2025 on 6ix