D.m. Wenceslao & Associates, Inc. · PSE:DMW
D.m. Wenceslao & Associates — FY2024 Earnings Presentation
42 slides from D.m. Wenceslao & Associates's earnings presentation, Mar 14, 2025
Slide 1: FY 2024 Analysts' Briefing
FY 2024 Analysts’ Briefing March 14, 2025 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: https://www.dmwai.com/presentations/
https://www.dmwai.com/presentations/ 2
Slide 4: Property Market Overview, Valuation of Assets, Development Milestones
3 Property Market Overview 7 Valuation of Assets in Aseana 10 Development Milestones 20 Operating and Financial Highlights 3 31 Sustainability
Slide 5: 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 end of 2028F Manila Bay Area Existing Stock, Upcoming Supply Makati CBD 3,398,000 3,442,000 500K Makati Fringe 721,000 895,000 Fort Bonifacio 2,7
Slide 6: 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 2017 2018 2019 2020 2021 2022 2023 2024 Unit Launches (LHS) Unit Take-up (LHS) Source: Colliers International Market Report as of 2024 5 Source: (1) Jone
Slide 7: Expansionary Monetary Policy
Expansionary Monetary Policy BSP Reverse Date 2025F Repurchase Rate (%) 2024-12-19 5.75 BSP Policy Rate 5.00% - 5.25% 2024-10-16 6.00 Forecast 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 2022-06-23 2.
Slide 8: Property Market Overview, Valuation of Assets, Development Milestones
3 Property Market Overview 7 Valuation of Assets in Aseana 10 Development Milestones 20 Operating and Financial Highlights 7 31 Sustainability
Slide 9: Updated summary of land holdings in Aseana City as of December 2024
Updated summary of land holdings in Aseana City as of December 2024 Land Used/Allocated Remaining Land Reserves for Development (314,309 sq.m.) (309,228 sq.m.) Land Allocated Completed for Future Sales Properties (4,218 sq.m.) (36,659 sq.m.) Land Allocated for Future Leases (6,960 sq.m.) Land Leased
Slide 10: 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 Php1.8 Billion 24% Net Cash Position ~Php255 Billion
Slide 11: Property Market Overview, Valuation of Assets, Development Milestones
3 Property Market Overview 7 Valuation of Assets in Aseana 10 Development Milestones 20 Operating and Financial Highlights 10 31 Sustainability
Slide 12: Surging Foot Traffic in PARQAL
Surging Foot Traffic in PARQAL 11
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 235,846 22% 162,351 162,351 15% 15% 90,712 78% 23% 85% 85% 77% 2020 2021 2022 2023 to 2024 8912 Asean Ave Parqal 58 Jupiter 12
Slide 14: Residential Pipeline: MIDPARK TOWERS
Residential Pipeline: MIDPARK TOWERS Construction Progress 90% 13
Slide 15: 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 ~60,000sqms GLA, set to commence construction in 2025 • Aseana Plaza Phase 2, office development with ~70,000sqms GLA Residential • Workpads,
Slide 16: 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 17: Office Bright Spot: Shipping, Manning, Logistics Sector
Office Bright Spot: Shipping, Manning, Logistics Sector Sea-based Deployment Year Sea-based Deployment YoY growth 2021 p 345,517 59% 2022 p 385,239 11% 2023 p 578,626 50% Jan to Oct 2024 p 519,743 N/A • Filipino seafarers constitute 25% of the global maritime workforce • In 2023, sea-based overseas
Slide 18: LRT 1 Cavite Extension Phase 1 is Now Operational
LRT 1 Cavite Extension Phase 1 is Now Operational 17
Slide 19: Railway Connectivity
Railway Connectivity Line 1 Population Reach: 8,869,711 Metro Manila Rail Population Reach: 19,460,000 18 Source: LRMC, Estimates
Slide 20: Aseana City Loop
Aseana City Loop Nie PIT + ASEANA CITY LOOP + WOR i "NORTHBOUND ROUTE > =) SOUTHBOUND ROUTE — PITx ) SM Mall of Asia PAVCIEIN EMS EWI SESY) ) St. John Paul II Chapel 8912 Asean Ave. ; ? Pargal (Abueva Drive) » Parqal (lmao Drive) ; Pargal (lmao Drive) St. John Paull Il Chapel Nissan (Bradco Ave.) Ni
Slide 21: Property Market Overview, Valuation of Assets, Development Milestones
3 Property Market Overview 7 Valuation of Assets in Aseana 10 Development Milestones 20 Operating and Financial Highlights 20 31 Sustainability
Slide 22: 2024 Core Net Income Grows 10% to ₱1.8 billion
2024 Core Net Income Grows 10% to ₱1.8 billion PHP 2024 2023 Change Rentals Land P 1,351,676,389 P 1,281,004,246 +6% Building 1,422,676,719 982,676,920 +45% Other revenues 502,725,825 324,602,561 +55% 3,277,078,933 2,588,283,727 +27% Land Sales P3.3 billion Sale of condominium units 385,483,859 1,35
Slide 23: Consumption Driven Profitability Through Land Leases and Mixed-Use Assets
Consumption Driven Profitability Through Land Leases and Mixed-Use Assets Revenue Breakdown 2024 % to revenues Rentals Land P 1,351,676,389 37% Building & other rental 1,925,402,544 52% Sale of condominium units 385,483,859 11% Construction contracts 7,110,572 0% Total Revenues 3,669,673,364 Gross P
Slide 24: Landmark Manila Bay Supermarket & Foodcourt Opened 4Q2024
Landmark Manila Bay Supermarket & Foodcourt Opened 4Q2024 23 Source: (1) Jones Lang LaSalle, (2) Commission on Higher Education, (3) IT-BPM, (4) Colliers
Slide 25: In Focus: Leasing
In Focus: Leasing P3.3 Billion 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 26: Robust Leasing Activities
Robust Leasing Activities Recurring Income Contribution(1) (%) Total Leased Land Area (sq.m.) Total recurring revenues 186,246 183,818 166,015 37% 150,444 31% 39% 24% 8% 13% 2023 2024 % to Total Revenues 63% 89% Land (PHP mm) 1,281 1,352 Building 983 1,423 2021 2022 2023 2024 Other Revenues 325 503
Slide 27: In Focus: Residential
In Focus: Residential Residential sales % to Revenue contribution P385 Million total revenues We are complementing the speed of development in the area with 2021 18% Accounted for 11% of total revenues on the back of residential offerings in the mid-income and upscale categories, 2022 30% accounts t
Slide 28: Superior Margins
Superior Margins Gross Profit (PHP mm) Operating Profit (PHP mm) 79% 83% 77% 71% 3,000 72% 65% 72% 2,500 52% 2,000 1,500 1,000 2,845 3,245 2,930 2,889 2,486 2,728 2,136 2,643 500 2021 2022 2023 2024 2021 2022 2023 2024 Gross Profit Gross Profit Margin Operating Profit Operating Profit Margin EBITDA(
Slide 29: Financial Strength Supports Growth Aspirations
Financial Strength Supports Growth Aspirations Debt To Equity(1) (%) Return on Equity(2) (%) 25% 14% 12% 8% 7% 9% 9% 6% 2021 2022 2023 2024 2021 2022 2023 2024 Current Ratio(3) (x) Asset to Equity(4) (x) 3.2x 2.8x 1.7x 1.5x 1.5x 1.6x 1.4x 1.3x 2021 2022 2023 2024 2021 2022 2023 2024 Notes: Data as o
Slide 30: Continuously Increasing Dividends
Continuously Increasing Dividends +20% YoY 0.100 0.095 0.090 0.079 0.080 0.075 0.070 0.061 0.060 0.050 0.047 0.047 0.040 0.035 0.030 0.020 0.010 0.000 2019 2020 2021 2022 2023 2024 2025 Annual Cash Dividend Distributions Per Share (Php) 29
Slide 31: Summary and Outlook
Summary and Outlook 2024 Summary 2025 Outlook • Consolidated revenues reached ₱3.3 billion and core net • Robust Tenant Demand: Continued strong tenant interest income climbed 10% to ₱1.8 billion. across our portfolio— particularly from logistics locators —is expected to further enhance office occup
Slide 32: Property Market Overview, Valuation of Assets, Development Milestones
3 Property Market Overview 7 Valuation of Assets in Aseana 10 Development Milestones 20 Operating and Financial Highlights 31 31 Sustainability
Slide 33: 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 34: 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 33
Slide 35: 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 36: Notable New ESG Initiatives
Notable New ESG Initiatives 35
Slide 37: DMW Enterprise Risk Manual 2024 Update
DMW Enterprise Risk Manual 2024 Update Top Risk Management Action Plans Audit Action Plan Assurance Providers Geopolitical and Trade Policy/Process • Regular reviews on external risk • Senior Management Conflict Risks dashboard that includes • Finance Department • Diversification - broadening tenant
Slide 38: DMW Enterprise Risk Manual 2024 Update
DMW Enterprise Risk Manual 2024 Update Top Risk Management Action Plans Audit Action Plan Assurance Providers Negative impact of Policy/Process • Regular monitoring of occupancy • Senior Management AI/Automation on and renewal patterns of tenant • Finance Department • Tenant engagement and product i
Slide 39: DMW Enterprise Risk Manual 2024 Update
DMW Enterprise Risk Manual 2024 Update Top Risk Management Action Plans Audit Action Plan Assurance Providers Work-from-home Policy/Process • Monitoring of occupancy rates and • Senior Management trend reducing leasing trends • Property Management • Enrich tenant experience through integrated demand
Slide 40: Q&A
Q&A www.dmwai.com www.aseanacity.com iro@dmwai.com 39
Slide 41: Appendix: Consolidated Statements of Profit or Loss
Appendix: Consolidated Statements of Profit or Loss PHP 2024 2023 Change Rentals Land P 1,351,676,389 P 1,281,004,246 +6% Building 1,422,676,719 982,676,920 +45% Other revenues 502,725,825 324,602,561 +55% 3,277,078,933 2,588,283,727 +27% Land Sales Sale of condominium units 385,483,859 1,356,887,48
Slide 42: Appendix: Consolidated Statements of Financial Position
Appendix: Consolidated Statements of Financial Position PHP 2024 2023 Current Assets 25,568,290,815 25,236,609,946 Non-current Assets 28,172,697,157 27,114,537,736 Total Assets 53,740,987,972 52,351,147,682 Current Liabilities 7,882,670,017 8,295,640,614 Non-current Liabilities 5,476,566,994 5,365,3
D.M. Wenceslao & Associates — FY2024 Earnings Presentation on 6ix