D.m. Wenceslao & Associates, Inc. · PSE:DMW
D.m. Wenceslao & Associates — Q1 2026 Earnings Presentation
34 slides from D.m. Wenceslao & Associates's earnings presentation, May 13, 2026
Slide 1: 1Q2026 Analysts' Briefing
1Q2026 Analysts’ Briefing May 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: Agenda
2 Property Market Overview 5 Valuation of Assets in Aseana 8 Development Milestones and Pipeline 17 Operating and Financial Highlights 2 26 Sustainability
Slide 4: Metro Manila Office Market Update
Metro Manila Office Market Update 1Q2026 Office Take-up Manageable Additional Office Supply in Manila Bay Area 629K 130K sqm 130K sqm 916K 92K sqm 295K 63Ksqm sqm 70K 92K 33K 1Q2025 1Q2026 1Q2026 Apr-Dec 2026F 2027F 2028F BPO Traditional Ocupied Stock Available Stock Upcoming Stock Source: Colliers
Slide 5: 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 1K 2K 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q2026 Unit Launches (LHS) Unit Take-up (LHS) Source: Colliers Source: Colliers and Company Estimates 4
Slide 6: Valuation of Assets in Aseana
2 Property Market Overview 5 Valuation of Assets in Aseana 8 Development Milestones and Pipeline 17 Operating and Financial Highlights 5 26 Sustainability
Slide 7: 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 8: 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 ₱18 Billion Php119B; 47
Slide 9: Development Milestones and Pipeline
2 Property Market Overview 5 Valuation of Assets in Aseana 8 Development Milestones and Pipeline 17 Operating and Financial Highlights 8 26 Sustainability
Slide 10: 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 9
Slide 11: 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 10
Slide 12: Ongoing turnover
Ongoing turnover Welcomed hundreds of new Aseana residents 11
Slide 13: 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, commenced construction in May 2025 • Aseana Plaza Phase 2, office development with ~60,000sqms GLA Residential • Modaio Flats
Slide 14: Aseana Plaza Phase 1 Under Construction
Aseana Plaza Phase 1 Under Construction Aseana Plaza Phase 1 GLA: ~70,000sqms Aseana Plaza Phase 1 Target Completion: 4Q2028 Figures are based on latest estimates 13
Slide 15: LRT Redemptorist-Aseana Station
LRT Redemptorist-Aseana Station 14
Slide 16: Railway Connectivity
Railway Connectivity Line 1 Population Reach: 8,869,711 Mega Manila Rail Population Reach: 19,460,000 15 Source: LRMC, Estimates
Slide 17: Aseana City Loop
Aseana City Late A EITX asaya 6 PITx if Ayala Malls Manila Bay é Pargal i St. John Paul Il Chapel 4 Aseanal& 2 i S&R Aseana ¢ LRT 1 Redemptorist - Aseana Station $ Aseana Power Station SS Zh SCHEDULE: Monday to Friday | 7:00 AM to 7:00 PM D.M.WENCESLAO i¢ AND ASSOCIATES, INCORPORATED,
Slide 18: Operating and Financial Highlights
2 Property Market Overview 5 Valuation of Assets in Aseana 8 Development Milestones and Pipeline 17 Operating and Financial Highlights 17 26 Sustainability
Slide 19: DMW's 1Q2026 Net Income Reaches ₱550 Million
DMW’s 1Q2026 Net Income Reaches ₱550 Million PHP 1Q2026 1Q2025 Change Rentals Land P 332,331,573 P 346,339,860 -4% Building 344,140,833 406,389,264 -15% Other rental revenues 146,323,138 146,730,167 0% 822,795,544 899,459,291 -9% Land Sales - - - P946 Million Sale of residential units 114,545,177 16
Slide 20: Stable Recurring Income Base and Consumption-Driven Upside
Stable Recurring Income Base and Consumption-Driven Upside 1Q2026 % to Gross (in Php) Profit Rentals 89% Recurring Gross Profit to Land 323,745,554 43% Total Building & other rental 348,436,305 46% Recurring Gross Profit 672,181,859 89% Recurring Gross Profit ₱692M 19 19
Slide 21: In Focus: Leasing
55% In Focus: Leasing Building Lease Land Lease P332M P344M P146M 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 22: 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% 72% 90,712 2020 2025 1Q2026 2024 2025 1Q2026 2024 2025 1Q2026 2.6x From 90,712sqm in 2020 72% Occupancy Rate Long-Term Up to 50-year lease terms 21
Slide 23: In Focus: Residential
55% InLorem Focus: Residential ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna. P115 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 24: Superior Margins
Superior Margins Gross Profit EBITDA Net Profit to Parent 3,062 2,915 2,992 2,792 1,845 1,864 755 755 550 2024 2025 1Q2026 2024 2025 1Q2026 2024 2025 1Q2026 80% Gross Profit Margin 80% EBITDA Margin 58% Net Profit Margin 23
Slide 25: Financial Strength Supports Growth Aspirations
Financial Strength Supports Growth Aspirations Debt-to-Equity Ratio Return on Equity Current Ratio 3.4 8% 3.2 3.2 7% 7% 6% 5% 4% 2024 2025 1Q2026 2024 2025 1Q2026 2024 2025 1Q2026 7% Debt to Equity Ratio 4% Return on Equity 3.4x Current Ratio 24
Slide 26: Summary and Outlook
Summary and Outlook 1Q2026 Summary 2026 Outlook • Consolidated revenues reached ₱945 million and net income • Robust Tenant Demand: Maintained strong tenant interest totaled to ₱550 million across our portfolio will enhance office occupancy rates. • Leasing revenues reached ₱823 million, representin
Slide 27: Sustainability
2 Property Market Overview 5 Valuation of Assets in Aseana 8 Development Milestones and Pipeline 17 Operating and Financial Highlights 26 26 Sustainability
Slide 28: 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 29: 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 28
Slide 30: 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 31: Notable New ESG Initiatives
Notable New ESG Initiatives 30
Slide 32: Q&A
Q&A www.dmwai.com www.aseanacity.com iro@dmwai.com 31
Slide 33: Appendix: Consolidated Statements of Profit or Loss
Appendix: Consolidated Statements of Profit or Loss PHP 1Q2026 1Q2025 Change Rentals Land P 332,331,573 P 346,339,860 -4% Building 344,140,833 406,389,264 -15% Other rental revenues 146,323,138 146,730,167 0% 822,795,544 899,459,291 -9% Land Sales - - - Sale of residential units 114,545,177 167,297,
Slide 34: Appendix: Consolidated Statements of Financial Position
Appendix: Consolidated Statements of Financial Position PHP 1Q2026 2025 Current Assets 26,139,652,116 25,750,042,758 Non-current Assets 29,285,678,771 29,323,472,408 Total Assets 55,425,330,887 55,073,515,166 Current Liabilities 7,718,643,130 7,934,882,009 Non-current Liabilities 5,165,087,417 5,151
D.M. Wenceslao & Associates — Q1 2026 Earnings Presentation on 6ix