D.m. Wenceslao & Associates, Inc. · PSE:DMW
D.m. Wenceslao & Associates — Q1 2025 Earnings Presentation
36 slides from D.m. Wenceslao & Associates's earnings presentation, May 14, 2025
Slide 1: 1Q2025 Analysts' Briefing
1Q2025 Analysts’ Briefing May 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: Agenda
2 Property Market Overview 6 Valuation of Assets in Aseana 9 Development Milestones and Pipeline 18 Operating and Financial Highlights 2 28 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: Valuation of Assets in Aseana
2 Property Market Overview 6 Valuation of Assets in Aseana 9 Development Milestones and Pipeline 18 Operating and Financial Highlights 6 28 Sustainability
Slide 8: 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 9: 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 10: Development Milestones and Pipeline
2 Property Market Overview 6 Valuation of Assets in Aseana 9 Development Milestones and Pipeline 18 Operating and Financial Highlights 9 28 Sustainability
Slide 11: Placemaking Activities Allow for Surging Foot Traffic in PARQAL
Placemaking Activities Allow for Surging Foot Traffic in PARQAL 10
Slide 12: 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 1Q25 8912 Asean Ave Parqal 58 Jupiter 11
Slide 13: Residential Pipeline: MIDPARK TOWERS
Residential Pipeline: MIDPARK TOWERS Construction Progress 92% 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 • 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 15: 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 14
Slide 16: LRT 1 Cavite Extension Phase 1
LRT 1 Cavite Extension Phase 1 15
Slide 17: Railway Connectivity
Railway Connectivity Line 1 Population Reach: 8,869,711 Mega Manila Rail Population Reach: 19,460,000 16 Source: LRMC, Estimates
Slide 18: 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 19: Operating and Financial Highlights
2 Property Market Overview 6 Valuation of Assets in Aseana 9 Development Milestones and Pipeline 18 Operating and Financial Highlights 18 28 Sustainability
Slide 20: 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 21: 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% 20 20
Slide 22: Landmark Manila Bay Department Store Opened in March 2025
Landmark Manila Bay Department Store Opened in March 2025 21 Source: (1) Jones Lang LaSalle, (2) Commission on Higher Education, (3) IT-BPM, (4) Colliers
Slide 23: 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 24: Robust Leasing Activities
Robust Leasing Activities Recurring Income Contribution(1) (%) Total Leased Land Area (sq.m.) Total recurring revenues 186,246 183,818 180,731 166,015 32% 37% 34% 38% 13% 14% 1Q2024 1Q2025 % to Total Revenues 84% 84% Land (PHP mm) 344 346 Building 320 406 2022 2023 2024 1Q2025 Other Revenues 126 147
Slide 25: 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 26: 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 27: 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 28: 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 29: Sustainability
2 Property Market Overview 6 Valuation of Assets in Aseana 9 Development Milestones and Pipeline 18 Operating and Financial Highlights 28 28 Sustainability
Slide 30: 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 31: 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 30
Slide 32: 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 33: Notable New ESG Initiatives
Notable New ESG Initiatives 32
Slide 34: Q&A
Q&A www.dmwai.com www.aseanacity.com iro@dmwai.com 33
Slide 35: Appendix: Consolidated Statements of Profit or Loss
Appendix: Consolidated Statements of Profit or Loss 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 Sale of residential units 167,297,802 147,565,295 13
Slide 36: Appendix: Consolidated Statements of Financial Position
Appendix: Consolidated Statements of Financial Position PHP 1Q2025 2024 Current Assets 25,976,181,276 25,568,290,815 Non-current Assets 28,134,959,041 28,172,697,157 Total Assets 54,111,140,317 53,740,987,972 Current Liabilities 8,133,069,109 7,882,670,017 Non-current Liabilities 5,339,150,110 5,476
D.M. Wenceslao & Associates — Q1 2025 Earnings Presentation on 6ix