D.m. Wenceslao & Associates, Inc. · PSE:DMW
D.m. Wenceslao & Associates — FY2025 Earnings Presentation
40 slides from D.m. Wenceslao & Associates's earnings presentation, Mar 13, 2026
Slide 1: FY2025 Analysts' Briefing
FY2025 Analysts’ Briefing March 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: https://www.dmwai.com/presentations/
https://www.dmwai.com/presentations/ 2
Slide 4: Agenda
3 Property Market Overview 7 Valuation of Assets in Aseana 10 Development Milestones and Pipeline 22 Operating and Financial Highlights 3 31 Sustainability
Slide 5: Metro Manila Office Market Update
Metro Manila Office Market Update FY2025 Office Take-up Manageable Additional Office Supply in Manila Bay Area 847K 752K sqm sqm 500K 427K 552K sqm sqm 916K 325K 295K 70K sqm sqm 59K 66K 2024 2025 2025 2026F 2027F 2028F BPO Traditional Ocupied Stock Available Stock Upcoming Stock Source: Colliers an
Slide 6: 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 2017 2018 2019 2020 2021 2022 2023 2024 2025 Unit Launches (LHS) Unit Take-up (LHS) Source: Colliers Source: Colliers and Company Estimates 5
Slide 7: Expansionary Monetary Policy
Expansionary Monetary Policy 6.50% 5.75% 4.50% 4.25% BSP Policy Rate BSP Policy Rate BSP Policy Rate BSP Policy Rate 2023A 2024A 2025A 2026F Source: BSP and: Economic Research Units of PH Banks 6 Source: (1) Jones Lang LaSalle, (2) Commission on Higher Education, (3) IT-BPM, (4) Colliers
Slide 8: Agenda
3 Property Market Overview 7 Valuation of Assets in Aseana 10 Development Milestones and Pipeline 22 Operating and Financial Highlights 7 32 Sustainability
Slide 9: Aseana City Land Holdings
Aseana City Land Holdings DMW’s updated summary of land holdings in Aseana City as of December 2025 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 Lea
Slide 10: 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 11: Agenda
3 Property Market Overview 7 Valuation of Assets in Aseana 10 Development Milestones and Pipeline 22 Operating and Financial Highlights 10 32 Sustainability
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 ~300,000 235,846 22% 162,351 162,351 15% 15% 90,712 78% 23% 85% 85% 77% 2020 2021 2022 2025 2028F 11
Slide 13: Quality Tenants and Community-Centered Events Draw Foot Traffic
Quality Tenants and Community-Centered Events Draw Foot Traffic 12
Slide 14: 98% Construction POC
98% Construction POC Ongoing unit turnover; welcomed hundreds of new Aseana residents 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 ~70,000sqms GLA, commenced construction in May 2025 • Aseana Plaza Phase 2, office development with ~60,000sqms GLA Residential • Modaio Flats
Slide 16: Aseana Plaza Phase 1 Under Construction
Aseana Plaza Phase 1 Under Construction Aseana Plaza Total GLA: ~130,000sqms Aseana Plaza Phase 1 GLA: ~70,000sqms Aseana Plaza Phase 1 Target Completion: 4Q2028 Figures are based on latest estimates 15
Slide 17: Aseana's Office Anchor: Shipping, Manning, Logistics Sector
Aseana’s Office Anchor: Shipping, Manning, Logistics Sector Aseana City’s Notable Shipping Locators Sizeable Filipino Seafarer-Base Filipino seafarers constitute 25% of the global maritime workforce 589K Filipino Seafarers Deployed in 2025 2025 sea-based Filipino deployment reached 589K, 7% higher Y
Slide 18: De La Salle – College of Saint Benilde Delfin J. Wenceslao Jr. Campus
De La Salle – College of Saint Benilde Delfin J. Wenceslao Jr. Campus DLS-CSB Aseana City • School of Environment and Design • School of Management and Information Technology (SMIT) – ACI Cluster 17
Slide 19: Landers Superstore Aseana City
Landers Superstore Aseana City Landers Aseana City • Opened in December 2025 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: 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 2 AND ASSOCIATES, INCORPORATED,
Slide 23: Agenda
3 Property Market Overview 7 Valuation of Assets in Aseana 10 Development Milestones and Pipeline 22 Operating and Financial Highlights 22 32 Sustainability
Slide 24: DMW's FY2025 Core Net Income Grows to ₱1.9 Billion
DMW’s FY2025 Core Net Income Grows to ₱1.9 Billion PHP FY2025 FY2024 Change Rentals Land P 1,324,420,843 P 1,351,676,389 -2% Building 1,409,146,232 1,422,676,720 -1% Other rental revenues 554,383,514 528,775,435 +5% 3,287,950,589 3,303,128,544 0% Land Sales - - N/A Sale of residential units 499,044,
Slide 25: Stable Recurring Income Base and Consumption-Driven Upside
Stable Recurring Income Base and Consumption-Driven Upside % to Gross FY2025 Profit Rentals 85% Recurring Gross Profit to Land P 1,284,293,229 43% Total Building & other rental 1,263,197,971 42% Recurring Gross Profit 2,547,491,200 85% Recurring Gross Profit ₱692M 24 24
Slide 26: In Focus: Leasing
55% In Focus: Leasing Building Lease Land Lease P1.3B P1.4B P554M 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 27: 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 72% 59% 158,079 90,712 2020 2024 2025 2023 2024 2025 2020 2024 2025 2.6x From 90,712sqm in 2020 72% Occupancy Rate Long-Term Up to 50-year lease terms 26
Slide 28: In Focus: Residential
55% InLorem Focus: Residential ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna. P499 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 29: Superior Margins
Superior Margins Gross Profit EBITDA Core Profit to Parent 3,062 2,930 2,915 2,992 1,845 1,864 2,792 1,676 2,418 2023 2024 2025 2023 2024 2025 2023 2024 2025 78% Gross Profit Margin 73% EBITDA Margin 49% Net Profit Margin 28
Slide 30: Financial Strength Supports Growth Aspirations
Financial Strength Supports Growth Aspirations Debt-to-Equity Ratio Return on Equity Current Ratio 25% 8% 8% 3.2 3.2 7% 2.8 6% 5% 2023 2024 2025 2023 2024 2025 2023 2024 2025 8% Debt to Equity Ratio 5% Return on Equity 3.2x Current Ratio 29
Slide 31: Continuously Increasing Dividends
Continuously Increasing Dividends 2.9x since IPO 0.095 0.100 0.075 0.079 0.061 0.047 0.047 0.035 2019 2020 2021 2022 2023 2024 2025 2026 Annual Cash Dividend Distributions Per Share (Php)
Slide 32: Summary and Outlook
Summary and Outlook FY2025 Summary 2026 Outlook • Consolidated revenues increased 3% to ₱3.8 billion and net • Robust Tenant Demand: Maintained strong tenant interest income rose to ₱1.9 billion. across our portfolio will enhance office occupancy rates. • Leasing revenues reached ₱3.3 billion, repre
Slide 33: Agenda
3 Property Market Overview 7 Valuation of Assets in Aseana 10 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: Notable New ESG Initiatives
Notable New ESG Initiatives 36
Slide 38: Q&A
Q&A www.dmwai.com www.aseanacity.com iro@dmwai.com 37
Slide 39: Appendix: Consolidated Statements of Profit or Loss
Appendix: Consolidated Statements of Profit or Loss PHP FY2025 FY2024 Change Rentals Land P 1,324,420,843 P 1,351,676,389 -2% Building 1,409,146,232 1,422,676,720 -1% Other rental revenues 554,383,514 528,775,435 +5% 3,287,950,589 3,303,128,544 0% Land Sales - - N/A Sale of residential units 499,044
Slide 40: Appendix: Consolidated Statements of Financial Position
Appendix: Consolidated Statements of Financial Position PHP 2025 2024 Current Assets 25,702,917,967 25,568,290,820 Non-current Assets 29,340,154,391 28,172,697,159 Total Assets 55,043,072,358 53,740,987,979 Current Liabilities 7,904,439,318 7,882,670,024 Non-current Liabilities 5,151,753,966 5,476,5
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