D.m. Wenceslao & Associates, Inc. · PSE:DMW
D.m. Wenceslao & Associates — H1 2025 Earnings Presentation
39 slides from D.m. Wenceslao & Associates's earnings presentation, Aug 15, 2025
Slide 1: 1H2025 Analysts' Briefing
1H2025 Analysts’ Briefing August 15, 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 21 Operating and Financial Highlights 2 31 Sustainability
Slide 4: Metro Manila Office Market Update
Metro Manila Office Market Update 1H2025 Office Take-up Manageable Additional Office Supply in Manila Bay Area 72K 500K 268K 255K 900K 70K 178K 57K 132K 59K 0 1H2024 1H2025 2024 2025F 2026F 2027F 2028F BPO Traditional POGO Ocupied Stock Available Stock Upcoming Stock Source: Colliers International M
Slide 5: Metro Manila Residential Market Update
Metro Manila Residential Market Update 25% 58K 53K 54K QoQ drop in 52K 49K backouts 39K 38K No. of Units 31K 32K 26K 25K 23K 21K 14K 11K 9K 7K 3K 2017 2018 2019 2020 2021 2022 2023 2024 1H2025 Unit Launches (LHS) Unit Take-up (LHS) Source: Colliers International Market Report 1H2025 and 1H2024, DMW
Slide 6: Expansionary Monetary Policy
Expansionary Monetary Policy 6.50% 2023A BSP Policy Rate 2024A 5.75% BSP Policy Rate 4.75% 2025F BSP Policy Rate Source: BSP and: Economic Research Units of PH Banks 5 Source: (1) Jones Lang LaSalle, (2) Commission on Higher Education, (3) IT-BPM, (4) Colliers
Slide 7: Valuation of Assets in Aseana
2 Property Market Overview 6 Valuation of Assets in Aseana 9 Development Milestones and Pipeline 21 Operating and Financial Highlights 6 31 Sustainability
Slide 8: Aseana City Land Holdings
Aseana City Land Holdings DMW’s updated summary of land holdings in Aseana City as of June 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 Leased
Slide 9: DMW Net Asset Value
DMW Net Asset Value Colliers’ Valuation of DMW’s Aseana City Assets as of December 2024 Land currently leased-out Completed & Pipeline Php73B; 29% Properties Php61B; 24% >90% Market Cap Discount to NAV Recurring Gross Profit ₱692M Market Capitalization Remaining land reserves ₱18 Billion Php118B; 47
Slide 10: Development Milestones and Pipeline
2 Property Market Overview 6 Valuation of Assets in Aseana 9 Development Milestones and Pipeline 21 Operating and Financial Highlights 9 31 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 Current Reporting Period 11
Slide 13: 93% Construction POC
93% Construction POC MidPark is set for full completion in 2H2025 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, commenced construction in May 2025 • Aseana Plaza Phase 2, office development with ~60,000sqms GLA Residential • Workpads, a
Slide 15: Aseana Plaza Phase 1 Commences Construction
Aseana Plaza Phase 1 Commences Construction Aseana Plaza Total GLA: ~130,000sqms Phase 1 GLA: ~70,000sqms Figures are based on latest estimates 14
Slide 16: Office Bright Spot: Shipping, Manning, Logistics Sector
Office Bright Spot: Shipping, Manning, Logistics Sector Aseana City’s Notable Shipping Locators Sizeable Filipino Seafarer-Base Filipino seafarers constitute 25% of the global maritime workforce 374K Filipino Seafarers Deployed in 1H25 1H2025 sea-based Filipino deployment reached 374,181, already co
Slide 17: Aseana Holdings Inc. is Now a Proud Member
Aseana Holdings Inc. is Now a Proud Member of the 16
Slide 18: Landers Superstore Aseana City Set to Open in 2H2025
Landers Superstore Aseana City Set to Open in 2H2025 17
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 PITX .:feu. TERDINAL EXCHANGE CITY e PITx ¢ Ayala Malls Manila Bay $ Parqal J St. John Paul Il Chapel ‘ Aseana 1 & 2 sf S&R Aseana é LRT 1 Redemptorist - Aseana Station $ Aseana Power Station Ne y, SCHEDULE: Monday to Friday | 7:00 AM to 7:00 PM D.M.WENCESLAO = 20 AND ASSOCIATES, IN
Slide 22: Operating and Financial Highlights
2 Property Market Overview 6 Valuation of Assets in Aseana 9 Development Milestones and Pipeline 21 Operating and Financial Highlights 21 30 Sustainability
Slide 23: DMW's 1H2025 Net Income Rises to ₱936 Million
DMW’s 1H2025 Net Income Rises to ₱936 Million on Sustained Leasing Momentum PHP 1H2025 1H2024 Change Rentals Land P 661,141,181 P 679,968,273 -3% Building 759,097,707 669,262,347 13% Other rental revenues 286,319,225 223,161,822 28% 1,706,558,113 1,572,392,442 9% Land Sales - - N/A P1.9 billion Sale
Slide 24: Stable Recurring Income Base and Consumption-Driven Upside
Stable Recurring Income Base and Consumption-Driven Upside % to Gross 1H2025 Profit Rentals 91% Recurring Gross Profit to Land P 643,488,631 44% Total Building & other rental 681,677,509 47% Recurring Gross Profit 1,325,166,140 91% Recurring Gross Profit ₱692M 23 23
Slide 25: Landmark Manila Bay Department Store Opened in March 2025
Landmark Manila Bay Department Store Opened in March 2025 24
Slide 26: In Focus: Leasing
55% In Focus: Leasing Building Lease Land Lease P661M P759M P286M 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 73% 180,731 59% 158,079 90,712 2020 2024 1H2025 2023 2024 1H2025 2020 2024 1H2025 2.6x From 90,712sqm in 2020 73% 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. P178 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 2,930 2,889 3,062 1,845 1,676 2,418 1,454 936 1,371 2023 2024 1H2025 2023 2024 1H2025 2023 2024 1H2025 76% Gross Profit Margin 72% EBITDA Margin 51% 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% 3.2 3.2 9% 8% 7% 2.8 6% 6% 2023 2024 1H2025 2023 2024 1H2025 2023 2024 1H2025 9% Debt to Equity Ratio 6% Return on Equity 3.2x Current Ratio 29
Slide 31: Summary and Outlook
Summary and Outlook 1H2025 Summary 2025 Outlook • Consolidated revenues increased 5% to ₱1.9 billion and net • Robust Tenant Demand: Maintained strong tenant interest income rose to ₱936 million. across our portfolio — particularly from logistics locators — will enhance office occupancy rates. • Lea
Slide 32: Sustainability
2 Property Market Overview 6 Valuation of Assets in Aseana 9 Development Milestones and Pipeline 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: Corporate Sustainability Assessment
Corporate Sustainability Assessment Corporate Sustainability Assessment Ranking D.M. Wenceslao & Associates, Incorporated REA Real Estate Industry 91st Percentile rank 91st Percentile Rank or Top 9% Among a global universe of S&P-assessed real estate companies as of January 2025 33
Slide 35: 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 36: Notable New ESG Initiatives
Notable New ESG Initiatives 35
Slide 37: Q&A
Q&A www.dmwai.com www.aseanacity.com iro@dmwai.com 36
Slide 38: Appendix: Consolidated Statements of Profit or Loss
Appendix: Consolidated Statements of Profit or Loss PHP 1H2025 1H2024 Change Rentals Land P 661,141,181 P 679,968,273 -3% Building 759,097,707 669,262,347 13% Other rental revenues 286,319,225 223,161,822 28% 1,706,558,113 1,572,392,442 9% Land Sales - - N/A Sale of residential units 178,112,212 234
Slide 39: Appendix: Consolidated Statements of Financial Position
Appendix: Consolidated Statements of Financial Position PHP 1H2025 2024 Current Assets 25,550,710,011 25,568,290,820 Non-current Assets 28,821,639,999 28,172,697,159 Total Assets 54,372,350,010 53,740,987,979 Current Liabilities 8,037,841,717 7,882,670,024 Non-current Liabilities 5,307,439,801 5,476
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