Alliance Global Group Inc. · PSE:AGI
Alliance Global — 9M2025 Earnings Presentation
31 slides from Alliance Global's earnings presentation, Nov 12, 2025
Slide 1: 9M2025 Analysts' Briefing
9M2025 Analysts’ Briefing November 12, 2025
Slide 2: AGI P&L Highlights
AGI P&L Highlights Reported Normalized 9M2025 9M2024 9M2025 9M2024 161.6 143.4 130.0 127.4 24.8 21.2 20.0 17.4 19.3 13.0 13.9 12.9 Revenue Pre-minority Attributable Revenue Pre-minority Attributable Income Profit Income Profit 2 Note: The GADC deconsolidation effective 16 March 2025. After such date
Slide 3: Performance Highlights: P&L by key subsidiary
Performance Highlights P&L Highlights, by key subsidiary MEG EMI TRAV Revenue Attributable Share Profit Share 64.4 18% 26% 41.2 50% 28.6 32% 15.9 74% 4.7 0.7 MEG EMI TRAV Revenue Revenue Profit Profit Revenue Profit 3
Slide 4: AGI 3Q25/9M25 Financial Performance
AGI 3Q25/9M25 Financial Performance Reported (Pbn) 3Q25 3Q24 YoY chg 2Q25 QoQ chg 9M25 9M24 YoY chg Group Revenues 42.5 54.1 -22% 45.6 -7% 143.4 161.6 -11% • Reported earnings boosted by EBITDA 12.6 14.3 -12% 14.9 -15% 46.3 43.5 6% P3.4bn one-off gains, in addition Attributable Profit 3.3 4.2 -20% 5
Slide 5: Group Borrowings
Group Borrowings Gross Borrowings AGI Gearing MEG EMI TRAV Parent & others Net debt (cash) Net debt/equity 0.47x 0.46x 0.42x 267 0.36x 0.36x 0.32x 201 250 218 222 46 173 216 215 44 41 40 142 41 44 138 63 80 119 119 53 57 56 52 33 38 26 34 25 24 103 110 103 86 94 95 2020 2021 2022 2023 2024 9M25 2020
Slide 6: Group Gearing
Group Gearing MEGAWORLD EMPERADOR TRAVELLERS PARENT Net debt (cash) Net debt/equity Net debt (cash) Net debt/equity Net debt (cash) Net debt/equity Net debt (cash) Net debt/equity 0.39x 0.32x 0.30x 1.44x 0.08x 0.28x 1.39x 0.28x 0.28x 0.24x 1.34x 0.20x 88.6 0.16x 1.13x 0.06x 0.22x 0.22x 83.5 0.12x 66
Slide 7: Capital Expenditure
Capital Expenditure AGI CAPEX, by key subsidiary 75 68 63 5 21 57 3 5 58 3 4 8 9M2025 Capex spent P58bn 5 5 4 48 4 19 (78% of the FY2025 budget) 1 36 4 2 4 1 6 1 46 50 51 50 P75bn FY2025 budget (From P59bn original budget) OTHERS 38 35 TRAV 28 EMI MEG 2020 2021 2022 2023 2024 9M25 2025E 7 All items
Slide 8: Enhancing Shareholder Value
Enhancing Shareholder Value SHARE BUYBACK PROGRAM AGI WARRANTS Entitlement 1 warrant for every 4 common shares owned AGI Underlying AGI common shares • Buyback program size: P11.0bn 2,225,874,470 • Amount utilized: P9.2bn (84%) 84% • 835m shares bought at an average Offer price price P11.00 per shar
Slide 9: Megaworld Corporation
Megaworld Corporation 9M2025 Financial Performance 36 4,436 1,527 Township and Integrated Landbank Office GLA Lifestyle Communities (has) (‘000 sqm) 517 5,724 Lifestyle Malls GLA Hotel (‘000 sqm) Room Keys 9
Slide 10: MEG 3Q25/9M25 Financial Performance
MEG 3Q25/9M25 Financial Performance In Pbn 3Q25 3Q24 YoY chg 2Q25 QoQ chg 9M25 9M24 YoY chg • Strong earnings growth supported by increases in core revenue, margin Revenues 21.3 20.7 3% 22.2 -4% 64.4 59.8 8% improvement from cost efficiencies, Residential 13.1 13.0 1% 14.0 -6% 40.2 37.8 6% and favor
Slide 11: MEG P&L Performance
MEG P&L Performance REVENUE EBITDA NET INCOME Development Rental Hotels Development Rental Hotels 20.8 20.1 19.9 20.0 5.6 19.1 1.4 9.4 17.9 18.6 1.5 1.3 9.3 9.5 5.2 5.1 5.2 1.3 1.4 9.0 9.0 9.0 5.0 1.2 8.5 0.2 0.2 0.2 1.1 0.2 0.2 0.2 5.4 0.2 4.4 4.8 5.5 5.3 5.5 4.1 4.7 4.6 4.9 5.1 4.5 4.6 5.0 4.4 5.1
Slide 12: MEG Key Operating Segments
MEG Key Operating Segments RES VS GROSS PROFIT RENTAL VS EBITDA MARGIN HOTEL REV VS EBITDA MARGIN Real Estate Sales Gross Profit Development GP Margin Rentals Rentals EBITDA EBITDA Margin Rentals Rentals EBITDA EBITDA Margin 51% 51% 88% 88% 88% 88% 88% 15% 16% 87% 87% 14% 14% 14% 14% 14% 50% 50% 50%
Slide 13: YTD vs FY2025 Targets
36 TOWNSHIPS 5,670 HECTARES YTD vs FY2025 Targets RESERVATION SALES P88.8bn vs P120bn FY2025 target PROJECT LAUNCHES P20.1bn vs P20bn FY2025 target CAPITAL SPENDING P35.3bn vs P50bn FY2025 target 13
Slide 14: Pipeline Targets
PIPELINE TARGETS 2025-2026 2025-2026 2025-2029 PREMIER OFFICES LIFESTYLE MALLS HOTELS 88.8k GROSS LEASABLE AREA (sqm) 157.1k GROSS LEASABLE AREA (sqm) 3,580 HOTEL ROOM KEYS
Slide 15: The Last Piece of New Manila
THE LAST PIECE OF NEW MANILA This exclusive enclave offers a limited collection of residential lots—The Last Piece of New Manila’s most coveted land—set amid a transforming urban landscape. Here, exclusivity meets timeless elegance, allowing homeowners to build not just a residence, but a lasting le
Slide 16: Travellers International Hotel Group, Inc.
Travellers International Hotel Group, Inc. 9M2025 Financial Performance 2,241 5 90% Hotel International Hotel Occupancy Room Keys Hotel Brands (9M2025) 470 2,281 VIP and Mass Slots Gaming Tables 16
Slide 17: Travellers 3Q25/9M25 Financial Performance
Travellers 3Q25/9M25 Financial Performance In Pbn 3Q25 3Q24 YoY chg 2Q25 QoQ chg 9M25 9M24 YoY chg Total Gross Revenues 9.7 9.6 0% 9.2 5% 28.6 29.7 -4% • Growth in GGR driven by Gross Gaming Revenue 8.0 7.9 2% 7.5 7% 23.5 24.3 -3% increasing contribution from mass segment and better hold Mass 4.5 4.
Slide 18: Travellers P&L Performance - Quarterly
Travellers P&L Performance - Quarterly GROSS REVENUES EBITDA Gross Gaming Non-Gaming 3.9 10.9 10.2 9.2 9.6 9.7 9.7 1.9 9.2 1.7 2.5 1.8 1.6 1.8 1.7 2.5 2.0 2.0 2.1 1.9 1.4 9.0 7.9 7.7 7.9 8.0 7.5 7.5 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q124 Q224 Q324 Q424 Q125 Q225 Q325 18 All items are in billion pes
Slide 19: Travellers Key Operating Segments - Quarterly
Travellers Key Operating Segments - Quarterly GGR: MASS vs VIP AVERAGE DAILY VISITORS Mass VIP 45.6 9.0 45.0 8.0 44.8 7.9 7.9 7.5 7.7 7.5 44.1 43.8 4.5 3.6 3.5 3.2 3.3 3.9 3.4 41.8 40.7 4.3 4.5 4.3 4.3 4.5 4.0 4.1 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q124 Q224 Q324 Q424 Q125 Q225 Q325 19 Note: All ite
Slide 20: Westside World Resorts
Westside World Resorts Paranaque City • Over 2,000 electronic gaming machines and 282 gaming tables • ~2,600 hotel rooms including Megaworld hotels to serve resort patrons • Set to open in 3Q26
Slide 21: Travellers Expansion Plans
Travellers Expansion Plans Mactan Cebu Boracay, Aklan The Mactan Newtown Boracay Newcoast
Slide 22: Officially Michelin Selected
Officially Michelin Selected Yamazato Man Ho CRU Steakhouse Gordon Ramsay Bar & Grill Hotel Okura Manila Manila Marriott Hotel Manila Marriott Hotel Grand Wing Casino 22
Slide 23: The biggest player in the PH leisure and tourism sector
The biggest player in the PH leisure and tourism sector Hotels Target Portfolio Expansion of MICE Venues 12,000 Mactan Expo Center Hotel Room Keys by 2029 2,500 seating capacity CURRENT PORTFOLIO 7,965 Hotel Room Keys
Slide 24: Emperador Inc.
Emperador Inc. 9M2025 Financial Performance 6 5 Vineyards Distilleries in Spain in Scotland >100 25 Countries under Domestic Global Distribution System Sales Office 25
Slide 25: EMI 3Q25/9M25 Financial Performance
EMI 3Q25/9M25 Financial Performance In Pbn 3Q25 3Q24 YoY chg 2Q25 QoQ chg 9M25 9M24 YoY chg • Brandy nascent recovery in the domestic market led by Revenues 13.0 14.6 -11% 15.0 -13% 41.2 43.2 -5% Fundador, notable good Brandy 7.8 8.3 -6% 9.8 -20% 26.3 25.0 5% growth in some key brands. Whisky 5.2 6.
Slide 26: EMI P&L Performance - Quarterly
EMI P&L Performance - Quarterly NET REVENUE EBITDA - REVENUES ATTRIBUTABLE INCOME* Brandy Whisky Brandy Whisky 18.4 2.1 2.1 15.5 15.0 14.6 1.9 0.4 13.1 7.1 13.2 13.0 1.7 1.5 0.4 6.7 5.2 1.2 6.2 5.2 4.5 5.2 0.9 1.0 1.7 0.7 1.5 11.2 1.4 9.8 7.9 8.8 8.3 8.7 0.9 7.8 0.9 0.5 0.8 0.2 0.0 0.0 Q124 Q224 Q32
Slide 27: EMI Key Operating Segments - Quarterly
EMI Key Operating Segments - Quarterly WHISKY REVENUE, EBITDAREVENUE, BRANDY GROSS PROFIT , MARGIN GROSS PROFIT , MARGIN Whisky revenue Gross profit Margin Brandy revenue Gross profit Margin 27% 44% 44% 44% 24% 24% 25% 42% 20% 40% 18% 18% 37% 36% 11.3 7.1 6.7 9.8 6.2 8.8 8.3 8.7 5.2 5.2 5.2 7.9 7.8
Slide 28: Dalmore Distillery and Invergordon Distillery
Dalmore Distillery Invergordon Distillery Doubling the Production Capacity Expansion of Maturation Complex Expected to be completed by end-2025 Doubling footprint to 92 hectares and to build 120 new warehouses in29the to cater future demand coming decades for an additional 1.5 million casks
Slide 29: Fundador
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Slide 30: Key Takeaways
Key Takeaways ▪ AGI delivered a strong core performance in 9M2025, underpinned by its diversified business portfolio and product mix. • Sequential increases in office and mall rentals; • Healthy growth in residential and hospitality/leisure segments; • Spirits business learned to navigate the challe
Slide 31: 9M2025 Analysts' Briefing
9M2025 Analysts’ Briefing November 12, 2025 33