D.m. Wenceslao & Associates, Inc. · PSE:DMW
D.m. Wenceslao & Associates — 9M2025 Earnings Presentation
40 slides from D.m. Wenceslao & Associates's earnings presentation, Nov 12, 2025
Slide 1: 9M2025 Analysts' Briefing
9M2025 Analysts’ Briefing November 12, 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 7 Valuation of Assets in Aseana 10 Development Milestones and Pipeline 23 Operating and Financial Highlights 2 32 Sustainability
Slide 4: Metro Manila Office Market Update
Metro Manila Office Market Update 9M2025 Office Take-up Manageable Additional Office Supply in Manila Bay Area 674K 608K sqm sqm 500K 431K sqm 900K 70K 243K 57K sqm 59K 0 9M2024 9M2025 2024 2025F 2026F 2027F 2028F BPO Traditional POGO Ocupied Stock Available Stock Upcoming Stock Source: Colliers and
Slide 5: Metro Manila Office Market Update
Metro Manila Office Market Update • 8912 Asean Ave was highlighted as the top-performing building in the Bay Area in Colliers’ 3Q2025 Market Briefing Source: Colliers and Company Estimates 4
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 11K 11K 9K 9K 2017 2018 2019 2020 2021 2022 2023 2024 9M2025 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% 4.00% BSP Policy Rate BSP Policy Rate BSP Policy Rate BSP Policy Rate 2023A 2024A 2025F 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
2 Property Market Overview 7 Valuation of Assets in Aseana 10 Development Milestones and Pipeline 23 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 September 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 Le
Slide 10: 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 11: Agenda
2 Property Market Overview 7 Valuation of Assets in Aseana 10 Development Milestones and Pipeline 23 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 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: Placemaking Activities Allow for Surging Foot Traffic in PARQAL
Placemaking Activities Allow for Surging Foot Traffic in PARQAL 12
Slide 14: Co-working space commenced operations in 3Q2025
Commenced operations in 3Q2025 183 Seats Total • Hot Desk • Co-Working Day Pass • Private Office • Manager’s Private Room • Dedicated Desk • Meeting Room • Conference Room • Virtual Office 13
Slide 15: 95% Construction POC
95% Construction POC MidPark is set for completion in 4Q2025 14
Slide 16: 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 (Mo
Slide 17: 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 16
Slide 18: 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 458K Filipino Seafarers Deployed in 8M25 8M2025 sea-based Filipino deployment reached 458K, already const
Slide 19: De La Salle – College of Saint Benilde 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 18
Slide 20: Landers Superstore Aseana City
Landers Superstore Aseana City Landers Aseana City • Commencement of Operations: 4Q2025 19
Slide 21: LRT 1 Cavite Extension Phase 1
LRT 1 Cavite Extension Phase 1 20
Slide 22: Railway Connectivity
Railway Connectivity Line 1 Population Reach: 8,869,711 Mega Manila Rail Population Reach: 19,460,000 21 Source: LRMC, Estimates
Slide 23: Aseana City Loop
PITX .:feu. PARARAQUE INTEGRATED TERMINAL EXCHANG® CITY 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 AND ASSOCIATES, INCO
Slide 24: Agenda
2 Property Market Overview 7 Valuation of Assets in Aseana 10 Development Milestones and Pipeline 23 Operating and Financial Highlights 23 32 Sustainability
Slide 25: DMW's 9M2025 Net Income Grows to ₱1.4 Billion
DMW’s 9M2025 Net Income Grows to ₱1.4 Billion PHP 9M2025 9M2024 Change Rentals Land P 993,258,607 P 1,021,030,338 -3% Building 1,063,827,588 1,057,167,957 1% Other rental revenues 411,956,548 351,500,762 17% 2,469,042,743 2,429,699,057 2% Land Sales - - N/A P2.9 billion Sale of residential units 387
Slide 26: Stable Recurring Income Base and Consumption-Driven Upside
Stable Recurring Income Base and Consumption-Driven Upside % to Gross 9M2025 Profit Rentals 89% Recurring Gross Profit to Land P 966,585,448 45% Total Building & other rental 944,329,733 44% Recurring Gross Profit 1,910,915,181 89% Recurring Gross Profit ₱692M 25 25
Slide 27: In Focus: Leasing
55% In Focus: Leasing Building Lease Land Lease P993M P1.1B P412M 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 28: Robust Leasing Activities
Robust Leasing Activities Commercial GLA Commercial Building Leased Out Land (sqm) Occupancy (sqm) 235,846 235,846 78% 183,818 74% 180,731 59% 158,079 90,712 2020 2024 9M2025 2023 2024 9M2025 2020 2024 9M2025 2.6x From 90,712sqm in 2020 74% Occupancy Rate Long-Term Up to 50-year lease terms 27
Slide 29: In Focus: Residential
55% InLorem Focus: Residential ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna. P387 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 30: Superior Margins
Superior Margins Gross Profit EBITDA Core Profit to Parent 2,930 2,889 3,062 1,845 1,676 2,418 2,145 1,400 2,037 2023 2024 9M2025 2023 2024 9M2025 2023 2024 9M2025 74% Gross Profit Margin 71% EBITDA Margin 50% Net Profit Margin 29
Slide 31: Financial Strength Supports Growth Aspirations
Financial Strength Supports Growth Aspirations Debt-to-Equity Ratio Return on Equity Current Ratio 25% 3.5 8% 8% 3.2 7% 2.8 6% 5% 2023 2024 9M2025 2023 2024 9M2025 2023 2024 9M2025 8% Debt to Equity Ratio 5% Return on Equity 3.5x Current Ratio 30
Slide 32: Summary and Outlook
Summary and Outlook 9M2025 Summary 2025 Outlook • Consolidated revenues increased 6% to ₱2.9 billion and net • Robust Tenant Demand: Maintained strong tenant interest income rose to ₱1.4 billion. across our portfolio will continue to enhance office occupancy rates. • Leasing revenues grew 2% to ₱2.5
Slide 33: Agenda
2 Property Market Overview 7 Valuation of Assets in Aseana 10 Development Milestones and Pipeline 23 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 91st Percentile rank 91st Percentile Rank or Top 9% Among a global universe of S&P-assessed real estate companies as of January 2025 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 9M2025 9M2024 Change Rentals Land P 993,258,607 P 1,021,030,338 -3% Building 1,063,827,588 1,057,167,957 1% Other rental revenues 411,956,548 351,500,762 17% 2,469,042,743 2,429,699,057 2% Land Sales - - N/A Sale of residential units 387,319,89
Slide 40: Appendix: Consolidated Statements of Financial Position
Appendix: Consolidated Statements of Financial Position PHP 9M2025 2024 Current Assets 25,134,209,495 25,568,290,820 Non-current Assets 29,481,360,343 28,172,697,159 Total Assets 54,615,569,838 53,740,987,979 Current Liabilities 7,100,348,520 7,882,670,024 Non-current Liabilities 6,009,180,294 5,476
D.M. Wenceslao & Associates — 9M2025 Earnings Presentation on 6ix