Belle Corp. · PSE:BEL
Belle — Investor Presentation (September 2025)
23 slides from Belle's investor presentation, September 2025
Slide 1: Presentation to Investors
Presentation to Investors SEPTEMBER 2025
Slide 2: Table of Contents
Table of Contents 03 The Philippine Economy 19 Historical Financial Summary 04 About Belle Corporation 22 Dividend History 07 Property 10 Gaming 13 About Premium Leisure Corp. 15 PremiumLeisure and Amusement, Inc. 17 Pacific Online Systems Corporation P R E S E N T A T I O N T O I N V E S T O R S 2
Slide 3: Philippines: strong macroeconomic fundamentals
Philippines: strong macroeconomic fundamentals Young workforce with rising incomes Opportunities GDP Growth Per Capita GDP Median Age ▪ Improved Infrastructure development 5.4% USD3,911 25.7 ▪ Provincial growth – Luzon, Visayas, Mindanao ▪ Job creation and inclusive growth Consumption Driven Per Cap
Slide 4: About Belle Corporation
About Belle Corporation Belle Corporation is a developer of world-class resort destinations, gaming and leisure properties in the Philippines. It is uniquely positioned to capture the high growth of premium leisure travel in the country. Established developer of premium destinations • City of Dreams
Slide 5: Our structure
Our structure 100% REAL ESTATE GAMING PORTFOLIO INVESTMENTS CITY OF DREAMS MANILA PREMIUM LEISURE CORP. APC GROUP, INC. • Land and buildings 99.5% • Gaming investments 48.8% • Energy / natural resources • Lease agreement • PSE listed (APC) with Melco Resorts & Entertainmant (Philippines), PREMIUMLEI
Slide 6: Our principal assets
Our principal assets Tagaytay Highlands City of Dreams Manila • Long history of luxury mountain resort living • Offers multi-awarded contemporary and lifestyle- • Lake and volcano views for signature golf focused hotel brands in its NÜWA, Nobu and courses, themed residential communities and Hyatt ho
Slide 7: Historical success as a developer of leisure destinations
Historical success as a developer of leisure destinations • a 90-minute drive from Makati CBD • Over 1,300 hectares Continuing to innovate after 30 years Voted : Best Leisure Development in the Philippines (2017) - Asia Pacific Property Awards Best Resort Residences (2017) – Philippine Property Awar
Slide 8: Tagaytay Highlands: defining mountain resort living
Tagaytay Highlands: defining mountain resort living Luxury living: log cabins, lots, condominiums The Highlands (360 ha.). 2,000 – 2,500 ft. above sea level. Has 360-degree views, cool climate and proximity to club amenities 2017 Best Leisure Development The Midlands (670 ha.). 1,000 – 1,500 ft. abo
Slide 9: City of Dreams Manila: multi-awarded integrated resort
City of Dreams Manila: multi-awarded integrated resort Eight Consecutive Years Eight Consecutive Years Asia’s Leading Casino Resort 2024 Eight Consecutive Years P R E S E N T A T I O N T O I N V E S T O R S 9
Slide 10: The Philippine gaming industry
The Philippine gaming industry Regulator : Philippine Amusement & Gaming Corporation (PAGCOR) Rise of integrated resorts • Since 1976, PAGCOR has been overseeing games of chance, particularly casino • Since 2008, 5 integrated resort projects have been approved by PAGCOR for gambling development at o
Slide 11: Integrated resorts: driving growth
Integrated resorts: driving growth In 2024, integrated resorts accounted for 75% of casino GGR. 2024 Philippine casino gaming revenues by category Image from Google maps Year Hotel Integrated Resorts Opened Rooms Newport World Resorts (formerly 2009 2,241 Resorts World Manila) Solaire Resorts & Casi
Slide 12: Gaming: a growth opportunity
Gaming: a growth opportunity Growth drivers: • Tourist arrivals Philippine gaming has been on a growth • Easier travel documentary requirements and procedures trajectory with integrated resorts leading the way. • VIP experience compared to other regional casinos While this growth was interrupted in
Slide 13: Premium Leisure Corp.: Overview
Premium Leisure Corp.: Overview Premium Leisure Corp. (PLC) is an investment holding company that participates in gaming-related businesses in the Philippines. Through its subsidiary, PremiumLeisure & Amusement, Inc. (PLAI), PLC has an interest in the operations of City of Dreams Manila, an integrat
Slide 14: PLC Historical Financial Summary: Reliable Proxy for Gaming Sector
PLC Historical Financial Summary: Reliable Proxy for Gaming Sector Nine Months Full Year Income Statement 2025 2024 2024 2023 2022 Revenues 1,706 1,887 2,818 2,941 2080 Figures in Php millions except percentages EBITDA 1,277 1,480 2,302 2,249 1410 Net Income 1,091 1,306 2,081 2,324 1256 Net Margin (
Slide 15: PremiumLeisure & Amusement, Inc. (PLAI): Overview
PremiumLeisure & Amusement, Inc. (PLAI): Overview Melco Resorts & Entertainment PAGCOR License Operating partner : (Philippines) Inc. (MRP) Co-terminus with PAGCOR charter • Affiliate of Macau and Hong Kong based Melco Resorts & Entertainment Ltd. (Melco), the only operator in Macau that is running
Slide 16: Melco Resorts & Entertainment Ltd. (Melco): A Strong Partner
Melco Resorts & Entertainment Ltd. (Melco): A Strong Partner Experienced operator • Operator of award-winning integrated resorts in Macau: − City of Dreams Macau − City of Dreams Macau Mediterranean in Cyprus − Studio City − City of Dreams Sri Lanka − Altira Macau • Able to leverage Macau know-how f
Slide 17: Pacific Online (LOTO): Overview
Pacific Online (LOTO): Overview Long-Time Lottery Partners of the PCSO PLS Lottery System: Pinoylotto • Pacific Online has a long-time • Successfully launched last October 1, partnership with state-run Philippine 2023 the Philippine Lottery System Charity Sweepstakes Office (PCSO) (PLS), resulting i
Slide 18: Belle: unique exposure to gaming sector
Belle: unique exposure to gaming sector City of Dreams Lease Revenue (Php B) Gaming Revenue Share (Php B) 2.7 2.4 2.3 2.3 2.1 2.0 1.6 1.3 0.8 0.6 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Guaranteed annuity income from lease (land Through PLC and building) • Upside from share in the gaming r
Slide 19: Belle Corporation Historical Financial Summary
Belle Corporation Historical Financial Summary Revenue (Php B) EBITDA (Php B) Recurring Net Income (Php B) 5.9 5.4 5.6 4.2 3.9 3.4 3.4 3.0 2.3 2.40 2.1 1.5 1.7 0.6 0.05 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 P R E S E N T A T I O N T O I N V E S T O R S 19
Slide 20: Belle Corporation Historical Financial Summary
Belle Corporation Historical Financial Summary (Amounts in Php millions except NINE MONTHS FULL YEAR percentages) 2025 2024 2024 2023 2022 2021 CONSOLIDATED REVENUE 3,879 4,092 5,891 5,601 5,419 3,421 EBITDA 2,729 2,946 4,246 3,656 3,162 1,464 EBIT 1,737 1,924 2,865 2,535 2,074 213 Net income 1,322
Slide 21: Historical Financial Summary
Historical Financial Summary Revenue Mix 2024 Revenue Mix Nine Months of 2025 (amounts in Millions of Php, except percentages) (amounts in Millions of Php, except percentages) Total = 5,891 Total = 3,879 Premium Leisure Corp. (excl. City of Dreams Pacific Online) = 2,291 Premium Leisure Corp. (excl.
Slide 22: Dividend History
Dividend History Amount Stock Price on Declaration Payment Dividend Declaration Date Date Date Yield ₱ millions ₱/ share ( ₱/ share) 21 Feb 2025 (Regular Dividend) 21 Mar 2025 600 0.06 1.50 4.00% 28 Feb 2023 (Regular Dividend) 28 Mar 2023 600 0.06 1.47 4.08% 27 Feb 2020 (Regular Dividend) 27 Mar 202
Slide 23: For more information
For more information Principal Investor Relations Contact: Michelle T. Hernandez Office Number: +632 8662.8888 Email Address: michelle.hernandez@bellecorp.com Official Website: www.bellecorp.com PSE Ticker BEL Bloomberg Ticker BEL:PM Reuters Ticker BEL:PS Disclaimer Except for historical financial a