Slide 1: 1H2026 Analysts' Briefing
1H2026 ANALYSTS’BRIEFING JULY30,2026
Slide 2: Market Update
MARKET UPDATE MARKET DEMAND 335,000 sqm -11% • CBRE reported that the overall office demand in the Philippines 20.30% 19.50% reached 335,000 sqm in 1H2026, 19.20% 18.40% an 11% decrease from 376,000 sqm in 1H2025. • The vacancy rate in Metro Manila 376,000 335,000 improved to 19.2% in 1H2026 from 20
Slide 3: Operating Highlights
OPERATING HIGHLIGHTS TENANT MIX HYBRID/KNOWLEDGE GCCs VOICE 35% 30% 22% 14% 5% TENANT 5% TRADITIONAL RETAIL HOTEL BREAKDOWN 5% 10% 2% 1% 56% (by GLA) 3% 90% (+1% YoY) 3% 3% OCCUPANCY RATE 2% 2% 2% 2.9 Years WALE 78,700 sqm (+24% YoY) TOP 10 TENANTS (44%) TOTAL TRANSACTIONS
Slide 4: Financial Performance
FINANCIAL PERFORMANCE In PHP millions 1H2026 1H2025 YoY% 2Q2026 2Q2025 YoY% Revenues 3,413 2,702 26% 1,690 1,361 24% Direct Operating Costs (584) (511) 14% (300) (259) 16% RENTAL INCOME VS. Gen. & Admin. Expense (50) (24) 112% (17) (12) 45% DISTRIBUTABLE INCOME Net Operating Income 2,779 2,167 28% 1
Slide 5: Dividend Declaration
DIVIDEND DECLARATION DIVIDEND PER SHARE DIVIDEND YIELD SUSTAINED PHP 0.2630 7.6% DPS GROWTH +5% 0.2630 0.2630 0.2505 0.25047 0.25048 0.25048 0.25048 0.2476 0.2476 0.2474 0.2489 0.2468 0.2444 0.2460 0.2460 0.2460 0.2430 0.2428 0.2400 0.2399 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24
Slide 6: Wave 5 Infusion Details
WAVE 5 INFUSION DETAILS WAVE 5 GLA POST-WAVE 5 % OF 1M TARGET WAVE 5 PROPERTIES 12 ASSETS 303,900 SQM GLA 303,900 sqm 950,900 sqm ~95% BUILDING TOWNSHIP SEGMENT (in sqm) Festive Walk Mall Iloilo Business Park Mall 32,700 BY SEGMENT SQM Lucky Chinatown Mall Lucky Chinatown Mall 40,100 160,200 (53%) V
Slide 7: Wave 5 Infusion Details
WAVE 5 INFUSION DETAILS WAVE 5 POST-INFUSION TENANT MIX TENANT MIX GCCs HYBRID/KNOWLEDGE VOICE GCCs HYBRID/KNOWLEDGE VOICE 4% 13% 4% 21% 28% 16% TRADITIONAL RETAIL HOTEL TRADITIONAL RETAIL HOTEL 16% 53% 10% 12% 19% 4% 91% 90% OCCUPANCY RATE OCCUPANCY RATE 5.3 3.5 WALE WALE
Slide 8: Wave 5 Notable Tenants
WAVE 5 NOTABLE TENANTS OFFICE MALL
Slide 9: Strong Track Record of Expansion
STRONG TRACK RECORD OF EXPANSION 950k Upon completion of the Wave 5 asset infusion, MREIT’s total GLA will increase by 47% to over 950,000 sqm, bringing it within reach of its >1,000,000 sqm GLA target by 2027. 647k 482k 325k 281k 224k IPO Wave 1 Wave 2 Wave 3 Wave 4 Wave 5
Slide 10: Expanding Asset Under Management
EXPANDING ASSET UNDER MANAGEMENT Post-Wave 5 Asset Infusion ASSET UNDER MANAGEMENT AUM INCREASE SINCE IPO P122B PHP 122 BILLION 143% P95B 28% P76B P59B P60B P50B IPO Wave 1 Wave 2 Wave 3 Wave 4 Wave 5
Slide 11: Our Target: At Least One Million sqm GLA
OUR TARGET AT LEAST 950k ONE 482k 647k SQM GLA MILLION 224k SQM GLA SQM GLA SQM GLA SQM GLA IPO 2024 1Q26 2H26 2027 MREIT has grown its portfolio to 647,000 sqm of GLA following its Wave 4 asset infusion in 1Q2026. Subject to regulatory approval, the announced Wave 5 asset infusion will expand its p
Slide 12: Large Pipeline for Growth
LARGE PIPELINE FOR GROWTH PRE-WAVE 5 POST-WAVE 5 OFFICE GLA RETAIL GLA HOTEL OFFICE GLA RETAIL GLA HOTEL (‘000 sqm) (‘000 sqm) (room keys) (‘000 sqm) (‘000 sqm) (room keys) 89 89 157 157 800 916 2,766 3,503 328 489 729 613 189 886 28 149 MEG & Affiliates MREIT Portfolio MEG Pipeline Portfolio
Slide 13: Key Takeaway
KEY TAKEAWAY • 1H2026 distributable income rose 34% year-on-year to ₱2.49 billion, driven by the Wave 4 acquisition, improved portfolio occupancy of 90%, and further gains in operating efficiency. • Net operating income margin expanded by 121 basis points to 81%. This improvement was achieved despit
Slide 14: 1H2026 Analysts' Briefing
1H2026 ANALYSTS’BRIEFING JULY30,2026