Jeffrey Lucero
Investor Relations Officer

Good afternoon, everyone. Welcome to D.M. Wenceslao's First Quarter 2026 Analyst Briefing. I'm joined today by Mr. Buds Wenceslao, our Chief Executive Officer; and Mr. Benigno Tatunay, our Chief Financial Officer. Let's start with an overview of the Metro Manila property market. In the first quarter of 2026, Metro Manila office take-up has declined a bit, largely due to the BPO take-up decline, but the traditional take-up has held steady.

There will be limited completions, at least in the Bay Area up until 2029. On the residential side, launches have been subdued in the first quarter of 2026. We even saw pre-selling projects that were either paused or canceled altogether due to the Middle East crisis. These conditions are negative for the property sector as a whole, but it provides silver lining for projects that are already ready for occupancy and will not be impacted by the steep inflation brought about by the Middle East crisis.

On the valuation of assets in Aseana City, as of first quarter of 2026, we have 62 hectares land bank in Aseana. More than half of our land bank is reserves, allowing us decades worth of runway for growth. In December 2025, Colliers valued the Mona assets in Aseana City at PHP 253 billion. So if you add our net cash as of the first quarter as well as the value of our assets outside of Aseana, our net asset value would stand at PHP 256 billion. That's an over 90% discount to our current market cap of around PHP 18 billion. To put that into perspective, our current share price hovers at around PHP