DMCI Holdings (DMC) investor relations material

Executive summary

• Consolidated net income for 2025 was PHP 15.1 billion, down 20–21% year-over-year, mainly due to normalized energy prices, cement integration losses, and higher costs.

• Revenues rose 6% year-over-year to PHP 108.7 billion, driven by cement consolidation, construction, real estate, and nickel mining.

• Diversified portfolio, with real estate, construction, water, nickel mining, and off-grid power posting improved results, helped offset declines in energy and cement.

• Maynilad and DMCI Homes posted record and strong growth, contributing significantly to core earnings.

Financial highlights

• Q4 2025 net income was PHP 3.3 billion, down 14% year-over-year, mainly due to softer energy and cement losses.

• FY EBITDA margin declined to 33% (from 39%), and net margin to 18% (from 27%) year-over-year.

• Return on equity stood at 13%, supported by steady cash generation and prudent capital management.

• FY dividends declared reached PHP 14.3 billion, 76% of 2024 core net income, with a 10% dividend yield.

• Total assets at PHP 281.5 billion, cash and cash equivalents at PHP 29.1 billion, and net debt/equity at 25%.

Outlook and guidance

• PHP 24.6 billion in capital expenditures planned for 2026, up 11% from 2025, focusing on residential construction, off-grid power, and cement improvements.

• Construction expects revenue boost from new project awards but faces uncertainty due to geopolitical and logistical risks.

• Real estate anticipates moderate 15% growth in income and EBITDA, with launches triggered by market conditions and inventory levels.

• Power segment expects significant improvement with new capacity coming online.

• Mining targets 3 million tons production in 2026, aiming for 8–10 million tons in five years.