DMCI Holdings (DMC) investor relations material

Executive summary

• Net income for Q1 2026 declined 2% year-over-year to PHP 4.87 billion, with EPS steady at PHP 0.37 and no nonrecurring items recorded.

• Revenues fell 2–3% to PHP 31.1 billion, mainly due to lower coal shipments, reduced power generation, and slower construction progress, partly offset by gains in real estate, nickel mining, off-grid power, and cement.

• Earnings mix broadened, with higher contributions from DMCI Homes, DMCI Mining, and DMCI Power, offsetting softer results from SMPC and Maynilad after IPO-related dilution.

• EBITDA margin held steady at 35%, and net income margin at 20%.

• Regular cash dividend of PHP 0.30 per share (PHP 4 billion total) declared, representing 27% of 2025 core net income.

Financial highlights

• Total assets grew 2% to PHP 288.5 billion, with equity up 4% to PHP 154.7 billion; cash balance rose 21–22% to PHP 35.3 billion, while total debt increased 3% to PHP 68 billion.

• Net debt-to-equity ratio improved to 0.21x (21%) from 0.25x; current ratio improved to 2.77x (277%), and quick ratio to 1.00x.

• Cost of sales fell 5% due to lower fuel consumption and improved efficiencies.

• Other income rose 5% to PHP 1.4 billion, mainly from DMCI Homes.

• Net finance costs increased 23% to PHP 666 million.

Outlook and guidance

• Near-term performance expected to remain mixed across segments due to evolving fuel costs, interest rates, and market variability.

• Construction to focus on large transport joint ventures, balanced project mix, and disciplined bidding.

• Real estate to prioritize RFO inventory monetization, flexible sales strategies, and expansion in key markets.

• Integrated energy segment preparing for Semirara COC bidding and transition to new mines; Narra ITH to end in May 2026.

• Off-grid power targets up to 44 MW additional capacity in 2026, focusing on underserved markets.

• Nickel mining to operate three active mines, with ZDMC nearing depletion and new mines planned for 2027 and beyond.