DMCI Holdings (DMC) Q4 2025 earnings summary

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.

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

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

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

Financial highlights

• Q4 consolidated net income was PHP 3.3 billion, down 14% year-over-year 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, representing 76% of 2024 core net income and a 10% yield.

• FY 2025 EPS was PHP 1.14, down from PHP 1.43 in 2024.

Outlook and guidance

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

• Construction to pursue infrastructure and rail projects, maintaining a diversified order book.

• Real estate anticipates 15% growth in income and EBITDA, focusing on RFO sales and new launches tied to inventory and market conditions.

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

• Mining targets 3 million tons production in 2026, with potential to grow to 5–6 million tons in three years.