Slides
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AyalaLand 1H 2026 Performance Analyst Briefing 10 August 2026 CAgenturou This COMME des GARÇONS
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1H 2026 Performance Highlights Ayala Land, Inc. 2 TOTAL REVENUES P75.0B -10% NET INCOME P11.5B -19% CAPEX P39.5B -2% Consolidated Highlights PROPERTY DEVELOPMENT P41.0B -22% Revenue Breakdown LEASING AND HOSPITALITY P25.2B +9% (+12%*) SERVICES P6.5B +10% INTEREST AND OTHER INCOME P2.3B +32% NET GEARING 0.80:1 *Ex-Alabang Commercial Corp. RESIDENTIAL P35.3B -15% OFFICE and ESTATE LOTS FOR SALE P5.6B -49% SHOPPING CENTER P12.0B +4% (+9%*) OFFICE P6.0B 2% HOSPITALITY P6.3B +28% INDUSTRIAL P0.9B +15% NET CONSTRUCTION P4.6B +4% PROPERTY MGMT & RES P1.9B +28%
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Ayala Land, Inc. 3 REVENUES (In Php Bn) 1H26 1H25 % YoY 2Q26 1Q26 % QoQ Property Development 41.0 52.3 -22% 20.6 20.3 1% Residential 35.3 41.3 -15% 17.9 17.4 3% Estate Lots 3.8 9.0 -58% 1.4 2.4 -41% Office for Sale 1.8 1.9 -3% 1.3 0.5 153% Leasing and Hospitality 25.2 23.2 9% 12.6 12.6 0% Shopping Center 12.0 11.6 4% 6.2 5.8 6% Office 6.0 5.9 2% 3.1 3.0 5% Hotels and Resorts 6.3 4.9 28% 2.9 3.4 -14% Industrial Real Estate 0.9 0.8 15% 0.4 0.4 0% Services 6.5 5.9 10% 3.2 3.3 -5% Net Construction 4.6 4.4 4% 2.2 2.4 -8% Property Mgt & Others 1.9 1.5 28% 1.0 0.9 4% Real Estate Revenues 72.7 81.3 -11% 36.4 36.2 0% Topline stable quarter-on-quarter despite full-quarter impact of geopolitical tensions and macro headwinds Financial Results | Revenue Contribution 1H 2026 Prop Dev 56% Services 9% Leasing 35% REAL ESTATE REVENUE MIX 1H 2025 Prop Dev 64% Leasing 29% Services 7% Note: We mention cancellations as a % of revenues but we normally don’t put it in our deck. It was certainly a big question during covid and post- covid era so there’s merit to adding it. Be prepared to answer
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Ayala Land, Inc. 4 INCOME STATEMENT (in Php Bn) 1H26 1H25 % YoY 2Q26 1Q26 % QoQ Total Revenues 75.0 83.1 -10% 37.5 37.5 0% Real Estate 72.7 81.3 -11% 36.4 36.2 0% Interest and Other Income 2.3 1.8 32% 1.1 1.2 -13% Expenses 57.1 61.7 -7% 27.9 29.2 -5% Real Estate 42.9 47.5 -10% 21.2 21.6 -2% GAE 5.0 4.8 6% 2.4 2.7 -12% Interest, financing and other charges 9.2 9.5 -3% 4.3 4.9 -14% Income before Income Tax 17.9 21.3 -16% 9.6 8.2 17% Provision for Income Tax 3.3 4.2 -21% 1.8 1.5 14% Income before Non-Controlling Interest 14.6 17.2 -15% 7.9 6.7 18% Non-Controlling Interest 3.1 3.0 4% 1.8 1.3 34% NIAT attributable to ALI Equity Holders 11.5 14.2 -19% 6.1 5.4 13% GAE RATIO: 7% EBIT MARGIN: 36% EBITDA MARGIN: 43% 1H26 Revenues of Php75.0B and Net Income of Php11.5B; 2Q26 NIAT at Php6.1B, +13% QoQ Financial Results | Income Statement 1H 2025 Prop Dev 57% Leasing 43% EBITDA MIX 1H 2026 Prop Dev 50% Leasing 50%
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109 64 64 72 86 85 93 23 17 40 2019 2020 2021 2022 2023 2024 2025 1Q26 2Q26 1H26 Resi 42% Leasing 28% Estates 20% Land Acqui & Others 10% CAPEX MIX Disciplined spending prioritizing investments in Leasing Assets at 34% of total CAPEX and 17% higher YoY 1H 2026 Ayala Land, Inc. 5 1H 2025 25% 22% 14% 10% 11% 14% 29% 28% 34% 0% 20% 40% 60% 80% 100% 2019 2020 2021 2022 2023 2024 2025 1H25 1H26 Prop Dev Land Acqui & Others Leasing Resi 32% Leasing 34% Estates 21% Land Acqui & Others 13% GROWING LEASING INVESTMENTS (In %) HISTORICAL CAPEX (In Php Bn) -27% QoQ Balance Sheet | Capital Expenditure Jojo G Comment - You may be asked what of that goes to new projects and what goes to renovation – are you really growing your leasable space or just cosmetically updating it. There’s this impression that Leasing revs has been stunted in the past few quarters cause its being stunted by renovations. To BE UPDATED WITH JOJO G SUGGESTION
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1 34 29 29 37 38 31 24 14 29 17 0 50 100 150 200 250 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Debt portfolio positioned for long-term stability, with 96% of 2026 refinancing completed Total Debt: P337.6B: P1B in remaining 2026 maturity for refinancing | Fixed (60%); Floating (40%) Ayala Land, Inc. 83% Long-term Stable Cost of Debt 6 Disciplined Debt (Maturity) Management Largely Long-term 5.2% 4.7% 4.4% 4.4% 5.0% 5.3% 5.5%5.5% 2019 2020 2021 2022 2023 2024 2025 2026 P282B Long-term Debt ~96% of 2026 refinancing requirements done as of 1H26 For JAQ notes: How much of floating can be changed to fixed? Of 40% - 9% LT with Option to convert 14% LT w/o Option 17% STL 17% Short-term Balance Sheet | Debt Portfolio
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0.79 0.82 0.85 0.73 0.78 0.80 0 0.5 1 1.5 2 2.5 3 2024 2025 1H 2026 Gross D/E Net D/E Ayala Land, Inc. 7 Strong balance sheet maintained; debt well-within internal guardrails supported by ample liquidity Financial Results | Balance Sheet and Liquidity Internal Guardrail (Gross D/E) • Current Assets P459.4B Current Ratio 1.6 SUFFICIENT LIQUIDITY FOR GROWTH & OBLIGATIONS Interest Coverage Ratio* 4.4 DEBT PORTFOLIO WITHIN GUARDRAILS *Core 2 numbers With and wo ACC impact *Ex-Alabang Commercial Corp. Cash and Equivalents P17.4B BRIEFING VERSION PRUDENT DEBT MANAGEMENT (In Php Bn) 258 282 318 337 338 2023 2024 2025 1Q 2026 1H 2026 Total Borrowings Net Debt
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Operating Results
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1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026FY 2023 FY 2024 FY 2025 Premium Core Estate Lots Ayala Land, Inc. 9 123.6 141.8 AVERAGE MONTHLY SALES P8.9B 59% Premium; 28% Core; 13% Estate Lots (In Php B) 1H26 % YoY % QoQ Total 53.5 -19% -9% Premium 31.5 -8% -7% Core 14.9 -38% -8% Estate Lots 7.1 -13% -11% 36.2 31.4 35.4 RESERVATION SALES* (in Php Bn) 29.0 132.0 27.9 Stable sales take-up despite market headwinds Operating Results | Property Development Sales PRODUCT GROSS PROFIT MARGINS 1H26 1H25 Residential Vertical 40% 40% Horizontal 45% 46% Estate Lots 64% 61% SALES RESERVATIONS BREAKDOWN 25.6 *Net of paused project AC NOTE: Provide breakdown – Premium, Core, Total – from 1Q25,
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1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 RESERVATION SALES* (In Php Bn) Premium Core 198 214 157 132 110 2023 2024 2025 1Q26 1H26 10 33.3 35.0 32.1 BUYER PROFILE 26.6 (In Php Bn) 1H26 % YoY % QoQ By Segment 46.4 -22% -7% Premium 31.5 -8% -7% Core 14.9 -38% -8% 31.2 28.2 32.7 22.8 24.1 Operating Results | Residential Sales Resilient 2Q26 take-up of P22.3Bn despite no launches; further inventory improvement INVENTORY VALUE* (In Php Bn) Local OF Other Natio 22.3 *Net of paused project DIVIERSIFIED SALES MIX By Type Vertical 27.1 -21% 0% Horizontal 19.3 -19% -17% By Location MM 22.2 -23% 4% Regional 24.2 -21% -18% 71% 17% 12%
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All flagship reinvention works complete; major 2026 openings on track Ayala Land, Inc. 11 Operating Results | Malls Completed: Glorietta and Greenbelt 2.1M GLA 34 Malls / 63 Retail Amenity 90% Lease Out vs. 87% 1H25 +7% Same Mall Revenue Growth +5% Visitor Footfall Growth 61% EBITDA Margin vs. 62% 1H25 New Growth: Nuvali and Arca South Nuvali ExpansionGreenbeltGlorietta Arca South Ph 2 Reformatted c/o L&H
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Proactive leasing activity helping ensure above-industry occupancy rate Ayala Land, Inc. 12 Operating Results | Offices 1.5M Gross LeasableArea (sqm) 68 BPOs / 7 HQs 88% Lease Out Rate vs. 91% 1H25 3.6 yrs Weighted Average Lease Expiry vs. 3.5 1H25 77% Expiry Renewals 90% EBITDA Margin vs. 90% 1H25 For 2026 Completion: Arca South and Evo City New Growth: Vertis, Parklinks and Makati Arca South, Taguig Evo City, Cavite Vertis North, QC Parklinks, Pasig McKinley Rd., Makati Reformatted c/o L&H
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Renovated assets meeting evolving customer needs and driving healthy room rates Ayala Land, Inc. 13 Operating Results | Hospitality HOTELS | Seda: 3,257, Branded: 1,238 RESORTS | Island Resorts: 135, Resort B&Bs: 50 Overall 69% Occupancy +2pt vs. 67% 1H25 +21% Renovated Assets ARR Growth (vs. 1H24) 57% Occupancy -7pt vs. 64% 1H25 +137% Renovated Assets ARR Growth (vs. 1H24) 30% EBITDA Margin vs. 22% 1H25 For 2026 Completion: Mandarin Oriental Guest Room Toilet and Bath Chinese Restaurant Lobby Lounge 22% EBITDA Margin
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Improved overall lease-out rate on signed leases at new facilities Ayala Land, Inc. 14 Operating Results | Industrial DRY WAREHOUSE | 380K sqm GLA COLD STORAGE | 32K PP 86% Leaseout vs. 87% 1H25 79% EBITDA Margin vs. 75% 1H25 94% Leaseout vs. 87% 1H25 32% EBITDA Margin vs. 27% 1H25 22% EBITDA Margin 2026 Completion: Artico Sta. Rosa and Consolacion Artico Sta. Rosa Artico Consolacion
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AREIT
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Ayala Land, Inc. 16 P55B raised from AREIT infusions; secured approval for P20B of mall and hotel assets Capital Recycling | AREIT 13 6 3 7 16 5 6 55 2020 2021 2022 2023 2024 2025 2026 Total AREIT IPO CAPITAL RECYCLING PROCEEDS (In Php Bn) AUM (In P Bn) CONTINUING AREIT’S GROWTH PATH 30 53 64 87 117 139 159 179 4 Malls Glorietta 4 Capitol Central Circuit Cloverleaf 3 Hotels New World Makati Seda Vertis North Fairmont Ask Treasury to validate 35% CAGR FUELING ALI’S EXECUTION AND EXPANSION PLANS Malls Arca South Nuvali Gatewalk AC Cebu Exp Marquee Exp Abreeza Exp Offices Arca South Vertis Hospitality Mandarin P20B Approved Infusion Capital Recycling Proceeds Leasing Pipeline
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1H 2026 Performance Highlights Ayala Land, Inc. 17 TOTAL REVENUES P75.0B -10% NET INCOME P11.5B -19% CAPEX P39.5B -2% Consolidated Highlights PROPERTY DEVELOPMENT P41.0B -22% Revenue Breakdown LEASING AND HOSPITALITY P25.2B +9% (+12%*) SERVICES P6.5B +10% INTEREST AND OTHER INCOME P2.3B +32% NET GEARING 0.80:1 *Ex-Alabang Commercial Corp. RESIDENTIAL P35.3B -15% OFFICE and ESTATE LOTS FOR SALE P5.6B -49% SHOPPING CENTER P12.0B +4% (+9%*) OFFICE P6.0B 2% HOSPITALITY P6.3B +28% INDUSTRIAL P0.9B +15% NET CONSTRUCTION P4.6B +4% PROPERTY MGMT & RES P1.9B +28%
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Annex
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Ayala Land, Inc. 19 Revenue Breakdown Annexes REVENUES (In Php Mn) 1H26 1H25 % YoY 2Q26 2Q25 % YoY 1Q26 % QoQ Property Development 40,970 52,289 -22% 20,624 24,450 -16% 20,346 1% Residential 35,312 41,325 -15% 17,894 19,313 -7% 17,418 3% Estate Lots 3,817 9,063 -58% 1,409 3,332 -58% 2,408 -41% Office for Sale 1,841 1,901 -3% 1,320 1,805 -27% 521 153% Leasing and Hospitality 25,235 23,173 9% 12,643 11,570 9% 12,592 0% Shopping Center 12,021 11,578 4% 6,196 5,871 6% 5,825 6% Office 6,049 5,918 2% 3,098 2,972 4% 2,951 5% Hotels and Resorts 6,287 4,915 28% 2,910 2,323 25% 3,377 -14% Industrial Real Estate 879 762 15% 440 405 8% 439 0% Services 6,458 5,856 10% 3,151 2,667 18% 3,307 -5% Net Construction 4,554 4,370 4% 2,179 1,951 12% 2,375 -8% Property Mgt & Others 1,904 1,486 28% 971 715 36% 933 4% Real Estate Revenues 72,663 81,318 -11% 36,418 38,687 -6% 36,245 0%
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Ayala Land, Inc. 20 Income Statement Annexes INCOME STATEMENT (in Php Mn) 1H26 1H25 % YoY 2Q26 2Q25 % YoY 1Q26 % QoQ Total Revenues 74,977 83,070 -10% 37,493 39,514 -5% 37,484 0% Real Estate 72,663 81,318 -11% 36,418 38,687 -6% 36,245 0% Interest and Other Income 2,314 1,751 32% 1,075 827 30% 1,239 -13% Expenses 57,116 61,723 -7% 27,868 28,602 -3% 29,248 -5% Real Estate 42,864 47,453 -10% 21,243 21,636 -2% 21,622 -2% GAE 5,048 4,778 6% 2,357 2,339 1% 2,691 -12% Interest, financing and other charges 9,204 9,492 -3% 4,269 4,628 -8% 4,935 -14% Income before Income Tax 17,860 21,347 -16% 9,625 10,912 -12% 8,236 17% Provision for Income Tax 3,295 4,183 -21% 1,754 2,141 -18% 1,541 14% Income before Non-Controlling Interest 14,566 17,164 -15% 7,870 8,771 -10% 6,695 18% Non-Controlling Interest 3,110 2,991 4% 1,782 1,544 15% 1,328 34% NIAT attributable to ALI Equity Holders 11,455 14,173 -19% 6,089 7,227 -16% 5,367 13%
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1H 2026 FY 2025 1H 2025 Property Development (Gross Profit) Residential Horizontal 45% 47% 46% Vertical 40% 41% 40% Estate Lots 64% 55% 61% Office for Sale 46% 48% 49% Leasing and Hospitality (EBITDA) Shopping Centers 60% 64% 62% Office 90% 89% 90% Hotels and Resorts 30% 22% 22% Dry Warehouse 79% 78% 75% Cold Storage 32% 23% 27% Services (EBITDA) Construction and Property Management 3% 5% 7% Margin Performance Ayala Land, Inc. 21 Annexes
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Capex Breakdown CAPEX BREAKDOWN (In Php Bn) 1H 2026 % YoY 2Q 2026 1Q 2026 % QoQ Residential 12.7 -24% 5.7 7.1 -20% Leasing and Hospitality 13.2 17% 7.1 6.1 21% Malls 9.2 62% 5.6 3.9 38% Offices 1.6 84% 0.5 1.1 -54% Hospitality 2.2 -37% 1.2 1.0 23% Industrial 0.2 -86% 0.1 0.1 -34% Estate Development 8.3 4% 3.3 5.0 -33% Land Acqui and Others 5.3 28% 0.4 4.9 -92% TOTAL 39.5 -2% 16.5 23.0 -28% Ayala Land, Inc. Annexes
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Balance Sheet Metrics Balance Sheet June March December (in Php Millions) 2026 2026 2025 Cash & Cash Equivalents 17,430 21,461 18,979 Total Borrowings 337,612 336,810 318,037 Total Assets 1,020,645 1,014,853 997,364 Stockholders’ Equity 398,389 388,555 385,054 Current Ratio 1.56 1.54 1.59 Debt-to-Equity Ratio 0.85 0.87 0.82 Net Debt-to-Equity Ratio 0.80 0.81 0.78 Interest Coverage Ratio (Core)* 4.4 4.6 4.9 Ayala Land, Inc. 23*Ex-Alabang Commercial Corp. Annexes
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1H 2026 Performance Analyst Briefing 10 August 2026