Welcome back everyone to the afternoon session of PSE STAR Investor Day. We hope you had a good break and are feeling recharged for the next round of presentations. Kicking things off, we have DMCI Holdings, Inc., represented by Ms. Hannah Chan, and later for the Q&A, we have Mr. Joseph Legasto, DMCI Holdings Deputy Chief Finance Officer, Ms. Carla Levina, Semirara Mining and Power Corporation VP and Chief Finance Officer, and Mr. Brian Lim, Concreat Holdings Philippines VP, Treasurer, and Chief Finance Officer. Moderating the discussion is Mr. Lex Azurin from Security Bank. Ms. Hannah, please go ahead. Thank you. Good afternoon, everyone. Firstly, we would like to thank the Philippine Stock Exchange, Bloomberg, and FMAP for hosting the PSE STAR Investor Day. I will be walking you through a short presentation on DMCI's third quarter and nine-month financial operational performance to allow more time for the Q&A. Before we begin, please take note that management may discuss forward-looking statements about our plans, expectations, and growth prospects. These statements are based on current assumptions and beliefs and are not guarantees of future performance. Actual results may differ due to various risks and uncertainties. Also, in addition, following the IPO of Maynilad Water Services on November 7, and in compliance with relevant regulations, we have been requested by Maynilad to refrain from discussing the third quarter 2025 results prior to the company's official disclosure. We'll update our uploaded materials in our website accordingly after their disclosure. With that, let's begin the presentation. From January to September, the DMCI Group posted a net income of PHP 11.8 billion, down 22% from PHP 15.1 billion last year. The decline mainly reflects weaker earnings from our integrated energy and construction segments, as well as the ongoing integration of our recently acquired cement company. That said, our core and emerging businesses helped cushion the impact. Real estate, nickel mining, and off-grid power all delivered stronger results, while associates and the parent company also contributed higher earnings. Overall, this translated to an annual return on equity of 12.9%, underscoring the group's underlying strength and portfolio balance amid the softer energy markets. For the third quarter, our consolidated net income reached PHP 2.7 billion, down 33% year-on-year. The decline mainly reflects softer coal and electricity prices, weather disruptions that affected mining operations, and higher production operating costs across the group. Even so, DMCI Power delivered its best ever third quarter, while contributions from associates and the parent company helped steady the group performance. Turning to our group income statement. Even with softer market conditions, the group continued to deliver double-digit growth in top line to nearly PHP 88 billion in the nine-month period. This was driven by the inclusion of the cement business and the stronger contributions from construction, real estate, nickel mining, and off-grid power. Margins, however, narrowed due to higher costs and lower coal and electricity prices. Despite these headwinds, the group maintained a firm balance sheet with lower debt, steady cash, and healthy liquidity ratios. This allowed us to remain financially flexible amid ongoing market adjustments. The group's financial position remained healthy in the third quarter. Our liquidity and leverage ratios stayed strong, with net debt to equity improving to below 19%. The board also declared a special cash dividend of PHP 0.48 per share, payable on November 21. Together with the PHP 0.60 per share in regular and special dividends paid in April, total dividends declared for 2025 now amount to PHP 14.3 billion, and that's equivalent to 76% of the 2024 core net income and well above our 25% minimum dividend policy. Now turning to the standalone results of our key businesses. In construction, DMCI's revenues grew by double digits in both the third quarter and the nine-month period, supported by higher accomplishments across the building, infrastructure, and joint venture segments. However, project delays led to higher materials and labor costs, which narrowed margins. Despite these challenges, liquidity remained healthy, and the company continued to operate debt-free. With a stronger top line, higher project costs, and a non-recurring gain from sale of equipment, reported net income declined by 30% to PHP 402 million. Construction revenues rose across all segments, driven by accelerated work on major infrastructure projects and catch-up accomplishments in ongoing contracts. The order book stood at PHP 32.8 billion as project billings outpaced new awards, and the company is currently awaiting results from its active bidding pipeline, including the contract signing for the Metro Manila Subway package 105, which will connect Kalayaan and BGC stations. Now for real estate. DMCI Homes posted a steady nine-month recovery, with top line up by 12%. On more newly recognized accounts. Margins dipped slightly, but net income still improved by 6% to PHP 2.7 billion. The company deferred new launches to 2026 to focus on selling ready-for-occupancy units under flexible payment schemes. This helped moderate capital spending, while record collections lifted cash to an all-time high of nearly PHP 13 billion. Total sales and reservations posted a modest year-on-year dip due to last year's high base. Quarter-over-quarter, sales rose by 23% to PHP 6.9 billion, reflecting healthy underlying demand. Growth was led by ready-for-occupancy units and rent-to-own program, both of which continue to gain momentum. RFO sales climbed by 15% to PHP 3.2 billion, now making up more than half of the total sales, while rent-to-own units surged by 71% to 2,400, with nearly PHP 15 billion pesos in sales value. With a record of 11 buildings completed last year and two more for this year, available RFO inventory, excluding rent-to-own units, expanded to nearly PHP 25 billion from PHP 16.4 billion a year ago. This approach allows the company to leverage on completed inventory, generate recurring income, and cultivate future homeowners for conversion while maintaining strong cash flow and market presence. Moving on to our integrated energy business, SMPC. The SMPC group posted a nine-month net income of PHP 9.9 billion, down 37% year-on-year, mainly due to lower coal and electricity prices. Even with the price decline, both the coal mining and power segments delivered record operational results. The coal business achieved its highest-ever nine-month production and shipments, while the power segment posted its best generation and dispatch levels to date. Cash costs declined, though at a slower pace, reflecting higher volumes and increased maintenance and insurance expenses. Meanwhile, non-cash costs rose due to higher shipments and depreciation from ongoing mine development. On the balance sheets side, total debt is down to just 2% of total assets, and SMPC remains on track to become debt-free by 2027. Third quarter coal production rose by double digits to 3.8 million metric tons, supported by better access to the Narra Pit. Shipments also increased on stronger demand from China, while selling prices continued to normalize in line with global benchmarks as a larger share came from lower calorific coal, while commercial grade supply remained tight amid firm demand. Third quarter power generation improved across all metrics. Plant availability rose to 82% from 75%, and average running capacity increased following the uprating of SEPC units one and two to a combined 560 MW from 540 MW previously. Power sales were higher overall, supported by stronger contracted volumes, while the segment remained a net seller to the spot market. Now let's take a look at our off-grid energy business, one of our bright spots this quarter. DMCI Power posted its best-ever third quarter and nine month results as revenues rose on stronger energy sales. Margins improved on lower fuel costs and higher demand, bringing the nine month net income to PHP 1 billion, up 5% year-on-year. The completion of the Semirara Wind project in June also boosted capacity, while lower debt and stronger liquidity reflects the company's solid financial position. The completion of the two 8 MW Palawan bunker plants last March and May, and the 12.5 MW Semirara Wind project in June brought installed capacity to nearly 190 MW. As a result, the energy sales rose by 11%, supported by growing demand in Palawan and Antique. These initiatives strengthen our ability to deliver dependable and affordable power to more island communities. Now let's move on to nickel mining. DMCI Mining posted a strong turnaround driven by better market conditions and the opening of the Zambales Chromite Mining Company in the fourth quarter of last year. For the nine-month period, core EBITDA margin improved to 46% from 20% a year ago as higher shipments and better cost efficiency lifted earnings to PHP 617 million. The company continued to invest in mine development, exploration, start-up costs, including the completion of a new port in Palawan to support future operations. Third quarter nickel production remained steady as ZCMC's full contribution offset the impact of weather-related disruptions on DMCI operations. While adverse weather temporarily slowed shipments, inventory rose 200,000 wet metric tons, positioning the company well to serve demand once conditions normalize. Selling prices held firm, which supported by steady demand from Indonesia and China, which also made lower grade ore more marketable. Now moving on to cement. Revenues were steady in the third quarter as higher sales volumes offset the dip in selling prices. With nearly 10 months since the DMCI management takeover and excluding the temporary raw material supply issue in Apo, the impact of operational improvements became more evident in the third quarter. With total cash costs down 7% to about PHP 3.9 billion, mainly from lower fuel and logistics expenses and ongoing efficiency measures. Excluding last year's one-time forex revaluation gain booked under the previous management, our third quarter net loss narrowed by 37% to PHP 635 million. Our third quarter net loss narrowed by 37% to PHP 635 million, while core EBITDA turning positive as integration efforts continue to gain traction. Overall, the business remains on solid footing with lower debt and stable liquidity as we continue to focus on operational efficiency and cost management. On the operational side, the completion of the 1.5 million ton Solid plant expansion last April increased installed capacity by 26%, marking a pivotal step in the turnaround efforts. Sales and production grew by double digits, supported by the expanded Solid capacity, even as capacity utilization eased with the larger base. Meanwhile, cement prices remained soft, consistent with overall market trends amid competition and muted construction demand, while inventory levels remained steady and healthy across the plants. To summarize our nine-month results. Despite the challenging market conditions, the DMCI group continued to demonstrate operational resilience, with several businesses delivering improved results that helped temper the impact of softer energy and construction earnings. While our integrated energy and construction segments posted lower contributions, the rest of our portfolio stepped up, underscoring the balance provided by diversification. Construction revenues grew with project progress. Real estate posted healthier top and bottom lines from newly recognized accounts, and integrated energy operations remained solid with record coal and power generation. Off-grid power achieved its best ever results on rising energy sales. Nickel mining rebounded with better market conditions and a new operating mine, while integration and efficiency initiatives in cement are starting to gain traction. Overall, these results reflect the group's discipline, adaptability, and continued focus on improving efficiency, strengthening integration, and building a more balanced earnings base amid the changing market environment. Looking ahead, the DMCI group remains focused on execution, efficiency, and diversification as we move into the last quarter of 2025 and into 2026. Across the subsidiaries, we continue to carry out initiatives that improve operations, manage costs, and build revenue streams amid the challenging market. In construction, DMCI continues to expand its building, utilities, power, industrial plants, in addition to our infrastructure and subway portfolio. The company recently submitted the lowest bids for two major Metro Manila Subway contracts, CT-105 for the Kalayaan-BGC section of BGC section, and the CT-109 for the NAIA Terminal 3 station. It's also adapting its business model to industry trends with the rising demand for mid-size and negotiated contracts. In real estate, DMCI Homes continues to focus on ready-for-occupancy and rent-to-own units to sustain cash generation while gearing up for new launches in 2026. These will include compact, mid-income, leisure, and premium developments that address the evolving needs of the market. For integrated energy, SMPC is concentrating on operational efficiency, cost control, and reliability to protect margins in a softer market environment. Exploration continues at the Acacia Mine to extend resource life. While in power, the company is securing more bilateral supply contracts to stabilize revenues and reduce exposure to the volatile spot market prices. In off-grid power, DMCI Power is set to exceed 200 MW installed capacity by year-end with new plants in Masbate and Palawan now operational. Another 13 MW, including a 4 MW solar facility, is expected to come online by 2026 as part of its continued support for rural electrification. In nickel mining, the Long Point Mine in Palawan is scheduled to begin operations within the fourth quarter, and this will expand the company's active mine portfolio to three sites and raise capacity to about three million wet metric tons by 2026, aligning with stronger regional demand. Finally, in cement, integration efficiency initiatives are well underway to improve production, logistics, and cost competitiveness. Concreat is also strengthening its distribution network and leveraging the use of alternative fuels to further lower operating costs. Altogether, these efforts demonstrate how the group is sharpening its focus on operational discipline, improving efficiencies, and building a more balanced and resilient business portfolio in the years ahead. This ends my presentation, and at this point I'd like to turn the floor over to our moderator, Mr. Lex Azurin of Security Bank, to lead the Q&A session. Thank you. Hi, good afternoon, everyone. I'm Lex. I'll be your moderator for this afternoon's Q&A session. I would like to thank again Hannah for that comprehensive presentation. Let's now move on to our Q&A session. Joining us for this discussion, we would like to welcome again our distinguished panelists Joseph, Carla, and Bryan. Thanks all for being here with us today. I guess let's start with a few questions and begin with I guess I'll start with what's leading on the major headlines in recent weeks. In construction, how did the flood control issue affect the construction units operations in the third quarter, and whether through project completions or biddings, and how is it affecting operations today? Are you seeing any improvements in the pace of government infrastructure procurement as well as project completions? To answer your question, Lex, and good afternoon to everybody. Our operations have been materially disrupted by the recent flood control controversy. While this public matter has created heightened scrutiny and some deferrals on project implementation, our ongoing projects remain on track as we do not have any flood control projects. Today, there is a greater emphasis on documentation and audit requirements due to the increased scrutiny. This matter has likely extended lead times for new project mobilization, and we view this as a necessary step towards improving governance and transparency in prospective infrastructure projects. We should be seeing preliminary procurement reforms and stricter timelines under the Build Better More program. While challenges remain, the government's commitment to infrastructure development continue to create opportunities for this industry. All right. Thanks for that, Joseph. I guess moving on to your real estate segment now. I guess I'm curious what drove the improvement in reservation sales, and how much of the improvement can be attributed to higher RFO sales? I guess, do you see this trend continuing into the fourth quarter and moving forward? Yes. Thanks for that question again. The 23% quarter-on-quarter improvement in reservation sales was primarily driven by stronger buyer confidence and enhanced collection efficiency, particularly on our projects, mainly Allegra, Crestmont, and Verde Park. We've seen sustained demand for mid-market development, supported by our flexible financing options and programs, enhanced site experience, and targeted marketing campaigns. A significant portion of sales came from higher sales of Ready For Occupancy, or RFO units, which appeal to buyers seeking immediate move-in and rental income opportunities. This segment has been particularly resilient, contributing approximately almost half of our aggregate sales for the quarter. Looking ahead, we expect this trend to continue into the last quarter and also into early next year, given the current pipeline of our RFO inventory and the sustained appetite for properties that are unique and attractive to our buyers. All right. Thanks for that. I guess on a different note to that, following the completion of the Aborlan bunker expansion and the wind facility in Semirara Island, what other projects is DMCI Power undertaking in the near to medium term? Okay. After successfully commissioning the Aborlan bunker expansion and Semirara Wind facility, our focus remains on strengthening our off-grid reliability and expanding renewable capacity. We are currently working on additional power systems to improve energy security and reduce fuel costs. We are completing an 8 MW bunker plant in Masbate, which is expected to commence operations over the next few months. In Palawan, we are going to construct a 7 MW bunker power plant that will complement existing capacity we have at Aborlan. We are evaluating solar diesel hybrid projects and small scale wind installations in underserved island grids, as well as exploring battery storage solutions to stabilize supply. These initiatives align with our strategy to deliver cost-efficient, sustainable power to off-grid communities while supporting the government's energy transition goals. We have in the pipeline a 4 MW solar plant in Cataingan, Masbate, where we are currently negotiating with EPC contractors to have it up and running by the second half of 2026. In addition to the 12 MW wind facility in Semirara Island, we are also exploring the possible expansion of capacity by an additional 100 megawatt, subject to the power demand in nearby provinces via submarine cable. As for expansion projects, we successfully secured a 10 MW power contract in Oriental Mindoro and plan to participate in a couple of competitive selection processes of electric cooperatives in Occidental Mindoro and Catanduanes. All right. Thanks for that. I guess moving on to the next question. I guess for Semirara, what is your outlook in coal and power prices heading towards fourth quarter and 2026? All right. Good afternoon, everyone. For the outlook for our power prices, you know, for power, for the rest of quarter four 2025, we expect prices to remain at the current level. While it is normally lower during this quarter due to cooler season and ample supply, normally we expect the 2025 price to average at around PHP 3.6 per kWh. For 2026, with additional 700 MW baseload capacity and around 5,000 MW -7,000 MW of solar capacity coming in. We expect power prices to be at a lower trend in 2026. For coal prices, for this quarter, we expect coal prices to be stable, as seasonal winter restocking begins and also because of the lower nuclear availability in South Korea. For 2026, just like normally, since this global coal prices is normally influenced by a combination of supply-demand margins, policy developments, new generation capacity for emerging economies and broader macroeconomic conditions. While persistent oversupply has pushed 2025 coal prices down to levels near 2021, we expect global coal demand to be neutral with the stability coming from continued high demand from emerging economies like India, coupled with China's need for a lower CV coal for their blending. Thank you. All right. Great insights to that. I guess just a follow-up on that. In line with your price outlook, what are Semirara's initiatives to weather the softer price mix? To navigate the softer market, we are managing through higher production, stronger plant reliability and disciplined cost management. For power segment, we are focusing on strengthening plant reliability and as Hannah mentioned, on contracting at least 2/3 of our dependable capacity through bilateral contracts. We're also doing continuous fuel management and operational efficiency discoveries for our cost savings on the ASIL generation cost. For the coal mining segment, we are continuously looking for ways to reduce our production costs, like exploring now the use of sample hybrid trucks, which we expect to be cheaper in acquisition costs and which will have a lower fuel consumption. With that, we're hoping that when it comes this end of the year, we'll be able to see for ourselves whether it would really indeed lower our production costs respectively. Thank you. All right. Thanks for the added, you know, insights to the prices of coal. I guess my next question would be what were, like, the initiatives under the DMCI management that resulted in the improvements in Concreat's three-year results? Hi, good afternoon, everyone. It's been almost a year, actually, since DMCI took over CHP or Concreat. On the revenue side, mainly what we have done is reintroduce the ordinary Portland cement product, the OPC. That's the higher strength cement. Here in Luzon, primarily in Metro Manila and also in other parts of the Visayas, Western Visayas, Bacolod, Iloilo, those main markets. That helped boost the volume. We have done a localized approach on service. Those who want delivery, those who want pickup, we have improved the order-to-fulfillment time of cement delivery and also the turnaround time of the trucks, whether it's their trucks, the customer's truck or our truck, so those things. Now, on the cost side, the low-hanging fruit this year would be the. Well, first, of course, the Cemex royalty fees. That's done already. Also, we have used the Semirara coal. About 90% of our fuel is Semirara coal, and the 10% is like renewable or. No, not renewable. Alternative fuel, like solid waste, used tires, you can use that as fuel. Also in our distribution, basically, we have rationalized the warehouses and terminals, closed down half of the number of our warehouses and terminals. Also, we have changed some modes of distribution to terminate the more expensive ones, going for the cheaper ones. Definitely on this cost side, there's still plenty of room for improvement. A change naman and cost improvement is an ongoing thing. It's like a snowball, it becomes cumulative and bigger over time, a curve. There's still plenty of room for improvement there. Like, on the rates, there are contracts that are expiring, so in our power contract, fuel contract, truck, and vessels. We will negotiate the rates with our suppliers. On consumption, particular power, fuel consumption, which is a major cost. There's still room for improvement there. We have undertaken CapEx rather than stopgap solutions. Expand the capacity, the loadings, the packing, the warehousing inside the plant. Those stuff and also push to increase our volume and market reach. so that base, right? It's a denominator effect. When there's bigger base, so the unit cost will go down. definitely there's still room for improvement. All right. Thank you for that. I guess going back into the flood control issue, since it's been the major headline these past few weeks. If you could, you know, comment on the industry-wide cement demand performance in the third quarter. In light of the flood control issue seemingly dragging the GDP. As well as your outlook for the fourth quarter moving forward. Well, this year, industry-wide, we've been seeing a little softer demand. Weather definitely contribute to that, particularly in the third quarter. I think there were about 14 typhoons that happened this year. Cement, because it's physical usage, and it's usually the rainy days, typhoon, so they stop or they reduce that time to use cement. This coming fourth quarter, extended holidays also. That will also contribute to a little less activity time for cement usage. As you know, there's that real estate market, particularly Metro Manila, the condo glut. For the flood control, as reported for third quarter, infra spending have slowed down, but we believe it will be temporary once they have done the housekeeping and the pacing control. Hopefully they will recover next year. with the reconstruction of the infra that was damaged by the typhoon. Hopefully that demand there will pick up. To give a wider context, in our particular, CHP, most of our clients are probably on the distribution, meaning the bag, not on the big contractor side. About 70% is on the bags side, retail bags side. All right. Thanks for that. If I may move on to the Q&A box, but I believe most of the questions here have already been addressed during the presentation. I think there's one question here. For all companies, given the current level of market confidence in the Philippine economy, what strategic initiatives is your company undertaking at the investor relations level to align with institutional investor requirements and enhance its attractiveness for long-term investment? Okay. We continuously fine-tune and beef up our investor relations initiatives that cater to our institutional and retail investors to enhance attractiveness of our stock. We look to improve our disclosures, particularly for ESG. We wanna be more transparent and be able to communicate these to the relevant parties and also increase our investor engagement. We want to be able to communicate growth prospects and upside potential of the company, operational and improvements of our various business units, cash dividend declaration, and capital restructure activities that include timely monetization of our asset base. All right. Okay. Thank you for that. I believe most of the questions in the Q&A box have already been answered. I guess just a closing remark, what's the overall outlook for the DMCI group, as a whole? Okay. Looking ahead to 2026 and beyond, we remain cautiously optimistic about the DMCI group's growth trajectory. Our diversified portfolio continues to provide resiliency and diversity, and we see compelling opportunities across our core businesses, which include DMCI Power. We expect it to sustain its expansion in our off-grid markets and additional hybrid and renewable projects under development. Semirara Mining and Power Corporation is focused on improving plant efficiency and exploring incremental capacity additions, while Maynilad is positioned for steady growth driven by rising water demand, tariff adjustments, and infrastructure upgrades to reduce non-revenue water. For DMCI Mining, we expect stronger contributions as nickel prices stabilize and new mines come online. The Zambales mine is fully operational, and we anticipate activating the Long Point mine in Palawan once the tree cutting permit is obtained. We are also studying a value-added processing plant in partnership with industry players to capture the downstream portion of the nickel value chain. In construction, DMCI is well-positioned to benefit from the government's infrastructure push, including major projects like the Metro Manila Subway and North-South Commuter Railway. The debt-free balance sheet gives us flexibility to pursue large-scale industrial and building projects as opportunities arise. DMCI Homes will continue to diversify geographically, expanding beyond Metro Manila into emerging cities and introducing unique leisure resort developments in Baguio and Laguna. We aim to serve both upscale and affordable segments while maintaining our mid-market quality positioning. For CHP, it is definitely on a turnaround phase. We are implementing operational improvements to optimize fuel use, logistics, distribution, and product quality. While short-term industry performance has been quirky, we view cement as a strategic growth platform that complements our utility, construction, and real estate businesses. Overall, our priorities include disciplined execution, cost control, and synergy maximization across the entire group. Despite external risks such as high operating costs and regulatory shifts, we believe our integrated approach and strong balance sheet position us to capture value in our group's entire business. All right. Thank you for that, Joseph, and for the rest of the DMCI team, Carla, Bryan, and also Hannah. Thank you again for joining us and being with us today in PSE STAR. I turn you over to Cami. Thank you. All right. Thank you for that. The DMCI team- That concludes the Q&A session. Okay. Start. Cathy? That concludes the Q&A session. Thank you to the DMCI team and Lex for that engaging discussion. Before we move on to our next company, we'll take a short five minute break. Take this time to refresh, stretch, or grab a quick coffee. We'll see you back here in just a few minutes.