Interim report
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- 2 - COVER SHEET C S 2 0 0 7 1 1 7 9 2 S.E.C. Registration Number G T C A P I T A L H O L D I N G S , I N C . A N D S U B S I D I A R I E S (Company's Full Name) G T T O W E R I N T E R N A T I O N A L , A Y A L A A V E N U E C O R N E R H . V . D E L A C O S T A S T R E E T , M A K A T I C I T Y (Business Address: No. Street/City/Province) Contact Person Company Telephone Number 2nd Wednesday in 1 7 - Q May of each year Month Day Month Day Fiscal Year Annual Meeting N A Secondary License Type, If Applicable SEC General Accountant & M S R D N A Dept. Requiring this Doc. Amended Articles Number/Section Total Amount of Borrowings Total No. of Stockholders Domestic Foreign ----------------------------------------------------------------------------------------------------------------------------------------- To be accomplished by SEC Personnel concerned. File Number LCU Document I.D. Cashier STAMPS 102 As of September 30, 2025 8836-4500GS Uy-Tioco, Jr. / RP Manon-og FORM/TYPE 1 2 3 1
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- 3 - SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-Q QUARTERLY REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17(2)(b) THEREUNDER 1. For the quarterly period ended: September 30, 2025 2. Commission identification number: CS200711792 3. BIR Tax Identification No.: 006-806-867 4. Exact name of issuer as specified in its charter: GT CAPITAL HOLDINGS, INC. 5. Province, country or other jurisdiction of incorporation or organization: Metro Manila, Philippines 6. Industry Classification Code: (SEC Use Only) 7. Address of issuer's principal office: 43/F GT Tower International, Ayala Avenue corner H.V. de la Costa Street, Makati City Postal Code: 1227 8. Issuer's telephone number, including area code: 632 8836-4500; Fax No: 632 8836-4159 9. Former name, former address and former fiscal year, if changed since last report: Not applicable 10. Securities registered pursuant to Sections 8 and 12 of the Code, or Sections 4 and 8 of the RSA a) Shares of Stock Title of Each Class Number of Shares of Outstanding Common Stock Common Stock -Php10.00 par value 215,284,587 shares Series B Perpetual Preferred Shares (GTPPB) 7,160,760 shares
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- 4 - 11. Are any or all of the securities listed on a Stock Exchange? Yes [ X ] No [] Type of Shares Stock Exchange Common Shares Philippine Stock Exchange GTPPB Philippine Stock Exchange The Corporation’s Voting Preferred Shares are not listed in any stock exchange. 12. Indicate by check mark whether the registrant: (a) has filed all reports required to be filed by Section 17 of the Code and SRC Rule 17 thereunder or Sections 11 of the RSA and RSA Rule 11(a) -1 thereunder, and Sections 26 and 141 of the Corporation Code of the Philippines, during the preceding twelve (12) months (or for such shorter period the registrant was required to file such reports). Yes [X] No [ ] (b) has been subject to such filing requirements for the past ninety (90) days. Yes [X] No [ ]
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- 5 - PART I--FINANCIAL INFORMATION Item 1. Financial Statements. Please see attached Interim Condensed Consolidated Financial Statements and General Notes to Interim Condensed Consolidated Financial Statements (Refer to Annex A) and Financial Soundnes s Indicators (Refer to Annex B). Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Consolidated Results of Operations- For the Nine Months Ended September 30, 2025 and September 30, 2024 GT CAPITAL CONSOLIDATED STATEMENTS OF INCOME UNAUDITED Nine Months Ended Increase (Decrease) (In millions, except for Percentage) 2025 2024 Amount Percentage REVENUE Automotive operations 228,582 205,699 22,883 11% Equity in net income of associates and joint ventures 20,924 18,941 1,983 10% Real estate sales and interest income on real estate sales 3,139 4,236 (1,097) (26%) Rent income 1,283 1,199 84 7% Interest income 942 868 74 9% Sale of goods and services 812 921 (109) (12%) Commission income 285 261 24 9% Other income 2,948 3,033 (85) (3%) 258,915 235,158 23,757 10% COST AND EXPENSES Cost of goods and services sold 161,782 144,991 16,791 12% Cost of goods manufactured 32,367 33,514 (1,147) (3%) General and administrative expenses 16,829 15,800 1,029 7% Interest expense 5,100 5,482 (382) (7%) Cost of real estate sales 1,727 1,824 (97) (5%) Cost of rental 641 673 (32) (5%) 218,446 202,284 16,162 8% INCOME BEFORE INCOME TAXES 40,469 32,874 7,595 23% PROVISION FOR INCOME TAX 5,647 4,527 1,120 25% NET INCOME 34,822 28,347 6,475 23% ATTRIBUTABLE TO: Equity holders of the parent company 26,035 21,718 4,317 20% Non-controlling interests 8,787 6,629 2,158 33% 34,822 28,347 6,475 23% Net income attributable to equity holders of the Parent Company grew by 20% from Php 21.72 billion for the nine months of 2024 to Php26.04 billion in the same period of 2025. The increase was principally due to the 10% growth in consolidated revenues with growth coming primarily from automotive operations (+11%), and equity in net income of associates and joint ventures (+10%). Core net income, likewise, grew by 21% from Php 21.40 billion for the nine months of 2024 to Php25.95 billion in the same period of 2025. Core net income for the nine months of 2025 amounted
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- 6 - to Php 25.95 billion, after deducting Php 0.23 billion representing GT Capital’s share in the non- recurring gains by Metro Pacific Investments Corporation (“MPIC”) , mostly from the sale of one of its investments, and adding back Php0.14 billion amortization of fair value adjustments arising from various business combinations. Core net income for the nine months of 2024 amounted to Php21.40 billion, after deducting the Php0.43 billion non -recurring gains earned by the Group mainly from the gain on remeasurement of previously held interest of MPIC in one of its associates, after gaining control resulting to its consolidation, and adding back Php0.11 billion amortization of fair value adjustments arising from various business combinations. The financial statements of Federal Land , Inc. (“Federal Land”) , Toyota Motor Philippines Corporation (“TMP”), and GT Capital Auto and Mobility Holdings, Inc. (“GTCAM”) are consolidated in the financial statements of the Group. The investments in other operating companies Metropolitan Bank and Trust Company (“Metrobank”), AXA Philippines Life and General Insurance Corporation (“AXA Philippines”), Toyota Financial Services Philippines Corporation (“TFSPC”), MPIC and Sumisho Motor Finance Corporation (“SMFC”) are reported through equity accounting. Of the eight (8) operating companies, TMP, GTCAM, Metrobank, MPIC and AXA Philippines posted growth in net income, while Federal Land, TFSPC and SMFC reported declines in their respective net income. Automotive operations comprising the sale of assembled and imported auto vehicles and spare parts grew by 11% from Php205.70 billion for the nine months of 2024 to Php228.58 billion in the same period of 202 5 due to a 4.0 % increase in wholesale volume from 162,326 units to 168,806 units. Retail sales volume, likewise, grew by 3.6% from 159,088 units to 164,797 units. Equity in net income of associates and joint ventures increased by 10% from Php 18.94 billion for the nine months of 202 4 to Php 20.92 billion in the same period of 202 5 primarily due to the following: 1. Metrobank’s net income grew from Php35.73 billion to Php37.28 billion driven by sustained loan growth, improving margin trend, healthy trading income alongside well managed cost growth; and 2. MPIC’s core net income increased from Php 20.79 billion to Php 23.60 billion due to the strong results from the core businesses of its operating companies. Real estate sales and interest income from real estate sales declined by Php1.10 billion from Php4.24 billion to Php3.14 billion reflecting the impact of lot sales realized by Federal Land in 2024. Rent income grew by 7% from Php1.20 billion to Php1.28 billion mainly due to higher occupancy in Federal Land’s retail properties. Interest income grew by 9% from Php0. 87 billion to Php0. 94 billion due to higher short -term investments and higher placement rates. Sale of goods and services dropped from Php0.92 billion to Php0.81 billion mainly due to lower sales volume from the fuel business. Commission income rose by 9% from Php0.26 billion for the nine months of 2024 to Php0.29 billion in the same period of 2025 due to higher reservation sales of Federal Land’s joint venture projects.
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- 7 - Consolidated costs and expenses increased by 8% from Php202.28 billion for the nine months of 2024 to Php 218.45 billion in the same period of 202 5. TMP contributed Php 177.60 billion comprising cost of goods sold for manufacturing and trading activities, general and administrative expenses and interest expenses. GTCAM contributed Php 29.78 billion consisting of cost of goods and services sold, general and administrative expenses and interest expenses. Federal Land contributed Php7.69 billion consisting of cost of real estate sales, cost of goods and services sold, general and administrative expenses, cost of rental and interest expenses. GT Capital Parent Company accounted for Php3.38 billion consisting of cost of rental, interest expense and general and administrative expenses. Cost of goods and services sold grew by 12% from Php 144.99 billion to Ph p161.78 billion in line with the increase in auto sales. General and administrative expenses increased by 7% or Php1.03 billion, mainly from higher delivery and handling and promotional expenses related to the increase in retail auto sales. Interest expense declined by 7% or Php0. 38 billion primarily due to the Parent Company’s settlement of long-term debt which matured in March 2025. Cost of real estate sales declined by 5% from Php1.82 billion to Php1.73 billion primarily due to the absence of lot sales by Federal Land this year. Cost of rental declined by 5% due to lower operating expenses in the leasing business , particularly depreciation expenses, utilities and repairs and maintenance. Provision for income tax increased by 25% from Php 4.53 billion to Php 5.65 billion due to higher taxable income of the Group. Net income attributable to non -controlling interest increased by Php 2.16 billion from Php 6.63 billion to Php8.79 billion due to a higher net income of subsidiaries which are not wholly owned.
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- 8 - Consolidated Results of Operations- For the Quarters Ended September 30, 2025 and September 30, 2024 GT CAPITAL CONSOLIDATED STATEMENTS OF INCOME UNAUDITED July to September Increase (Decrease) (In millions, except for Percentage) 2025 2024 Amount Percentage REVENUE Automotive operations 73,044 74,059 (1,015) (1%) Equity in net income of associates and joint ventures 6,925 6,900 25 0% Real estate sales and interest income on real estate sales 575 1,305 (730) (56%) Rent income 457 432 25 6% Interest income 341 370 (29) (8%) Sale of goods and services 246 297 (51) (17%) Commission income 63 83 (20) (24%) Other income 825 960 (135) (14%) 82,476 84,406 (1,930) (2%) COST AND EXPENSES Cost of goods and services sold 50,901 51,660 (759) (1%) Cost of goods manufactured 12,151 12,400 (249) (2%) General and administrative expenses 5,854 5,805 49 1% Interest expense 1,672 1,834 (162) (9%) Cost of real estate sales 363 513 (150) (29%) Cost of rental 212 205 7 3% 71,153 72,417 (1,264) (2%) INCOME BEFORE INCOME TAXES 11,323 11,989 (666) (6%) PROVISION FOR INCOME TAX 1,437 1,562 (125) (8%) NET INCOME 9,886 10,427 (541) (5%) ATTRIBUTABLE TO: Equity holders of the parent company 7,612 7,936 (324) (4%) Non-controlling interests 2,274 2,491 (217) (9%) 9,886 10,427 (541) (5%) Net income attributable to equity holders of the Parent Company dropped by 4% billion from Php7.94 billion in the third quarter of 202 4 to Php 7.61 billion in the third quarter of 202 5. The decline was principally due to a 2% decrease in the consolidated revenues mainly attributable to automotive operations (-Php1.02b), and real estate sales and interest income on real estate sales (-Php0.73b) Core net income increased by 4% from Php7.55 billion in the third quarter of 2024 to Php7.83 billion in the third quarter of 202 5. Core net income in the third quarter of 202 5 amounted to Php 7.83 billion, after adding back the Php0.17 billion share in non-recurring expenses of MPIC and Php0.05 billion amortization of fair value adjustments arising from various business combinations. Core net income in the third quarter of 2024 amounted to Php7.55 billion, after deducting the Php0.43 billion share in non-recurring gains earned by the Group in Q3 2024 mainly from the non-recurring income of MPIC from the gain on remeasurement on previously held interest in one of its associates, after gaining control resulting to its consolidation, and adding back the Php0.04 billion amortization of fair value adjustments arising from various business combinations.
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- 9 - Real estate sales and interest income from real estate sales declined by Php0.73 billion from Php1.31 billion to Php0.58 billion due to lower POC growth and revenue booked by Federal Land. Rent income grew by 6% or Php0.03 billion relative to new lease contracts this year. Interest income declined by 8% due to lower level of money market placements and lower placement rates in the third quarter of 2025 versus the same period in 2024. Sale of goods and services declined by Php0. 05 billion due to lower sales volume from the fuel business in the third quarter of 2025 versus the same period last year. Commission income dropped by Php0.02 billion due to lower reservation sales of Federal Land’s joint venture projects during the quarter. Other income decreased by Php0.13 billion from Php0.96 billion to Php0.83 billion with: (1) Federal Land contributing Php 0.31 billion comprising real estate forfeitures, management fees and other income; (2) TMP contributing Php 0.26 billion consisting of ancillary income, gain on sale of fixed assets and other income; (3) GTCAM accounted for the balance of Php 0.26 billion consisting of ancillary income on financing and insurance commissions, and other income. Consolidated costs and expenses declined by 2% from Php72.42 billion in the third quarter of 2024 to Php71.15 billion in the third quarter of 2025. TMP contributed Php58.11 billion comprising cost of goods sold for manufacturing and trading activities, general and administrative expenses and interest expenses. GTCAM contributed Php9.63 billion consisting of cost of goods and services sold, general and administrative expenses and interest expenses. Federal Land contributed Php 2.36 billion consisting of cost of real estate sales, cost of goods and services sold, general and administrative expenses, cost of rental and interest expenses. GT Capital Parent Company accounted for Php1.05 billion consisting of cost of rental, interest expenses and general and administrative expenses. Interest expense declined by 9% or Php0.16 billion attributable to the maturity of long-term debts in Q3 2024 and Q1 2025. Cost of real estate sales declined by 29% or Php0.15 billion in relation to lower level of real estate sales. Provision for income tax declined by Php0.12 billion from Php 1.56 billion in the third quarter of 2024 to Php1.44 billion in the same period of 2025 due to the lower taxable income reported in the third quarter of 2025. Net income attributable to non-controlling interest declined by Php0.22 billion from Php2.49 billion to Php2.27 billion due to a lower net income of subsidiaries which are not wholly owned.
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- 10 - Consolidated Statements of Financial Position - As of September 30, 2025 and As of December 31, 2024 GT CAPITAL CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Unaudited Audited Increase (Decrease) (In Million Pesos, Except for Percentage) September 2025 December 2024 Amount Percentage ASSETS Current Assets Cash and cash equivalents 20,499 25,341 (4,842) (19%) Short-term investments 6,509 – 6,509 100% Financial assets at fair value through profit or loss 128 910 (782) (86%) Receivables 23,910 28,185 (4,275) (15%) Contract assets 5,008 4,685 323 7% Inventories 85,724 77,211 8,513 11% Due from related parties 253 264 (11) (4%) Prepayments and other current assets 12,640 11,785 855 7% 154,671 148,381 6,290 4% Noncurrent Assets Financial assets at fair value through other comprehensive income 19,942 20,097 (155) (1%) Receivables – net of current portion 1,433 1,433 – 0% Contract asset – net of current portion 5,504 5,185 319 6% Investment properties 22,305 22,459 (154) (1%) Investments in associates and joint ventures 271,240 248,618 22,622 9% Property and equipment 15,856 16,139 (283) (2%) Goodwill and intangible assets 10,066 10,093 (27) (0%) Deferred tax assets 1,393 1,288 105 8% Other noncurrent assets 942 395 547 138% 348,681 325,707 22,974 7% TOTAL ASSETS 503,352 474,088 29,264 6% LIABILITIES AND EQUITY Current Liabilities Accounts and other payables 55,809 49,837 5,972 12% Contract liabilities – current portion 3,267 2,950 317 11% Short-term debt 41,094 29,911 11,183 37% Current portion of long-term debt 6,659 17,454 (10,795) (62%) Current portion of liabilities on purchased properties 848 1,001 (153) (15%) Customers’ deposits 1,496 1,594 (98) (6%) Dividends payable 5,857 365 5,492 1,505% Due to related parties 587 439 148 34% Income tax payable 769 1,140 (371) (33%) Other current liabilities 1,130 2,436 (1,306) (54%) 117,516 107,127 10,389 10% Noncurrent Liabilities Long term debt – net of current portion 69,357 76,869 (7,512) (10%) Pension liabilities 1,887 2,096 (209) (10%) Deferred tax liabilities 4,814 5,015 (201) (4%) Other noncurrent liabilities 2,867 3,131 (264) (8%) 78,925 87,111 (8,186) (9%) TOTAL LIABILITIES 196,441 194,238 2,203 1% (Forward)
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- 11 - GT CAPITAL CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Unaudited Audited Increase (Decrease) (In Million Pesos, Except for Percentage) September 2025 December 2024 Amount Percentage Equity attributable to equity holders of Parent Company Capital stock 3,370 3,370 − 0% Additional paid-in capital 94,472 94,472 − 0% Treasury shares (484) (484) − 0% Retained earnings Unappropriated 185,646 161,334 24,312 15% Appropriated 400 400 − 0% Other comprehensive income 3,031 1,103 1,928 175% Other equity adjustments 2,322 2,322 − 0% 288,757 262,517 26,240 10% Non-controlling interests 18,154 17,333 821 5% TOTAL EQUITY 306,911 279,850 27,061 10% TOTAL LIABILITIES AND EQUITY 503,352 474,088 29,264 6% The major changes in GT Capital’s consolidated balance sheet from December 31, 2024 to September 30, 2025 are as follows: Consolidated assets grew by Php29.26 billion from Php474.09 billion as of December 31, 2024 to Php503.35 billion as of September 30, 2025. Total liabilities increased by Php 2.20 billion from Php194.24 billion to Php1 96.44 billion while total equity increased by Php 27.06 billion from Php279.85 billion to Php306.91 billion. ASSETS Cash and cash equivalents amounted to Php 20.50 billion as of September 30, 2025 consisting of cash and money market placements with less than 90-day terms. Short-term investments amounting to Php 6.51 billion pertains to time deposit placements with maturities of more than 90 days but less than 1 year. Financial assets at fair value through profit or loss declined from Php0.91 billion to Php0.13 due to Parent Company’s partial withdrawals of its Unit Investment Trust Fund (UITF) investments to partially fund the payment of long-term debt upon its maturity. Current portion of receivables declined by Php4.28 billion from Php28.19 billion to Php23.91 billion mostly due TMP’s collection of trade receivables from dealers. Current portion of contract assets increased by 7% from Php4.69 billion to P hp5.01 billion attributable to higher percentage of completion (POC) over the contractual right to an amount collectible from Federal Land’s unit buyers. Inventories increased by Php8.5 billion from Php77.21 billion to Php85.7 2 billion due to higher inventory levels of TMP and auto dealers. Prepayments and other current assets increased by 7% from Php11.79 billion to Php12.64 billion due to higher ad valorem tax deposits and various prepayments.
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- 12 - Noncurrent portion of contract assets increased by 6% from Php5.19 billion to Php5.50 billion attributable to higher POC over the contractual right to an amount collectible from Federal Land’s unit buyers, settlement of which is expected to occur beyond one year. Investments in associates and joint ventures increased by 9% from Php248.62 billion to Php271.24 consisting of equity share in net income and other comprehensive income amounting to Php20. 92 billion and Php2. 32 billion, respectively , and Php 9.07 billion additional investments, offset by Php9.67 billion dividends received. Deferred tax assets increased by Php0.11 billion arising mainly from TMP’s deferred tax on accruals and temporary differences and elimination of intercompany transactions. Other noncurrent assets rose from Php0.40 billion to Php0.94 billion due to higher rental deposits, utilities, guarantee, and construction bonds. LIABILITIES Accounts and other payables increas ed by 12% from Php49.84 billion to Php55.81 billion mostly coming from the trade payables of TMP and GTCAM. Contract liabilities increased by 11% from Php2.95 billion to Php3.27 billion attributable to lower POC over the contractual right to an amount collectible from Federal Land’s unit buyers. Short-term debt increased by Php11.18 billion from Php29.91 billion to Php41.09 billion comprising of Php49.76 billion loan availments, offset by Php38.58 billion payments. Current portion of long -term debt declined by 6 2% from Php17.45 billion to Ph p6.66 billion primarily due to Parent Company’s settlement of Php12.93 billion in long-term debt which matured in March 2025. Current portion of liabilities on purchased properties decreased due to scheduled payment. Customer’s deposits declined by 6% from Php1.59 billion to Php1. 50 billion with TMP and GTCAM accounting for Php0.91 billion and Php0.59 billion, respectively. Dividends payable increased by Php 5.49 billion mainly due to dividends payable to other shareholders of TMP. Due to related parties rose by Php0.15 billion attributable to an increase in Federal Land’s payable to its related parties. Income tax payable declined by Php0.37 billion from Php1.14 billion to Php0.77 billion attributable to lower taxable income reported by the Group in the third quarter of 2025 than the last quarter of 2024. Other current liabilities dropped by 54% from Php2.44 billion to Php 1.13 billion primarily due to withholding taxes and VAT remittances.
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- 13 - Non-current portion of long -term debt declined by Php7.5 1 billion from Php76.87 billion to Php69.36 billion due to the Group’s reclassification to current portion. Pension liabilities declined by 10% due to TMP’s contributions to its retirement fund this year. Other noncurrent liabilities declined by Php0.26 billion from Php3.13 billion to Php2.87 billion mostly from decline in the Group’s various long-term accruals EQUITY Unappropriated retained earnings increased by 15% from Php161.33 billion to Php1 85.65 billion arising from the Php 26.04 billion consolidated net income attributable to the Parent Company earned for the nine months of 2025, net of Php1.72 billion cash dividends declared. Other comprehensive income increased by Php1. 93 billion from Php1.10 billion to Php3.03 billion due to the mark-to-market gains on financial assets measured at FVOCI. Non-controlling interests increased by Php0.82 billion from Php17.33 billion to Php18.15 billion arising from the Php8.79 billion share in net income of subsidiaries which are not wholly owned, offset by the Php7.98 billion dividend of non-controlling shareholders. Key Performance Indicators of the Company and its operating companies In Million Pesos, except for percentages Income Statement September 30, 2025 (Unaudited) September 30, 2024 (Unaudited) Total Revenues 258,915 235,158 Net Income attributable to Equity Holders of GT Capital Holdings 26,035 21,718 Balance Sheet September 30, 2025 (Unaudited) December 31, 2024 (Audited) Total Assets 503,352 474,088 Total Liabilities 196,441 194,238 Equity attributable to GT Capital Holdings, Inc. 288,757 262,517 Return on Equity * 11.80% 11.83% * Core net income attributable to GT Capital’s common stockholders divided by the average equity; where average equity is the sum of equity attributable to GT Capital’s common stockholders at the beginning and end of the period/year divided by 2. December 31, 2024 is full year while September 30, 2025 is annualized.
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- 14 - Automobile Assembly and Importation and Dealership and Financing Toyota Motor Philippines (TMP) In Million Pesos, except for percentages and ratios 9M 2025 9M 2024 Inc (Dec) % Sales 199,636.4 178,940.1 20,696.3 11.6 Gross Profit 32,576.7 25,499.4 7,077.3 27.8 Operating Profit 21,404.8 15,751.4 5,653.4 35.9 Net income attributable to Parent 16,791.8 12,159.9 4,632.0 38.1 9M 2025 FY 2024 Inc (Dec) % Total Assets 84,787.1 71,993.5 12,793.6 17.8 Total Liabilities 59,664.3 48,528.6 11,135.7 22.9 Total Equity 25,122.8 23,464.8 1,658.0 7.1 Total Liabilities to Equity ratio1 2.4x 2.1x 0.3x Notes: 1. Total Liabilities to Equity ratio is a measure of the company’s financial leverage which is calculated by dividing total liabilities by total equity 2. Based on CAMPI Market Data as of September 30, 2025 TMP’s consolidated sales increased from Php178.9 billion in the first nine months of 2024 to Php199.6 billion in the same period of 2025, driven by the 4.0% increase in wholesale volume from 162,326 to 168,806 units. TMP’s retail sales volume likewise grew by 3.6% from 159,088 to 164,797 units, faster than the industry retail sales volume which shrunk by 0.4% from 345,772 to 344,552 units2. As a result, TMP’s market share improved by 1.8% from 46.0% as of the first nine months of 2024 to 47.8% as of the same period in 2025. Consolidated sales was primarily driven by the strong retail sales, particularly the Vios , Hilux, and Avanza. TMP also benefited from greater demand for electrified mobility and the new models introduced in 2024, namely the Corolla Cross HEV, Land Cruiser Prado, Lexus LBX, Lexus GX, a refreshed Camry, and the Next Generation Tamaraw. There was also an increase in supply of Japan- Sourced Vehicles in the first half of the year, specifically the Alphard, Land Cruiser Prado, LC300, and Hiace. Gross profit margin improved by 2.0% from 14.3% in the first nine months of 2024 to 16.3% in the same period of 2025 mainly due to the favorable models mix and strong Philippine peso vs. the US dollar in the first half of the year. This was further supported by strong performance from the spare parts and services businesses. The improvement in gross profit margin was softened by higher promotional expenses, advertising expenses, and warranty claims. As a result, TMP attained an operating profit margin of 10 .7% as of the first nine months of 2025, higher by 1.9% from 8.8% in the same period of 2024. Consolidated net income attributable to equity holders reached Php16.8 billion in the first nine months of 2025, higher by 38.1% compared to Php12.2 billion recorded in the same period of the previous year on account of the stronger sales performance, favo rable models mix, and the favorable impact of foreign exchange differential from the weaker US dollar in the first half of 2025.
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- 15 - As of September 30, 2025, TMP directly owns six (6) dealer outlets namely Toyota Makati with one (1) branch – Toyota Bicutan; Toyota San Fernando in Pampanga with two (2) branches – Toyota Plaridel, Bulacan and Toyota Tarlac; and Lexus Manila, situated in Bonifacio Global City, Taguig. GT Capital Auto and Mobility Holdings, Inc. (GTCAM) In Million Pesos, except for percentages 9M 2025 9M 2024 Inc (Dec) % Net Sales 29,930.2 27,102.5 2,827.7 10.4 Gross Profit 2,726.5 2,500.1 226.3 9.1 Net income attributable to Parent 410.0 360.9 49.1 13.6 9M 2025 FY 2024 Inc (Dec) % Total Assets 16,137.1 16,030.0 107.1 0.7 Total Liabilities 6,550.9 6,935.9 (385.0) (5.6) Total Equity 9,586.2 9,094.1 492.1 5.4 GTCAM currently owns three (3) dealer outlets namely Toyota Manila Bay with four (4) branches – Toyota Abad Santos, Toyota Cubao and Toyota Marikina, all situated within Metro Manila, and Toyota Dasmariñas in Cavite; Toyota Santa Rosa in Laguna; and Toyota Subic situated in the Subic Bay Freeport Zone, Zambales. GTCAM also holds majority ownership in GT Mobility Ventures, Inc., which holds investments in JBA Philippines, Inc. and Premium Warranty Services Philippines, Inc. Consolidated sales increased by 10.4% from Php27.1 billion for the first nine months of 2024 to Php29.9 billion in the same period of 2025. The increase was mainly driven by the growth in units serviced from 156,900 units for the first nine months of 2024 to 166,721 units in 2025 or 6.3%. Retail sales volume also grew by 1.9% to 20,546 units in the first nine months of 2025 vs. 20,16 3 units in the same period of 2024. The slow increase in sales volume across all dealer groups was due to seasonality and inclement weather in the third quarter which effectively reduced the number of selling days available in July and August. GTCAM’s conso lidated penetration rate, or its share in the total sales of Toyota nationwide, stood at 12.5% in the first nine months of 2025 compared with 12.7% in the first nine months of 2024. GTCAM’s consolidated net income attributable to equity holders reached Php410.0 million, which grew by 13.6% from Php360.9 million in the previous year mainly due to the increase in new car sales, aftersales business, higher insurance and financing income, and managed operating expenses.
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- 16 - Toyota Financial Services Philippines Corporation (TFSPC) In Million Pesos, except for percentages 9M 2025 9M 2024 Inc (Dec) % Gross Interest Income 12,308.5 11,122.0 1,186.6 10.7 Net Interest Income 5,336.2 5,088.8 247.4 4.9 Net Income 1,038.4 1,272.9 (234.4) (18.4) 9M 2025 9M 2024 Inc (Dec) % Total Assets 169,793.2 160,422.9 9,370.3 5.8 Total Equity 20,849.4 19,150.6 1,698.8 8.9 Finance Receivable 161,278.5 151,601.8 9,676.8 6.4 TFSPC recorded a 10.7% growth in gross interest income from Php11.1 billion to Php12.3 billion for the first nine months of 2025, as finance receivables increased by 6.4% from Php151.6 billion in the first nine months of 2024 to Php161.3 billion in the same period of 2025. The year-on-year increase in loans receivables was a result of the cumulative high growth in bookings during the pandemic. Booking volume, however, declined year-on-year by 8.6% from 52,396 units in the first nine months of 2024 to 47,896 units in the same period this year. This resulted in a lower penetration rate from 32.9% to 29.1% in the first nine months of 2025. TFSPC generated a net income of Php1.0 billion, lower by 18.4% year -on-year due to the higher losses on ROPA, cushioned by the higher net interest income and service fees and lower provisions for credit losses. Sumisho Motor Finance Corporation (SMFC) In Million Pesos, except for percentages 9M 2025 9M 2024 Inc (Dec) % Gross Interest Income 1,193.9 1,312.9 (119.0) (9.1) Net Interest Income 1,096.5 1,168.0 (71.5) (6.1) Net Income 88.7 174.7 (86.0) (49.2) 9M 2025 FY 2024 Inc (Dec) % Total Assets 6,366.6 6,314.4 52.2 0.8 Total Equity 3,000.8 3,038.8 (37.9) (1.2) Finance Receivable 6,205.4 5,961.3 244.1 4.1 SMFC recorded a 9.1% decrease in gross interest income from Php1,312.9 million to Php1,193.9 million. This decline arose from lower accruing accounts compared to the same period of last year, despite the slight recovery in finance receivables as of the first nine months of 2025. Finance receivables grew by 4.1% from Php 5.96 billion as of December 2024 to Php6. 21 billion as of September 2025. Bookings increased by 28.8% to 32,766 units for the first nine months of 2025 from 25,449 units in the same period of last year.
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- 17 - Overall, SMFC net income decreased by 49.2% compared to the first nine months of 2024 from Php174.7 million to Php88.7 million mainly due to lower topline partially offset by lower provisions and managed operating expenses year-on-year. Property Development Federal Land Inc. In Million Pesos, except for percentages and ratios 9M 2025 9M 2024 Inc (Dec) % Real estate sales 3,124.9 5,324.5 (2,199.7) (41.3) Revenues 7,560.2 9,543.7 (1,983.5) (20.8) Net income attributable to equity holders of the parent 152.1 652.1 (500.0) (76.7) 9M 2025 FY 2024 Inc (Dec) % Total assets 129,123.1 126,092.2 3,031.0 2.4 Total liabilities 70,040.3 67,180.8 2,859.4 4.3 Total equity attributable to equity holders of the parent 58,820.2 58,668.1 152.1 0.3 Current ratio1 1.0x 1.0x Debt to equity ratio2 0.8x 0.8x Notes: (1) Current ratio is the ratio of total current assets divided by total current liabilities. (2) Debt to equity ratio is the ratio of total loans divided by total equity attributable to equity holders of the parent company Federal Land’s reservation sales increased by 6% to Php12.6 billion in the first nine months of 2025 driven by strong reception of the company’s horizontal developments, namely Yume in Cavite and Hartwood in Laguna, as well as the sale of the first commercial block in Riverpark North. Real estate sales decreased to Php3.1 billion for the first nine months of 2025, 41.3% lower year-on-year in the absence of lot sales booked in the same period of 2024 amounting to Php1.4 billion. Without the impact of the pr ior year’s lot sales, real estate sales declined by 19.9% due to lower revenue recognition from percentage of completion as condominiums under construction approach turnover. Equity earnings in joint ventures improved, due to higher revenues recognized by The Seasons Residences and Grand Hyatt Hotel. Total revenues ended at Php7.6 billion for the first nine months of 2025, 20.8% lower compared to the same period of last year. Net income attributable to equity holders declined by 76.7% to Php152.1 million for the first nine months of 2025 due to lower real estate revenue. Total assets of Federal Land ended at Php129.1 billion as of the first nine months of 2025 from Php126.1 billion as of the end of 2024, on higher receivables and increase in income from associates and joint ventures.
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- 18 - Banking Metrobank In Billion Pesos, except for percentages and ratios 9M2025 9M2024 Inc (Dec) % Net income attributable to equity holders 37.3 35.7 1.5 4.3 Net interest margin on average earning assets 3.7% 3.9% (0.2) Operating efficiency ratio 49.8% 52.2% (2.4) Return on average assets 1.4% 1.5% (0.1) Return on average equity 12.5% 12.9% (0.4) 9M2025 FY 2024 Inc (Dec) % Total assets 3,633.0 3,520.4 112.6 3.2 Total liabilities 3,213.9 3,124.0 89.9 2.9 Equity attributable to equity holders of the parent company 407.6 385.5 22.1 5.7 Tier 1 capital adequacy ratio 16.3% 15.9% 0.4 Total capital adequacy ratio 17.0% 16.7% 0.3 Non-performing loans ratio 1.7% 1.4% 0.3 Non-performing loans coverage ratio 147.4% 163.5% (16.1) Notes: 1. Operating efficiency ratio is the ratio of total operating expenses (excluding provisions for credit and impairment loss and income tax) to total operating income (excluding share in net income of associates and joint venture). 2. Return on average asset is the net income attributable to equity holders of the parent company divided by the average total assets 3. Return on average equity is the net income attributable to equity holders of the parent company divided by the average total equity attributable to equity holders of the parent company 4. Capital adequacy ratios as of September 30, 2025 and December 31, 2024 were computed based on Basel III standards. 5. Non-performing loans ratio is the ratio of net non-performing loans divided by total loans – excluding interbank loans. 6. Non-performing loans coverage ratio is the ratio of the total allowance for probable losses on loans divided by gross non-performing loans Metrobank net income attributable to equity holders grew by 4.3% from Php35.7 billion in the first nine months of 2024 to Php37.3 billion in the same period of 2025. This was primarily due to increases in interest income on loans and receivables offset by lower inte rest income on deposit with banks and on investment securities. Net interest income grew by 7.1% from Php85.7 billion in the first nine months of 2024 to Php91.8 billion in the same period of 2025, accounting for approximately 78% of total operating income. Net loans and receivables increased by Php45.6 billion in the first nine months of 2025 from
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- 19 - December 31, 2024 driven by the growth in corporate and consumer (auto loans, mortgage and credit card) portfolios. On the other hand, total deposits declined by 4.5% to Php2.5 trillion as of the first nine months of 2025, primarily due to the lower level of time deposits. CASA ratio stood at 60.1% of total deposits in the first nine months of 2025 compared with 57.8% as of December 31, 2024. Other operating income increased by 5.3% from Php24.1 billion in the first nine months of 2024 to Php25.4 billion in 2025 on account of the Php1.0 billion increase in net trading, securities and foreign exchange gain, 4% growth in fee-based income and reduced by the Php0.2 billion decrease in miscellaneous income primarily driven by the lower income realized from the sale of ROPA . Total assets increased by 3.2% from Php3.52 trillion as of December 31, 2024 to Php3.63 trillion as of September 30, 2025 primarily due to the growth in net loans and receivables across all segments, investment securities, investments in associates and joi nt ventures, and property & equipment partially offset by the decreases in cash, due from BSP & due from other banks, deferred tax assets and interbank loans receivable and SPURA. Total liabilities, grew by 2.9% from Php3.12 trillion as of December 31, 2024 to Php3.21 trillion as of September 30, 2025 due mainly to increases in bills payable and securities sold under repurchase agreements, derivative liabilities and bonds payable pa rtially offset by decreases in deposit liabilities, manager’s checks and demand drafts outstanding, income taxes payable, and accrued interest and other expenses. Equity attributable to equity holders of the parent company increased by Php22.1 billion to Php407.6 billion as of September 30, 2025, primarily due to the Php37.3 billion net income reported during the period and lower net unrealized loss on FVOCI investments, partially offset by the Php22.5 billion total cash dividend declared by the company. Insurance AXA Philippines Life and General Insurance Corporation (AXA Philippines) In Million Pesos, except for percentages and ratios 9M 2025 9M 2024 Inc (Dec) % Gross Premiums 27,064.7 22,587.8 4,476.9 19.8 Net income after tax 2,092.0 2,020.5 71.5 3.5 9M 2025 FY 2024 Inc (Dec) % Total Assets 193,962.7 186,032.5 7,930.2 4.3 Total Liabilities 175,908.0 170,159.8 5,748.2 3.4 Total Equity 18,054.6 15,872.7 2,182.0 13.7 Solvency Ratio1 385% 296% Notes: 1. Solvency ratio is calculated as the insurance company’s net worth divided by the Risk -based Capital (RBC) requirement of the Insurance Commission based on Memorandum Circular (IMC) No. 6 -2006. Net worth shall include the company’s paid-up capital, contributed and contingency surplus, and unassigned surplus.
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- 20 - New business from life insurance expressed in Annualized Premium Equivalent increased by 22.7% from Php3.3 billion in the first nine months of 2024 to Php4.0 billion in the same period of 2025, carried by the strong performance of Regular Premium – Endowment product, AXA Secure Future, Single Premium and Group Insurance. Premium revenue increased to Php27.1 billion in the first nine months of 2025, 19.8% higher year - on-year. The reported premium revenue mix of life insurance changed to 45%/55% (Single Premium vs. Regular Premium) in the first nine months of 2025 from 39%/6 1% in the same period of 2024. By distribution platform, sales agency, bancassurance, and other channels accounted for 40%, 52% and 8% of Annualized Premium Equivalent, respectively. Non-life insurance reported Php3.2 billion in gross written premiums in the first nine months of 2025, higher by 25.3% compared to the same period last year. Such was driven by non -motor policies which grew 26.6%. Motor posted 24.2% growth year -on-year and remain as the biggest contributor to the company’s portfolio at 53.8%. Overall, net income increased by 3.5% to Php2.1 billion in the first nine months of 2025, on account of higher premium margin from the life segment and the turnaround in general insurance. Infrastructure and Utilities Metro Pacific Investments Corporation (MPIC) In Million Pesos, except for percentages 9M 2025 9M 2024 Inc (Dec) % Core net income 23,601 20,793 2,808 13.5 Net income attributable to equity holders 24,768 23,133 1,635 7.1 9M 2025 FY 2024 Inc (Dec) % Total assets 829,927 808,781 21,146 2.6 Total liabilities 514,185 501,478 12,707 2.5 Total equity attributable to owners of Parent Company 255,669 250,599 5,070 2.0 MPIC’s share in the consolidated operating core income increased by 12% from Php24.3 billion in the first nine months of 2024 to Php27.2 billion in the same period of 2025 driven by the following: ● Higher energy sales and improved performance of power generation companies; Meralco’s core net income contribution was Php17.6 billion, up 15% year-on-year; ● Higher traffic on toll roads and toll rate increases offset by higher interest expense; Core net income contribution of Metro Pacific Tollways Corporation (MPTC) to MPIC was Php4.4 billion, 12% lower year-on-year; ● Higher net income contribution from Maynilad , mainly from higher tariffs implemented in January 2025.
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- 21 - ● Higher losses from Light Rail Manila to Php436 million despite higher average daily ridership, due to additional amortization on concession assets related to the 5 new LRT stations inaugurated in November 2024 Reported net income attributable to equity holders is higher by 7% from Php23.1 billion in the first nine months of 2024 to Php24.8 billion in the same period of 2025 due to the gain on sale of Philippine Coastal Storage & Pipeline Corporation, offset by the gain due to the consolidation of Costa De Madera in 2024. Excluding non-recurring income and expenses, MPIC reported a core net income of Php23.6 billion in the first nine months of 2025 from Php20.8 billion, up 13.5% year- on-year.
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- 22 - Except for (ii), (iv) and (vii), the Company does not know of: (i) Any known trends or any known demands, commitments, events, uncertainties that will result or that are reasonably likely in the Company’s liquidity increasing or decreasing in any material way; (ii) Any events that would trigger direct or contingent financial obligation (including contingent obligation) that is material to the Company, including any default or acceleration of an obligation except those disclosed in the note 13 of the interim condensed consolidated financial statements; (iii) Any material off balance sheet transactions, arrangements, obligations (including contingent obligations) and other relationships of the Company with unconsolidated entities or other persons created during the reporting period; (iv) Any material commitments for capital expenditures, their purpose and sources of funds for such expenditures, except those discussed in the 2024 17A; (v) Any known trends, events or uncertainties that have had or are reasonably expected to have a material favorable or unfavorable impact on net sales or revenues or income from continuing operations; (vi) Any significant elements of income or loss that did not arise from the Company’s continuing operations; (vii) The causes of any material change from period to period including vertical and horizontal analysis of any material item, the causes of material changes are discussed in the Item 2, Management’s Discussion & Analysis of Financial Condition and Results of operations under Part I - Financial Information ; and (viii) Any seasonal aspects that had a material effect on financial condition or results of operation of the Company
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- 23 - GT CAPITAL HOLDINGS, INC. AGING OF ACCOUNTS RECEIVABLE AS OF September 30, 2025 Number of Days Amount (In millions) Current Php20,165 Less than 30 days 1,041 30 days to 60 days 629 61 days to 90 days 576 91 days to 120 days 308 Over 120 days 1,198 Impaired 512 Noncurrent receivables 1,433 Total Php25,862 PART II – OTHER INFORMATION I. Board Resolutions There is no material disclosure that have not been reported under SEC Form 17 -C during the period covered by this report.
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- 1 - GT Capital Holdings, Inc. and Subsidiaries Interim Condensed Consolidated Financial Statements As of September 30, 2025 (Unaudited) and December 31, 2024 (Audited) and for the nine-month periods ended September 30, 2025 and 2024 (Unaudited) ANNEX A
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- 2 - GT CAPITAL HOLDINGS, INC. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (In Millions) Unaudited Audited September 30, 2025 December 31, 2024 ASSETS Current Assets Cash and cash equivalents P=20,499 P=25,341 Short-term investments 6,509 – Financial assets at fair value through profit or loss (FVTPL) 128 910 Receivables 23,910 28,185 Contract assets 5,008 4,685 Inventories 85,724 77,211 Due from related parties 253 264 Prepayments and other current assets 12,640 11,785 Total Current Assets 154,671 148,381 Noncurrent Assets Financial assets at fair value through other comprehensive income (FVOCI) 19,942 20,097 Receivables, net of current portion 1,433 1,433 Contract assets – net of current portion 5,504 5,185 Investment properties 22,305 22,459 Investments in associates and joint ventures 271,240 248,618 Property and equipment 15,856 16,139 Goodwill and intangible assets 10,066 10,093 Deferred tax assets 1,393 1,288 Other noncurrent assets 942 395 Total Noncurrent Assets 348,681 325,707 P=503,352 P=474,088 LIABILITIES AND EQUITY Current Liabilities Accounts and other payables P=55,809 P=49,837 Contract liabilities 3,267 2,950 Short term debt 41,094 29,911 Current portion of long-term debt 6,659 17,454 Current portion of liabilities on purchased properties 848 1,001 Customers’ deposits 1,496 1,594 Dividends payable 5,857 365 Due to related parties 587 439 Income tax payable 769 1,140 Other current liabilities 1,130 2,436 Total Current Liabilities 117,516 107,127 Noncurrent Liabilities Long-term debt – net of current portion 69,357 76,869 Pension liabilities 1,887 2,096 Deferred tax liabilities 4,814 5,015 Other noncurrent liabilities 2,867 3,131 Total Noncurrent Liabilities 78,925 87,111 196,441 194,238 (forward)
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- 3 - Unaudited Audited September 30, 2025 December 31, 2024 EQUITY Equity attributable to equity holders of the Parent Company Capital stock P=3,370 P=3,370 Additional paid-in capital 94,472 94,472 Treasury shares (484) (484) Retained earnings Unappropriated 185,646 161,334 Appropriated 400 400 Other comprehensive income 3,031 1,103 Other equity adjustments 2,322 2,322 288,757 262,517 Non-controlling interest 18,154 17,333 Total Equity 306,911 279,850 P=503,352 P=474,088
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- 4 - GT CAPITAL HOLDINGS, INC. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In Millions, Except Earnings Per Share) UNAUDITED January to September July to September 2025 2024 2025 2024 REVENUE Automotive operations P=228,582 P=205,699 P=73,044 P=74,059 Equity in net income of associates and joint ventures 20,924 18,941 6,925 6,900 Real estate sales and interest income on real estate sales 3,139 4,236 575 1,305 Rent income 1,283 1,199 457 432 Interest income 942 868 341 370 Sale of goods and services 812 921 246 297 Commission income 285 261 63 83 Other income 2,948 3,033 825 960 258,915 235,158 82,476 84,406 COST AND EXPENSES Cost of goods and services sold 161,782 144,991 50,901 51,660 Cost of goods manufactured 32,367 33,514 12,151 12,400 General and administrative expenses 16,829 15,800 5,854 5,805 Interest expense 5,100 5,482 1,672 1,834 Cost of real estate sales 1,727 1,824 363 513 Cost of rental 641 673 212 205 218,446 202,284 71,153 72,417 INCOME BEFORE INCOME TAXES 40,469 32,874 11,323 11,989 PROVISION FOR INCOME TAX 5,647 4,527 1,437 1,562 NET INCOME P=34,822 P=28,347 P=9,886 P=10,427 ATTRIBUTABLE TO: Equity holders of the Parent Company P=26,035 P=21,718 P=7,612 P=7,936 Non-controlling interests 8,787 6,629 2,274 2,491 P=34,822 P=28,347 P=9,886 P=10,427 Basic/Diluted Earnings Per Share Attributable to Equity Holders of the Parent Company P=119.66 P=99.61
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- 5 - GT CAPITAL HOLDINGS, INC. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Millions) UNAUDITED January to September July to September 2025 2024 2025 2024 NET INCOME P=34,822 P=28,347 P=9,886 P=10,427 OTHER COMPREHENSIVE INCOME (LOSS) Items that may be reclassified to profit or loss in subsequent periods: Changes in cumulative translation adjustments 8 (15) 19 (8) Changes in cash flow hedge reserves 18 16 15 (10) Equity in other comprehensive income (loss) of associates: Cash flow hedge reserves (238) 83 209 (16) Remeasurement on life insurance reserves 19 12 27 (16) Translation adjustments 10 264 338 292 (183) 360 608 242 Items that may not be reclassified to profit or loss in subsequent periods: Changes in fair value of financial assets at FVOCI (425) 349 2,188 (2,124) Equity in changes in fair value of financial assets at FVOCI 2,512 3,908 1,380 5,105 Remeasurement of defined benefit plans 13 (5) 17 8 Equity in remeasurement of defined benefit plans of associates 30 (18) (9) 6 Income tax effect (11) 5 (3) (4) 2,119 4,239 3,573 2,991 TOTAL OTHER COMPREHENSIVE INCOME 1,936 4,599 4,181 3,233 TOTAL COMPREHENSIVE INCOME P=36,758 P=32,946 P=14,067 P=13,659 ATTRIBUTABLE TO: Equity holders of the Parent Company P=27,963 P=26,299 P=11,776 P=11,162 Non-controlling interests 8,795 6,647 2,291 2,497 P=36,758 P=32,946 P=14,067 P=13,659
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- 6 - GT CAPITAL HOLDINGS, INC. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AS OF SEPTEMBER 30, 2025 AND 2024 (UNAUDITED) (In Millions) Equity Attributable to Equity Holders of the Parent Company Capital Stock Additional Paid-in Capital Treasury Shares Unappropriated Retained Earnings Appropriated Retained Earnings Other Comprehensive Income (Loss) Other Equity Adjustment Total Non- controlling Interests Total At January 1, 2025 P=3,370 P=94,472 (P=484) P=161,334 P=400 P=1,103 P=2,322 P=262,517 P=17,333 P=279,850 Total comprehensive income − − − 26,035 − 1,928 − 27,963 8,795 36,758 Dividends declared − − − (1,723) − − − (1,723) (7,974) (9,697) At September 30, 2025 P=3,370 P=94,472 (P=484) P=185,646 P=400 P=3,031 P=2,322 P=288,757 P=18,154 P=306,911 Equity Attributable to Equity Holders of the Parent Company Capital Stock Additional Paid-in Capital Treasury Shares Unappropriated Retained Earnings Appropriated Retained Earnings Other Comprehensive Income (Loss) Other Equity Adjustment Total Non- controlling Interests Total At January 1, 2024 P=3,370 P=94,472 (P=484) P=133,838 P=400 (P=2,477) P=2,322 P=231,441 P=15,813 P=247,254 Total comprehensive income − − − 21,718 − 4,581 − 26,299 6,647 32,946 Dividends declared − − − (1,723) − − − (1,723) (7,205) (8,928) Impact of full adoption of PFRS 15 − − − 253 − − − 253 − 253 At September 30, 2024 P=3,370 P=94,472 (P=484) P=154,086 P=400 P=2,104 P=2,322 P=256,270 P=15,255 P=271,525
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- 7 - GT CAPITAL HOLDINGS, INC. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Millions) Unaudited For the Nine Months Ended September 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax P=40,469 P=32,874 Adjustments for: Interest expense 5,100 5,482 Depreciation and amortization 2,052 1,224 Pension expense 297 307 Provision for impairment losses 35 41 Gain on disposal of property and equipment (41) (42) Realized and unrealized gain on financial assets at FVTPL (12) (28) Unrealized foreign exchange loss (gains) (100) 147 Dividend income (356) (322) Interest income (956) (905) Equity in net income of associates and joint ventures (20,924) (18,941) Operating income before changes in working capital 25,564 19,837 Decrease (increase) in: Short-term investments (6,509) (4,756) Receivables 4,113 14,904 Contract assets (641) (165) Due from related parties 11 (8) Inventories (8,487) 2,653 Financial assets at FVTPL 794 1 Prepayments and other current assets (855) 509 Increase (decrease) in: Accounts and other payables 5,908 (1,519) Contract liabilities 316 (292) Customers’ deposits (98) 178 Due to related parties 148 (26) Other current liabilities (1,307) (365) Cash provided by operations 18,957 30,951 Interest received 1,083 815 Interest paid (4,959) (5,010) Contributions to pension plan and benefits paid (471) (336) Dividends received 10,030 11,028 Dividends paid (4,204) (4,033) Income taxes paid (6,452) (4,306) Net cash provided by operating activities 13,984 29,109 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property and equipment 160 162 Additions to: Property and equipment (1,434) (2,136) Investments in associates and joint ventures (9,072) (3,220) Intangible assets (49) (147) Investment properties (224) (204) Decrease (increase) in other noncurrent assets (574) 1,006 Net cash used in investing activities (11,193) (4,539) (forward)
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- 8 - Unaudited For the Nine Months Ended September 2025 2024 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from loan availments P=49,764 P=20,698 Payment of loans payable (57,366) (32,347) Payment of liabilities on purchased properties (153) (333) Payment of principal portion of lease liabilities (57) – Increase in other noncurrent liabilities 79 (12) Net cash used in financing activities (7,733) (11,994) Effect of exchange rate changes on cash and cash equivalents 100 (147) NET INCREASE IN CASH AND CASH EQUIVALENTS (4,842) 12,429 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 25,341 16,731 CASH AND CASH EQUIVALENTS AT END OF PERIOD P=20,499 P=29,160
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- 9 - GT CAPITAL HOLDINGS, INC. AND SUBSIDIARIES GENERAL NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Corporate Information GT Capital Holdings, Inc. (GT Capital or the Parent Company) was organized and registered with the Philippine Securities and Exchange Commission (SEC) on July 26, 2007. The primary purpose of the Parent Company is to invest in, purchase, or otherwise acqu ire and own, hold, use, sell, assign, transfer, lease, mortgage, exchange, develop or otherwise dispose of real property of every kind and description, including shares of stocks, bonds, debentures, notes, evidences of indebtedness, and other securities or obligations of any corporation or corporations, associations, domestic or foreign, and to possess and exercise in respect thereof all the rights, powers and privileges of ownership, including all voting powers of any stock so owned, and to secure and guarantee obligations of, and act as surety for its subsidiaries and affiliates. On March 25, 2022 and May 11, 2022, respectively, at separate meetings, the Parent Company's Board of Directors, by a majority vote of its members, and the stockholders, by affirmative vote of more than two-thirds (2/3) of the outstanding capital stock of the Parent Company, approved the amendment of the Parent Company's Articles of Incorporation to include the following activities in the Parent Company’s primary purpose: to act as commission merchant, commercial agent or factor for, or assist in any legal manner, financially or otherwise, its subsidiaries, affiliates, associates or investee companies. The Amended Articles of Incorporation was approved by the SEC on July 8, 2022. The common shares of the Parent Company were listed beginning April 20, 2012 and have since been traded in the Philippine Stock Exchange, Inc. (PSE). Group Activities The Parent Company, Federal Land, Inc. (Federal Land) and Subsidiaries (Federal Land Group), Toyota Motor Philippines Corporation (Toyota or TMPC) and Subsidiaries (Toyota Group), and GT Capital Auto and Mobility Holdings, Inc. (GTCAM) and Subsidiaries (GTCAM Group) are collectively referred herein as the “Group”. The Parent Company, which is the ultimate parent of the Group, is the holding company of the Federal Land Group (real estate business), Toyota Group (automotive business), and GTCAM Group (automo tive and mobility business), and is engaged in investing, purchasing and holding shares of stock, notes and other securities and obligations, as well as buying, selling, and leasing of real estate properties. The principal business interests of the Federal Land Group are real estate development and leasing and selling properties and acting as a marketing agent for and in behalf of any real estate development company or companies. The Federal Land Group is also engaged in the business of trading of goods such as petroleum, non -fuel products on wholesale or retail basis, maintaining a petroleum service station and food and restaurant service. Toyota Group is engaged in the assembly, manufacture, importation, sale and distribution of all kinds of motor vehicles including vehicle parts, accessories and instruments. The principal business interests of GTCAM Group are to invest in, purchase, or otherwise acquire and own, hold, use, sell, assign, transfer, lease, mortgage, exchange, develop, or otherwise dispose of real or personal property of every kind and description , including shares of stocks, bonds, debentures, notes, evidences of indebtedness, and other securities or obligations of any auto
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- 10 - dealership or other corporations, associations, domestic or foreign, and to possess and exercise in respect thereof all the rights, powers and privileges of ownership, including all voting powers of any stock so owned. Its secondary purpose is to invest in, purchase, or otherwise acquire own shares of companies engaged in mobility -related services, including those that support the used car market which include auction services, auto portal, used car retail sales operations, inspection, warranty, financing, and parts and service. The Parent Company also has significant shareholdings in Metropolitan Bank & Trust Company (MBTC or Metrobank), Metro Pacific Investments Corporation (MPIC), AXA Philippines Life and General Insurance Corporation (AXA Philippines), Toyota Financial Services Philippines Corporation (TFSPC) and Sumisho Motor Finance Corporation (SMFC). The registered office address of the Parent Company is at the 43rd Floor, GT Tower International, Ayala Avenue corner H.V. Dela Costa Street, 1227 Makati City. 2. Summary of Significant Accounting Policies Basis of Preparation The accompanying interim condensed consolidated financial statements have been prepared in accordance with Philippine Accounting Standards (PAS) 34 Interim Financial Reporting. Accordingly, the interim condensed consolidated financial statements do not in clude all of the information and disclosures required in the annual audited financial statements and should be read in conjunction with the Group’s annual audited financial statements as at December 31, 2024. The interim condensed consolidated financial statements of the Group have been prepared using the historical cost basis except for financial assets at fair value through profit or loss (FVTPL), financial assets at fair value through other comprehensive income (FVOCI) and derivative financial instruments, which have been measured at fair value. The Group’s interim condensed consolidated financial statements are presented in Philippine Peso (P=), the Parent Company’s functional currency. All values are rounded to the nearest million pesos (P=000,000) unless otherwise indicated. Statement of Compliance The interim condensed consolidated financial statements have been prepared in compliance with the Philippine Finan cial Reporting Standards (PFRS) Accounting Standards as of the period ended September 30, 2025. PFRS Accounting Standards include Philippine Financial Reporting Standards, Philippine Accounting Standards (PAS) and Interpretations issued by the Philippine Interpretations Committee (PIC). Presentation of Financial Statements Financial assets and financial liabilities are offset and the net amount reported in the interim condensed consolidated statement s of financial position only when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. Income and expense are not offset in the interim condensed consolidated statement s of income unless required or permitted by any accounting standard or interpretation, and as specifically disclosed in the accounting policies of the Group. Basis of Consolidation The interim condensed consolidated financial statements of the Group comprise the financial statements of the Parent Company and the following domestic subsidiaries:
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- 11 - Percentages of Ownership Country of Incorporation September 30, 2025 December 31, 2024 Federal Land and Subsidiaries Philippines 100.00 100.00 Toyota and Subsidiaries -do- 51.00 51.00 GTCAM and Subsidiaries -do- 100.00 100.00 Federal Land’s Subsidiaries Percentages of Ownership 2025 2024 Horizon Land Property Development Corp. (HLPDC) 100.00 100.00 Federal Property Management Corp. (FPMC) 100.00 100.00 Federal Land Orix Corporation (FLOC) 100.00 100.00 Topsphere Realty Development Company Inc. (TRDCI) 100.00 100.00 Bonifacio Landmark Hotel Management Corporation (BLHMC) 100.00 100.00 Fed South Dragon Corporation (FSDC) 100.00 100.00 Federal Retail Holdings, Inc. (FRHI) 100.00 100.00 Magnificat Resources Corp. (MRC) 100.00 100.00 Mirai Properties Inc. (MPI) 100.00 100.00 Pasay Hongkong Realty Development Corp. (PHRDC) 100.00 100.00 Central Realty and Development Corp. (CRDC) 75.80 75.80 Federal Brent Retail, Inc. (FBRI) 51.66 51.66 Toyota’s Subsidiaries Percentages of Ownership 2025 2024 Toyota Makati, Inc. (TMI) 100.00 100.00 Toyota Motor Philippines Logistics, Inc. (TLI) 100.00 100.00 Toyota Mobility Solutions Philippines, Inc. (TMSPH) 100.00 100.00 Lexus Manila, Inc. (LMI) 75.00 75.00 Toyota San Fernando Pampanga, Inc. (TSFI) 55.00 55.00 GTCAM’s Subsidiaries Percentages of Ownership 2025 2024 GT Mobility Ventures, Inc. (GTMV) 66.67 66.67 Toyota Sta. Rosa Laguna, Inc. (TSRLI) 60.00 60.00 Toyota Manila Bay Corporation (TMBC) 58.10 58.10 Toyota Subic, Inc. (TSI) 55.00 55.00
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- 12 - Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date when such control ceases. Control is achieved when the Parent Company is exposed, or has ri ghts, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Consolidation of subsidiaries ceases when control is transferred out of the Parent Company. Specifically, the Parent Company controls an investee if, and only if, the Parent Company has: • power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee); • exposure or rights to variable returns from its involvement with the investee; and • the ability to use its power over the investee to affect its returns. When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: i. the contractual arrangement with the other vote holders of the investee ii. rights arising from other contractual arrangements iii. the Group’s voting rights and potential voting rights The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. The financial statements of the subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. All intragroup transactions, balances, income and expenses resulting from intragroup transactions and divid ends are eliminated in full on consolidation. Non-controlling interests (NCI) represent the portion of profit or loss and net assets in a subsidiary not attributed, directly or indirectly, to the Parent Company. The interest of non -controlling shareholders may be initially measured at fair value or share of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition -by-acquisition basis. Subsequent to acquisition, NCI consists of the amount attributed to such interests at initial recognition and the NCI’s share of changes in equity since the date of combination. NCI are presented separately in the interim condensed consolidated statement s of income, interim condensed consolidated statement s of comprehensive income, interim condensed consolidated statements of changes in equity and within equity in the interim condensed consolidated statements of financial position, separately from the Parent Company’s equity. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the Parent Company and to the NCI, even if that results in the NCI having a deficit balance. If the Group loses control over a subsidiary, it: • derecognizes the assets (including goodwill) and liabilities of the subsidiary, the carrying amount of any NCI and the cumulative translation differences, recorded in equity; • recognizes the fair value of the consideration received, the fair value of any investment retained and any surplus or deficit in profit or loss; and
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- 13 - • reclassifies the parent’s share of components previously recognized in other comprehensive income to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities. Business Combinations Involving Entities Under Common Control A business combination involving entities under common control is accounted for using the uniting of interest method, except when the acquisition is deemed to have commercial substance for the Group, in which case the business combination is accounted for under the acquisition method. The combined entities accounted for by the uniting of interests method reports the results of operations for the period in which the combination occurs as though the entities had been combined as of the beginning of the period. Financial statements of the separate entities presented for prior years are also restated on a combined basis to provide comparative information. The effects of intercompany transactions on assets, liabilities, revenues, and expenses for the periods presented, and on retained earnings at the beginning of the periods presented are eliminated to the extent possible. Under the uniting of interest method, the acquirer accounts for the combination as follows: • the assets and liabilities of the acquiree are consolidated using the existing carrying values instead of fair values; • intangible assets and contingent liabilities are recognized only to the extent that they were recognized by the acquiree in accordance with applicable PFRS; • no amount is recognized as goodwill; • any non-controlling interest is measured as a proportionate share of the book values of the related assets and liabilities; and • comparative amounts are restated as if the combination had taken place at the beginning of the earliest comparative period presented. The acquiree’s equity are included in the opening balances of the equity as a restatement and are presented as ‘Effect of uniting of interest’ in the interim condensed consolidated statement s of changes in equity. Cash considerations transferred on acquisition of a subsidiary under common control are deducted in the ‘Retained earnings’ at the time of business combination. When evaluating whether an acquisition has commercial substance, the Group considers the following factors, among others: • the purpose of the transaction; • the involvement of outside parties in the transaction, such as NCI or other third parties; and • whether or not the transaction is conducted at fair value. Business Combinations and Goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by t he Group in exchange for control of the acquiree. For each business combination, the acquirer elects whether to measure the NCI in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets at the date of acq uisition. Acquisition -related costs are expensed and included in the interim condensed consolidated statements of income.
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- 14 - When the Group acquires a business, it assesses the financial assets and liabilities of the acquiree for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisit ion date. This includes the separation of embedded derivatives in host contracts by the acquiree. The Group also assesses whether assets or liabilities of the acquiree that are previously unrecognized in the books of the acquiree will require separate recognition in the interim condensed consolidated financial statements of the Group at the acquisition date. In a business combination achieved in stages, the Group remeasures its previously -held equity interest in the acquiree at its acquisition -date fair value and recognizes the resulting gain or loss, if any, in the interim condensed consolidated statements of income. Any recognized changes in the value of its equity interest in the acquiree previously recognized in other comprehensive income are recognized by the Group in profit or loss, as if the previously-held equity interests are disposed of. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognized ei ther in the interim condensed consolidated statements of income or as changes to other comprehensive income. If the contingent consideration is classified as equity, it shall not be remeasured until it is finally settled within equity. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as at the acquisition date that if known, would have affected the amounts recognized as at that date. The measurement period is the period from the date of acquisition to the date the Group receives complete information about facts and circumstances that existed as at the acquisition date and is subject to a maximum of one (1) year. Goodwill is initially measured as the excess of the aggregate of the consideration transferred, the amount recognized for any NCI in the acquiree and the fair value of the acquirer’s previously -held interest, if any, over the fair value of the net assets acquired. If after reassessment, the fair value of the net assets acquired exceeds the consideration transferred, the amount recognized for any NCI in the acquiree and the fair value of the acquirer’s previously - held interest, if any, the difference is recognized immediately in the interim condensed consolidated statements of income as ‘Gain on bargain purchase’. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Any impairment loss is recognized immediately in the interim condensed consolidated statements of income and is not subsequently reversed. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the Group’s cash -generating units (CGU) that are expected to benefit from the combination from the acquisition date irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not amortized but is reviewed for impairment at least annually. Any impairment losses are recognized immediately in profit or loss and are not subsequently reversed. Where goodwill forms part of a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in
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- 15 - this circumstance is measured based on the relative values of the operation disposed of and the portion of the CGU retained. Change in Ownership without Loss of Control Changes in the Group’s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. In such circumstances, the carrying amounts of the controlling interest and NCI are adjusted by the Group to reflec t the changes in its relative interests in the subsidiary. Any difference between the amount by which the NCI is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the equity holders of the Parent Company. Material Accounting Policies / Changes in Accounting Policies The accounting policies adopted in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the annual audited consolidated financial statements as of and for t he year ended December 31, 202 4, except for the adoption of PAS 21, Lack of exchangeability, which became effective beginning January 1, 2025. The adoption of this new standard did not have a material impact on the consolidated financial statements of the Group. Management’s Judgments and Use of Estimates The preparation of the financial statements in compliance with PAS 34 requires the Group to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and the disclosures of contingent assets and contingent liabilities. Future events may occur which can cause the assumptions used in arriving at the estimates to change. The effects of any change in estimates are reflected in the financial statements as they become reasonably determinable. Judgments and estimat es are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Management’s judgments and use of estimates have been disclosed in the 202 4 audited consolidated financial statements. 3. Cash and cash equivalents This account consists of: September 30, 2025 (Unaudited) September 30, 2024 (Unaudited) December 31, 2024 (Audited) Cash on hand P=15 P=39 P=90 Cash in banks and other financial institution 5,276 10,230 5,391 Cash equivalents 15,208 18,891 19,860 P=20,499 P=29,160 P=25,341
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- 16 - 4. Investments Financial assets at fair value through profit or loss (FVTPL) This pertains to the Group’s investments in UITF as of September 30, 2025. Financial assets at FVOCI This pertains mainly to the Parent Company ’s investment in common shares of T oyota Motor Corporation (TMC) and Vivant Corporation (VVT). 5. Investments in associates and joint ventures Investment in MBTC In the first half of 2025, the Parent Company purchased an aggregate of 8.0 million common shares of MBTC for ₱571.16 million. On September 23, 2025, an additional 113.0 million common shares of MBTC were acquired for a total of ₱8.20 billion. These transactions increased the Parent Company’s ownership interest in M BTC from 37.15% to 39.84% as of September 30, 2025. Investment in LQC Mobility Solutions Inc. On September 9, 2025, the SEC approved the incorporation of LQC Mobility Solutions Inc. (LQC). TMPC has subscribed to a total of 3.0 million shares for ₱300.00 million. LQC was formed to establish and operate Lexus Quezon City. Investment in MPIC On April 26, 2023, the Parent Company, together with other entities, formed a consortium to undertake a tender offer for the outstanding common shares of MPIC, with the aim of taking MPIC private through a voluntary delisting process. Pursuant to this, on various dates in September 2023, the Parent Company acquired an aggregate of 840 million common shares of MPIC for a total consideration of P=4.37 billion which increased the Parent Company’s ownership interest in MPIC from 17.08% to 20.00%. In relation to the acquisition, the Parent Company capitalized advisory fees and other professional fees totaling P=0.24 billion as part of the cost of the investment. Subsequently, on November 8, 2023, MPIC issued an aggregate of 2.87 billion new common shares to its shareholders, of which the Parent Company did not participate, and this decreased the Parent Company’s ownership interest in MPIC to 18.18%. Further, in De cember 2023, MPIC continued to buy back shares held by its minority shareholders who missed the opportunity to participate in the delisting tender offer. A total of 16.5 million shares were bought back from minority shareholders in December 2023, which increased the Parent Company’s ownership interest in MPIC to 18.19% as of December 31, 2023. In 2024, as permitted under the accounting standards, the Group finalized its purchase price allocation relating to the additional acquisition of MPIC shares in 2023. As a result, the Parent Company has recorded a net gain on bargain purchase of P=0.57 billion, representing the difference between the Parent Company’s share in the net fair values of MPIC’s identifiable assets and liabilities that were determined at the acquisition date amounting to P=6.71 billion over the cost of the additional investment amounting to P=4.39 billion and after considering the effect of dilution of interest over MPIC. The gain on bargain purchase was offset by the effect of the dilution in ownership interest where the Parent Company recognized a loss of P=1.75 billion representing the difference between the carrying value of the investment in MPIC before and after deemed partial disposal of
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- 17 - ownership interest. The finalization of purchase price allocation resulted to a restatement of 2023 balances. In September 2024, the SEC approved the amendment of MPIC’s Articles of Incorporation, increasing the par value of shares in MPIC or otherwise implementing a reverse stock split. This increased the par value of MPIC’s common shares from P=1.00 per common share to P=500.00 per common share, thereby resulting in the reduction in the number of the authorized common shares from 38,500,000,000 to 77,000,000. This reduced MPIC’s issued and outstanding shares to 63,087,353, and the Parent Company’s owned shares to 11,480,000. In 2024, a total of 9.07 million shares were bought back by MPIC as it continued to buy back shares held by its minority shareholders who missed the opportunity to participate in the delisting tender offer. This increased the Parent Company’s ownership interest in MPIC from 18.19% to 18.20% as of December 31, 2024. In January 2025, MPIC finalized the repurchase of its 4.58 million common shares from Mit -Pacific Infrastructure Holdings Corp. (MPIH). This increased the Parent Company’s ownership interest in MPIC from 18.20% to 19.62%. Cash dividends The following table summarizes cash dividends declared and paid by the Group’s associates and joint ventures (amount in millions, except for dividend per share): Declaration Date Per Share Total Record Date Payment Date 2025 MBTC (2nd payout)* August 20, 2025 P=1.50 P=6,746 September 8, 2025 September 23, 2025 MBTC (1st payout)* February 19, 2025 1.50 6,746 March 6, 2025 March 28, 2025 MBTC** February 19, 2025 2.00 8,995 March 6, 2025 March 28, 2025 MPIC August 6, 2025 64.10 3,750 September 4, 2025 September 29, 2025 MPIC March 12, 2025 47.00 2,750 April 1, 2025 April 29, 2025 SMFC June 19, 2025 6.33 127 June 4, 2025 July 14, 2025 2024 MBTC February 21, 2024 P=1.50 P=6,746 March 8, 2024 March 25, 2024 MBTC February 21, 2024 1.50 6,746 September 5, 2024 September 20, 2024 MBTC** February 21, 2024 2.00 8,995 March 8, 2024 March 25, 2024 MPIC March 6, 2024 0.14 4,420 March 22, 2024 April 18, 2024 SMFC June 28, 2024 5.45 109 June 13, 2024 July 23, 2024 MPIC August 12, 2024 0.10 3,154 September 2, 2024 September 19, 2024 AXA Philippines December 12, 2024 150.00 1,500 November 30, 2024 December 17, 2024 * At its regular meeting held on February 19, 2025, the BOD of MBTC approved regular cash dividends of P=3.00/share, payable on semi-annual basis. **Special cash dividends.
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- 18 - 6. Loans Payable This account consists of: September 30, 2025 (Unaudited) Short-term debt Long-term loans payable Total Parent Company P=10,000 P=56,073 P=66,073 Federal Land Group 27,082 19,801 46,883 Toyota Group 2,059 246 2,305 GTCAM Group 1,953 118 2,071 41,094 76,238 117,332 Less: Deferred financing cost – 222 222 41,094 76,016 117,110 Less: Current portion of long-term debt – 6,659 6,659 P=41,094 P=69,357 P=110,451 December 31, 2024 (Audited) Short-term debt Long-term loans payable Total Parent Company P=– P=69,427 P=69,427 Federal Land Group 22,740 24,700 47,440 Toyota Group 5,141 246 5,387 GTCAM Group 2,030 236 2,266 29,911 94,609 124,520 Less: Deferred financing cost – 286 286 29,911 94,323 124,234 Less: Current portion of long-term debt – 17,454 17,454 P=29,911 P=76,869 P=106,780 7. Equity Retained earnings Details of the Parent Company’s dividend distributions to preferred shareholders out of the Parent Company’s retained earnings as approved by the Parent Company’s BOD follow: Date of declaration Per share Total amount (in millions) Record date Payment date Voting preferred shares May 14, 2025 P=0.00582 P=1.01 May 28, 2025 June 13, 2025 March 13, 2024 0.00377 0.66 March 27, 2024 April 12, 2024 Perpetual Preferred Shares Series B December 13, 2024 12.73725 91.21 January 6, 2025 January 27, 2025 December 13, 2024 12.73725 91.21 April 7, 2025 April 28, 2025 December 13, 2024 12.73725 91.21 July 7, 2025 July 28, 2025 December 13, 2024 12.73725 91.21 October 6, 2025 October 27, 2025 December 15, 2023 12.73725 91.21 January 5, 2024 January 29, 2024 December 15, 2023 12.73725 91.21 April 5, 2024 April 29, 2024 December 15, 2023 12.73725 91.21 July 5, 2024 July 29, 2024 December 15, 2023 12.73725 91.21 October 7, 2024 October 28, 2024
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- 19 - Details of the Parent Company’s dividend distributions to common shareholders out of the Parent Company’s retained earnings as approved by the Parent Company’s BOD follow: Date of declaration Per share Total amount Record date Payment date August 8, 2025 (2nd payout)* P=3.00 P=645.85 August 27, 2025 September 5, 2025 March 18, 2025 (1st payout)* 3.00 645.85 April 2, 2025 April 16, 2025 March 18, 2025** 2.00 430.57 April 2, 2025 April 16, 2025 August 7, 2024 (2nd payout) 3.00 645.85 August 22, 2024 September 6, 2024 March 13, 2024 (1st payout) 3.00 645.85 March 27, 2024 April 12, 2024 March 13, 2024** 2.00 430.57 March 27, 2024 April 12, 2024 Other Comprehensive Income (Loss) Other comprehensive income (loss) consists of the following, net of applicable income taxes: September 30, 2025 (Unaudited) September 30, 2024 (Unaudited) December 31, 2024 (Audited) Net unrealized gain on financial assets at FVOCI P=7,494 P=5,905 P=7,914 Net unrealized loss on remeasurement of retirement plan (189) (224) (191) Cash flow hedge reserve 48 2 31 Cumulative translation adjustments 5 (2) 1 Equity in other comprehensive income (losses) of associates: Equity in net unrealized gains (losses) on financial assets at FVOCI 555 1,210 (1,956) Equity in cumulative translation adjustments (3,042) (2,732) (3,052) Equity in net unrealized losses on remeasurement of retirement plan (2,035) (2,203) (2,057) Equity in cash flow hedge reserves (36) (105) 202 Equity in remeasurement on life insurance reserves 226 248 207 Equity in other equity adjustments 5 5 5 P=3,031 P=2,104 P=1,103 The movements and analysis of the other comprehensive income ( losses) are presented in the interim condensed consolidated statements of comprehensive income. * At its regular meeting held on March 18, 2025, the BOD of the Parent Company approved regular cash dividends of P=6.00/share, payable on semi-annual basis. **Special cash dividend
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- 20 - 8. Related Party Transactions Parties are considered to be related if one party has the ability, directly, or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions and the parties are subject to common control or common significan t influence. Related parties may be individuals or corporate entities. These related parties include subsidiaries, associates, joint ventures, key management personnel, stockholders and other related parties which include affiliates. An entity is considered an affiliate if such entity and the Parent Company have common shareholders. In effect, such entity is a sister company of the Parent Company by virtue of ownership and common control. It is neither a subsidiary nor associate of the Group. The Group, in its regular conduct of its business, has entered into transactions with its associates, joint venture and other related parties principally consisting of cash advances for reimbursement of expenses, merger and acquisitions and capital infusio n, leasing agreements, management agreements and dividends received from associates. Transactions with related parties are made at normal market prices. As of September 30, 202 5 and December 31, 2024, outstanding balances are unsecured and settlement occurs generally in cash , except otherwise indicated. There have been no guarantees provided or received for any related party receivables or payables. The Group does not provide any allowance relating to receivable from related parties. This assessment is undertaken each finan cial year through examining the financial position of the related parties and the markets in which the related parties operate. 9. Basic/Diluted Earnings Per Share The basic/diluted earnings per share attributable to equity holders of the Parent Company for the periods indicated were computed as follows: September 30, 2025 (Unaudited) September 30, 2024 (Unaudited) December 31, 2024 (Audited) a.) Net income attributable to equity holders of the Parent Company P=26,035 P=21,718 P=28,783 b.) Effect of dividends declared to voting and perpetual preferred shareholders of the Parent Company (275) (274) (365) c.) Net income attributable to common shareholders of the Parent Company 25,760 21,444 28,418 d.) Weighted average number of outstanding common shares of the Parent Company 215 215 215 e.) Basic/diluted earnings per share, (c / d) P=119.66 P=99.61 P=132.00 Basic earnings per share (EPS) is computed by dividing net income for the year attributable to common shareholders of the Parent Company by the weighted average number of common shares outstanding during the year after giving retroactive effect to stock dividends declared and exercised during the year. Basic and diluted earnings per share are the same due to the absence of dilutive potential common shares.
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- 21 - 10. Operating Segments Segment Information For management purposes, the Group is organized into business units based on their products and activities and has four reportable segments as follows: • Real estate is engaged in real estate and leasing, development and selling of properties of every kind and description, as well as ancillary trading of goods such as petroleum, non-fuel products on wholesale or retail basis, maintenance of a petroleum serv ice station, engaging in food and restaurant service and acting as a marketing agent for and in behalf of any real estate development company or companies; • Financial institutions are engaged in the banking and insurance industry; • Automotive operations is engaged in the assembly, manufacture, importation, sale and distribution of all kinds of automobiles including automobile parts, accessories, and instruments; • Infrastructure is engaged in the water distribution, toll operation, power sector, hospitals and rail; and • Others pertain to other corporate activities of the Group (i.e., capital raising activities, acquisitions and investments). The Chief Operating Decision Maker (CODM), which is the Executive Committee, monitors the operating results of the Group for making decisions about resource allocation and performance assessment. Segment performance is evaluated based on revenue, earnings before interest, taxes and depreciation/amortization (EBITDA) and pretax income which are measured similarly under PFRS, except for EBITDA. EBITDA is computed by reconciling net interest income (expense) and provision for income taxes to the net income a nd adding back depreciation and amortization expenses for the period. There were no revenue transactions with a single external customer which accounted for 10% or more of the consolidated revenue from external customers. Intragroup transactions were eliminated during consolidation. Seasonality of Operations The operations of the Group are not materially affected by seasonality, except for the mall leasing operations of the real estate segment which experiences higher revenues during the holiday seasons. This information is provided to allow for a proper appreciation of the results of the Group’s operations. However, management concluded that the aforementioned discussions of seasonality do not constitute “highly seasonal” as considered in PAS 34. Segment Assets Segment assets are resources owned by each of the operating segments that are employed in its operating activities. Segment Liabilities Segment liabilities are obligations incurred by each of the operating segments from its operating activities.
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- 22 - The following tables present the financial information of the operating segments of the Group as of and for the nine months period ended September 30, 2025 and as of and for the year ended December 31, 2024: September 30, 2025 (Unaudited) Real Estate Financial Institution Automotive Operations Infra structure Others Total Revenue P=4,407 P=– P=228,582 P=– P=1 P=232,990 Other income 1,919 – 1,729 – 397 4,045 Equity in net income of associates and joint ventures 1,129 14,953 – 4,842 – 20,924 7,455 14,953 230,311 4,842 398 257,959 Cost of goods and services sold 651 – 161,131 – – 161,782 Cost of goods manufactured and sold – – 32,367 – – 32,367 Cost of rental 639 – – – 2 641 Cost of real estate sales 1,727 – – – – 1,727 General and administrative expenses 2,560 – 13,615 – 654 16,829 5,577 – 207,113 – 656 213,346 Earnings before interest and taxes 1,878 14,953 23,198 4,842 (258) 44,613 Depreciation and amortization 455 – 1,566 – 31 2,052 EBITDA 2,333 14,953 24,764 4,842 (227) 46,665 Interest income 24 – 639 – 293 956 Interest expense (2,124) – (267) – (2,709) (5,100) Depreciation and amortization (455) – (1,566) – (31) (2,052) Pretax income (loss) (222) 14,953 23,570 4,842 (2,674) 40,469 Provision for income tax (293) – 5,874 – 66 5,647 Income (loss) after tax P=71 P=14,953 P=17,696 P=4,842 (P=2,740) P=34,822 Segment assets P=120,052 P=181,192 P=108,062 P=53,887 P=40,159 P=503,352 Segment liabilities P=69,494 P=– P=58,087 P=– P=68,860 P=196,441 December 31, 2024 (Audited) Real Estate Financial Institution Automotive Operations Infra structure Others Total Revenue P=6,797 P=– P=282,631 P=– P=1 P=289,429 Other income 2,640 – 2,001 – 586 5,227 Equity in net income of associates and joint ventures 1,071 19,284 – 4,955 – 25,310 10,508 19,284 284,632 4,955 587 319,966 Cost of goods and services sold 945 – 201,027 – – 201,972 Cost of goods manufactured and sold – – 42,748 – – 42,748 Cost of rental 933 – – – 1 934 Cost of real estate sales 1,871 – – – – 1,871 General and administrative expenses 4,398 – 18,012 – 758 23,168 8,147 – 261,787 – 759 270,693 Earnings before interest and taxes 2,361 19,284 22,845 4,955 (172) 49,273 Depreciation and amortization 655 – 1,055 – 25 1,735 EBITDA 3,016 19,284 23,900 4,955 (147) 51,008 Interest income 272 – 844 – 445 1,561 Interest expense (2,736) – (442) – (4,128) (7,306) Depreciation and amortization (655) – (1,055) – (25) (1,735) Pretax income (loss) (103) 19,284 23,247 4,955 (3,855) 43,528 Provision for income tax (27) – (5,878) – (105) (6,010) Income (loss) after tax (P=130) P=19,284 P=17,369 P=4,955 (P=3,960) P=37,518 Segment assets P=117,107 P=163,250 P=95,246 P=50,654 P=47,831 P=474,088 Segment liabilities P=66,733 P=– P=55,005 P=– P=72,500 P=194,238
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- 23 - Geographical Information The following table shows the distribution of the Group’s consolidated revenues to external customers by geographical market, regardless of where the goods were produced: September 30, 2025 (Unaudited) September 30, 2024 (Unaudited) December 31, 2024 (Audited) Domestic P=250,531 P=226,999 P=310,327 Foreign 8,384 8,159 11,200 P=258,915 P=235,158 P=321,527 11. Financial Risk Management and Objectives The Group’s principal financial instruments are composed of cash and cash equivalents, short -term investments, receivables, due from related parties, financial assets at FVTPL, financial assets at FVOCI, accounts and other payables, due to related parties, loans payable and derivative liabilities. Exposure to credit, liquidity, foreign currency and interest rate risks arise in the normal course of the Group’s business activities. The main objectives of the Group’s financial risk management are as follows: • to identify and monitor such risks on an ongoing basis; • to minimize and mitigate such risks; and • to provide a degree of certainty about costs. The use of financial derivative instruments (if any) is solely for the management of the Group’s financial risk exposures. It is the Group’s policy not to enter into derivative transactions for speculative purposes. The Group’s respective financing and treasury functions focus on managing financial risks and activities as well as providing optimum investment yield and cost-efficient funding for the Group. Credit risk The Group’s credit risks are primarily attributable to its financial assets. To manage credit risks, the Group maintains defined credit policies and monitors on a continuous basis its exposure to credit risks. Given the Group’s diverse base of counterparties, it is not exposed to large concentrations of credit risk. Financial assets comprise of cash and cash equivalents, financial assets at FVTPL, receivables, due from related parties and financial assets at FVOCI. The Group adheres to fixed limits and guidelines in its dealings with counterparty banks and its investment in financial instruments. Bank limits are established on the basis of an internal rating system that principally covers the areas of liquidity, capital adequacy and financial stability. The rating system likewise makes use of available international credit ratings. Given the high credit standing of its accredited counterparty banks, management does not expect any of these financial institutions to fail in meeting their obligations.
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- 24 - In respect of installment receivables from the sale of properties, credit risk is managed primarily through credit reviews and an analysis of receivables on a continuous basis. The Group also undertakes supplemental credit review procedures for certain in stallment payment structures. Customer payments are facilitated through various collection modes including the use of postdated checks and auto-debit arrangements. Exposure to bad debts is not significant and the requirement for remedial procedures is minimal given the profile of buyers. Maximum exposure to credit risk after taking into account collateral held or other credit enhancements As of September 30, 2025 and December 31, 20 24, the maximum exposure to credit risk of the Group’s financial assets is equal to its carrying value except for installment contracts receivable with nil exposure to credit risk since the fair value of the related collateral is greater than the carrying value of the installment contracts receivable. Liquidity risk The Group monitors its cash flow position, debt maturity profile and overall liquidity position in assessing its exposure to liquidity risk. The Group maintains a level of cash and cash equivalents deemed sufficient to finance operations and to mitigate t he effects of fluctuation in cash flows. Accordingly, its loan maturity profile is regularly reviewed to ensure availability of funding through an adequate amount of credit facilities with financial institutions. Overall, the Group’s funding arrangements are designed to keep an appropriate balance between equity and debt, to give financing flexibility while continuously enhancing the Group’s businesses. To serve as back-up liquidity, management develops variable f unding alternatives either by issuing debt or raising capital. The table summarizes the maturity profile of the Group’s financial assets and liabilities based on contractual undiscounted payments: September 30, 2025 (Unaudited) < 1 year > 1 to < 5 years > 5 years Total Financial assets Cash and cash equivalents* P=20,503 P=– P=– P=20,503 Short-term investment 6,509 – – 6,509 Receivables 24,431 (1) 1,849 26,279 Due from related parties 253 – – 253 Financial assets at FVTPL Investments in UITF 128 – – 128 Financial assets at FVOCI Equity securities Quoted – – 19,795 19,795 Unquoted – – 147 147 Other noncurrent assets Derivative assets – 49 – 49 Total undiscounted financial assets P=51,824 P=48 P=21,791 P=73,663 Other financial liabilities Accounts and other payables P=54,783 P=1,207 P=– P=55,990 Dividends payable 5,857 – – 5,857 Loans payable 40,270 61,819 19,455 121,544 Due to related parties 587 – – 587 Liabilities on purchased properties 848 – – 848 Total undiscounted financial liabilities P=102,345 P=63,026 P=19,455 P=184,826 *Excludes cash on hand amounting to P=14.99 million.
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- 25 - December 31, 2024 (Audited) < 1 year > 1 to < 5 years > 5 years Total Financial assets Cash and cash equivalents* P=25,267 P=– P=– P=25,267 Receivables 29,084 1,849 – 30,933 Due from related parties 264 – – 264 Financial assets at FVTPL Investments in UITF 910 – – 910 Financial assets at FVOCI Equity securities Quoted – – 19,949 19,949 Unquoted – – 147 147 Other noncurrent assets Derivative assets – 31 – 31 Total undiscounted financial assets P=55,525 P=1,880 P=20,096 P=77,501 Other financial liabilities Accounts and other payables P=49,043 P=1,215 P=– P=50,258 Dividends payable 365 – – 365 Loans payable 49,591 58,215 34,647 142,453 Due to related parties 439 – – 439 Liabilities on purchased properties 1,271 – – 1,271 Total undiscounted financial liabilities P=100,709 P=59,430 P=34,647 P=194,786 *Excludes cash on hand amounting to P=90.12 million. Foreign currency risk Foreign currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rate. The Group’s foreign currency-denominated financial instruments primarily consist of cash and cash equivalents, receivabl es, accounts and other payables and loans payable. The Group’s primary risk objective is to reduce its exposure to changes in foreign exchange rates. Interest rate risk The Group’s interest rate exposure management policy centers on reducing the Group’s overall interest expense and exposure to changes in interest rates. Changes in market interest rates relate primarily to the Group’s interest-bearing debt obligations with floating interest rate as it can cause a change in the amount of interest payments. The Group manages its interest rate risk by leveraging on its premier credit rating and maintaining a debt portfolio mix of both fixed and floating interest rates. The portfolio mix is a function of historical, current trend and outlook of interest rates, volatility of short -term interest rates, the steepness of the yield curve and degree of variability of cash flows.
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- 26 - 12. Fair Value Measurement The methods and assumptions used by the Group in estimating the fair value of the financial instruments are as follows: Cash and cash equivalents The fair value of cash and cash equivalents approximate the carrying amounts at initial recognition due to the short-term maturities of these instruments. Receivables The fair value of receivables due within one year approximates its carrying amounts. The fair values of installment contracts receivable are based on the discounted value of future cash flows using the applicable rates for similar types of instruments. The discount rate used was 8.00% as of September 30, 2025 and December 31, 2024. For the long -term loan receivable, the Group used discounted cash flow analyses to measure the fair value of the loan. The interest rate used was the average bank lending rates. Due from and to related parties The carrying amounts approximate fair values due to its short term nature. Related party receivables and payables are due and demandable. Financial assets at FVTPL These pertain to the Group’s investment in UITFs. UITFs are ready -made investments that allow pooling of funds from different investors with similar investments objectives. These UITFs are managed by professional fund managers and may be invested in various financial instruments such as money market securities, bonds and equities, which are normally available to large investors only. A UITF uses the mark-to-market method in valuing the fund’s securities. Financial assets at FVOCI – quoted The fair value of quoted equity securities is based on the quoted market prices or binding dealer price quotations, without any deduction for transaction cost. Financial assets at FVOCI – unquoted The fair value of unquoted equity securities is estimated based on the market data approach that makes use of market multiples derived from a set of comparables. Multiples were determined that is most relevant to assessing the value of unquoted securities (e.g., earnings, book value). The selection of the appropriate multiple within the range is based on qualitative and quantitative factors specific to the measurement. Derivative financial instruments The fair values of interest rate swap transactions are derived using acceptable valuation method. The valuation assumptions are based on market conditions existing at the reporting dates. Accounts and other payables The fair values of accounts and other payables approximate the carrying amounts due to the short- term nature of these transactions. Loans payable Current portion of loans payable approximates its fair value due to its short -term maturity. Long - term portion of loans payable subjected to quarterly repricing is not discounted. Estimated fair value of long-term portion of loans payable with fixed interest and not subjected to quarterly repricing is
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- 27 - based on the discounted value of future cash flows using applicable interest rates for similar types of loans as of reporting date. The interest rates used ranged from 2.05% to 6.03% and 2.22% to 6.03% as of September 30, 2025 and December 31, 2024, respectively. Liabilities on purchased properties Estimated fair value was based on the discounted value of future cash flows using the applicable interest rates for similar types of loans as of reporting date. Long -term payables were incurred in 2019 and 2012 with interest rates ranging from 3.00% to 3.25% per annum. As of September 30, 2025, the liabilities on purchased properties are payable during the year and thus the fair value approximates the carrying amounts. The following tables summarize the carrying amount and fair values of financial assets and liabilities, as well as nonfinancial assets, analyzed based on the fair value hierarchy (see accounting policy on Fair Value Measurement), except for assets and liab ilities where the carrying values as reflected in the interim condensed consolidated statements of financial position and related notes approximate their respective fair values. September 30, 2025 (Unaudited) Carrying Value Level 1 Level 2 Level 3 Total Assets measured at fair value: Financial Assets Financial assets at FVTPL P=128 P=– P=128 P=– P=128 Financial assets at FVOCI Quoted equity securities 19,795 19,795 – – 19,795 Unquoted equity securities 147 – 147 – 147 Other noncurrent assets Derivative assets 49 – 49 – 49 P=20,119 P=19,795 P= 324 P=– P=20,119 Assets for which fair values are disclosed: Financial Assets Loans and receivables Loans receivables P=1,433 P=– P=– P=1,433 P=1,433 Non-financial Assets Investment in listed associate 166,864 121,830 – – 121,830 Investment properties 22,305 – – 77,306 77,306 P=190,602 P=121,830 P=– P=78,739 P=200,569 Liabilities for which fair values are disclosed: Financial Liabilities Loans payable P=69,357 P=– P=– P= 70,725 P=70,725
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- 28 - December 31, 2024 (Audited) Carrying Value Level 1 Level 2 Level 3 Total Assets measured at fair value: Financial Assets Financial assets at FVTPL P=910 P=– P=910 P=– P=910 Financial assets at FVOCI Quoted equity securities 19,950 19,950 – – 19,950 Unquoted equity securities 147 – 147 – 147 Other noncurrent assets Derivative assets 31 – 31 – 31 P=21,038 P=19,950 P=1,088 P=– P=21,038 Assets for which fair values are disclosed: Financial Assets Loans and receivables Loans receivables P=1,433 P=– P=– P=1,433 P=1,433 Non-financial Assets Investment in listed associate 149,799 120,284 – – 120,284 Investment properties 22,459 – – 76,734 76,834 P=173,691 P=120,284 P=– P=78,167 P=198,451 Liabilities for which fair values are disclosed: Financial Liabilities Loans payable P=76,869 P=– P=– P=78,332 P=78,332 As of September 30, 2025 and December 31, 2024, no transfers were made among the three levels in the fair value hierarchy. Inputs used in estimating fair values of financial instruments carried at cost and categorized under Level 3 include risk-free rates and applicable risk premium. The fair value of the Group’s investment properties has been determined based on valuations performed by third party valuers. The table below summarizes the valuation techniques used and the significant unobservable inputs valuation for each type of investment properties held by the Group: Valuation Techniques Significant Unobservable Inputs Land Market Data Approach Price per square meter, size, location, shape, time element and corner influence Building and Land Improvements Income Approach and Cost Approach Lineal and square meter, current cost of materials, labor and equipment, contractor’s profits, overhead, taxes and fees
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- 29 - Description of the valuation techniques and significant unobservable inputs used in the valuation of the Group’s investment properties are as follows: Valuation Techniques Market Data Approach A process of comparing the subject property being appraised to similar comparable properties recently sold or being offered for sale. Income Approach A process where all expected cash flows from the assets were projected and discounted using the appropriate discount rate reflective of the market expectations. Cost Approach A process of determining the cost to reproduce or replace in new condition the assets appraised in accordance with current market prices for similar assets, with allowance for accrued depreciation on physical wear and tear, and obsolescence. Significant Unobservable Inputs Reproduction Cost New The cost to create a virtual replica of the existing structure, employing the same design and similar building materials. Size Size of lot in terms of area. Evaluate if the lot size of property or comparable conforms to the average cut of the lots in the area and estimate the impact of lot size differences on land value. Shape Particular form or configuration of the lot. A highly irregular shape limits the usable area whereas an ideal lot configuration maximizes the usable area of the lot which is associated in designing an improvement which conforms with the highest and best use of the property. Location Location of comparative properties whether on a Main Road, or secondary road. Road width could also be a consideration if data is available. As a rule, properties located along a Main Road are superior to properties located along a secondary road. Time Element “An adjustment for market conditions is made if general property values have appreciated or depreciated since the transaction dates due to inflation or deflation or a change in investors’ perceptions of the market over time”. In which case, the current data is superior to historic data. Discount Generally, asking prices in ads posted for sale are negotiable. Discount is the amount the seller or developer is willing to deduct from the posted selling price if the transaction will be in cash or equivalent. Corner influence Bounded by two (2) roads.
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- 30 - 13. Contingencies In the normal course of the Group’s operations, certain entities within the Group have pending tax assessments/claims which are in various stages of protest/appeal with the tax authorities, the amounts of which cannot be reasonably estimated. The information usually required by PAS 37 is not disclosed on the ground that it can be expected to prejudice the outcome of pending litigations. In order to partially guarantee the completion of Federal Land’s ongoing projects and in the ordinary course of the Group’s business, the Parent Company issued Letters of Guarantee (LG) in favor of Department of Human Settlements and Urban Development (DHSUD) for a total guarantee amount of P=0.45 billion and P=0.51 billion as of September 30, 2025 and December 31, 2024, respectively.
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- 31 - GT CAPITAL HOLDINGS, INC. AND SUBSIDIARIES SCHEDULE OF FINANCIAL SOUNDNESS INDICATORS AS OF AND FOR THE PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024 (UNAUDITED) (Amounts in millions except ratio and %) 2025 2024 Liquidity Ratio Current ratio 1.32 1.42 Current assets P154,671 P143,815 Current liabilities 117,516 100,961 Solvency Ratio Total liabilities to total equity ratio 0.64 0.70 Total liabilities 196,441 190,913 Total equity 306,911 271,525 Debt to equity ratio 0.38 0.45 Total debt 117,958 122,133 Total equity 306,911 271,525 Asset to Equity Ratio Asset to equity ratio 1.64 1.70 Total assets 503,352 462,438 Total Equity 306,911 271,525 Interest Rate Coverage Ratio* Interest rate coverage ratio 8.75 6.83 Earnings before interest and taxes (EBIT) 44,613 37,451 Interest expense 5,100 5,482 Profitability Ratio Return on average assets 5.33% 4.78% Net income attributable to Parent Company 26,035 21,718 Total assets 503,352 462,438 Average assets 488,720 454,527 Return on Average Equity** 9.59% 9.06% Net income attributable to Parent Company (Common) 25,760 21,444 Equity attributable to Parent Company (Common) 281,636 249,150 Average equity attributable to Parent Company 268,516 236,735 *computed as EBIT/Interest Expense **based on actual year-to-date ANNEX B