DMCI AGM 2026: Better Property Results — 5 Key Points
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- 15 時間前
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Here's What Happened at DMCI's Annual Meeting — and What It Means for the Property Market
DMCI Holdings held its 2026 Annual General Meeting (AGM) virtually on May 12, 2026. For expats and foreign investors keeping an eye on Metro Manila's property market, it's one of the more useful developer updates of the year — because DMCI Homes is one of the city's most active residential developers, and the AGM is where management lays out how the business actually performed and where it's headed.
This DMCI AGM 2026 update gives condo buyers a clearer view of DMCI Homes’ property performance, RFO sales, financial position, and project direction. No financial jargon, no sales talk — just a straightforward summary of what was shared and what it tells us about DMCI Homes' current position in the Metro Manila condo market.
DMCI Homes' Property Revenue Improved — and Cancellations Dropped
The headline result for DMCI Homes was a clear improvement in its financial contribution to the group. DMCI Homes' revenue rose to ₱1.3 billion in Q1 2026, up from ₱1.2 billion in the same period last year, driven by stronger residential sales recognition, fewer cancellations, and higher rental revenues.
The drop in cancellations is particularly notable. When fewer buyers back out of purchases, it reflects a more committed buyer base — a sign that demand is becoming more genuine rather than speculative. Management attributed this partly to DMCI Homes' long-standing focus on end-users over investors who flip or resell.
On the rental side, higher rental revenues signal that completed units are being occupied and generating income — a healthy indicator for the residential segment overall.
The Group's Financial Position Remains Strong
At the AGM, DMCI Holdings Chairman and President Isidro Consunji confirmed that businesses across the group remain on solid footing, supported by healthy cash flows and low debt. He also noted that since its listing 30 years ago, the DMCI Group has grown from a market capitalisation of around ₱10 billion to approximately ₱135 billion, and has paid out more than ₱146 billion in cash dividends since 2006.
At the group level, DMCI Holdings reported Q1 2026 consolidated net income of ₱4.9 billion — a slight 2% dip from ₱5 billion the previous year — while the EBITDA margin held steady at 35% and the cash balance rose over 20% year-on-year to ₱35.3 billion. A regular cash dividend of ₱0.30 per share was declared for 2025, consistent with the group's policy of distributing at least 25% of the previous year's recurring earnings.
The slight dip in net income was driven by softer results from the coal and power segments — not from real estate, which actually improved. This is an important distinction for anyone tracking DMCI Homes specifically.
RFO Sales Surged — Completed Units Are Moving
One of the clearest shifts in DMCI Homes' recent performance is the surge in ready-for-occupancy (RFO) sales. RFO units are completed condos available for immediate move-in or leasing — as opposed to pre-selling units still under construction.
From January to May 2025, DMCI Homes sold 614 RFO units valued at ₱4.3 billion, an 87% increase in value compared to the same period in 2024. RFO units grew from just 14% of total condo sales in early 2024 to 47% by mid-2025 — a dramatic shift in the composition of what DMCI is selling.
Projects leading this performance were Allegra Garden Place in Pasig City and The Crestmont along Panay Avenue in Quezon City, both of which saw unit turnover begin in late 2024. DMCI Homes President Alfredo Austria credited the ability of buyers to physically visit and assess completed units as a key driver — noting that sales of recently completed projects consistently pick up once buyers can see the quality for themselves.
This trend also reflects DMCI's deliberate strategy of clearing its existing completed inventory before launching new towers — a shift from the pre-selling model that dominated the market in previous years.
New Projects Are Coming — With Careful Timing
Despite the focus on clearing existing inventory, DMCI Homes is not standing still on the pipeline front. Following a recent launch in Baguio, the company is preparing the Moriyama Nature Park project in Laguna — a Japanese onsen-inspired leisure community — along with several transit-oriented developments, subject to market conditions.
To support both ongoing and upcoming projects, DMCI Homes has set aside a ₱16 billion capital programme covering 13 ongoing developments, land acquisition, and equipment purchases ahead of new launches.
The Moriyama Nature Park project stands out for its positioning. The Japanese-inspired design concept targets the domestic leisure and tourism segment, expanding DMCI's footprint beyond its traditional Metro Manila mid-market base. Transit-oriented developments, meanwhile, are tied to Metro Manila's expanding subway and rail network — a longer-term story that DMCI appears to be tracking closely.
Management was clear that new launches will follow, not lead, the clearance of existing inventory. This measured approach reflects the current market environment rather than any lack of confidence in future demand.
Management Was Candid About the Challenges Ahead
Alongside the improvements, the AGM was notable for its transparency about the pressures the business is navigating.
Chairman Consunji warned that conditions will likely remain uneven, particularly with developments in the Middle East affecting fuel costs and the broader economy. He added that construction and real estate could face near-term cost pressure and may be affected by higher interest rates — though he expressed confidence in the group's real estate offerings.
On the inventory side, DMCI Homes is still working through a significant backlog. Unsold units were estimated at around ₱92 billion at end-2024 — a hangover from the post-pandemic slowdown, higher financing costs, and a wave of forfeitures when buyers defaulted on down payment instalments after the moratorium period ended in 2022. DMCI Homes President Austria has said it could take around two more years before performance returns to pre-pandemic levels.
That said, Q1 2026 cancellations were notably lower than in previous periods, with management pointing to DMCI Homes' end-user focus as a structural reason for lower cancellation rates compared to other developers. The direction of travel, even if gradual, is improving.
DMCI AGM 2026: The Overall Picture
The DMCI AGM 2026 shows a developer in a measured recovery. DMCI Homes recorded better revenue, a meaningful jump in RFO sales, lower cancellations, and higher rental income — all pointing in the right direction. The parent group remains financially stable with a strong cash position and a consistent dividend track record.
The challenges are real: a large unsold inventory, an uncertain interest rate environment, and global economic headwinds that management is openly factoring into its outlook. But the tone at the AGM was grounded — neither dismissive of the difficulties nor overly pessimistic about the path forward.
For expats and foreign investors following the Metro Manila condo market, the DMCI AGM 2026 update is a useful reference point on where one of the city's major developers currently stands.
For more developer updates, market reports, and property news relevant to expats and foreign investors in Metro Manila, visit BedandGo.
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