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Introduction & Market Context
Vista Land and Lifescapes Inc (PSE:VLL) presented its first half 2025 financial results on August 13, 2025, showing modest revenue growth amid a strategic refocus on its core horizontal housing business. The company’s stock closed at ₱1.43, down 0.7% on the day of the presentation, and remains well below its 52-week high of ₱1.85.
The real estate developer reported total revenues of ₱20.43 billion for the first half of 2025, representing a 2.8% increase from the same period last year, while achieving a more substantial 11% improvement in EBITDA despite facing significantly higher financing costs.
Financial Performance Highlights
Vista Land’s financial results for the first half of 2025 showed mixed performance across key metrics. Total revenue reached ₱20.43 billion, up 2.8% from ₱19.87 billion in 1H 2024, driven primarily by a 4.6% increase in real estate revenue and a 2.6% growth in rental income.
The company’s EBITDA showed impressive growth, reaching ₱12.66 billion with a 62.0% margin, compared to ₱11.41 billion with a 57.4% margin in the previous year, representing an 11.0% improvement. This margin expansion occurred despite a significant 30.2% increase in interest and financing charges, which rose to ₱4.01 billion.
As shown in the following comprehensive income statement:
Net income grew by 4.3% to ₱6.71 billion, while reservation sales increased by 4.74% to ₱41.1 billion. The company’s residential segment showed particularly strong performance in Q2 2025, with 8.72% growth compared to the same quarter last year.
As illustrated in this chart of reservation sales performance:
Vista Land maintained a solid balance sheet with total assets of ₱386.02 billion as of June 30, 2025, up 2.1% from December 31, 2024. The company’s total equity increased by 4.8% to ₱142.66 billion, while maintaining a net debt-to-equity ratio of 0.86x.
The financial condition comparison shows steady improvement across most metrics:
Strategic Initiatives
Vista Land outlined its 2025 strategy centered around three key pillars: returning to its core strength in horizontal housing, pursuing selective expansion opportunities, and continuing development of Vista Estates.
The company is strategically refocusing on its original and most stable revenue stream—house and lot packages in provincial areas—while selectively exploring high-potential projects beyond this core business. This approach aligns with market trends observed in previous quarters, where the company noted weaker confidence in the condominium market.
As shown in the following strategy overview:
The company’s real estate revenue continues to be dominated by its Camella brand, which accounted for 56% of contributions in 1H 2025, followed by Vista Residences at 28%, and Crown Asia and Brittany at a combined 16%.
Looking forward, Vista Land plans to introduce lots-only products across all income segments, unlock cash from fully sold vertical projects, strategically reassess vertical project launches, explore tourism-led developments, and continue Vista Estate launches.
Commercial Portfolio Performance
Vista Land’s commercial space portfolio maintained strong performance with 87% overall occupancy (86% for malls, 92% for offices) and foot traffic at 100% of pre-COVID levels. The company’s commercial space totals 1.61 million square meters, with 87% allocated to malls and retail stores and 13% to office space.
The company highlighted several new store openings in Q2 2025, including TaskUs (6,430 sqm), Attack Arena (2,622 sqm), and Pick Sav (1,881 sqm), demonstrating continued tenant interest in Vista Land properties.
Vista Land is also emphasizing experiential retail concepts to enhance customer experiences, featuring tenants such as Attack Arena, The Pickle Yard, Pedway, and Efren Bata Reyes Cue Club.
As shown in the following commercial leasing statistics:
The pipeline of upcoming store openings includes well-known brands such as Mr. D.IY, Timezone, Jollibee, National Bookstore, and Anytime Fitness, indicating strong commercial leasing momentum.
Capital Allocation & Land Bank
Vista Land reported capital expenditures of ₱14.5 billion as of June 30, 2025, representing 41% of its 2025 CAPEX budget of ₱35 billion. The majority of this spending was allocated to construction (₱10.8 billion) and land development (₱3.5 billion).
The company’s capital expenditure breakdown is illustrated here:
Vista Land maintains a substantial land bank of 2,636 hectares, with 85% owned directly and 15% through joint ventures. The land bank is strategically distributed with 70% in provincial areas and 30% in Mega Manila, supporting the company’s focus on horizontal housing development outside major urban centers.
The company has launched 30 horizontal projects in the first half of 2025 with an estimated value of ₱36.2 billion, already reaching approximately 90% of the full-year 2024 launched value. This aggressive launch schedule positions Vista Land to potentially achieve its highest launch value in the past four years.
The geographic distribution of the company’s land bank is shown here:
Forward-Looking Statements
Vista Land emphasized several key takeaways and forward-looking initiatives in its presentation. The company highlighted the resilience of its horizontal segment, where demand remains strong, particularly in provincial areas. Management noted that its geographic diversification serves as a strength, reducing exposure to location-specific oversupply risks.
The company’s key strategic priorities moving forward include:
Vista Land is targeting record project launches in 2025, aiming to surpass the 2023 benchmark of ₱50.8 billion. The company plans to expand its "lots only" offerings across all income segments, unlock cash from fully sold vertical projects, and strategically reassess vertical project launches to focus on locations unaffected by oversupply.
Additionally, Vista Land is exploring tourism-led developments in prime land banks, including Boracay, Tagaytay, and Palawan, while continuing its commitment to complete the rollout of 60 potential Vista Estate projects nationwide. The company also plans to introduce new mall concepts and enhance existing tenant offerings while increasing its third-party tenant mix to strengthen leasing operations.
These initiatives align with the company’s previously stated focus on returning to its core horizontal housing business while adapting to changing market conditions, particularly the softening demand in the condominium sector noted in previous quarters.
Full presentation:
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