Citicore Energy Reit Corp · PSE:CREIT
Citicore Energy Reit — Q1 2025 Earnings Presentation
29 slides from Citicore Energy Reit's earnings presentation, May 14, 2025
Slide 1: Company Presentation: 1Q 2025 Operating and Financial Results
Company Presentation 1Q 2025 Operating and Financial Results May 14, 2025
Slide 2: Disclaimer
Disclaimer This presentation was prepared solely and exclusively for discussion purposes. This presentation and/or any part thereof may not be reproduced, disclosed or used without the prior written consent of Citicore Energy REIT Corp. (the “Company”). This presentation, as well as discussions aris
Slide 3: Q1 2025 Highlights and Key Themes
Q1 2025 Highlights and Key Themes Stable revenues anchored on Strong financial position supports strong green asset portfolio future acquisitions Revenue at Php 472 Mn, EBITDA at Php 462 Mn, PhilRatings PRS Aa+ rating, Net Income at Php 358 Mn Available borrowing headroom of Php 9 Bn Consistent divi
Slide 4: Contents
Contents 01 Financial Highlights 02 Green Asset Portfolio 03 CREC Project Updates 04 CREIT Dividend Update 05 Highlights and Key Takeaways 06 Q&A
Slide 5: 1Q 2025 Financial Highlights
1Q 2025 Financial Highlights
Slide 6: 1Q 2025 Financial Highlights
1Q 2025 Financial Highlights In Php Mn 3% REVENUE 3% 473 472 462 Php 472 Mn 463 4% EBITDA 359 358 Php 462 Mn EBITDA MARGIN: 98% NET PROFIT Php 358 Mn NET PROFIT MARGIN: 76% Revenue EBITDA Net Income Q1 2024 Q1 2025 6
Slide 7: Profitability sustained due to strong green asset portfolio
Profitability sustained due to strong green asset portfolio Amounts in Mn Php Q1 2025 Q1 2024 % Change Guaranteed Base Lease 419 411 1.83% Adjustments on the operating plants’ lease agreements – PFRS 16 53 61 (13.06%) this decrease is a non-cash item Revenue 472 473 (0.10%) Cost of Services (26) (26
Slide 8: Geographical Footprint and Revenue Contribution
Geographical Footprint and Revenue Contribution Accretive acquisitions contributed Operating 30% of total revenues Under Construction Silay 15% Clark 15% Cebu 19% Php 472 Mn Bulacan 11% Revenues Tarlac 5% Pangasinan 7% Batangas 19% South Cotabato 5% Pampanga 4% 8
Slide 9: Sustained strong financial position supports future acquisitions
Sustained strong financial position supports future acquisitions Amounts in Mn Php 31 March 2025 31 December 2024 Change Cash and cash equivalents 718 598 20% Other Current Assets 139 308 (55%) Total Current Assets 857 906 (5%) Trade and Other Receivables – Non-Current 568 519 9% Property, Plant & E
Slide 10: Strong financial position supports future infusions
Strong financial position supports future infusions Current Ratio Return on Equity DEBT HEADROOM (Php Bn) 2.50 10.00% Total deposited property 20.5 1.95 1.84 8.03% 7.90% 2.00 8.00% Leverage ratio 1.50 6.00% (PRS Aa+) 70% 1.00 4.00% Leverage limit 0.50 14.4 2.00% 0.00 0.00% Total borrowings and Q1 20
Slide 11: Green Asset Portfolio
Green Asset Portfolio == CREIT | Empower Your investments
Slide 12: CREIT's Green Asset Portfolio Overview
CREIT’s Green Asset Portfolio Overview NUMBER OF ASSETS TENANTS’ INSTALLED CAPACITY 14 Assets 145 MWDC GROSS LEASABLE AREA EST. ANNUAL NET GENERATION 7.1 Mn sqm OF OPERATING TENANTS OCCUPANCY RATE 184 GWh 100% CO2 EST. ANNUAL CARBON REDUCTION OF OPERATING TENANTS WEIGHTED AVE. LEASE EXPIRY ~130k MT
Slide 13: Largest renewable energy landlord in the Philippines
Largest renewable energy landlord in the Philippines with 7.1 Mn square meters in gross leasable area IPO ASSETS 2nd ACQUISITION - 2023 DALAYAP – 103k sqm CLARK – 250k sqm ARMENIA– 138k sqm BATANGAS 1 – 1M sqm BATANGAS 2 – 840k sqm BATANGAS 3 – 740k sqm NEGROS OCCIDENTAL – 431k sqm CEBU – 730k sqm B
Slide 14: Asset Infusions over the years
Asset Infusions over the years In Mn square meters of gross leasable area Assets GLA (in sqm) Pangasinan 1,049,102 7,102,860 7,102,860 3rd Acquisition Pampanga 2 70,433 1,119,535 1,119,535 Batangas 1 1,062,083 Batangas 2 839,535 2nd Acquisition Batangas 3 741,016 Batangas 4 933,979 3,995,827 3,995,8
Slide 15: 100% Occupancy and Longest WALE among REITs
100% Occupancy and Longest WALE among REITs CREIT Asset Tenants Lease term (in years) Area (in sqm) Portfolio Occupancy Clark 15.3 250,318 Armenia 22.4 138,164 Cebu 16.9 730,000 Negros Occidental 16.3 431,408 Dalayap 16.3 103,731 Bulacan 22.5 100% 253,880 Land and/or solar assets used/to- Solar Deve
Slide 16: Diversified mix of tenant's off-takers
Diversified mix of tenant’s off-takers % of Total Contracted Capacity Off-take Contract Renewal of Tenants’ Customers FIT program 25% 72.7% 10.6 years Weighted average contract term Freeport Area of Bataan 14.7% 6.1% 6.5% Bilateral Contracts 75% 2025 2026 2027 Beyond 2027 16
Slide 17: CREC Project Updates
CREC Project Updates == CREIT | Empower Your investments
Slide 18: Sponsor's Project Updates
Sponsor’s Project Updates Batangas 1 Batangas 2 Property* Property* Leasable Area: Leasable Area: 1,062,083 square meters 839,535 square meters Location: Location: Brgy. Lumbangan Brgy. Luntal * With secured offtake even before project completion 18
Slide 19: Sponsor's Project Updates
Sponsor’s Project Updates Batangas 3 Batangas 4 Property* Property* Batangas 3 Leasable Area: Batangas 4 Leasable Area: 741,016 square meters 933,979 square meters Location: Location: Brgy. Bolbok Brgy. Bolbok * With secured offtake even before project completion Project was awarded during the Green
Slide 20: Sponsor's Project Updates
Sponsor’s Project Updates Pampanga 1 Pangasinan 1 Property* Property* Leasable Area: 839,535 square meters Leasable Area: 1,049,102 square meters Location: Location: Brgy. Arayat Brgy. Sta Catalina * With secured offtake even before project completion Project was awarded during the Green Energy Auct
Slide 21: CREIT Dividend Updates
the Philippine stock Exchange, congratulates CITICORE ENERGY REIT on its Initial Public Offering CREIT Dividend Updates CREIT | Empower Your investments
Slide 22: Largest quarterly dividend since IPO
Largest quarterly dividend since IPO In PhP Millions, except ratios and DPS 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Net income 304.96 316.08 396.09 380.97 359.28 334.14 344.94 391.02 357.96 Straight-line rent adjustment (15.28) (15.28) (94.58) (47.42) (59.65) (34.36) (43.89) (51.18) (55.14) Dis
Slide 23: Distributable Income and Dividend Quarter-on-Quarter Growth
Distributable Income and Dividend Quarter-on-Quarter Growth in Php millions 351.37 358.34 339.83 330.43 333.56 312.59 318.64 319.35 317.46 317.51 318.23 320.65 307.52 300.80 301.50 299.63 299.68 301.05 302.82 285.09 285.86 290.23 289.68 267.39 267.87 272.38 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23
Slide 24: How we arrive at 106% of distributable income
How we arrive at 106% of distributable income Total Dividends Amounts in Mn Php 17.83 6% 302.82 320.65 100% 100% 106% Distributable Income Depreciation Total Dividends 24
Slide 25: Increasing shareholder value with steady dividends and dividend growth
Increasing shareholder value with steady dividends and dividend growth 0.054 0.055 0.051 0.049 0.049 0.049 0.049 0.049 0.049 0.047 0.044 0.044 0.044 Inclusive of Inclusive of Variable Variable Lease Inclusive of Lease Income Spe cial 25.7% Divid ends Income 0.035 15.9% 12.2% 10.2% 4.3% 0.0% 0.0% 0.0
Slide 26: Key Takeaways
Key Takeaways & CREIT | Empower Your Investments
Slide 27: Key Takeaways
Key Takeaways Stable revenues anchored on Strong financial position supports strong green asset portfolio future acquisitions Revenue at Php 472 Mn, EBITDA at Php 462 Mn, PhilRatings PRS Aa+ rating, Net Income at Php 358 Mn Available borrowing headroom of Php 9 Bn Consistent dividend payout at 106%
Slide 28: Q&A
Q&A = CREIT | Empower Your investments
Slide 29: Thank you!
Thank you! For questions, please contact: Gideon de Villa CREIT Investor Relations Officer investorrelations@creit.com.ph CREIT CREIT.com.ph CiticoreREIT