Citicore Renewable Energy Corp. · PSE:CREC
Citicore Renewable Energy — Q1 2025 Earnings Presentation
34 slides from Citicore Renewable Energy's earnings presentation, May 15, 2025
Slide 1: 1Q 2025 Financial Presentation and Operating Results
Powering a First-World Philippines With Pure Renewable Energy Company Presentation Company 1Q 2025 Financial Presentation and Operating Results 1Q 2025 Financial and Operating Results May 15, 2025 May 15, 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 Renewable Energy Corporation “the Company”). This presentation, as well as discus
Slide 3: 1Q 2025 Performance Highlights
1Q 2025 Performance Highlights Strong revenue growth +41% Solid financial position driven by electricity sales +47% • Revenue at Php 1.4 Bn (+41%), • Total Assets reached Php 48 Bn • EBITDA at Php 388 Mn (+8%), • Total Equity reached Php 18 Bn • Net Income at Php 230 Mn (+8%) IPO catalyst for CREC’s
Slide 4: Contents
Contents 01 1Q 2025 Financial Highlights 02 Our Asset Portfolio 03 Project Pipeline Updates 04 Highlights and Key Takeaways 05 Q&A
Slide 5: 1Q 2025 Financial Highlights
1Q 2025 Financial Highlights 5
Slide 6: 1Q 2024 vs 1Q 2025 Results
1Q 2024 vs 1Q 2025 Results Amounts in million Php 41% 1,405 998 8% 359 388 8% 213 230 Revenue EBITDA Net Income 1Q 2024 1Q 2025 6
Slide 7: Income Statement
Income Statement Amounts in Mn Php 31 March 2025 31 March 2024 Change % New customers and higher Electricity Sales 1,206 822 47% renewal rates from existing customers Lease Income 162 162 - Higher fees received from Service Fees 37 14 164% CPMI, GPS3, and JV project Revenue/ Total Income 1,405 998 4
Slide 8: 1Q 2024 vs 1Q 2025 Results: Revenue Performance
1Q 2024 vs 1Q 2025 Results Revenue Performance Electricity Sales Mix based on Revenue Amounts in Mn Php 1,405 164% 38 162 88% 998 14 162 P1,206mn 78% P822mn 1Q 1Q 2025 47% 1,206 2024 20% 11% 1% 822 2% Customers FIT/GEA WESM Customers FIT/GEA WESM 1Q 2024 1Q 2025 Sale of Electricity Lease Income Serv
Slide 9: Gearing Ratios
Gearing Ratios Current Ratio Interest Coverage Ratio 7.37 3.37 3.39 2.67 1Q 2024 1Q 2025 1Q 2024 1Q 2025 Debt-to-Equity Ratio Net Debt-to-Equity Ratio 1.47 1.17 0.94 0.41 1Q 2024 1Q 2025 1Q 2024 1Q 2025 9
Slide 10: Balance Sheet
Balance Sheet Amounts in Mn Php 31 March 2025 31 December 2024 Change Cash and Cash Equivalents 5,272 8,329 (37%) Utilized portion of new loans Other Current Assets 3,126 3,351 (7%) Total Current Assets 8,398 11,680 (28%) Property, Plant and Equipment, net 29,976 25,269 19% Construction progress for
Slide 11: Market Ratios
Market Ratios Earnings per Share (Annualized) Book Value per Share 0.10 1.91 0.07 1.69 1Q 2024 1Q 2025 1Q 2024 1Q 2025 Price-to-Earnings Ratio Price-to-Book Ratio 49.99 26.46 1.94 1.60 1Q 2024* 1Q 2025 1Q 2024 1Q 2025 *at IPO price of Php2.70/share 11
Slide 12: Asset Portfolio
* CITICORE RENEWABLE ENERGY Asset Portfolio Zw
Slide 13: Citicore Group's Operating Assets
Citicore Group’s Arayat (1&2) Bulacan Operating Assets 115.7 MW 15 MW 10 Operating Solar Assets Cebu Tarlac 1 60 MW 8.8 MW 285 MWdc Combined Gross Installed Capacity 227 MWac Equivalent Negros Occidental Tarlac 2 390 GWh Estimated Annual Net Generation 25 MW 7.5 MW 710,562 Clark Bataan 2 Households
Slide 14: CREC's Goal: 5 GW in 5 Years
CREC's Goal: 5 GW in 5 Years Average capacity addition of over 1 GW p.a. over next 5 years, using a clustering strategy Solar Additional Solar Capacity 7,569 Onshore wind Hydro 6,152 26 813 26 1,168 540 4,461 1,511 2,562 1,513 5,563 1,392 1,170 4,075 2,562 285 285 1,107 } New Solar 1,392 285 2024 20
Slide 15: Citicore Portfolio Overview
Citicore Portfolio Overview Portfolio breakdown by development stages and technology Development stage Number of assets (#) Total capacity4 (MW) Solar Onshore wind Operating2 Hydro 10 285 Solar 1 26 Wind Under Construction Solar & Wind / Ready-to-Build 8 1,583 Hydro5 - - 4 540 Advanced Development 8
Slide 16: Asset Portfolio – Ready-to-Build / Under Construction
Asset Portfolio – Ready-to-Build / Under Construction CREC’s portfolio of ready-to-build / under construction assets consists of 8 solar projects, with first GW nearing energization Solar Project Batangas 1 Batangas 2 Pangasinan 1 Pangasinan 2 Pampanga 1 Quezon 1 Zambales 1 Negros 2 Parent CSEC CSEC
Slide 17: Vertically integrated platform with capabilities for end-to-end solutions
Vertically integrated platform with capabilities for end-to-end solutions • Backed by the Megawide Group, a prominent Philippine infrastructure conglomerate, CREC is a fully integrated platform with capabilities across the entire value chain, from pre-development, EPC, O&M and asset management • CRE
Slide 18: Solar Project Pipeline Construction Updates
Solar Project Pipeline Construction Updates 18
Slide 19: Batangas 1 | 197 MW
Batangas 1 | 197 MW As of May 2025 Luntal, Tuy, Batangas Q2 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 19
Slide 20: Batangas 1 | 197 MW
Batangas 1 | 197 MW As of May 2025 Lumbangan, Tuy, Batangas Q3 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 20
Slide 21: Batangas 2 | 177 MW
Batangas 2 | 177 MW As of May 2025 Bolbok, Tuy, Batangas Q4 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 21 Project was awarded during the Green Energy Auction Program 2 and received a certificate of national significance from the Department of Energy
Slide 22: Pampanga 3 | 42 MW
Pampanga 3 | 42 MW1 As of May 2025 Arayat, Pampanga Q2 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 22 Project was awarded during the Green Energy Auction Program 2 and received a certificate of national significance from the Department of Energy
Slide 23: Pangasinan 1 | 125 MW
Pangasinan 1 | 125 MW1 As of May 2025 Sta. Barbara, Pangasinan Q2 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 23 Project was awarded during the Green Energy Auction Program 2 and received a certificate of national significance from the Department of Ene
Slide 24: Pangasinan 2 | 113 MW
Pangasinan 2 | 113 MW1 As of May 2025 Binalonan, Pangasinan Phase A – Target Energization: June 2025 Q2 2025 Phase B – Target NTP: August 2025 Target Energization: March 2026 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 24 Project was awarded during the Green
Slide 25: Quezon 1 | 135 MW
Quezon 1 | 135 MW1 As of May 2025 Pagbilao, Quezon Phase A – Target Energization: September 2025 Phase B – Target NTP: July 2025 Target Energization: February 2026 Q3 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 25 Project was awarded during the Green En
Slide 26: Negros Occidental 2 | 69 MW
Negros Occidental 2 | 69 MW1 As of May 2025 Silay, Negros Occidental Q2 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 26 Project was awarded during the Green Energy Auction Program 2 and received a certificate of national significance from the Department
Slide 27: Onshore Wind Projects
Onshore Wind Projects 27
Slide 28: Onshore Wind Projects (540 MW) with 360 MW for GEAP Offtake
Onshore Wind Projects (540 MW) with 360 MW for GEAP Offtake Levanta Renewables - Vietnam PRP Corp. Bataan-Zambales CW Pangasinan CW 2 Wind Power Wind Power Project Project Wind Power Project Capacity: 120 MW Capacity: 150 MW Offtaker: GEAP (100 MW) Offtaker: GEAP (80 MW) Camarines Sur CW Wind Power
Slide 29: Met Mast Installation
Met Mast Installation 225MW 45MW Iloilo Wind Project Camarines Sur Wind Project 29
Slide 30: Company Highlights
* CITICORE RENEWABLE ENERGY Company Highlights
Slide 31: Accolades in 2025
Accolades in 2025 Best Mid-Cap Equity Deal of the Year – CREC IPO Most Successful IPO in the Energy Sector – Philippines 2024 Alpha Southeast Asia 18th Deal & Solution Awards The Global Economics Awards 2024 Silver Anvil - Public Relations Programs: Sustainability Best IPO – CREC IPO Communication -
Slide 32: 1Q 2025 Performance Highlights
1Q 2025 Performance Highlights Strong revenue growth +41% Solid financial position driven by electricity sales +47% • Revenue at Php 1.4 Bn (+41%), • Total Assets reached Php 48 Bn • EBITDA at Php 388 Mn (+8%), • Total Equity reached Php 18 Bn • Net Income at Php 230 Mn (+8%) IPO catalyst for CREC’s
Slide 33: Q&A
w a < > 30 Wo Zui wz on CITICORE Q&A €
Slide 34: Thank you!
Thank you! For questions, please contact: CREC Investor Relations crec.com.ph @CiticorePH CiticoreIR@crec.com.ph 34
Citicore Renewable Energy — Q1 2025 Earnings Presentation on 6ix