First Pacific Co. Ltd. · HKEX:142
First Pacific — First Pacific Co Ord — H1 2025 Earnings Presentation
58 slides from First Pacific's earnings presentation, Aug 28, 2025
Slide 1: Investor Presentation: First-Half 2025 Financial & Operational Results
Investor Presentation First-Half 2025 Financial & Operational Results Including Shareholder and Market Data as at end-June 2025 HKEx: 00142 Creating ADR: FPAFY long-term value www.firstpacific.com Copyright © First Pacific Company Limited 28 August 2025. All rights reserved. inAsia
Slide 2: Table of Contents
Table of Contents Appendix 29 Main Holdings 3 FPC Adjusted NAV/Share 2022-2025 30 Gross Asset Value 4 Analysts See Differing Values for FPC GAV 31 First Pacific Financial Results First Half 2025 5 Valuation Methodologies for MPIC 32 Borrowings, Dividend Income, Ratings 6 Contribution and Profit Summ
Slide 3: Main Holdings
Consumer Food Infrastructure Telecommunications Natural Resources Products First Pacific has an First Pacific holds an First Pacific holds an First Pacific has an economic interest of economic interest of economic interest of economic interest of 50.1% in Indofood, 49.9% in MPIC, 23.7% 25.6% in PLDT
Slide 4: Gross Asset Value of $5.6 Billion
Gross Asset Value of $5.6 Billion Diversified Investments, Strong Returns Philex Group1 o Balanced weighting of mature and growth $480 investments mln o Balanced weighting of different sectors (8%) o Investment geography limited to the fast- PLDT2 13 cm growing markets of emerging Asian economies o
Slide 5: Earnings Continue Record-Setting Momentum
Earnings Continue Record-Setting Momentum First-Half Recurring Profit Rises 11% to Record Contribution From Operations & Recurring Profit (USD mln) 900 o Turnover rose 1% to $5,027.8 million largely on higher 800 700 revenue at MPIC 5.0 x 11.0 600 o Contribution from operations rose 8% to a record h
Slide 6: Investment Grade Credit Ratings
Investment Grade Credit Ratings Head Office Borrowings at end-June 2025 (USD mln) Investment Grade Credit Ratings From Moody’s, S&P 500 o Investment-grade credit ratings from S&P and Moody’s 420 400 o S&P rating: BBB- with Stable outlook 400 350 o Moody’s rating: Baa3 with Stable outlook 300 o Divid
Slide 7: Indofood: Sales, Core Profit Continue to New Highs
Sales, Core Profit Continue to New Highs 1H 2025 Financial Highlights Net Sales & Core Profit (USD mln) 8,000 7,430 o Net sales rose 4% to record high IDR59.8 trillion vs. IDR57.3 6,926 7,338 7,290 7,000 trillion on sales growth driven by the Agribusiness division 6,000 o EBIT fell 1% to IDR11.7 tri
Slide 8: ICBP: Sales, Core Profit Again at Record Highs
Sales, Core Profit Again at Record Highs 1H 2025 Financial Highlights o Net sales rose 2% in Rupiah terms to a record high 37.6 trillion vs. 37.0 trillion on growth led by Noodles o EBIT fell 5% to IDR8.5 trillion vs. IDR8.9 trillion driven largely by lower margins for the Noodles and Dairy business
Slide 9: Sales by Division & Geography
Sales by Division & Geography Change in External Sales (IDR bln) External Sales by Division (IDR bln) 60,500 60,000 1,203 59,843 1H24 1H25 Change Share 59,500 59,000 Noodles 26,507 27,288 3% 46% 781 58,500 Dairy 4,723 4,669 -1% 8% 58,000 689 Snack Foods 2,210 2,262 2% 4% 8.8 x 11.5 57,500 57,296 Foo
Slide 10: Selected Time Series Data
Selected Time Series Data Sales over time (IDR bln) 2019 2020 2021 2022 2023 2024 Change Consumer Branded Products 42,753 46,969 56,964 65,258 68,598 73,320 7% Bogasari (flour & pasta) 22,839 22,965 25,883 31,879 30,413 30,558 0% Agribusiness 13,600 14,551 19,692 17,770 15,974 15,958 0% Distribution
Slide 11: MPIC Investments: Power, Toll Roads, Water, Healthcare
Power Toll Roads Water Healthcare Others 48%-100% stakes 45%-93% stakes 54%-100% stakes 20% stake 36%-100% stakes 48% 54% 36% 27 Hospitals 100% 100% 6 Radiotherapy 100% Centers 100% § Largest private hospital network in 58% the Philippines § MPTC operates and § Maynilad is the 100% § Present in all
Slide 12: MPIC Blooms Under Private Ownership
MPIC Blooms Under Private Ownership Others MIG PLP (7%) PLDT M 7.8 7.7 it- % 21% of GAV Pa % cif ic First Pacific 7.0 x 7.0 Philex GSIS 49.9% stake MPIC & others (9%) 12.5% 1.3 x 3.8 valued at $1,348 mln 24% of GAV GT Capital Indofood 19.6% 39% of GAV Looking Ahead, Toll Roads & Water Are in Focus,
Slide 13: Post-Privatization Earnings Records Continue
Post-Privatization Earnings Records Continue 1H 2025 Financial Highlights Key Contributors in 1H25 (PHP mln) Healthcare o Contribution from investee companies rose 18% to a record high ₱17.5 ₱400 mln billion vs. ₱14.8 billion on contribution growth led by water and power o Core profit rose 20% to a
Slide 14: Long Maturities, High ICR as Debt Declines
Long Maturities, High ICR as Debt Declines MPIC Head Office: Strong Balance Sheet & Long Maturities Dividend Income (PHP bln) 20 o Dividend income of ₱17.8 billion in 2024 was highest level ever 18 o Interest coverage ratio of 4.96x at end-June vs. minimum of 1.3x 16 o Maturity profile skewed to lon
Slide 15: Meralco: Distribution Drives Earnings to Record High
Distribution Drives Earnings to Record High 1H 2025 Financial Highlights & Outlook: Meralco Revenues & Core Profit (USD mln) 9,000 7,984 8,196 o Gross revenues rose 3% to highest-ever ₱245.2 billion vs. ₱237.5 8,000 7,677 billion on higher volume sold 7,000 o Core profit rose 10% to record high ₱25.
Slide 16: LNG & Renewables Power Generation Ambitions
LNG & Renewables Power Generation Ambitions LNGPH Sees Completion of Regasification Terminal Meralco Buys Majority Stake in SPNEC o MGen’s 40.2%-owned LNGPH facility in Batangas City has o MGreen has acquired 53.7% of Manila-listed Solar finished construction of a regasification terminal that will s
Slide 17: Toll Road Revenues, Core Profit at Record High
Toll Road Revenues, Core Profit at Record High Revenues & Core Profit (USD mln) 600 490 550 500 420 4.9 x 13.2 400 354 318 300 268 200 100 79 105 1.3 x 3.5 105 111 59 64 0 2021 2022 2023 2024 1H24 1H25 Revenues Core Profit 1H 2025 Financial Highlights & Outlook: Toll Roads o Revenues rose 18% to rec
Slide 18: Snapshot of MPTC Assets
Snapshot of MPTC Assets Regional Breadth of MPTC Toll Road Network Capital Expenditure (PHP mln) 25,000 21,503 19,200 18,200 o MPTC is 93.3% owned by MPIC, 6.6% by Mit-Pacific 4.0 x 11.3 20,000 15,304 o MPTC holds 44.9% of CII Bridges & Roads in Vietnam 15,000 o MPTC owns 61.3% of Margautama Nusanta
Slide 19: Maynilad Sets IPO After Record-High Earnings
Maynilad Sets IPO After Record-High Earnings 1H 2025 Financial Highlights & Outlook: Water Revenues & Core Profit (USD mln) 700 o Maynilad revenues rose 11% to record high ₱18.3 billion 600 584 vs. ₱16.5 billion as a result of higher effective tariffs 492 500 o Core profit rose 24% to ₱7.5 billion v
Slide 20: Healthcare Business & Light Rail
Healthcare Business & Light Rail Health Revenues & Profit Rise to Record Highs Light Rail Swings to Loss on Amortization o The rebranded hospitals business “Metro Pacific Health” o LRMC revenues rose 36% to record high ₱1.9 billion vs. saw revenues rise 34% to record high ₱21.1 billion vs. ₱1.4 bill
Slide 21: PLDT: Maya Fintech Unit Delivers Profit
Maya Fintech Unit Delivers Profit, Supports Bottom Line 1H 2025 Financial Highlights Service Revenues# & Telco Core Profit (USD mln) 4,000 3,763 3,602 3,633 3,631 o Service revenues# rose 3% to a record high 3,500 ₱106.3 billion vs. ₱103.4 billion on strong fixed 3,000 line voice revenues o EBITDA*
Slide 22: Individual Business Leads Growth Again
Individual Business Leads Growth Again Individual Business Sees 5G Surge Home Fiber Continues Strong Enterprise Business Banks on Racks o 1H 2025 Individual service revenues o 1H 2025 Home service revenues o 1H 2025 Enterprise service revenues fell 1% to ₱42.3 billion vs. ₱42.9 billion rose 4% to ₱3
Slide 23: Digital Banking Unit Swings to Profit
Digital Banking Unit Swings to Profit Number One Fintech Platform in the Philippines All-In-One Digital Banking App† o PLDT’s share of profit from Maya in 1H 2025 swung to o Maya owns and operates its own digital bank, equity ₱0.4 billion vs. a loss of ₱0.7 billion in 1H 2024 trading, and crypto exc
Slide 24: Capex Passes its Peak & Investment Grade Ratings
Capex Passes its Peak & Investment Grade Ratings Capex Spending Down After Leadership Secured Capex Passes its Peak (USD mln) 3,000 60% o 2025 capex seen continuing downward trend to ₱63 billion after 2024 total falls 8% to ₱78.2 billion from ₱85.1 billion in 2,500 50% 2023 2,000 40% o 2025 capex is
Slide 25: PLP: New 670MW Project as Net Debt Falls 68%
New 670MW Project as Net Debt Falls 68% 1H 2025 Financial and Operational Highlights Revenue & Core Profit (USD mln) 2,500 o Revenue declined 19% to S$875.6 million vs. S$1,062.0 2,029 million on lower selling prices 2,000 o EBITDA rose 4% to $210.3 million vs. S$203.0 million 1,748 o Core profit ro
Slide 26: Padcal Mine Sees Lower Grades
Padcal Mine Sees Lower Grades 1H 2025 Financial Highlights Operating Revenues & Core Profit (USD mln) 200 o Operating revenues fell 9% to ₽4.0 billion as lower grades and 180 185 recoveries offset higher production and prices 160 154 154 o EBITDA fell 28% to to ₽654 million vs. ₽912 million on lower
Slide 27: Silangan Mine Project Well Underway
Silangan Mine Project Well Underway Mineable Reserves at Boyongan Ore Deposit Silangan Reserves* o The Silangan Project is located in Surigao del Norte in northeastern Mindanao near proved deposits of copper (Cu) Mln Au Cu and gold (Au) o Total resources include 9.7 million oz. of gold, 4.9 billion
Slide 28: FPC Leads Group Companies in Lifting ESG Targets
FPC Leads Group Companies in Lifting ESG Targets Head Office GHG Emissions (tons of CO2-e) 2024 First Pacific Scope 2 Emissions Remain At Zero 300 12 o First Pacific Head Office Scope 2 greenhouse gas emissions reached zero in 2023 owing to the purchase of carbon offsets from the Company’s electrici
Slide 29: Appendix
Appendix Shareholder Information Selected Financial Data 29
Slide 30: Adjusted NAV per Share
Adjusted NAV per Share At At At At Basis 31 December 31 December 31 December 30 June US$ millions 2022 2023 2024 2025 Indofood (i) 1,879.3 1,839.3 2,094.4 2,200.4 PLDT (i) 1,304.8 1,276.1 1,236.8 1,193.6 MPIC (ii) 811.0 1,371.0 1,312.4 1,347.6 FPM Power/PLP (iii) 150.0 370.0 370.0 370.0 Philex (i) 1
Slide 31: Analysts See Differing Values In FPC GAV
Analysts See Differing Values In FPC GAV FPC GAV Citi GAV CLSA GAV $5.6 billion $8.8 billion $7.4 billion Others Other Others 9% s 5% Indofood PLDT 4% PLDT Indofood Indofood 22% 17% 20% 25% PLDT 39% 21% PLP 5% PLP 14% MPIC MPIC 7% MPIC 40% 49% P PL 24% FPC’s Conservative Asset Valuation At Citi valu
Slide 32: Citi and CLSA Valuation Methodologies for MPIC
Citi and CLSA Valuation Methodologies for MPIC At Citi’s Valuation of MPIC Assets 2 April o Citi uses sum-of-the-parts methodology to US$ millions 2025 arrive at its net asset value of $6,954 Meralco 47.46% at ₽550/share 5,125 million for MPIC o Citi uses market price for listed Meralco MPTC Transac
Slide 33: Contribution & Profit Summary
Contribution & Profit Summary Contribution to Turnover Group profit(i) For the six months ended 30 June 2024 2025 2024 2025 US$ millions Indofood 3,584.6 3,647.2 167.6 168.6 PLDT(ii) - - 74.8 75.3 MPIC 624.4 717.3 101.6 131.1 FPM Power/PLP 786.1 663.3 47.3 50.4 (ii) Philex - - 3.4 0.5 FP Natural Res
Slide 34: Contribution & Profit 2018 to 2024
Contribution & Profit 2018 to 2024 (USD mln) 2018 2019 2020 2021 2022 2023 2024 Indofood 134.7 163.4 194.4 237.0 265.8 285.1 333.3 PLDT 120.7 119.3 134.9 139.1 133.7 143.2 148.5 MPIC 120.9 126.8 84.8 98.1 104.4 159.8 199.4 FPM Power/PLP (6.2) (10.5) (2.5) 21.8 82.4 118.8 96.9 Philex 2.9 1.0 8.0 19.3
Slide 35: Per-Share Data & Key Ratios 2018-2024
Per-Share Data & Key Ratios 2018-2024 Hong Kong dollars 2018 2019 2020 2021 2022 2023 2024 End-year share price 3.02 2.65 2.47 2.87 2.33 3.11 4.51 Adjusted NAV per share 7.26 6.30 7.23 7.34 5.79 6.98 7.30 HK cents Basic earnings/(loss) 23.7 (45.6) 36.3 60.2 71.8 92.2 110.4 Basic recurring earnings 5
Slide 36: Head Office Debt & Cash Flow
Head Office Debt & Cash Flow Cash and cash US$ millions Borrowings equivalents Net debt At 1 January 2025 1,457.9 (120.5) 1,337.4 Movement 1.9 (89.8) (87.9) At 30 June 2025 1,459.8 (210.3) 1,249.5 Head Office cash flow For the six months ended June 30 2024 2025 US$ millions Dividend and fee income 1
Slide 37: Head Office Cash Flow 2018-2024
Head Office Cash Flow 2018-2024 For the year ended 31 December (USD mln) 2018 2019 2020 2021 2022 2023 2024 Dividend income Indofood 88.0 49.7 78.4 81.1 78.2 71.2 68.4 PLDT 64.5 73.0 80.6 89.2 116.4 103.6 91.1 MPIC 28.1 27.9 29.0 29.7 27.7 30.2 62.1 FPM Power/PLP - - - - - 116.6 81.3 Philex 3.0 - 0.
Slide 38: Dividend Payments by FPC Group Companies 2018-2024
Dividend Payments by FPC Group Companies 2018-2024 Dividend per share (local currency) 2018 2019 2020 2021 2022 2023 2024 Indofood DPS (IDR) 236 278 278 278 257 267 280 EPS 474 559 735 873 724 928 984 Payout ratio 50% 50% 38% 32% 35% 29% 28% PLDT DPS(PHP) 72 75 78 84 134 95 97 Telco core EPS 121 125
Slide 39: Group Net Debt and Gearing end-June
Group Net Debt and Gearing end-June Consolidated At 31 December 2024 At 30 June 2025 Net Total Net Total debt/ equity/ Gearing(ii) debt/ equity/ Gearing(ii) US$ millions (cash)(i) (deficit) (times) (cash)(i) deficit (times) Head Office 1,337.4 847.8 1.58x 1,249.5 816.4 1.53x Indofood 1,985.5 6,556.8
Slide 40: MPIC Contribution & Profit Summary
MPIC Contribution & Profit Summary Contribution to Turnover Group profit(i) For the six months ended 30 June 2024 2025 2024 2025 PHP millions Power - - 10,140 11,187 Toll Roads 15,368 18,120 3,320 3,342 Water 17,663 19,603 2,714 3,821 Healthcare - - 269 400 Others 2,727 3,096 (1,619) (1,245) Contrib
Slide 41: MPIC Contribution & Profit 2018 to 2024
MPIC Contribution & Profit 2018 to 2024 (USD mln) 2018 2019 2020 2021 2022 2023 2024 Power 10,823 11,571 10,547 11,219 12,360 15,238 19,663 Toll Roads 4,423 5,236 2,445 3,866 5,680 5,794 6,318 Water 3,794 3,569 3,082 2,760 2,660 4,381 6,209 Hospitals 771 867 45 298 220 373 561 Others (248) (351) (75
Slide 42: MPIC Head Office Debt & Cash Flow
MPIC Head Office Debt & Cash Flow Cash and cash PHP billions Borrowings equivalents Net debt At 1 January 2025 73.0 (11.5) 61.5 Movement (15.7) 5.6 (10.1) At 30 June 2025 57.3 (5.9) 51.4 MPIC Head Office cash flow For the six months ended 30 June 2024 2025 PHP billions Dividend and fee income 9.5 12
Slide 43: MPIC Head Office Cash Flow 2018-2024
MPIC Head Office Cash Flow 2018-2024 For the year ended 31 December (PHP bln) 2018 2019 2020 2021 2022 2023 2024 Dividend income: Meralco/Beacon 4.5 8.8 8.1 6.6 8.3 10.5 11.5 MPTC 1.8 2.3 1.8 1.9 2.0 3.6 3.7 Maynilad 1.6 2.6 - 1.6 1.6 1.9 2.5 Others (Coastal and Indra) - 0.1 - - 0.2 0.3 0.1 Total di
Slide 44: Dividend Payments by MPIC Companies
Dividend Payments by MPIC Companies Dividends per share (PHP) 2018 2019 2020 2021 2022 2023 2024 Meralco DPS 15.900 15.859 12.521 15.283 16.834 19.755 24.031 Core EPS 19.881 21.145 19.262 21.833 24.048 32.925 40.052 Payout ratio 80% 75% 65% 70% 70% 60% 60% MPTC DPS 33.48 36.16 61.33 88.01 126.85 137
Slide 45: MPIC Group Net Debt and Gearing
MPIC Group Net Debt and Gearing Consolidated At 31 December 2024 At 30 June 2025 Net Total Gearing(ii) Net Total Gearing(ii) US$ millions debt(i) equity (times) debt(i) equity (times) MPIC Head Office 1,063.0 2,848.1 0.37x 912.9 2,870.7 0.32 Metro Pacific Tollways 3,037.4 1,326.9 2.29x 3,338.5 1,277
Slide 46: Borrowings, Cash, and Effect of 1% Change in Interest Rates
Borrowings, Cash, and Effect of 1% Change in Interest Rates on Profitability At 30 June 2025 Fixed Variable Cash Net Consolidated interest rate interest rate and cash Debt/ US$ millions borrowings(i) borrowings(i) equivalents(ii) (cash) Head Office 796.3 663.5 (210.3) 1,249.5 Indofood 2,736.2 1,628.
Slide 47: Effect of 1% Change in USD Exchange Rate on Profitability and NAV
Effect of 1% Change in USD Exchange Rate on Profitability and NAV Profit effect of Group Total USD Hedged Unhedged 1% change in net profit exposure amount amount currency effect Head Office(i) 1,332.1 - 1,332.1 - - Indofood 1,900.9 - 1,900.9 19.0 7.4 MPIC (1.7) - (1.7) (0.0) (0.0) FPM Power (6.5) -
Slide 48: EM Growth on Foundation of Mature Market Security
EM Growth on Foundation of Mature Market Security Profit & Currency Changes Over Time (2018=100) Six Years of Rising Earnings Despite FX Weakness 250 o First Pacific has delivered six straight years of growth in recurring profit, with the last four years reporting 230 successive record highs o Over
Slide 49: First Pacific's Investment & Management Approach
First Pacific’s Investment & Management Approach Investment Criteria & Strategies Investment Objectives o Geographic focus on emerging Asian economies o Create shareholder value by growing First o Industry focus on consumer foods, infrastructure, Pacific’s recurring earnings and dividends and natura
Slide 50: Revenue Breakdown by Geography & Sector
Revenue Breakdown by Geography & Sector Consumer Food Products (USD mln) 2020 2021 2022 2023 2024 1H24 1H25 Change Indonesia 4,736.7 5,367.9 5,710.0 5,649.0 5,551.5 2,787.7 2,850.3 2% Philippines 173.2 122.7 219.7 61.1 20.9 10.5 9.8 -7% Singapore 51.7 204.3 141.8 128.4 98.6 48.1 53.0 10% Middle East
Slide 51: Proven Track Record in the Capital Markets
Proven Track Record in the Capital Markets $282 mln Rights Offer $500 mln Rights Offer (one-for-five (one-for-eight at HK$3.40/share) at HK$8.10/share) 7-yr $400 mln 7-yr $300 mln 7.375% 7-yr $175 mln 5.75% 7-yr $350 mln 4.375% 6.00% Unsecured Secured Bond Unsecured Bond Unsecured Bond Bond (redeeme
Slide 52: Market Performance & Peer Comparison
Market Performance & Peer Comparison Citi Joins CLSA in Reinitiating Equity Research Coverage 37% o Analysts at Citi reinitiated equity research coverage of 142.HK 24% 23% 20% following the Company’s 2024 full-year results announcement 15% o Citi Analyst Timothy Chau maintains a Buy rating on First
Slide 53: Minority Shareholders Over Time
Minority Shareholders Over Time Minority Shareholders (mln shares) 2023.06 2023.12 2024.06 2024.12 2025.07 1 Brandes Investment Partners 271 283 287 293 1 326 2 The Vanguard Group 78 79 85 87 94 2 3 China Securities D&C 45 57 76 94 92 3 4 Letko, Brosseau & Associates 77 77 82 82 79 4 Salim 5 JG Summ
Slide 54: Minority Shareholder Statistics
Minority Shareholder Statistics 60% Concentration Ownership Distribution (number of shareholders) 50% The Top 10 40% Rest 17% 46% 30% Next 25 6.5 x 6.5 of all shares held by non-inside 20% 6.5 x 16.0 14% 1.3 x 3.8 investors are held by the top 10. 10% 8.1 x 3.6 0% Next 15 Top 10 Next 15 Next 25 The
Slide 55: Director Share Ownership & Committee Memberships
Director Share Ownership & Committee Memberships Directors’ Interests in 00142.HK Shares Unvested Vested Share Held Share Awards Options Anthoni Salim NED, Chair 1,925,474,957 - - Manuel Pangilinan ED, CEO 2,243,078 6,077,352 - Christopher Young ED 6.5 x 16 8,385,189 1,627,363 957,000 - - Axton Sali
Slide 56: Economic Interest in Group Companies
FPC’s Economic Interest 49.9% 25.6% 25.6% (%) 11.2% 23.7% 50.1% 23.7% 40.3% 55.7% 49.9% 37.2% 26.8% 40.3% Pinehill 20.9% 30.8% 46.6% 18.4% 10.7% 13.5% 10.0% 17.9% 46.2% 34.8% 46.2%* Data as of 30 June 2025. *Increases to 59.7% on conversion of SMECI notes. 56
Slide 57: Important Notice
IMPORTANT NOTICE This presentation is provided for information purposes only. It does not constitute an offer or invitation to purchase or subscribe for any securities of First Pacific or any of its subsidiaries or other companies it is invested in, and no part of this presentation shall form the ba
Slide 58: Contact Us
Contact Us First Pacific Company Limited (Incorporated with limited liability under the laws of Bermuda) 24th Floor, Two Exchange Square 8 Connaught Place, Central Hong Kong Tel: +852 2842 4302 Email us at info@firstpacific.com WeChat ID: firstpacific-142hk John Ryan mobile phone: +852 6336 1411 fir