First Pacific Co. Ltd. · HKEX:142
First Pacific — First Pacific Co Ord — FY2024 Earnings Presentation
54 slides from First Pacific's earnings presentation, Mar 28, 2025
Slide 1: Investor Presentation: 2024 Full-Year Financial & Operational Results
Investor Presentation 2024 Full-Year Financial & Operational Results Including Share Price and Holder Data HKEx: 00142 Creating ADR: FPAFY long-term value www.firstpacific.com Copyright © First Pacific Company Limited 28 March 2025. All rights reserved. inAsia
Slide 2: Table of Contents
Table of Contents Main Holdings 3 ESG & Sustainability Matters 28 Gross Asset Value 4 Appendix 29 First Pacific Financial Results 2024 5 FPC NAV/share Over Time 30 Borrowings, Dividend Income, Ratings 6 Differing Perspectives on NAV/share 31 Indofood 7-10 Contribution and Profit Summary 32 Financial
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 $5.4 Billion
Gross Asset Value of $5.4 Billion Philex* Diversified Investments, Strong Returns s & other o Balanced weighting of mature and growth $307 investments ml n o Balanced weighting of different sectors (6%) o Investment geography limited to the fast- growing markets of emerging Asian economies PLDT 13 c
Slide 5: 2024 Earnings Mark 4th Successive High
2024 Earnings Mark 4th Successive High 2024 Recurring Profit Rises 11% to Record Contribution & Recurring Profit (USD mln) 1,000 o Turnover declined 4% to $10,057.2 million largely on lower revenue at PacificLight Power (PLP) o Contribution from operations rose 11% to a record high $776.5 million vs
Slide 6: Investment Grade Credit Ratings
Investment Grade Credit Ratings Head Office Borrowings at end-2024 (USD mln) Record High Dividend Income & Investment Grade 500 o Record high dividend income of $324 million in 2023 420 400 followed by $305 million in 2024 400 350 o Interest coverage ratio 4.0x well above “comfort level” 300 o Gross
Slide 7: Indofood: Sales, Core Profit Continue to New Highs
Sales, Core Profit Continue to New Highs FY 2024 Financial Highlights Net Sales & Core Profit (USD mln) 10,000 o Net sales rose 4% to record high IDR115.8 trillion vs. IDR111.7 trillion on sales growth driven by the CBP division 8,000 7,430 7,338 7,290 6,926 o EBIT rose 17% to highest-ever IDR23.1 t
Slide 8: ICBP: Sales, Core Profit Again at Record Highs
Sales, Core Profit Again at Record Highs FY 2024 Financial Highlights o Net sales rose 7% in Rupiah terms to a record high IDR72.6 trillion vs. IDR67.9 trillion on growth led by Noodles o All businesses delivered revenue and EBIT growth with volume growth across all segments o EBIT rose 13% to a rec
Slide 9: Sales by Division & Geography
Sales by Division & Geography Change in External Sales (IDR bln) External Sales by Division (IDR bln) 117,000 3,556 115,787 116,000 2023 2024 Change Share 115,000 Noodles 49,535 53,091 7% 46% 114,000 Dairy 8,994 9,294 3% 8% 113,000 579 Snack Foods 4,198 4,412 5% 4% 112,000 111,704 8.8 x 11.5 214 300
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 PLP MIG 17.1 x 11.1 (7%) 6.9 x 6.9 M 7.8 PLDT 7.7 it- % Pa 24% of GAV % cif ic First Pacific GSIS 7.0 x 7.0 49.9% stake MPIC Philex & others (5%) 25% of GAV 12.5% 1.3 x 3.8 valued at $1,324 mln* GT Capital Indofood 19.6% 39% of GAV Looking Ahead, Toll Roads
Slide 13: Post-Privatization Earnings Records Continue
Post-Privatization Earnings Records Continue FY 2024 Financial Highlights Key Contributors in 2024 (PHP mln) Healthcare o Contribution from investee companies rose 16% to a record high ₱28.4 ₱561 mln billion vs. ₱24.5 billion on contribution growth led by the power and water businesses Water 7.0 x 7
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 4.22x vs. minimum of 1.3x 16 o Maturity profile skewed to long end with 4
Slide 15: Meralco: Distribution Drives Earnings to Record High
Distribution Drives Earnings to Record High FY 2024 Financial Highlights & Outlook: Meralco Distribution Revenues & Core Profit (USD mln) 1,600 o Gross revenues rose 6% to highest-ever ₱470.4 billion vs. ₱443.6 1,400 1,278 1,278 1,223 1,284 1,244 billion on higher volume sold 1,200 1,085 o Core prof
Slide 16: LNG & Renewables Power Generation Ambitions
LNG & Renewables Power Generation Ambitions MGen Invests in 2,500MW LNG Power Project Meralco Buys Majority Stake in SPNEC o MGen to take 60% stake in Chromite Gas Holdings (CGHI) with o MGreen has acquired 50.5% of Manila-listed Solar Aboitz’s Therma NatGas Power taking 40% Philippines New Energy C
Slide 17: Toll Road Revenues, Core Profit at Record High
Toll Road Revenues, Core Profit at Record High Revenues & Core Profit (USD mln) 700 600 550 490 500 400 300 274 354 4.9 x 13.2 420 200 100 54 1.3 x 3.5 79 105 105 111 0 2020 2021 2022 2023 2024 Revenues Core Profit FY 2024 Financial Highlights & Outlook: Toll Roads o Revenues rose 16% to record ₱31.
Slide 18: Snapshot of MPTC Assets
Snapshot of MPTC Assets Regional Breadth of MPTC Toll Road Network Capital Expenditure (PHP mln) 30,000 26,172 25,000 23,300 21,503 o MPTC is 93.3% owned by MPIC, 6.6% by Mit-Pacific o MPTC holds 44.9% of CII Bridges & Roads in Vietnam o MPTC owns 61.3% of Margautama Nusantara (MUN) in 20,000 15,000
Slide 19: Maynilad Sets IPO After Record-High Earnings
Maynilad Sets IPO After Record-High Earnings FY 2024 Financial Highlights & Outlook: Water Revenues & Core Profit (USD mln) 700 o Maynilad revenues rose 23% to record high ₱33.5 billion vs. 600 584 ₱27.3 billion as a result of higher effective tariffs and billed 463 492 volume 500 445 420 o Core pro
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 14% to record high ₱2.9 billion vs. saw revenues rise 27% to record high ₱34.6 billion vs. ₱2.5 bill
Slide 21: PLDT: Data Drive Revenues and EBITDA to Records
Data Drive Revenues and EBITDA to New Record Highs FY 2024 Financial Highlights Service Revenues# & Telco Core Profit (USD mln) 5,000 o Service revenues# rose 3% to a record high 4,000 3,508 3,763 3,586 3,633 3,631 ₱208.4 billion led by Individual mobile business and Enterprise data services busines
Slide 22: Individual Business Leads Growth Again
Individual Business Leads Growth Again Individual Business Sees ARPU Surge Home Fiber Continues Strong Enterprise Business Banks on Racks o FY 2024 Individual service revenues o FY 2024 Home service revenues rose o FY 2024 Enterprise service revenues rose rose 2% to ₱83.5 billion vs. ₱81.9 0.5% to ₱
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 share of losses in FY 2024down to ₱1.0 billion vs. o Maya owns and operates its own digital bank, equity ₱2.2 billion in 2023 trading, and crypto exchange o Maya recorded posit
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) o 2025 capex seen continuing downward trend to ₱68-73 2,500 50% billion after 2024 total falls 8% to ₱78.2 billion from ₱85.1 45% 2,000 40% billion in 2023 35% o 2025 capex t
Slide 25: PLP: Earnings Remain Strong as Net Debt Falls 30%
Earnings Remain Strong as Net Debt Falls 30% FY 2024 Financial and Operational Highlights Revenue & Core Profit (USD mln) 2,500 o Revenue declined 27% to S$1,997.3 million vs. S$2,723.2 2,029 million on lower selling prices following stabilization of the 2,000 1,748 domestic power market 1,493 o EBI
Slide 26: Philex: Prices Improve as Grades Decline
Prices Improve as Grades Decline FY 2024 Financial Highlights Operating Revenues & Core Profit (USD mln) 250 o Operating revenues rose 3% to ₽8.8 billion as higher metal prices 212 offset lower volume milled and lower grades 200 185 o EBITDA rose 1% to to ₽1,981 million vs. ₽1,784 million on 171 imp
Slide 27: Silangan Mine Project Well Underway
Silangan Mine Project Well Underway Mineable Reserves at Boyongan Ore Deposit Silangan Reserves* o The Silangan Project is located in Surigao del Norte in northeastern Mindanao near proved deposits of copper (Cu) Mln Au Cu and gold (Au) o Total resources include 9.7 million oz. of gold, 4.9 billion
Slide 28: FPC Leads Group Companies in Lifting ESG Targets
FPC Leads Group Companies in Lifting ESG Targets Head Office GHG Emissions (tons of CO2-e) 2024 First Pacific Scope 2 Emissions Remain At Zero 300 12 o First Pacific Head Office Scope 2 greenhouse gas emissions reached zero in 2023 owing to the purchase of carbon offsets from the Company’s electrici
Slide 29: Appendix
Appendix Shareholder Information Selected Financial Data 29
Slide 30: Adjusted NAV per Share
Adjusted NAV per Share At At At Basis 31 December 31 December 31 December US$ millions 2022 2023 2024 Indofood (i) 1,879.3 1,839.3 2,094.4 PLDT (i) 1,304.8 1,276.1 1,236.8 MPIC (ii) 811.0 1,371.0 1,312.4 FPM Power/PLP (iii) 150.0 370.0 370.0 Philex (i) 145.6 154.8 128.8 PXP Energy (i) 76.4 39.6 27.6
Slide 31: Differing Perspectives on NAV per Share
Differing Perspectives on NAV per Share How to Value MPIC? At Considering o First Pacific values its 31 December CLSA’s stake in MPIC at its US$ millions 2024 MPIC Valuation privatization valuation Indofood 2,094.4 2,102.2 o CLSA uses the market PLDT 1,236.8 1,236.8 price for MPIC’s listed MPIC 1,31
Slide 32: Contribution & Profit Summary
Contribution & Profit Summary Contribution to Turnover Group profit(i) For the year ended 31 December 2023 2024 2023 2024 US$ millions Indofood 7,338.4 7,290.4 285.1 333.3 PLDT(ii) - - 143.2 148.5 MPIC 1,103.8 1,274.0 159.8 199.4 FPM Power/PLP 2,029.2 1,492.8 118.8 96.9 (ii) Philex - - 7.6 4.8 FP Na
Slide 33: 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 34: 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 35: Head Office Debt & Cash Flow 2024
Head Office Debt & Cash Flow 2024 Cash and cash US$ millions Borrowings equivalents Net debt At 1 January 2024 1,466.8 (70.9) 1,395.9 Movement (8.9) (49.6) (58.5) At 31 December 2024 1,457.9 (120.5) 1,337.4 Head Office cash flow For the year ended 31 December 2023 2024 US$ millions Dividend and fee
Slide 36: 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 37: Group Net Debt and Gearing end-2024
Group Net Debt and Gearing end-2024 Consolidated At 31 December 2023 At 31 December 2024 Total Total Net Equity/ Gearing(ii) Net equity/ Gearing(ii) US$ millions debt/(cash)(i) (deficit) (times) debt/(cash)(i) deficit (times) Head Office 1,395.9 976.1 1.43x 1,337.4 847.8 1.58x Indofood 2,327.1 6,353
Slide 38: 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 39: 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 40: MPIC Group Net Debt and Gearing
MPIC Group Net Debt and Gearing Consolidated At 31 December 2023 At 31 December 2024 Net Total Gearing(ii) Net Total Gearing(ii) US$ millions Debt(i) Equity (times) Debt(i) Equity (times) MPIC Head Office 1,129.9 2,869.9 0.39x 1,063.0 2,848.1 0.37x Metro Pacific Tollways 2,193.3 1,433.9 1.53x 3,037.
Slide 41: Borrowings, Cash, and Effect of 1% Change in Interest Rates
Borrowings, Cash, and Effect of 1% Change in Interest Rates on Profitability At 31 December 2024 Fixed Variable Cash Net Consolidated interest rate interest rate and cash Debt/ US$ millions borrowings(i) borrowings(i) equivalents(ii) (cash) Head Office 795.0 662.9 (120.5) 1,337.4 Indofood 2,735.5 1,
Slide 42: 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) 1,348.2 - 1,348.2 - - Indofood 2,372.7 - 2,372.7 23.7 9.3 MPIC 127.5 - 127.5 1.3 0.4 FPM Power (72.7) - (72
Slide 43: 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 240 o First Pacific has delivered six straight years of growth in recurring profit, with the last four years reporting 220 successive record highs o Over
Slide 44: 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 45: Revenue Breakdown by Geography & Sector
Revenue Breakdown by Geography & Sector Consumer Food Products (USD mln) 2019 2020 2021 2022 2023 2024 Change Indonesia 4,817.5 4,736.7 5,367.9 5,710.0 5,649.0 5,551.5 -2% Philippines 241.1 173.2 122.7 219.7 61.1 20.9 -66% Singapore 51.9 51.7 204.3 141.8 128.4 98.6 -23% Middle East, Africa & Others
Slide 46: 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 47: Market Performance & Peer Comparison
Market Performance & Peer Comparison 2023 Market Performance Parallels Financial Results 45% o 2023 was FPC’s best year ever in many ways – record high earnings and dividend income leading to similar figures for 2024 half-year 18% 17% 4.8 x 10.0 11% o 142.HK rose 45% in 2024 following a rise of 33%
Slide 48: Senior Management of First Pacific
Senior Management of First Pacific John W. Ryan Joseph H.P. Ng Manuel V. Pangilinan Christopher H. Young Stanley H. Yang Assoc. Director & CSO Assoc. Director & CFO Managing Director & CEO Executive Director Assoc. Director Group Corp. Development Richard P.C. Chan Peter T.H. Lin Victorico P. Marily
Slide 49: Shareholding Structure of the Company
Shareholding Structure of the Company Minority Shareholders (mln shares) 2023.12 2024.06 2024.09 2024.12 2025.03 1 Brandes Investment Partners 283 287 290 293 1 299 2 China Securities D&C 57 76 100 94 2 93 3 The Vanguard Group 79 85 85 87 3 87 4 Lazard Asset Management 117 95 91 84 4 84 Salim 5 Letk
Slide 50: Minority Shareholder Statistics
Minority Shareholder Statistics Concentration Growth of China 60% The 50% Rest Top 10 40% 17% 44% Next 6.5 25 x 6.5 of all shares held by non-inside 30% 6.5 x 16.0 8.1 x 3.6 investors are held 20% 14% 1.3 x 3.8 by the top 10. 10% Next 15 0% 25% North America UK Europe Singapore HK & China Rest of As
Slide 51: Director Share Ownership & Committee Memberships
Director Share Ownership & Committee Memberships Directors’ Interests in 00142.HK Shares Unvested Vested Share Unvested Held Share Awards Options Share Options Anthoni Salim NED, Chair 1,925,474,957 - - - Manuel Pangilinan ED, CEO 2,243,078 - - - Chris Young ED 6.5 x 16 8,385,189 - - - Axton Salim N
Slide 52: Economic Interest in Group Companies
FPC’s FPC’s Economic Economic 25.6% Interest 49.9%* 25.6% Interest (%) 11.2% (%) 23.7%* 50.1% 23.7%* 40.3% 55.7%* 49.9%* 36.9% 26.3%* 40.3% Pinehill 20.9%* 30.6% 46.6%* 18.2% 45.7%* 13.4% 10.0%* 17.9%* 46.2% 42.4% 46.2% Data as of 31 December 2024 except *following closing of Mitsui’s swap of MPIC s
Slide 53: 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 54: 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