Aboitiz Power Corp. · PSE:AP
Aboitiz Power — 9M 2025 Earnings Presentation
19 slides from Aboitiz Power's earnings presentation, October 2025
Slide 1: 9M25 Results
Qo AboitizPower | 23) 6T2028 9M25 Results Jan-Sep 2025
Slide 2: Disclaimer
DISCLAIMER This presentation and the information contained herein (this "Presentation") are the sole and exclusive property of Aboitiz Power Corporation (“AboitizPower”) and shall only be used for the purpose intended herein and may not be used, published or redistributed without the prior written c
Slide 3: Sandro Aboitiz, Chief Financial Officer
Sandro Aboitiz Chief Financial Officer AboitizPower
Slide 4: 9M25 Results highlights
9M25 Results highlights • Beneficial EBITDA for 9M25 recovered to PHP56.3b. The reduced spot exposure and higher water inflow at the hydro plants drove 3Q25 performance, offsetting the weakness in the first half. • The full impact of GNPD’s depreciation and interest expense (PHP4.4b in 9M25 vs PHP3.
Slide 5: Strong 3Q25 brings 9M25 back in line
Strong 3Q25 brings 9M25 back in line AboitizPower’s reduced spot exposure and the higher water inflow at its hydro plants drove the 12% YoY and 16% QoQ growth in beneficial EBITDA for 3Q25, offsetting the first half weakness. Beneficial EBITDA PHPb Power generation continued to be AP’s largest contr
Slide 6: Generation portfolio
Power Generation Generation portfolio As of Oct 2025, coal assets account for 55% of our total generating portfolio, down from 61% in Dec 2024. Attributable capacity 5,614 MW 5,055 4,577 660 3,972 521 614 142 3,494 3,488 290 290 290 47 592 607 San Manuel solar (93MWp) 290 607 290 46 290 46 592 514 5
Slide 7: Progress continues across RE pipeline
Power Generation Progress continues 8 MW Magat BESS 2 159 MWp Laoag Solar Energized Apr 2024 2H 2026 across RE pipeline Completion: 78% 12 MW Magat BESS 1 Commissioned Jan 2024 596 MW of the initial renewable energy 20 MW Binga BESS pipeline are operating as of Oct 2025. 2H 2026 95 MWp Cayanga Solar
Slide 8: Total energy sold in 9M25 grew by 19% YoY
Power Generation Total energy sold in 9M25 grew by 19% YoY Of the total energy sold, only 11% was sold to the spot market in 9M25, vs 21% in 9M24. Total energy sold GWh The shift in volumes, from spot to 7,435 GWh 32,138 GWh 21,331 GWh BCQ, is the result of AP’s contracting +35% YoY +19% YoY +43% Yo
Slide 9: Contracting target achieved ahead of schedule
Power Generation Contracting target achieved ahead of schedule Including our new LNG plants, ~90% of our baseload capacity is now contracted as of Sep 2025 - ahead of target. This is up from 87% in Jun 2025. Contracted Baseload* Capacity as of Sep 2025 MW Contracts for 741MW worth of LNG capacities
Slide 10: Beneficial revenue in 9M25 grew by 14% YoY
Power Generation Beneficial revenue in 9M25 grew by 14% YoY Fresh contributions from Chromite Gas Holdings and our new solar power plants more than offset the impact of lower BCQ and spot prices. Revenue Average BCQ revenue per kwh PHPm PHP/kwh 5.44 5.33 Decline is largely due to the softer fuel pri
Slide 11: Gross profit in 9M25 grew by 5% YoY
Power Generation Gross profit in 9M25 grew by 5% YoY The increase in sales volumes and the lower spot exposure offset the decline in selling prices, such that the gross profit of the Power Generation segment was up 5% YoY. Gross Profit PHPm 9M24 9M25 137,266 65,225 The average gross profit per kwh d
Slide 12: Power sales from the DU segment rose by 5% YoY
Distribution Utility Power sales from the DU segment rose by 5% YoY Sustained demand growth lifted EBITDA contributions from our distribution utility (DU) segment to PHP7.0b in 9M25. Volume sales GWh; beneficial basis 6,631 6,157 5,167 5,785 5,583 +5% 5,368 4,939 YoY Residential 1,622 GWh (5% YoY) 3
Slide 13: Sustained market leadership in RES
Retail Electricity Supply Sustained market leadership in RES AboitizPower’s RES segment continues to be the market leader, with a market share of 27.5% as of the latest CREM Report. AP RES Market Share Customer Type* MW Agriculture 7% AP, 27.5% Utilities 2% 3% 8% Residential 0% 14% Commercial Manufa
Slide 14: NIAT decline due to higher dep'n and interest expense
NIAT decline due to higher dep’n and interest expense 9M25 NIAT reflects the full impact of depreciation and interest expenses for GNPD, incremental depreciation expense from our new solar plants and incremental interest expense related to the acquisition of AP’s stake in Chromite Gas Holdings. 80,0
Slide 15: M&A-driven increase in leveraging
M&A-driven increase in leveraging Even with incremental borrowings for AboitizPower’s acquisition of its 40% stake at Chromite Holdings Inc and RE expansions, net debt to equity remains manageable at 1.08x. PHPm CONSOLIDATED 31 Dec 2024 30 Sep 2025 Cash and Cash Equivalents 56,759 62,622 Investments
Slide 16: Debt is predominantly fixed and long-term
Debt is predominantly fixed and long-term Disciplined management of balance sheet and debt supports AboitizPower’s long-term growth plans. Debt maturity profile Currency Exposure As of Sep 2025 As of Sep 2025 PHPb PHPb Non-PHP, 11% 102.0 3.4 3.4 16.4 4.2 30.5 27.9 23.9 20.9 PHP, 89% 8.7 2025 2026 20
Slide 17: CAPEX deployment continues to be back-ended
CAPEX deployment continues to be back-ended AboitizPower has deployed PHP64.2b as of Sep 2025 on M&A and its new builds. CAPEX spend PHPb 64.2 46.9 26.6 9.9 4.1 3.0 0.4 FY24 9M25 M&A RE Thermal DU Others Figures based on 100% 17
Slide 18: First major investment outside the Philippines
First major investment outside the Philippines AboitizPower will acquire 25% in a company that owns a 1.3GW high-efficiency, low-emission coal-fired plant in Khanh Hoa Province, Vietnam, which accounts for ~4% of Vietnam’s annual gross generation. Van Phong Power Company Limited • 25% stake is value
Slide 19: AboitizPower
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