First Pacific Co. Ltd. · HKEX:142
First Pacific — First Pacific Co Ord — H1 2026 Earnings Presentation
57 slides from First Pacific's earnings presentation, Aug 27, 2026
Slide 1: Investor Presentation: Half-Year 2026 Financial & Operational Results
Investor Presentation Half-Year 2026 Financial & Operational Results Including Shareholder and Market Data HKEx: 00142 Creating ADR: FPAFY long-term value www.firstpacific.com Copyright © First Pacific Company Limited 27 August 2026. All rights reserved. inAsia
Slide 2: Table of Contents
Table of Contents ESG & Sustainability Matters 30 Highlights of First-Half 2026 Results 3 Appendix 31 Main Holdings 4 FPC Adjusted NAV/Share 2022-1H 2026 32 First Pacific Gross Asset Value 5 Contribution and Profit Summary 33 First Pacific Financial Results 6 Contribution and Profit 2019-2025 34 Bor
Slide 3: Highlights of First-Half 2026 Results
Highlights of First-Half 2026 Results o Recurring profit second-highest ever despite weaker Rupiah and Peso o Standard & Poor’s upgraded FPC credit rating to BBB Stable outlook o Stable distribution to shareholder with yield at 5.4% o Buy recommendations from Citi, CITIC CLSA, Guosen Securities, Guo
Slide 4: 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 5: Gross Asset Value of $4.8 Billion
Gross Asset Value of $4.8 Billion Diversified Investments, Strong Returns Philex Group1 o Balanced weighting of mature and growth $425 investments mln o Balanced weighting of different sectors (9%) o Investment geography limited to the fast- growing markets of emerging Asian economies PLDT2 13 cmInd
Slide 6: Recurring Profit 2nd-Highest Despite PHP, IDR Weakness
Recurring Profit 2nd-Highest Despite PHP, IDR Weakness Half-Year Recurring Profit Slips 3% on FX 900 Contribution From Operations & Recurring Profit (USD mln) 800 o Turnover rose 6% to $5,316.3 million on higher revenue at 700 600 5.0 x 11.0 Indofood, PacificLight, and MPIC 500 400 o Contribution fr
Slide 7: Investment Grade Credit Ratings
Investment Grade Credit Ratings Head Office Borrowings at end-June 2026 (USD mln) Investment Grade Credit Ratings From Moody’s, S&P 400 370 o Investment-grade credit ratings from S&P and Moody’s 350 o S&P rating: BBB with Stable outlook 300 o Moody’s rating: Baa3 with Stable outlook o Dividend and f
Slide 8: Sales, Core Profit Continue to New Highs
Sales, Core Profit Continue to New Highs 1H 2026 Financial Highlights Net Sales & Core Profit (USD mln) 10,000 o First-half 2026 net sales rose 9% to record high IDR65.5 trillion vs. IDR59.8 trillion on sales growth at all divisions, led by 8,000 7,430 7,338 7,290 7,484 Noodles and the Bogasari flou
Slide 9: Sales at Record High, Overseas up 31% in 2Q
Sales at Record High, Overseas up 31% in 2Q 1H 2026 Financial Highlights o Net sales rose 11% in Rupiah terms to a first-half record high IDR41.9 trillion vs. IDR37.6 trillion on growth led by Noodles with overseas sales up 31% in the second quarter o Noodles sales compound annual growth rate 2015-2
Slide 10: Sales by Division & Geography
Sales by Division & Geography Change in External Sales (IDR bln) External Sales by Division (IDR bln) 66,000 2,867 65,526 65,000 1H25 1H26 Change Share 64,000 Noodles 27,288 30,155 11% 46% 63,000 1,287 Dairy 4,669 5,539 19% 8% 62,000 870 Snack Foods 2,262 2,454 8% 4% 8.8 x 11.5 61,000 394 Food Seaso
Slide 11: Selected Time Series Data
Selected Time Series Data Sales over time (IDR bln) 2020 2021 2022 2023 2024 2025 Change Consumer Branded Products 46,969 56,964 65,258 68,598 73,320 75,743 3% Bogasari (flour & pasta) 22,965 25,883 31,879 30,413 30,558 31,108 2% Agribusiness 14,551 19,692 17,770 15,974 15,958 21,037 32% Distributio
Slide 12: MPIC Investments and Stakes
Power Toll Roads Water Healthcare Others 48%-100% stakes 23%-93% stakes 54%-100% stakes 20% stake 36%-100% stakes 48% 54% 36% 31 Hospitals 100% 100% 6 Radiotherapy 100% Centers 100% § Largest private hospital network in 58% the Philippines § Maynilad is the 100% § Present in all major largest privat
Slide 13: MPIC Blooms Under Private Ownership
MPIC Blooms Under Private Ownership Others MIG PLP PLDT M 7.8 7.7 (9%) it- % 22% of GAV Pa % cif ic First Pacific 7.0 x 7.0 Philex Group GSIS 49.9% stake MPIC 10.0 x 10.0 9% of GAV 12.5% 1.3 x 3.8 valued at $1,237 mln 14.1 x 3.9 26% of GAV GT Capital Indofood 19.6% 34% of GAV The Valuation of MPIC o
Slide 14: Post-Privatization Earnings Records Continue
Post-Privatization Earnings Records Continue 1H 2026 Financial Highlights Key Contributors in 1H26 (PHP mln) Healthcare o Contribution from investee companies rose 6% to a record high ₽18.5 ₽480 mln billion vs. ₽17.5 billion on contribution growth led by power and toll roads o Core profit rose 6% to
Slide 15: Long Maturities, High Coverage Ratio
Long Maturities, High Coverage Ratio MPIC Head Office: Strong Balance Sheet & Long Maturities 25.0 Dividend Income (PHP bln) o Interest coverage ratio of 6.37x at end-June 2026 vs. minimum of 1.3x o Maturity profile skewed to long end with 61% of borrowings due in 2029 or later 20.0 o 100% of loans
Slide 16: Distribution Drives Earnings to Record High
Distribution Drives Earnings to Record High 1H 2026 Financial Highlights Revenues & Core Profit (USD mln) 10,000 o Gross revenues rose 16% to a first-half highest-ever ₽283.7 9,000 8,196 8,631 7,831 7,984 billion vs. ₽245.2 billion driven by transmission and generation 8,000 o Core profit rose 4% to
Slide 17: LNG & Renewables & New Regulatory Parameters
LNG & Renewables & New Regulatory Parameters MGen Core Income Contribution (PHP Bln) Meralco Buys Majority Stake in SPNEC 20.0 o MGreen has acquired 57.33% of Manila-listed Solar 18.0 16.8 Philippines New Energy Corporation (SPNEC.PM) 16.0 o SPNEC is developing 60%-owned MTerra Solar, building 14.0
Slide 18: Maynilad Delivers Record Profit on Record Billed Volume
Maynilad Delivers Record Profit on Record Billed Volume 1H 2026 Financial Highlights & Outlook: Water Revenues & Core Profit (USD mln) 700 o Maynilad revenues rose 4% toa first-half record high ₽19.1 billion 600 584 vs. ₽18.4 billion as a result of higher effective tariffs 492 480 o Core profit rose
Slide 19: Improved Services Deliver Earnings Growth
Improved Services Deliver Earnings Growth Sanitation Coverage Sewerage Coverage 2,893 MLD 9 Treatment 61.9% 26.4% Treatment Plants Capacity 59.9% 25.0% 7,831 km Distribution 779 mln liter Storage Capacity 7.0 x 6.5 7.0 x 6.5 Pipeline 9.45 x 3.8 56.4% 16.1 x 3.8 22.8% 1,587,621 25 Service Wastewater
Slide 20: Toll Road Revenues, Core Profit at Record High
Toll Road Revenues, Core Profit at Record High Revenues & Core Profit (USD mln) 800 641 600 550 4.9 x 13.2 490 420 400 318 325 200 105 105 1.3 x 3.5 107 115 62 64 0 2022 2023 2024 2025 1H25 1H26 Revenues Core Profit 1H 2026 Financial Highlights & Outlook: Toll Roads o Revenues rose 8% to record ₽19.
Slide 21: Snapshot of MPTC Assets
Snapshot of MPTC Assets Regional Breadth of MPTC Toll Road Network Capital Expenditure (PHP mln) 25,000 21,503 o MPTC is 93.3% owned by MPIC, 6.6% by Mit-Pacific 18,163 4.0 x 11.3 20,000 15,304 14,892 o MPTC holds 44.9% of CII Bridges & Roads in Vietnam 15,000 o MPTC owns 61.7% of Margautama Nusanta
Slide 22: Record Highs Reached for Revenues & EBITDA
Record Highs Reached for Revenues & EBITDA 1H 2026 Financial Highlights Service Revenues# & Telco Core Profit (USD mln) 4,500 o Service revenues# rose 2% to a record high ₽108.7 4,000 3,602 3,633 3,631 billion vs. ₽106.2 billion on strong Enterprise 3,500 3,763 revenues 3,000 o Fixed line service re
Slide 23: Capex Continues Decline & Investment Grade Ratings
Capex Continues Decline & Investment Grade Ratings Capex Spending Down After Leadership Secured Capex Over Time (USD mln) o 2026 capex seen continuing downward trend for a fourth 2,500 50% successive year after the first-half total falls 24% to ₽20.7 2,000 40% billion from ₽27.4 billion in the same
Slide 24: Enterprise Business Leads Growth
Enterprise Business Leads Growth Wireless Consumer* Revenues Flat Home Fiber Continues Strong Enterprise Business Banks on Racks o 1H 2026 Wireless Consumer service o 1H 2026 Home service revenues o 1H 2026 Enterprise service revenues rose revenues were flat at ₽42.1 billion vs. declined 1% to ₽30.0
Slide 25: Digital Banking Unit Delivers Profit Growth
Digital Banking Unit Delivers Profit Growth Number One Fintech Platform in the Philippines All-In-One Digital Banking App† o PLDT’s share of profit from Maya in 1H 2026 rose 38% to o Maya owns and operates its own digital bank, equity trading, and crypto exchange ₽559 million vs. ₽406 billion in the
Slide 26: New 670MW Project & Strong Balance Sheet
New 670MW Project & Strong Balance Sheet 1H 2026 Financial and Operational Highlights Revenue & Core Profit (USD mln) 2,500 o Revenue rose 12% to S$979.1 million vs. S$875.6 million on higher selling prices due to higher fuel costs 2,029 o EBITDA fell 22% to S$164.5 million vs. S$210.3 million 2,000
Slide 27: Profit up on Higher Metal Prices
Profit up on Higher Metal Prices 1H 2026 Financial Highlights Operating Revenues & Core Profit (USD mln) 200 o Operating revenues declined 9% to ₽3.6 billion vs. ₽4.0 billion on 180 185 lower tonnage and grades, offset in part by higher metal prices 160 154 154 159 o EBITDA rose 29% to ₽845 million
Slide 28: Silangan Mine Project Soon to Open
Silangan Mine Project Soon to Open Mineable Reserves at Sta. Barbara I Ore Deposit Silangan Reserves* o The Silangan Project is located in Surigao del Norte in northeastern Mindanao near proved deposits of copper (Cu) Mln Au Cu and gold (Au) o Total resources include 9.7 million oz. of gold, 4.9 bil
Slide 29: EM Growth on Foundation of Mature Market Security
EM Growth on Foundation of Mature Market Security Seven Years of Earnings Growth Despite FX Weakness Profit & FX Changes Over Time (2018=100) 250 o Through 2025 First Pacific has delivered seven straight years of growth in recurring profit, with the last four 230 years reporting successive record hi
Slide 30: FPC Leads Group Companies in Lifting ESG Targets
FPC Leads Group Companies in Lifting ESG Targets Head Office GHG Emissions (tons of CO2-e) 2025 First Pacific Scope 2 Emissions Remain At Zero 120 o First Pacific Head Office Scope 2 greenhouse gas emissions reached zero in 2023 owing to the purchase of carbon offsets 100 from the Company’s electric
Slide 31: Appendix
Appendix Shareholder Information Selected Financial Data 31
Slide 32: Adjusted NAV per Share
Adjusted NAV per Share At At At At Basis 31 December 31 December 31 December 30 June US$ millions 2023 2024 2025 2026 Indofood (i) 1,839.3 2,094.4 1,774.7 1,643.4 PLDT (i) 1,276.1 1,236.8 1,184.0 1,017.4 MPIC (ii) 1,371.0 1,312.4 1,291.3 1,237.2 FPM Power/PLP (iii) 370.0 370.0 397.8 442.4 Philex (i)
Slide 33: Contribution & Profit Summary
Contribution & Profit Summary Contribution to Turnover Group profit(i) For the six months ended 30 June 2025 2026 2025 2026 US$ millions Indofood 3,647.2 3,798.4 168.6 173.0 PLDT(ii) - - 75.3 70.2 MPIC 717.3 751.8 131.1 132.4 FPM Power/PLP 663.3 766.1 50.4 38.8 (ii) Philex - - 0.5 1.0 FPNR/RHI - - (
Slide 34: Contribution & Profit 2019 to 2025
Contribution & Profit 2019 to 2025 (USD mln) 2019 2020 2021 2022 2023 2024 2025 Indofood 163.4 194.4 237.0 265.8 285.1 333.3 342.2 PLDT 119.3 134.9 139.1 133.7 143.2 148.5 145.1 MPIC 126.8 84.8 98.1 104.4 159.8 199.4 250.6 FPM Power/PLP (10.5) (2.5) 21.8 82.4 118.8 96.9 92.6 Philex 1.0 8.0 19.3 13.4
Slide 35: Per-Share Data & Key Ratios 2019-2025
Per-Share Data & Key Ratios 2019-2025 Hong Kong dollars 2019 2020 2021 2022 2023 2024 2025 End-year share price 2.65 2.47 2.87 2.33 3.11 4.51 5.96 Adjusted NAV per share 6.30 7.23 7.34 5.79 6.98 7.30 7.20 HK cents Basic earnings/(loss) (45.6) 36.3 60.2 71.8 92.2 110.4 121.1 Basic recurring earnings
Slide 36: Head Office Debt & Cash Flow
Head Office Debt & Cash Flow Cash and cash US$ millions Borrowings equivalents Net debt At 1 January 2026 1,462.9 (147.1) 1,315.8 Movement (0.3) 25.2 24.9 At 30 June 2026 1,462.6 (121.9) 1,340.7 Head Office cash flow For the six months ended 30 June 2025 2026 US$ millions Dividend and fee income 132
Slide 37: Head Office Cash Flow 2019-2025
Head Office Cash Flow 2019-2025 For the year ended 31 December (USD mln) 2019 2020 2021 2022 2023 2024 2025 Dividend income Indofood 49.7 78.4 81.1 78.2 71.2 68.4 71.5 PLDT 73.0 80.6 89.2 116.4 103.6 91.1 89.1 MPIC 27.9 29.0 29.7 27.7 30.2 62.1 56.6 FPM Power/PLP - - - - 116.6 81.3 91.2 Philex - 0.4
Slide 38: Dividend Payments by FPC Group Companies 2019-2025
Dividend Payments by FPC Group Companies 2019-2025 2019 2020 2021 2022 2023 2024 2025 Indofood DPS (IDR) 278 278 278 257 267 280 290 EPS 559 735 873 724 928 984 1,217 Payout ratio 50% 38% 32% 35% 29% 28% 24% PLDT DPS (PHP) 75 78 84 134 95 97 94 Telco core EPS 125 130 140 153 159 162 157 Payout ratio
Slide 39: Group Net Debt and Gearing
Group Net Debt and Gearing Consolidated At 31 December 2025 At 30 June 2026 Net Total Net Total debt/ equity/ Gearing(ii) debt/ equity/ Gearing(ii) US$ millions (cash)(i) (deficit) (times) (cash)(i) deficit (times) Head Office 1,315.8 931.8 1.41x 1,340.7 859.0 1.56x Indofood 1,614.1 6,959.3 0.23x 1,
Slide 40: MPIC Contribution & Profit Summary
MPIC Contribution & Profit Summary Contribution to Turnover Group profit(i) For the six months ended June 30 2025 2026 2025 2026 PHP millions Power - - 11,187 11,878 Toll Roads 18,120 19,600 3,342 3,572 Water 18,352 19,113 3,821 3,182 Healthcare - - 400 480 Others 4,347 6,610 (1,245) (583) Contribut
Slide 41: MPIC Contribution & Profit 2019 to 2025
MPIC Contribution & Profit 2019 to 2025 (PHP mln) 2019 2020 2021 2022 2023 2024 2025 Power 11,571 10,547 11,219 12,360 15,238 19,663 22,068 Toll Roads 5,236 2,445 3,866 5,680 5,794 6,098 6,140 Water 3,569 3,082 2,760 2,660 4,381 6,209 7,186 Hospitals 867 45 298 220 373 561 774 Others (351) (754) (1,
Slide 42: MPIC Head Office Debt & Cash Flow
MPIC Head Office Debt & Cash Flow Cash and cash (PHP bln) Borrowings equivalents Net debt At 1 January 2026 60.4 (7.9) 52.5 Movement 7.4 (10.9) (3.5) At 30 June 2026 67.8 (18.8) 49.0 MPIC Head Office cash flow For the six months ended 30 June 2025 2026 PHP billions Dividend and fee income 12.6 14.0
Slide 43: MPIC Head Office Cash Flow 2019-2025
MPIC Head Office Cash Flow 2019-2025 For the year ended 31 December (PHP bln) 2019 2020 2021 2022 2023 2024 2025 Dividend income: Meralco/Beacon 8.8 8.1 6.6 8.3 10.5 11.5 13.4 MPTC 2.3 1.8 1.9 2.0 3.6 3.7 2.3 Maynilad 2.6 - 1.6 1.6 1.9 2.5 3.4 Others (Coastal and Indra) 0.1 - - 0.2 0.3 0.1 0.1 Total
Slide 44: Dividend Payments by MPIC Companies
Dividend Payments by MPIC Companies 2019 2020 2021 2022 2023 2024 2025 Meralco (PHP) DPS 15.859 12.521 15.283 16.834 19.755 24.031 28.002 Core EPS 21.145 19.262 21.833 24.048 32.925 40.052 44.868 Payout ratio 75% 65% 70% 70% 60% 60% 62% MPTC (PHP) DPS 36.16 61.33 88.01 126.85 137.68 157.13 146.42 Co
Slide 45: MPIC Group Net Debt and Gearing
MPIC Group Net Debt and Gearing Consolidated At 31 December 2025 At 30 June 2026 Net Total Gearing(ii) Net Total Gearing(ii) US$ millions debt(i) equity (times) debt(i) equity (times) MPIC Head Office 893.5 2,826.9 0.32x 797.7 2,841.5 0.28x Metro Pacific Tollways 3,373.5 1,260.3 2.68x 3,260.5 1,235.
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 2026 Fixed Variable Cash Net Consolidated interest rate interest rate and cash debt/ US$ millions borrowings(i) borrowings(i) equivalents(ii) (cash) Head Office 796.9 665.7 (121.9) 1,340.7 Indofood 2,738.6 1,694.
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 At 30 June 2026 Profit effect of Group Consolidated Total USD Hedged Unhedged 1% change in net profit US$ millions exposure amount amount currency effect Head Office(i) 1,270.5 - 1,270.5 - - Indofood 1,917.9 - 1,917.9 19.2 7.5 MPIC (1
Slide 48: Revenue Breakdown by Geography & Sector
Revenue Breakdown by Geography & Sector Consumer Food Products (USD mln) 2021 2022 2023 2024 2025 1H25 1H26 Change Indonesia 5,367.9 5,710.0 5,649.0 5,551.5 5,796.9 2,850.3 2,901.9 2% Philippines 122.7 219.7 61.1 20.9 23.4 9.8 14.7 50% Singapore 204.3 141.8 128.4 98.6 103.3 53.0 49.9 -6% Middle East
Slide 49: 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 50: Analyst Coverage of First Pacific
Analyst Coverage of First Pacific Firm Analyst Recommendation Price Target Citi Timothy Chau Buy HK$6.60 CLSA Jeffrey Kiang Outperform HK$6.70 Guosen Securities Zhang Xiang Wei Outperform HK$6.50-7.70 & Wang Xin Yu Guosheng Securities Li Zi Yu & Huang Yue Buy N/A Huatai Securities Lu Ruochen Buy HK$
Slide 51: Market Performance & Peer Comparison
Market Performance & Peer Comparison Citi & CLSA Increase Price Targets for First Pacific 11% FPC Group Share Prices YTD o CLSA holds an Outperform rating and HK$6.70 price target for 142.HK and a NAV per share of HK$14.10 in a research note 3% o published on 7 August 2026 Analysts at Citi reinitiat
Slide 52: Minority Shareholders Over Time
Minority Shareholders Over Time Minority Shareholders (mln shares) 2024.06 2024.12 2025.06 2025.12 2026.06 1 Brandes Investment Partners 287 293 310 334 1 397 2 China Securities D&C 76 94 90 122 108 2 3 The Vanguard Group 4 Letko, Brosseau & Associates 85 82 87 82 91 79 96 81 100 3 90 4 Salim 5 JG S
Slide 53: Minority Shareholder Statistics
Minority Shareholder Statistics Concentration Geographic Distribution (percent of shareholders) 60% The 50% Rest Top 10 40% 15% 50% 30% 6.5 x 16.0 13% 6.5 x 6.5 Next 25 of all shares held by non-inside 20% 1.3 x 3.8 investors are held by the top 10. 10% 0% 8.1 x 3.6 Next 15 North UK Europe Singapore
Slide 54: Director Share Ownership & Committee Memberships
Director Share Ownership & Committee Memberships Directors’ Interests in 00142.HK Audit & Risk Mgt. Ctte. Shares Unvested Held Share Awards Madeleine Lee INED Anthoni Salim NED, Chair 1,925,474,957 - Edward Chen INED Manuel Pangilinan ED, CEO 4,268,862 4,051,568 Margaret Leung INED Christopher Young
Slide 55: 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% 19.1% 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 31 December 2025. *Increases to 59.7% on conversion of SMECI notes. 55
Slide 56: 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 57: 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