First Pacific Co. Ltd. · HKEX:142
First Pacific — First Pacific Co Ord — FY2025 Earnings Presentation
57 slides from First Pacific's earnings presentation, Mar 31, 2026
Slide 1: Investor Presentation: Full-Year 2025 Financial & Operational Results
Investor Presentation Full-Year 2025 Financial & Operational Results Including Shareholder and Market Data HKEx: 00142 Creating ADR: FPAFY long-term value www.firstpacific.com Copyright © First Pacific Company Limited 30 March 2026. All rights reserved. inAsia
Slide 2: Table of Contents
Table of Contents Appendix 30 Main Holdings 3 FPC Adjusted NAV/Share 2022-2025 31 Gross Asset Value 4 Analysts See Differing Values for FPC GAV 32 First Pacific Financial Results Full-Year 2025 5 Valuation Methodologies for MPIC 33 Borrowings, Dividend Income, Ratings 6 Contribution and Profit Summa
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 $5.3 Billion
Gross Asset Value of $5.3 Billion Diversified Investments, Strong Returns Philex Group1 o Balanced weighting of mature and growth investments $581 mln o Balanced weighting of different sectors (11%) o Investment geography limited to the fast- growing markets of emerging Asian economies 13 cmIndofood
Slide 5: Earnings Continue Record-Setting Momentum
Earnings Continue Record-Setting Momentum Full-Year Recurring Profit Rises 10% to Record Contribution From Operations & Recurring Profit (USD mln) 900 o Turnover rose 2% to $10,232.5 million on higher revenue 800 700 at Indofood and MPIC, offset by decline at PacificLight 600 5.0 x 11.0 500 o Contri
Slide 6: Investment Grade Credit Ratings
Investment Grade Credit Ratings Head Office Borrowings at end-2025 (USD mln) Investment Grade Credit Ratings From Moody’s, S&P 500 o Investment-grade credit ratings from S&P and Moody’s o S&P rating: BBB- with Stable outlook 400 370 o Moody’s rating: Baa3 with Stable outlook 350 o Dividend income of
Slide 7: 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) 300 o First Pacific has delivered seven straight years of growth in recurring profit, with the last four years reporting successive record highs o Over this p
Slide 8: Sales, Core Profit Continue to New Highs
Sales, Core Profit Continue to New Highs FY 2025 Financial Highlights Net Sales & Core Profit (USD mln) 10,000 o Net sales rose 7% to record high IDR123.5 trillion vs. IDR115.8 trillion on sales growth driven by Agribusiness and Noodles 8,000 7,430 7,338 7,290 7,484 6,926 o EBIT rose 6% to IDR24.6 t
Slide 9: Sales at Record High, Noodles CAGR at 10%
Sales at Record High, Noodles CAGR at 10% FY 2025 Financial Highlights o Net sales rose 3% in Rupiah terms to a record high IDR74.9 trillion vs. IDR72.6 trillion on growth led by Noodles o Noodles compound annual growth rate 2015-2025 reaches 10% o EBIT rose 2% to IDR16.7 trillion vs. IDR16.3 trilli
Slide 10: Sales by Division & Geography
Sales by Division & Geography Change in External Sales (IDR bln) External Sales by Division (IDR bln) 126,000 124,000 2,433 123,493 2024 2025 Change Share 122,000 1,924 Noodles 53,091 55,011 4% 45% 120,000 Dairy 9,294 9,571 3% 8% 1,919 Snack Foods 4,412 4,514 2% 4% 8.8 x 11.5 118,000 504 Food Season
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% 29 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 PLDT PLP M 7.8 23% of GAV 7.7 it- % (8%) Pa % cif ic Philex Group First Pacific GSIS 7.0 x 7.0 49.9% stake MPIC 10.0 x 10.0 11% of GAV 12.5% 1.3 x 3.8 valued at $1,291 mln 14.1 x 3.9 25% of GAV GT Capital Indofood 19.6% 34% of GAV Looking Ahead, Toll Ro
Slide 14: Post-Privatization Earnings Records Continue
Post-Privatization Earnings Records Continue FY 2025 Financial Highlights Key Contributors in 2025 (PHP mln) Healthcare o Contribution from investee companies rose 13% to a record high ₱32.1 ₱774 mln billion vs. ₱28.4 billion on contribution growth led by power and water o Core profit rose 15% to a
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 Dividend income of ₱19.2 billion in 2025 was MPIC’s third consecutive 20.0 record high, up 8% vs. ₱17.8 billion recorded in 2024 o Interest coverage ratio of 6.0x at end-202
Slide 16: Distribution Drives Earnings to Record High
Distribution Drives Earnings to Record High FY 2025 Financial Highlights Revenues & Core Profit (USD mln) 10,000 8,196 8,631 o Gross revenues rose 6% to highest-ever ₱497.3 billion vs. ₱470.4 9,000 7,984 7,677 billion on higher transmission and generation charges 8,000 o Core profit rose 12% to reco
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 69.25% 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 Clears IPO, Delivers Record-High Profit
Maynilad Clears IPO, Delivers Record-High Profit FY 2025 Financial Highlights & Outlook: Water Revenues & Core Profit (USD mln) 700 636 o Maynilad revenues rose 9% to record high ₱36.6 billion vs. 600 584 ₱33.5 billion as a result of higher effective tariffs 492 o Core profit rose 19% to record high
Slide 19: Maynilad Delivers for all Stakeholders
Maynilad Delivers for all Stakeholders Water Service Coverage (% Domestic Accounts) o 2025 capex focused 95% on wastewater 95% treatment (₱9.13 billion)operations Operations 95% support (₱5.90 billion), Support non-revenue water 19% Wastewater 95% 7.0 x 11.0 (₱5.61 billion), and 7.0 x 7.0 Treatment
Slide 20: Toll Road Revenues, Core Profit at Record High
Toll Road Revenues, Core Profit at Record High Revenues & Core Profit (USD mln) 800 641 600 550 400 354 420 4.9 x 13.2 490 200 79 1.3 x 3.5 105 105 107 115 0 2021 2022 2023 2024 2025 Revenues Core Profit FY 2025 Financial Highlights & Outlook: Toll Roads o Revenues rose 17% to record ₱36.9 billion o
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 19,200 18,163 o MPTC is 93.3% owned by MPIC, 6.6% by Mit-Pacific 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
Slide 22: Maya Fintech Unit Delivers Profit, Supports Core Profit
Maya Fintech Unit Delivers Profit, Supports Core Profit FY 2025 Financial Highlights Service Revenues# & Telco Core Profit (USD mln) 4,500 o Service revenues# rose 2% to a record high 4,000 3,763 3,602 3,633 3,631 3,683 ₱212.2 billion vs. ₱208.4 billion on strong fixed 3,500 line voice revenues 3,00
Slide 23: Capex Continues Decline & Investment Grade Ratings
Capex Continues Decline & Investment Grade Ratings Capex Spending Down After Leadership Secured Capex Passes its Peak (USD mln) o 2026 capex seen continuing downward trend after 2,500 50% 2025 total falls 23% to ₱60.3 billion from ₱78.2 2,000 40% billion in 2024 o ROI focused investments on growth a
Slide 24: Home Fiber Business Leads Growth
Home Fiber Business Leads Growth Wireless Consumer* Revenues Flat Home Fiber Continues Strong Enterprise Business Banks on Racks o FY 2025 Wireless Consumer service o FY 2025 Home service revenues rose o FY 2025 Enterprise service revenues rose revenues were flat at ₱85.0 billion vs. 3% to ₱61.0 bil
Slide 25: 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 FY 2025 swung to o Maya owns and operates its own digital bank, equity ₱0.7 billion vs. a loss of ₱1.0 billion in FY 2024 trading, and crypto exc
Slide 26: New 670MW Project & Strong Balance Sheet
New 670MW Project & Strong Balance Sheet FY 2025 Financial and Operational Highlights Revenue & Core Profit (USD mln) 2,500 o Revenue declined 15% to S$1.7 billion vs. S$2.0 billion on lower selling prices due to lower fuel costs 2,029 o EBITDA fell 5% to S$390.0 million vs. S$412.4 million 2,000 1,
Slide 27: Profit up on Higher Gold Prices
Profit up on Higher Gold Prices FY 2025 Financial Highlights Operating Revenues & Core Profit (USD mln) 250 o Operating revenues rose 4% to ₽9.2 billion vs. ₽8.8 billion as 212 higher prices offset lower grades 200 185 o EBITDA rose 27% to ₽2.5 billion vs. ₽2.0 billion on higher revenue and slower g
Slide 28: Silangan Mine Project Soon to Open
Silangan Mine Project Soon to Open Mineable Reserves at Sta. Barbara I Ore Deposit Silangan Reserves* o The Silangan Project is located in Surigao del Norte in northeastern Mindanao near proved deposits of copper (Cu) Mln Au Cu and gold (Au) o Total resources include 9.7 million oz. of gold, 4.9 bil
Slide 29: FPC Leads Group Companies in Lifting ESG Targets
FPC Leads Group Companies in Lifting ESG Targets Head Office GHG Emissions (tons of CO2-e) 2025 First Pacific Scope 2 Emissions Remain At Zero 120 o First Pacific Head Office Scope 2 greenhouse gas emissions reached zero in 2023 owing to the purchase of carbon offsets 100 from the Company’s electric
Slide 30: Appendix
Appendix Shareholder Information Selected Financial Data 30
Slide 31: Adjusted NAV per Share
Adjusted NAV per Share At At At At Basis 31 December 31 December 31 December 31 December US$ millions 2022 2023 2024 2025 Indofood (i) 1,879.3 1,839.3 2,094.4 1,774.7 PLDT (i) 1,304.8 1,276.1 1,236.8 1,184.0 MPIC (ii) 811.0 1,371.0 1,312.4 1,291.3 FPM Power/PLP (iii) 150.0 370.0 370.0 397.8 Philex (
Slide 32: Analysts See Differing Values In FPC GAV
Analysts See Differing Values In FPC GAV FPC GAV Citi GAV CLSA GAV $5.3 billion $9.2 billion $9.2 billion Others 4% Others Others 11% 6% Indofood PLDT PLDT Indofood 22% Indofood 20% 18% PLDT6.0 x 6.0 34% 6.0 x 6.0 6.0 x 6.0 29% 23% 1.3 x 4.3 9.55 14 % x 4.3 PLP 6% 18.1 x 4.3 8% PLP MPIC MPIC P MPIC
Slide 33: Citi and CLSA Valuation Methodologies for MPIC
Citi and CLSA Valuation Methodologies for MPIC At Citi’s Valuation of MPIC Assets 2 April o Citi uses sum-of-the-parts methodology to US$ millions 2025 arrive at its net asset value of $6,954 Meralco 47.46% at ₽550/share 5,125 million for MPIC o Citi uses market price for listed Meralco MPTC Transac
Slide 34: Contribution & Profit Summary
Contribution & Profit Summary Contribution to Turnover Group profit(i) For the year ended 31 December 2024 2025 2024 2025 US$ millions Indofood 7,290.4 7,484.0 333.3 342.2 PLDT(ii) - - 148.5 145.1 MPIC 1,274.0 1,446.5 199.4 250.6 FPM Power/PLP 1,492.8 1,302.0 96.9 92.6 (ii) Philex - - 4.8 7.4 FPNR/R
Slide 35: 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 36: 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 37: 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 5.0 (26.6) (21.6) At 31 December 2025 1,462.9 (147.1) 1,315.8 Head Office cash flow For the year ended 31 December 2024 2025 US$ millions Dividend and fee income
Slide 38: 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 39: 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 EPS 559 735 873 724 928 984 1,217 * Payout ratio 50% 38% 32% 35% 29% 28% PLDT DPS (PHP) 75 78 84 134 95 97 94 Telco core EPS 125 130 140 153 159 162 157 Payout ratio 60% 6
Slide 40: Group Net Debt and Gearing
Group Net Debt and Gearing Consolidated At 31 December 2024 At 31 December 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 1,315.8 931.8 1.41x Indofood 1,985.5 6,556.8 0.30
Slide 41: MPIC Contribution & Profit Summary
MPIC Contribution & Profit Summary Contribution to Turnover Group profit(i) For the year ended 31 December 2024 2025 2024 2025 PHP millions Power - - 19,663 22,068 Toll Roads 31,582 36,908 6,098 6,140 Water 33,495 36,645 6,209 7,186 Healthcare - - 561 774 Others 8,039 9,796 (4,137) (4,087) Contribut
Slide 42: 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 43: MPIC Head Office Debt & Cash Flow
MPIC Head Office Debt & Cash Flow Cash and cash (PHP bln) Borrowings equivalents Net debt At 1 January 2025 73.0 (11.5) 61.5 Movement (12.6) 3.6 (9.0) At 31 December 2025 60.4 (7.9) 52.5 MPIC Head Office cash flow For the year ended 31 December 2024 2025 PHP billions Dividend and fee income 17.8 19.
Slide 44: 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 45: 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 46: MPIC Group Net Debt and Gearing
MPIC Group Net Debt and Gearing Consolidated At 31 December 2024 At 31 December 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 893.5 2,826.9 0.32x Metro Pacific Tollways 3,037.4 1,326.9 2.29x 3,373.5
Slide 47: Borrowings, Cash, and Effect of 1% Change in Interest Rates on Profitability
Borrowings, Cash, and Effect of 1% Change in Interest Rates on Profitability At 31 December 2025 Fixed Variable Cash Net Consolidated interest rate interest rate and cash Debt/ US$ millions borrowings(i) borrowings(i) equivalents(ii) (cash) Head Office 796.7 666.2 (147.1) 1,315.8 Indofood 2,737.2 1,
Slide 48: 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 31 December 2025 Profit effect of Group Consolidated Total USD Hedged Unhedged 1% change in net profit US$ millions exposure amount amount currency effect Head Office(i) 1,325.9 - 1,325.9 - - Indofood 2,331.3 - 2,331.3 23.3 9.1 MPI
Slide 49: Revenue Breakdown by Geography & Sector
Revenue Breakdown by Geography & Sector Consumer Food Products (USD mln) 2020 2021 2022 2023 2024 2025 Change Indonesia 4,736.7 5,367.9 5,710.0 5,649.0 5,551.5 5,796.9 4% Philippines 173.2 122.7 219.7 61.1 20.9 23.4 12% Singapore 51.7 204.3 141.8 128.4 98.6 103.3 5% Middle East, Africa & Others 772.
Slide 50: 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 51: Market Performance & Peer Comparison
Market Performance & Peer Comparison Citi & CLSA Increase Price Targets for First Pacific 32% 30% 28% o CLSA holds an Outperform rating and HK$8.20 (up from HK$8.00) 23% 22% 20% price target for 142.HK in a research note published on 17 o November 2025 Analysts at Citi reinitiated equity research co
Slide 52: Minority Shareholders Over Time
Minority Shareholders Over Time Minority Shareholders (mln shares) 2023.12 2024.06 2024.12 2025.06 2025.12 1 Brandes Investment Partners 283 287 293 310 1 334 2 China Securities D&C 57 76 94 90 122 2 3 4 The Vanguard Group Letko, Brosseau & Associates 79 77 85 82 87 82 91 79 96 3 81 4 Salim 5 6 JG S
Slide 53: Minority Shareholder Statistics
Minority Shareholder Statistics Concentration Geographic Distribution (percent of shareholders) 60% The 50% Rest Top 10 40% 17% 47% 6.5 x 6.5 Next 25 of all shares held by non-inside 30% 20% 6.5 x 16.0 13% 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 2,243,078 6,077,352 Margaret Leung INED Christopher Young
Slide 55: FPC's Economic Interest
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