Citicore Energy Reit Corp · PSE:CREIT
Citicore Energy Reit — FY2024 Earnings Presentation
32 slides from Citicore Energy Reit's earnings presentation, Mar 31, 2025
Slide 1: Company Presentation: FY 2024 Operating and Financial Results
Company Presentation FY 2024 Operating and Financial Results March 31, 2025
Slide 2: Disclaimer
Disclaimer This presentation was prepared solely and exclusively for discussion purposes. This presentation and/or any part thereof may not be reproduced, disclosed or used without the prior written consent of Citicore Energy REIT Corp. (the “Company”). This presentation, as well as discussions aris
Slide 3: FY 2024 Highlights and Key Themes
FY 2024 Highlights and Key Themes Revenue growth driven by full year take up of Strong financial position supports most recently acquired properties growth of green asset portfolio • Revenue at Php 1.9Bn (+5%) • Retained PhilRatings PRS Aa+ rating • EBITDA at Php 1.8Bn (+4%) • Available borrowing he
Slide 4: Contents
Contents 01 Financial Highlights 02 Green Asset Portfolio 03 CREC Project Updates 04 CREIT Dividend Update 05 Highlights and Key Takeaways 06 Q&A
Slide 5: FY 2024 Financial Highlights
FY 2024 Financial Highlights
Slide 6: FY 2024 Financial Highlights
FY 2024 Financial Highlights In Php Mn REVENUE +5% 1,887 1,847 Php1.9 Bn 1,798 1,779 EBITDA +4% 1,398 1,429 Php1.8Bn EBITDA MARGIN: 98% NET PROFIT +2% Php1.4Bn NET PROFIT MARGIN: 76% Revenue EBITDA Net Income FY 2023 FY 2024
Slide 7: Quarterly Income Statement Highlights
Quarterly Income Statement Highlights In Php Mn 391 509 497 473 359 458 463 345 448 439 449 334 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenue EBITDA Net Income
Slide 8: Profitability improved due to revenues from value accretive properties
Profitability improved due to revenues value accretive properties Amounts in Mn Php FY 2024 FY 2023 Change Guaranteed Base Lease 1,648 1,586 4% Variable Lease 50 34 48% PFRS 16 189 179 6% Increase driven by full impact from the value accretive land Revenues 1,888 1,798 5% Cost of Services (104) (103
Slide 9: Geographically Diverse and Growing Revenue
Geographically Diverse and Growing Revenue Accretive acquisitions contributed 26% of total revenues Silay 15% Clark 15% Cebu 21% Php 1.9Bn Bulacan Revenues 11% Tarlac Pangasinan 4% 7% Pampanga 3% Batangas 19% South Cotabato 5% Operating Under Construction
Slide 10: Strong financial position supports future acquisitions
Strong financial position supports future acquisitions Amounts in Mn Php 31 December 2024 31 December 2023 Change Cash and cash equivalents 598 617 (3%) Other Current Assets 309 266 16% Total Current Assets 906 883 3% Property, Plant & Equipment 1,154 1,213 (5%) Investment Properties 7,239 7,182 1%
Slide 11: Strong financial position supports future infusions
Strong financial position supports future infusions Current Ratio Return on Equity DEBT HEADROOM (Php Bn) Total deposited property 2.50 20.4 2.10 35.00% 31.69% 31.58% 2.07 30.00% Leverage ratio 2.00 25.00% (PRS Aa+) 70% 1.50 20.00% 1.00 15.00% Leverage limit 14.3 10.00% 0.50 5.00% Total borrowings a
Slide 12: Green Asset Portfolio
Green Asset Portfolio == CREIT | Empower Your investments
Slide 13: CREIT's Green Asset Portfolio Overview
CREIT’s Green Asset Portfolio Overview NUMBER OF ASSETS TENANTS’ INSTALLED CAPACITY 14 land parcels 145 MWDC GROSS LEASABLE AREA EST. ANNUAL NET GENERATION 7.1 Mn sqm OF OPERATING TENANTS OCCUPANCY RATE 184 GWh 100% CO2 EST. ANNUAL CARBON REDUCTION OF OPERATING TENANTS WEIGHTED AVE. LEASE EXPIRY ~13
Slide 14: Largest renewable energy landlord in the Philippines
Largest renewable energy landlord in the Philippines with 7.1 Mn square meters in gross leasable area IPO ASSETS 2nd ACQUISITION - 2023 DALAYAP – 103k sqm CLARK – 250k sqm ARMENIA– 138k sqm BATANGAS 1 – 1M sqm BATANGAS 2 – 840k sqm BATANGAS 3 – 740k sqm NEGROS OCCIDENTAL – 431k sqm CEBU – 730k sqm B
Slide 15: Asset Infusions over the years
Asset Infusions over the years In Mn square meters of gross leasable area Assets GLA (in sqm) Pangasinan 1,049,102 7,102,860 7,102,860 3rd Acquisition Pampanga 2 70,433 1,119,535 1,119,535 Batangas 1 1,062,083 Batangas 2 839,535 2nd Acquisition Batangas 3 741,016 Batangas 4 933,979 3,995,827 3,995,8
Slide 16: 100% Occupancy and Long WALE
100% Occupancy and Long WALE CREIT Property Tenants Lease term (in years) Area (in sqm) Portfolio Occupancy Clark 15.3 250,000 Armenia 22.4 140,000 Toledo 16.9 730,000 Silay 16.3 430,000 Dalayap 16.3 100,000 Bulacan 22.5 100% 250,000 Land used/to-be used Solar Developers South Cotabato 22.5 80,000 f
Slide 17: Diversified mix of tenant's off-takers
Diversified mix of tenant’s off-takers % of Total Contracted Capacity FIT program Off-take Contract Renewal of Tenants’ Customers 25% 72.7% 10.6 years Weighted average contract term Freeport Area of Bataan 14.7% 6.1% 6.5% Bilateral Contracts 75% 2025 2026 2027 Beyond 2027
Slide 18: CREC Project Updates
CREC Project Updates == CREIT | Empower Your investments
Slide 19: Sponsor's green pipeline in full swing: 5GW in 5 years
Sponsor’s green pipeline in full swing 5GW in 5 years CREC is positioned to capture growing energy demand and the country’s renewable energy (RE) transition plan. Average capacity addition of over 1GW p.a. over next 5 years, using a clustering strategy Vertically integrated platform with capabilitie
Slide 20: Sponsor's Project Updates
Sponsor’s Project Updates Batangas 1 Batangas 3 Pampanga 1 Property* Property* Property* Leasable Area: Batangas 3 Leasable Area: Leasable Area: 1,062,083 square meters 741,016 square meters 839,535 square meters Location: Location: Location: Brgy. Lumbangan Brgy. Bolbok Brgy. Arayat Batangas 2 Bata
Slide 21: CREIT Dividend Updates
the Philippine stock Exchange, congratulates CITICORE ENERGY REIT on its Initial Public Offering CREIT Dividend Updates CREIT | Empower Your investments
Slide 22: Largest quarterly dividend since IPO
Largest quarterly dividend since IPO In PhP Millions, except ratios and DPS 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 Net income 304.96 316.08 396.09 380.97 359.28 334.14 344.94 391.02 Straight-line rent adjustment (15.28) (15.28) (94.58) (47.42) (59.65) (34.36) (43.89) (51.18) Distrib
Slide 23: Distributable Income and Dividend Quarter-on-Quarter Growth
Distributable Income and Dividend Quarter-on-Quarter Growth in Php millions 351.37 358.34 333.56 339.83 330.43 312.59 318.64 319.35 317.46 317.51 318.23 307.52 300.80 301.50 299.63 299.68 301.05 285.09 285.86 290.23 289.68 267.39 267.87 272.38 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Slide 24: How we arrive at 105% of distributable income
How we arrive at 105% of distributable income Total Dividends Amounts in Mn Php 18 6% 340 358 100% 100% 105% Distributable Income Depreciation Total Dividends
Slide 25: Dividends continue to grow QoQ with guaranteed base lease
Dividends continue to grow QoQ with guaranteed base lease* CREIT Quarterly Dividend Amount (Php Mn) CREIT Quarterly Dividend Per Share (Php/share) Full year Full year dividend 1,120 +9.5% 1,1227 +1.1% 1,1241 Dividend 0.183 +8.7% 0.199 +1.5% 0.202 Per Share 0.056 0.055 340 334 0.054 0.054 313 0.052 0
Slide 26: Increasing shareholder value with steady dividends and dividend growth
Increasing shareholder value with steady dividends and dividend growth 0.054 0.055 0.051 0.049 0.049 0.049 0.049 0.049 0.047 Inclusive of Inclusive of 0.044 0.044 0.044 Inclusive of Variable Lease Variable Lease Spe cial Income Income Divid ends 25.7% 0.035 15.9% 12.2% 10.2% 4.3% 0.0% 0.0% 0.0% 0.0%
Slide 27: Historical annual dividends
Historical annual dividends In PhP Millions, except ratios and DPS FY2021 FY2022 FY2023 FY 2024 225.88 1,252.41 1,398.10 1,429.37 Net income (2.72) (132.18) (172.56) (189.18) Straight-line rent adjustment 223.16 1,120.23 1,225.54 1,240.19 Distributable income 61.75 71.36 71.33 71.35 Depreciation 284
Slide 28: Distributable Income and Dividend Year-on-Year Growth
Distributable Income and Dividend Year-on-Year Growth in Php millions 1,311.54 1,296.87 1,240.19 1,225.54 1,197.82 1,120.23 FY2022 FY2023 FY2024 Distributable Income Dividends
Slide 29: Key Takeaways
Key Takeaways & CREIT | Empower Your Investments
Slide 30: Key Takeaways
Key Takeaways Revenue growth driven by full year take up of Strong financial position supports most recently acquired properties growth of green asset portfolio • Revenue at Php 1.9Bn (+5%) • Retained PhilRatings PRS Aa+ rating • EBITDA at Php 1.8Bn (+4%) • Available borrowing headroom of Php 9Bn •
Slide 31: Q&A
Q&A = CREIT | Empower Your investments
Slide 32: Thank you!
Thank you! For questions, please contact: Gideon de Villa CREIT Investor Relations Officer investorrelations@creit.com.ph CREIT CREIT.com.ph CiticoreREIT