Aboitiz Equity Ventures Inc. · PSE:AEV
Aboitiz Equity Ventures — Aboitiz Power — Q1 2025 Earnings Presentation
18 slides from Aboitiz Equity Ventures's earnings presentation, May 14, 2025
Slide 1: First Quarter Results: Powering Ahead
First Quarter Results Powering Ahead
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: Notice
NOTICE This briefing will be recorded. By joining this session, you consent to your name, voice, image and chat comments being recorded for use and dissemination. A copy of this briefing will be uploaded on our website (www.aboitizpower.com)
Slide 4: Sandro Aboitiz, Chief Financial Officer
Sandro Aboitiz Chief Financial Officer AboitizPower
Slide 5: 1Q25 Results highlights
1Q25 Results highlights • 1Q25 beneficial EBITDA was 8% lower YoY, at PHP15.0b, as the fresh contributions from new capacities were tempered by lower spot prices and the lower availability of our coal plants due to scheduled outages. • The full impact of GNPD’s depreciation and interest expense (PHP
Slide 6: Group beneficial EBITDA in 1Q25 declined by 8% YoY
Group beneficial EBITDA in 1Q25 declined by 8% YoY The Power Generation segment continues to be AboitizPower’s largest contributor to EBITDA, accounting for 85% of the total. Beneficial EBITDA PHPb 6
Slide 7: Generation: 643MW of capacity added in 1Q25
Power Generation Generation: 643MW of capacity added in 1Q25 New capacity is from AboitizPower’s 40% stake in Chromite Gas Holdings. Coal assets now account for 54% of our total generating portfolio, down from 61% in Dec 2024. Attributable capacity MW Attributable capacity of AboitizPower’s 40% stak
Slide 8: More to come…
Power Generation More to come… 8 MW Magat BESS 2 159 MWp Laoag Solar Energized Apr 2024 2H 2026 503MW of the initial 1.2GW pipeline Completion: 12% 12 MW Magat BESS 1 are operating as of March 2025. Commissioned Jan 2024 20 MW Binga BESS 2H 2026 95 MWp Cayanga Solar 421MW under construction today: C
Slide 9: Total energy sold in 1Q25: 8,650GWh
Power Generation Total energy sold in 1Q25: 8,650GWh Of the total energy sold, 13% was sold to the spot market in 1Q25, down from 21% in FY24. Total energy sold GWh The decline in ancillary services (AS) volumes was due to the expiry of a portion of TMO’s AS contract in 1Q25. Output from TMO has bee
Slide 10: Upfront scheduled outages
Power Generation Upfront scheduled outages AboitizPower scheduled 193 days of scheduled plant maintenance in 1Q25. Scheduled outages (days) Plant 1Q25 2Q25 3Q25 4Q25 Unit 1 150 MW 21 TVI Unit 2 150 MW 45 Pag 1 350 MW 28 TLI Pag 2 350 MW 28 Pag 3 388 MW 70 Unit 1 668 MW 35 GNDP Unit 2 668 MW Unit 1 3
Slide 11: On track with our contracting strategy
Power Generation On track with our contracting strategy Including our new LNG plants, 70% of our baseload capacities are locked into power supply contracts as of Mar 2025, up from 69% in Dec 2024. This puts us on track with contracting 90% of our baseload capacity by year-end. Contracted Baseload* C
Slide 12: Revenue growth flat YoY in 1Q25
Power Generation Revenue growth flat YoY in 1Q25 The 17% decline in spot prices YoY and lower plant availability due to higher scheduled outages tempered 1Q25’s higher BCQ prices and the impact of the fresh contributions from Chromite Gas Holdings and our new solar power plants. Revenue Average BCQ
Slide 13: Gross Profit declined 3% YoY
Power Generation Gross Profit declined 3% YoY Weak spot prices and an increase in purchased power resulted in a slight decline in gross profit despite a slight increase in revenue. Gross Profit PHPm 1Q24 1Q25 The average gross profit per kwh of the Power Generation segment declined by 1% to PHP1.91/
Slide 14: Flat EBITDA growth for Distribution Utility
Distribution Utility Flat EBITDA growth for Distribution Utility Volume sales in our distribution utility (DU) segment grew 5% YoY, while EBITDA was flat at PHP2.0b in 1Q25, from PHP2.1b in 1Q24, due to higher opex. Volume sales GWh; beneficial basis 14
Slide 15: 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 29% as of the latest CREM Report. AP RES Market Share Customer Type* MW Source: CREM report as of Jan 2025 *Customer type for Adventpower and AdventEnergy
Slide 16: NIAT decline due to higher dep'n and interest expense
NIAT decline due to higher dep’n and interest expense 1Q25 NIAT reflects the full impact of depreciation and interest expenses for GNPD. NIAT PHPm Total interest and depreciation expense for GNPD is PHP0.7b 1Q24 1Q25 and PHP0.8b, respectively 1Q25 EPS: PHP0.64/sh (-41% YoY) 1Q24 EPS: PHP1.0 9/sh 16
Slide 17: M&A-driven increase in leverage
M&A-driven increase in leverage Debt ratios remain healthy despite the increase in leverage from AboitizPower’s acquisition of a 40% stake in Chromite Gas Holdings and RE expansion program. PHPm CONSOLIDATED 31 Dec 2024 31 Mar 2025 Cash and Cash Equivalents 56,759 43,510 Investments and advances 95,
Slide 18: AboitizPower
6 AboitizPower | 2) GT2025