First Pacific Company (142) investor relations material

Executive summary

• Recurring profit for the first half of 2025 reached a record $375.4 million, up 11% year-over-year, with net profit up 41% to $391.2 million, driven by strong performances at MPIC, Indofood, and PLDT.

• Profit contribution from operations rose 8% to $423.2 million, and turnover increased 1% to $5,027.8 million, led by higher revenue at MPIC.

• Interim distribution of 13 HK cents per share was approved, up from 12 HK cents, to be paid around September 30.

• Share price hit a ten-year high, narrowing the discount to NAV to below 15%, with strong market performance in 2025.

• Management remains confident in medium-term earnings growth as group companies expand in fast-growing Asian markets.

Financial highlights

• Contribution from operations rose 8% to $423.2 million, with record revenues at Indofood, PLDT, and MPIC.

• Recurring EPS increased 10% to 8.82 US cents; basic EPS up 40% to 9.19 US cents.

• Net interest expense fell 10% to $35 million; head office net debt decreased to $1.25 billion, with interest coverage at 4.0x.

• Dividend income exceeded $300 million for the second consecutive year.

• Equity attributable to owners grew 10% to $4.3 billion; consolidated net debt at $9.17 billion, gearing at 0.74x.

Outlook and guidance

• Management expects continued earnings growth in the medium term, supported by expanding demand in core markets.

• Indofood targets organic growth and ESG improvements, with stable economic growth in Indonesia.

• MPIC forecasts a third consecutive year of record-high core profit in 2025, led by power, roads, and water.

• PLDT anticipates record service revenues and EBITDA in 2025, with capex guidance lowered to 63 billion pesos.

• Maya digital banking arm expected to maintain strong growth and profitability, with IPO considered in the future.