Semirara Mining and Power (SCC) investor relations material

Executive summary

• 9M net income rose 11% YoY to Php 11.02bn; excluding a Php 180mn nonrecurring gain, core net income increased 10% to Php 10.84bn.

• Q3 net income rose 66% YoY to Php 2.44bn, but fell 48% QoQ from Php 4.76bn amid seasonal declines in generation, power prices and coal shipments.

• Power contributed 78% of 9M earnings versus 57% a year earlier, with record 9M earnings offsetting weaker coal contributions.

Financial highlights

• Revenue was Php 12.64bn in Q3, up 6%, and Php 46.66bn for 9M, up 8%; 9M cost of sales increased 9% to Php 28.71bn.

• Q3 core EBITDA was Php 3.70bn, down 3%, with a 29% margin versus 32%; 9M core EBITDA rose 2% to Php 17.28bn, with a 37% margin versus 39%.

• Reported net income was Php 2.44bn in Q3, up 66%, and Php 11.02bn for 9M, up 11%; 9M EPS was Php 2.59 versus Php 2.33.

• Q3 total cash costs rose 10% to Php 8.95bn; net margin widened to 19% from 12%, aided by lower D&A and higher other income.

Outlook and guidance

• 2026 coal guidance targets 13–14 MMT of shipments, 13 MMT of production, a 13.0 strip ratio and a sales mix of 63% domestic and 37% exports; full-year strip ratio is expected to average 10.5.

• Coal operating continuity is uncertain as COC No. 5 expires July 14, 2027; the 2026 bid round was terminated and DOE had not announced revised bidding timing or guidelines as of Oct. 29, 2026.

• 45% of 860 MW dependable power capacity was contracted as of Sept. 30; planned unit outages span the next 12 months, and 40% of contracted capacity was set to expire by year-end.

• FY2026 capex is forecast at Php 1.7bn versus Php 5.9bn in 2025, with 76% allocated to Power, mainly for maintenance, spares and engineering projects.

• Forecast average WESM spot price is Php 5.77/kWh in 2026 and Php 4.82/kWh in 2027; average coal benchmarks forecast at US$131.76/MT NEWC and US$62.91/MT ICI4 for 2026.