First Pacific Company (142) Deutsche Bank ADR Virtual Investor Conference summary

Key business segments and assets

• Focuses on consumer food products, infrastructure, telecommunications, and natural resources, with major holdings in Indofood, Metro Pacific Investments, PLDT, and Philex Mining.

• Indofood is the world's largest maker of wheat-based instant noodles; MPIC controls key Philippine utilities and infrastructure.

• PLDT leads in Philippine telecom, with significant market share in fixed line, wireless, and data centers; Maya, its digital bank, is expected to IPO within 18 months.

• Philex Mining to open a new gold and copper mine in Mindanao soon, supplementing ongoing operations in Luzon.

• PacificLight Power in Singapore is expanding with a new natural gas plant set to go online in 2029.

Financial performance and outlook

• Achieved a 7% CAGR in gross asset value and 15% CAGR in dividend income since 2003.

• Earnings growth has been recorded for seven consecutive years, with the last five years at record highs.

• 2025 recurring profit rose 10% to $740 million, driven mainly by Indofood and MPIC.

• Dividend policy is progressive, committing to annual increases; 2025 distribution reached a record high.

• Confident in continued earnings growth over the short to medium term, supported by strong economic forecasts for Indonesia and the Philippines.

Capital structure and liquidity

• Maintains investment-grade credit ratings from Moody's and S&P, with no debt maturities until September 2027.

• Bank loans comprise over 75% of borrowings, with a near 50-50 fixed/floating rate split.

• Interest coverage ratio stands at 4.5x; net debt is about $1.3 billion with an average maturity of 3.2 years.

• No guarantees or recourse on borrowings of underlying companies.