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

First-half performance and capital position

• Recurring profit fell 3% in H1 but was the second-highest first-half result; shareholder distribution yield was 5.7% by Bloomberg measurement.

• S&P upgraded the credit rating to BBB stable from BBB- in H1 2026; interest coverage was 4.8x at H1-end.

• Dividend income was just under $140 million in H1; annual dividend income has remained above $300 million since 2023, following a 2023 record.

• The HKD 0.13 per-share distribution was flat; policy is progressive, with flexibility for major crises or investments expected to deliver better medium- to long-term returns.

• A $350 million bond matures in September next year and may be called within the next 12 months; refinancing timing is under review amid interest-rate uncertainty.

Indofood and consumer growth

• Indofood core profit rose 7% in H1; management expected a similar increase in 9M, while net sales rose 9% in local currency in H1.

• ICBP forecast full-year sales growth of 5%-7% and EBIT margin of 20%-22%; overseas sales rose 31% in Q2 2026.

• Middle East and North Africa expansion, including Pinehill, is a growth driver; noodle consumption per capita remains well below Indonesia’s levels in these markets.

• Indofood cash reached $3 billion, up ~$1 billion over 4.5-5 years; overseas earnings and cash generation have contributed to the buildup.

Philippines and digital banking assets

• Metro Pacific delivered record core profit of PHP 18.5 billion, driven by Meralco; its power business is expanding into natural gas and renewables, particularly solar.

• MPTC traffic grew ~1% in 9M, supported by Vietnam and Indonesia toll roads despite lower Philippine traffic; Maynilad reported 9M earnings growth as non-revenue water fell below 30%.

• PLDT service revenue and EBITDA reached consecutive records; 9M net debt/EBITDA was 2.6x, while H1 capex fell below 20% of service revenue from a 2022 peak above 40%.

• Maya deposits exceeded PHP 80 billion at end-June, up from below PHP 20 billion in 2022; loans reached ~PHP 40 billion, gross NPL ratio was below 5%, and NIM exceeded 16%.