First Pacific Company (142) H1 2026 earnings summary

Executive summary

• Recurring profit for the first half of 2026 was the second highest ever at US$365.9 million, down 2.5%-3% year-over-year due to weaker rupiah and peso, but would have been up 3% at constant FX rates.

• Turnover rose 5.7%-6% year-over-year to US$5.32 billion, driven by higher sales across all major segments.

• Net profit attributable to owners fell 22.9%-23% to US$301.5 million, mainly due to US$51 million in non-cash FX losses and absence of prior year non-recurring gains.

• S&P Global Ratings upgraded the credit rating to BBB with a stable outlook; Moody’s at Baa3 stable.

• Interim distribution maintained at HK13.00 cents per share, with a stable dividend yield around 5.4%.

Financial highlights

• Indofood net sales up 9% to IDR65.5 trillion; core profit up 7% to IDR6.2 trillion.

• MPIC contribution up 6% to P18.5 billion; core profit up 6% to P16.0 billion.

• PLDT service revenues up 2% to P108.7 billion; EBITDA up 1% to P56.1 billion; core profit down 1% to P17.3 billion.

• PacificLight revenue up 12% to S$979.1 million; core profit down 26% to S$114.8 million.

• Philex core profit up 56% to P212 million on higher metal prices, despite lower volumes.

Outlook and guidance

• Indofood's ICBP division expects full-year sales growth of 5%-7% and EBIT margin of 20%-22%.

• PLDT anticipates continued record highs in service revenues and EBITDA for the full year, with capex intensity declining.

• Silangan copper and gold mine expected to begin commercial mining by year-end 2026.

• Management remains confident in medium-term growth despite currency and geopolitical challenges.