Group 1 - The company's revenue increased by 2% from $10.1 billion to $10.2 billion, driven by higher sales of pasta and palm oil, as well as rising palm oil prices [1] - Metro Pacific Tollways Corporation (MPTC) reported increased toll revenues and traffic in the Philippines, contributing to MPIC's revenue growth [1] - Regular profit rose by 10% from $672.5 million to $740 million, mainly due to higher contributions from MPIC and Indofood [1] Group 2 - The reported profit increased by 10% from $600.3 million to $661 million, reflecting the rise in regular profit [1] - The Indonesian rupiah depreciated less compared to the previous year, leading to a significant decrease in non-cash exchange losses related to bonds denominated in USD [1] - The company proposed a final dividend of 14.00 Hong Kong cents per share, with basic earnings per share of 15.53 cents [2]

Financial Data and Key Metrics Changes - Gross asset value (GAV) as of December 31, 2025, was approximately $5.3 billion, with Indofood accounting for over one-third and MPIC valued at $1.3 billion [2][3] - Turnover increased by 2% to just over $10 billion, driven by higher revenue at Indofood and MPIC, while PacificLight Power experienced a decline [4] - Recurring profit rose by 10% to $740 million, up from $673 million in 2024, marking seven consecutive years of increases [4][5] - Net profit also increased by 10% to a record high of $661 million [4] - The final distribution approved by directors was HK$0.14 per share, bringing the total annual distribution to HK$0.27, the highest ever on a per-share basis [5] Business Line Data and Key Metrics Changes - Indofood achieved record sales with core profit up 1% to its highest level [9] - MPIC reported record high earnings with core profit increasing by 15%, primarily driven by the power company Meralco [10][11] - PLDT, the largest telecommunications firm in the Philippines, saw service revenues and EBITDA reach record highs, with a core profit increase of 1% [12] - PacificLight Power's earnings and sales were slightly down, with a steady market share of 9.6% [13] Market Data and Key Metrics Changes - The exchange rates of the Indonesian rupiah and Philippine peso declined by approximately 11% and 14% respectively from 2018 to 2025 [8] - CPO prices increased by 10% in 2025, reaching about IDR 14,100, and were around IDR 15,000 at the end of the first quarter of 2026 [32] Company Strategy and Development Direction - The company remains cautiously optimistic about its defensive business nature, which is consumer-facing, allowing it to weather uncertainties in the short to medium term [72] - The management is exploring strategic options for potential divestitures or IPOs to unlock asset values, particularly for businesses like Maya [66][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Indofood's outlook despite uncertainties from geopolitical events, noting that they have sufficient wheat supply for the next few months [25][32] - The company is actively monitoring the impact of the Middle East conflict on raw material costs and supply chains [28][35] Other Important Information - The company has no borrowings due until September 2027, with a declining interest cost of around 4.6% for the year [6][7] - The interest coverage ratio improved to 4.5 times in 2025, up from 4 times the previous year [7] Q&A Session Summary Question: Concerns about dividend growth and outlook - The regular final dividend increased by 3% year-on-year, with an overall growth of 10% when including special distributions [18][21] Question: Indofood's dividend payout ratio - Discussions regarding Indofood's dividend will consider last year's growth and current outlook, with management remaining constructive [19][25] Question: Impact of Middle East on raw material costs - Indofood has sufficient wheat supply and does not foresee significant pressure from raw material prices [28][32] Question: Tariff adjustments for Maynilad in 2026 - Expected tariff adjustment for Maynilad in 2026 is around 4%, following a 10% increase last year [43][46] Question: FP Natural Resources loss contribution - Losses diminished due to the cessation of operations in the sugar segment, with ongoing discussions for asset sales [43][50] Question: Refinancing head office borrowings - The company is preparing for refinancing the $350 million bond due in September 2027, actively exploring options [52][56] Question: Corporate events and potential divestitures - Management is evaluating strategic options for potential divestitures or IPOs to unlock asset values [65][68]

Financial Data and Key Metrics Changes - Gross asset value (GAV) as of December 31, 2025, was approximately $5.3 billion, with Indofood contributing over one-third and MPIC valued at $1.3 billion [2] - Turnover increased by 2% to just over $10 billion, driven by higher revenue at Indofood and MPIC, while PLP experienced a decline [4] - Recurring profit rose by 10% to $740 million, up from $673 million in 2024, and net profit also increased by 10% to a record high of $661 million [5][6] - The interest coverage ratio improved to 4.5x in 2025, up from 4x the previous year, indicating strong financial health [8] Business Line Data and Key Metrics Changes - Indofood achieved record sales with core profit up 1%, while MPIC reported record high earnings with core profit increasing by 15% [10][12] - PLDT, the largest telecommunications firm in the Philippines, saw service revenues and EBITDA reach record highs, with a core profit increase of 1% [13] - PLP's earnings and sales slightly declined, maintaining a market share of 9.6% [14] Market Data and Key Metrics Changes - The exchange rates of the rupiah and peso decreased by approximately 11% and 14% respectively from 2018 to 2025, highlighting currency volatility [9] - CPO prices increased by 10% in 2025, affecting Indofood's cost structure [34] Company Strategy and Development Direction - The company remains cautiously optimistic about its defensive business nature, which is consumer-facing, allowing it to weather uncertainties in the short to medium term [72] - There is ongoing evaluation of strategic options for potential divestitures or IPOs to unlock asset values, particularly for Maya, which has shown significant growth [66][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Indofood's outlook despite geopolitical uncertainties, noting a good supply of wheat and stable raw material costs [27][34] - The company is preparing for refinancing its $350 million bond due in September 2027, actively seeking proposals while monitoring market conditions [54][56] Other Important Information - The company approved a final distribution of HK$0.14 per share, bringing the total annual distribution to HK$0.27, the highest ever on a per-share basis [5] - The Philex Mining's Silangan Project is expected to contribute positively to the company, with higher grades of gold and copper compared to existing operations [17] Q&A Session Summary Question: Dividend growth and outlook - The regular final dividend increased by 3%, but total distribution growth is 10% when including special dividends from Maynilad [20][24] Question: Indofood's dividend payout ratio - Discussions regarding Indofood's dividend will consider last year's growth and current outlook, with management remaining constructive [21][27] Question: Impact of Middle East on raw material costs - Indofood has sufficient wheat supply and does not foresee significant pressure from raw material prices due to the Middle East situation [30][34] Question: PLP project budget and timeline - The PLP project is expected to start in 2029, with CapEx spread over the next few years [38] Question: Maynilad's tariff adjustments - A 4% tariff adjustment is expected for Maynilad in 2026, following a 10% increase last year [46] Question: FP Natural Resources loss contribution - Losses diminished due to the cessation of sugar operations and ongoing discussions for selling residual assets [50] Question: Refinancing head office borrowings - The company is preparing for refinancing its bond due in 2027, considering both bond and bank loan options [54][56] Question: Optimal debt structure - The current fixed-rate debt ratio is deemed comfortable, with management monitoring the volatile interest rate environment [62]

Financial Data and Key Metrics Changes - The gross asset value (GAV) as of December 31, 2025, was approximately $5.3 billion, with Indofood accounting for just over one-third of this value [4] - Turnover increased by 2% to just over $10 billion, driven by higher revenue at Indofood and MPIC, while PacificLight Power experienced a decline [4] - Recurring profit rose by 10% to $740 million, up from $673 million in 2024, marking seven consecutive years of increases [4][5] - Net profit also increased by 10% to a record high of $661 million [4] - The final distribution approved by directors was HK$0.14 per share, contributing to a total annual distribution of HK$0.27 per share, the highest ever [5] Business Line Data and Key Metrics Changes - Indofood achieved record sales, with core profit up 1% to its highest level [9] - MPIC reported record high earnings, with core profit increasing by 15%, primarily driven by the power company Meralco [10] - PLDT, the largest telecommunications firm in the Philippines, saw service revenues and EBITDA reach record highs, with a core profit increase of 1% [12] - PacificLight Power's earnings slightly declined, attributed to lower electricity prices compared to previous years [13] Market Data and Key Metrics Changes - The interest coverage ratio improved to 4.5 times in 2025, up from 4 times the previous year, indicating strong financial health [7] - The average interest cost for the year was around 4.6%, with no borrowings due until September 2027 [6] Company Strategy and Development Direction - The company remains cautiously optimistic about its defensive business nature, which is consumer-facing, allowing it to weather uncertainties in the market [73] - There is a focus on capital recycling and unlocking asset values, with potential IPOs or divestitures being considered for non-core assets [66][68] - The company is actively exploring refinancing options for its upcoming bond due in September 2027, with a preference for bonds over bank loans to diversify credit resources [56][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Indofood's outlook despite uncertainties from geopolitical events, noting a good supply of wheat and stable raw material prices [33] - The company anticipates that 2026 will be better than 2025, although external factors such as the Middle East conflict could impact operations [10] - Management highlighted the importance of maintaining a balance between returning cash to shareholders and reinvesting in growth opportunities [22] Other Important Information - The company has successfully attracted new mainland investors, enhancing liquidity in its share trading [15] - The Philex Mining's Silangan project is expected to be a solid contributor to the company, with higher grades of gold and copper compared to existing operations [14] Q&A Session Summary Question: Concerns about dividend growth and Indofood's payout ratio - Management clarified that the 3% increase in final dividends is based on the final distribution alone, while the total distribution reflects a 10% growth, aligning with recurring profit growth [20][21] Question: Impact of Middle East events on raw material costs for Indofood - Management indicated that Indofood has sufficient wheat supply and does not foresee significant pressure from raw material prices due to the current situation [33] Question: Tariff adjustments for Maynilad water business in 2026 - Expected tariff adjustment for Maynilad in 2026 is around 4%, with ongoing efforts to reduce non-revenue water losses [47] Question: Loss contribution from FP Natural Resources - Management explained that the diminished loss is due to the cessation of operations in the sugar segment and ongoing discussions to sell residual assets [52] Question: Plans for refinancing head office borrowings - Management is actively exploring refinancing options for the $350 million bond due in September 2027, with a focus on market conditions and interest rates [55][58]

Investor Presentation Full-Year 2025 Financial & Operational Results Including Shareholder and Market Data HKEx: 00142 ADR: FPAFY www.firstpacific.com Creating long-term value in Asia Copyright © First Pacific Company Limited 30 March 2026. All rights reserved. Table of Contents | Main Holdings | 3 | | --- | --- | | Gross Asset Value | 4 | | First Pacific Financial Results Full-Year 2025 | 5 | | Borrowings, Dividend Income, Ratings | 6 | | Profit and FX Rates Over Time | 7 | | Indofood | 8-11 | | Financials ...

Core Viewpoint - The company reported a stable and continuous growth in earnings for the fiscal year 2025, despite facing geopolitical uncertainties and a challenging business environment [1] Financial Performance - The group's revenue for the fiscal year 2025 was HKD 79.8135 billion, representing a year-on-year increase of 1.7% [1] - The recurring profit was HKD 5.772 billion, showing a growth of 10.0% year-on-year [1] - Operating profit contribution reached HKD 6.5356 billion, up by 7.9% compared to the previous year [1] - Profit attributable to equity holders of the parent company was HKD 5.15558 billion, reflecting a year-on-year increase of 10.1% [1] - Basic earnings per share were HKD 1.211, with a proposed final dividend increase to HKD 0.14 per share, resulting in a total annual recurring dividend of HKD 0.27 per share, an increase of 6% [1] - A special dividend of approximately HKD 0.0115 per share was distributed in relation to the listing of Maynilad on the Philippine Stock Exchange [1] Shareholder Equity and Debt - Equity attributable to equity holders of the parent company increased by 11.8% from HKD 30.6244 billion as of December 31, 2024, to HKD 34.2326 billion as of December 31, 2025 [1] - The company's net debt decreased by 1.6% to HKD 1.0263 billion as of December 31, 2025 [1]

Investment Rating - The report maintains a cautious tone regarding the investment outlook for the company, First Pacific (FP), with a projected recurring profit growth of 9% year-on-year to $365 million for the second half of 2025, although this is lower than expected due to impacts from FPM Power and headquarters expenses [5][6]. Core Insights - First Pacific's growth in the second half of 2025 is primarily driven by contributions from Metro Pacific, Indofood, and Philex, while losses from FP Natural Resources have narrowed [5][6]. - The company announced a regular dividend of 1.79 cents per share (up 3% year-on-year) and a special dividend of 0.15 cents per share, leading to an estimated total dividend of 3.61 cents per share for the fiscal year 2025, reflecting a 10% year-on-year increase [6]. - The headquarters' interest coverage ratio remains healthy at 4.5 times, indicating strong financial stability [6]. Summary by Relevant Sections Financial Performance - Recurring profit for the second half of 2025 is expected to reach $365 million, a 9% increase year-on-year [5][6]. - Headquarters expenses exceeded expectations by $3 million, impacting overall profit growth [6]. - Total dividends for fiscal year 2025 are projected to grow by 10% to 3.61 cents per share, with a payout ratio of 20.4% [6]. Business Contributions - Indofood's profit contribution is expected to grow by 5% to $174 million in the second half of 2025 [6]. - Metro Pacific's core profit contribution is projected to increase by 22% to $120 million, driven by strong performance in power, water, and healthcare sectors [6]. - Philex's profit contribution is anticipated to surge by 393% to $7 million [6]. Debt and Financial Health - As of the end of 2025, net debt at headquarters is expected to slightly increase to $1.3 billion, primarily due to additional investments in FPM Power and subscriptions to Maynilad IPO shares [6]. - The interest coverage ratio is projected to remain stable at 4.5 times, indicating robust financial health [6].

Group 1 - The core viewpoint of the articles highlights that First Pacific Company Limited (00142) reported a 1.7% year-on-year increase in revenue for the year 2025, reaching USD 10.2325 billion, and a 10.1% increase in profit attributable to equity holders, amounting to USD 661 million, with basic earnings per share at 15.53 cents [1][2] - The revenue increase is attributed to higher sales volumes of pasta and palm oil, as well as rising palm oil prices, which boosted Indofood's revenue; additionally, Metro Pacific Tollways Corporation (MPTC) in the Philippines saw increases in toll fees and traffic volume, contributing to MPIC's revenue growth [1] - Regular profit rose by 10% to USD 740 million, primarily driven by increased profit contributions from MPIC and Indofood, while a decrease in average interest rates led to a reduction in net interest expenses for the company [1] Group 2 - Reported profit increased by 10% to USD 661 million, reflecting the rise in regular profit; the depreciation of the Indonesian Rupiah was less significant compared to the previous year, resulting in a substantial decrease in non-cash exchange losses related to bonds denominated in USD held by PT Indofood CBP Sukses Makmur Tbk (ICBP) [2]

Core Viewpoint - First Pacific (00142) announced the annual performance of its subsidiary PT Indofood Sukses Makmur Tbk (Indofood) for the year ending December 31, 2025, highlighting significant revenue growth and increased earnings for shareholders [1] Financial Performance - Indofood achieved an annual revenue of 155.6 trillion Indonesian Rupiah, representing an increase of 18.96% year-on-year [1] - The total comprehensive income attributable to equity holders of the parent company reached 103.7 trillion Indonesian Rupiah, marking a year-on-year increase of 27.07% [1] - Basic earnings per share were reported at 12.17 billion Indonesian Rupiah [1]

Core Viewpoint - The company reported significant growth in its subsidiary PT Indofood Sukses Makmur Tbk's annual performance for the year ending December 31, 2025, indicating strong financial health and operational success [1] Financial Performance - The subsidiary achieved annual revenue of 15.56 trillion Indonesian Rupiah, representing an increase of 18.96% year-on-year [1] - The total comprehensive income attributable to the parent company's shareholders reached 10.37 trillion Indonesian Rupiah, reflecting a year-on-year increase of 27.07% [1] - Basic earnings per share were reported at 12.17 billion Indonesian Rupiah [1]