Slides
Page 1
HKEx: 00142ADR: FPAFYwww.firstpacific.comCopyright © First Pacific Company Limited 27 August 2026. All rights reserved. Investor PresentationHalf-Year 2026 Financial & Operational ResultsIncluding Shareholder and Market Data Creatinglong-term value inAsia
Page 2
2 Table of Contents Highlights of First-Half 2026 ResultsMain HoldingsFirst Pacific Gross Asset ValueFirst Pacific Financial ResultsBorrowings, Dividend Income, RatingsIndofood MPIC PLDT PLPPhilex & Silangan Financials & MarginsICBP Earnings & GeographySales Data & GeographySales, Debt, Cash FlowInvestments & StakesPrivatization & Ownership1H26 Contribution & ProfitBorrowings & Balance SheetMeralco EarningsMeralco ProjectsMaynilad Tariffs & EarningsMaynilad Operational DetailsMPTC EarningsMPTC Toll Road Statistics1H 2026 Financial ResultsCapex & RatingsMain BusinessesDigital Banking Unit Maya Profit and FX Rates Over Time 345678-1189101112-211213141516171819202122-25222324252627-2829 FPC Adjusted NAV/Share 2022-1H 2026Contribution and Profit SummaryContribution and Profit 2019-2025Per Share Data & Key Ratios 2019-2025Head Office Debt and Cash FlowHead Office Cash Flow 2019-2025Dividends by Group Companies 2019-25Group Net Debt & GearingMPIC Contribution & Profit SummaryMPIC Contribution & Profit 2019-2025MPIC Head Office Debt & Cash FlowMPIC HO Cash Flow 2019-2025Dividends by MPIC Companies 2019-2025MPIC Group Net Debt & GearingGroup Borrowings, Cash & Rate RiskExchange Rate/NAV/ProfitabilityRevenue by Geography & SectorCapital Markets Track RecordAnalyst Coverage of First PacificMarket Performance & Peer ComparisonMinority Shareholders Over TimeMinority Shareholder StatisticsDirectors’ Interests & Ctte. MembershipsEconomic Interest in Group CompaniesImportant NoticeContact Us 30313233343536373839404142434445464748495051525354555657 ESG & Sustainability MattersAppendix
Page 3
Highlights of First-Half 2026 Results oRecord high core profit of ₽18.5 billion driven by 6% increase in Meralco contributionoFull-year core profit seen reaching fourth successive high oCore profit up 7% to record high on record high salesoICBP sales seen up 5-7% in 2026, EBIT margin 20-22%oICBP noodle overseas sales up 31% in 2Q 2026 oHighest-ever 1H service revenues and EBITDA with positive free cash flow at BBB credit rating and 8% dividend yieldoMaya digital banking unit raised contribution 38% in 1H 2026 oRecurring profit second-highest ever despite weaker Rupiah and PesooStandard & Poor’s upgraded FPC credit rating to BBB Stable outlookoStable distribution to shareholder with yield at 5.4%oBuy recommendations from Citi, CITIC CLSA, Guosen Securities, Guosheng Securities, and Huatai Securities oContribution to FPC earnings doubled in 1H 2026 on higher metal pricesoNew high-grade Silangan copper and gold mine seen opening by year-end 3 o12% revenue increase in the first half of 2026oConstruction begins on a 670MW hydrogen-ready CCGT facility scheduled to start operation in 2Q 2029
Page 4
4 Consumer Food Products Data as at 30 Jue 2026. More details can be found on page 55. Natural Resources First Pacific has an economic interest of 31.2% in Philex and Two Rivers, a Philippine affiliate, holds 15.0%. First Pacific holds effective economic interest of 34.8% in PXP Energy, and 37.2% in IndoAgri. Infrastructure First Pacific holds an economic interest of 49.9% in MPIC, 23.7% in Meralco, 55.7% in PacificLight Power, 19.1% in Maynilad, and 46.6% in Metro Pacific Tollways. First Pacific has an economic interest of 50.1% in Indofood, 40.3% in ICBP and 40.3% in Pinehill. Telecommunications First Pacific holds an economic interest of 25.6% in PLDT which owns 100% of mobile telecommunications subsidiary Smart and 11.2% of Maya, the leading fintech in the Philippines.
Page 5
13 cmX13 cm11.2 x 3.8 Data as of 30 June 2026. Rounding may affect totals. MPIC stake valued at privatization price of ₱5.20 per share and PLP is valued at investment cost. Head Office net debt not included.1.Includes Philex, PXP Energy, and Silangan Mindanao Exploration Co., Inc. (“SMECI”) convertible notes.2.Includes PLDT and First Pacific’s stake in Maya Innovations.5 Gross Asset Value of $4.8 BillionDiversified Investments, Strong ReturnsoBalanced weighting of mature and growth investmentsoBalanced weighting of different sectorsoInvestment geography limited to the fast-growing markets of emerging Asian economieso21 years of growth: Gross Asset Value grew at a compound annual growth rate of 7% from end-2003 to end-2025oCAGR of 15% in dividend income to First Pacific over the same periodoFirst Pacific’s progressive dividend policy aims to steadily increase or at least maintain the HKD per-share value of shareholder distributions annuallyoFirst Pacific Management is confident of continuing earnings growth in the medium term as our companies extend their product and service offerings to meet expanding demand in our fast-growing markets34%35%22%9% Consumer FoodsInfrastructureTelecommunicationsNatural Resources PLDT2$1,039 mln22% of GAV MPIC$1,237 mln26% of GAV PhilexGroup1$425mln(9%)Indofood$1,643 mln34% of GAV PLP $442 mln (9%)
Page 6
5.0 x 11.013.1 x 8.54375.4 365.9 (11.6)(5.1)(1.7)0.5 1.3 2.7 4.4 345350355360365370375380 1H25 PLP PLDT H.O. Philex MPIC RHI Indofood1H26 5.0 x 13.610.5 x 13.7147.1 121.9 138.8 (79.2)(43.5)(30.0)(7.4)(3.9)0100200300400500 OpeningCashDiv idend &Fe e Income DistributionsPaid NetInvestments Net CashInterestEx pe nse Overheads NetRepayments& Others Clo sing Cash 5.0 x 11.013.1 x 3.4-1000100200300400500600700800900 20222023202420251H251H26 Table p. 34. Half-Year Recurring Profit Slips 3% on FXoTurnover rose 6% to $5,316.3 million on higher revenue at Indofood, PacificLight, and MPICoContribution from operations declined 2% to $415.4 million vs. $423.2 million on weaker Rupiah and PesooIndofood and MPIC delivered their highest-ever first-half revenues on continuing growth in demand for food products, power, roads, and othersoNet interest expense fell 10% to $31.6 million vs. $35.0 million as overall Head Office costs rose 4% to $49.5 million vs. $47.8 million oRecurring profit declined 3% to a second-highest ever first-half $365.9 million vs. record high $375.4 million in the same period last year, driven largely by a 5% fall in the average Rupiah exchange rate and a 6% fall for the PesooAt unchanged exchange rates, recurring profit would have been 3% higher in the periodoNet profit fell 23% to $301.7 million vs. $391.2 million largely on non-cash foreign exchange losses of $51.0 million vs. year-earlier gains of $10.4 million Recurring Profit 2nd-Highest Despite PHP, IDR Weakness 6 Table p. 36. oRecurring EPS declined 3% to 8.60 U.S. cents vs. 8.82 U.S. centsoFirst Pacific’s Board of Directors approved an unchanged interim distribution of 13.0 HK cents per share, (1.67 U.S. cents)oFive of five equity analysts covering 142.HK have Outperform or Buy recommendationsoManagement remain confident of continuing earnings growth over the medium term Head Office Cash Flow (USD mln)Table p. 33. IndofoodPhilexMPICPLDTPLPRHI Contribution From Operations & Recurring Profit (USD mln) Change in Recurring Profit (USD mln)
Page 7
7.0 x 11.51.3 x 3.8 0100200300400 202620272028202920302031203220332034 7.0 x 11.51.3 x 11.0 0.00.51.01.52.02.53.03.54.04.55.0 050100150200250300350400450500 20212022202320242025 Investment Grade Credit Ratings Bank Loans$1,120 mln Bond$350 mln Breakdown of Head Office Borrowings at End-June 2026 FixedRateBorrowing$800 mln(54%)Floating RateBorrowing$670 mln(46%) ICR & Dividend Income (USD mln) 324226204 3054.5x Investment Grade Credit Ratings From Moody’s, S&PoInvestment-grade credit ratings from S&P and Moody’soS&P rating: BBB with Stable outlookoMoody’s rating: Baa3 with Stable outlookoDividend and fee income of $138.8 million in the first half of 2026, up from $132.5 million in the previous periodoInterest coverage ratio 4.8x well above “comfort level”oGross debt $1.47 billion, net debt $1.35 billionoBlended interest cost of approximately 4.5% and average maturity of 3.4 yearsoThe sole maturity due in 2026, a $200 million loan, was refinanced in early 2026oNo borrowings by any Group investee companies have any recourse to First PacificoHead Office debt and cash flow tables are on pp. 36-37oGroup net debt and gearing tables are on page 39Bank LoanBond Head Office Borrowings at end-June 2026 (USD mln) 311 7 IndofoodPhilexMPICPLDTPLPICR (RH axis) 350 0 120 370 230200 100100
Page 8
6.5 x 11.113.0 x 3.87,4307,3387,2907,484 3,6473,798 60764371469135235802,0004,0006,0008,00010,000 20222023202420251H251H26 Net Sales Core Profit 6.0 x 11.51.3 x 12.1 Sales, Core Profit Continue to New Highs EBIT Margins Compared1H2524.6%7.4%5.1%16.1%9.4%13.6%22.5%8.5%17.6%8.9%19.5% 1H2622.9%9.8%3.3%14.2%8.4%12.4%21.9%9.4%16.3%9.8%20.3% NoodlesDairySnack FoodsFood SeasoningsNutrition & Special FoodsBeveragesICBP OverallBogasariAgribusinessDistributionIndofood Overall 1H 2026 Financial HighlightsoFirst-half 2026 net sales rose 9% to record high IDR65.5 trillion vs. IDR59.8 trillion on sales growth at all divisions, led by Noodles and the Bogasari flour and pasta businessoEBIT rose 14% to 13.3 trillion vs. 11.7 trillion in line with saleso1Q EBIT margin at 19.3%, 2Q at 21.4%, 1H at 20.3% vs. 19.5%oCore profit rose 7% to a first-half highest-ever IDR6.2 trillion vs. IDR5.8 trillion driven by higher EBIT across nearly all businessesoCBP sales rose 11% to IDR41.7 trillion vs. IDR37.5 trillion on stronger Noodles sales as EBIT rose 4% to IDR8.2 trillionoBogasari sales rose 9% to IDR16.5 trillion, EBIT rose 21% to IDR1.5 trillion on higher marginsoAgribusiness sales rose 3% to IDR9.6 trillion, EBIT declined 4% to IDR1.6 trillion on lower marginsoDistribution sales rose 3% to IDR3.9 trillion, EBIT rose 13% to IDR382 billionOutlook for 2026oOverall capex at IDR9.5 trillion including carry-over spending from the 2025 capex budgetoICBP sales seen up 5-7%, EBIT margin at 20-22%, and capex at IDR5.5 trillionoBogasari sales growth seen at 2-5% and EBIT margin at 6-8%oCPO sales growth forecast at 0-5%oStrategy to maintain balance between market share and profitability while driving sustainable business growthoHealthy balance sheet and investment grade for ICBP bonds remain priorities; no hedging on interest rates, FX rates, or commodity pricesoImprovement of ESG ratings core focus of sustainability programsIndofood ownership: First Pacific 50.1%, others. Net Sales & Core Profit (USD mln) 8
Page 9
5.7 x 11.512.6 x 8.037,601 41,8633,057 765 184 151 106 1 35,000 36,000 37,000 38,000 39,000 40,000 41,000 42,000 43,000 1H25NoodlesDairySnack FoodsFS†N&SF*Beverages1H26 5.8 x 11.01.3 x 8.04,3444,4614,5714,536 2,2922,427 49060965660532731305001,0001,5002,0002,5003,0003,5004,0004,5005,0005,500 20222023202420251H251H26 Net Sales Core Profit Sales at Record High, Overseas up 31% in 2Q 1H 2026 Financial HighlightsoNet sales rose 11% in Rupiah terms to a first-half record high IDR41.9 trillion vs. IDR37.6 trillion on growth led by Noodles with overseas sales up 31% in the second quarteroNoodles sales compound annual growth rate 2015-2025 reaches 10%oEBIT rose 8% to IDR9.2 trillion vs. IDR8.5 trillion, ahead of full-year guidance of IDR15.8-17.6 trillionoEBIT margin at 21.9% vs. 22.5% a year earlier was within FY guidance of 20-22%oCore profit rose 1% to IDR5.4 trillion as cost of goods sold rose 12% to IDR27.5 trillion vs. IDR24.5 trillionChange in Sales (IDR bln) ICBP Sales Geography (USD mln) Indonesia Asia & AfricaOthers Total 20253,096 1,277 163 4,536 2%15%24%6% Change1H251,620 591 80 2,292 20223,102 1,087 156 4,344 20233,129 1,166 167 4,461 20243,150 1,225 196 4,571 20202,615 485 87 3,186 20212,873 980 107 3,960 20192,666 234 70 2,970 *Nutrition & Special Foods; †Food Seasonings. Net Sales & Core Profit (USD mln) 9 1H261,648 679 100 2,427
Page 10
8.8 x 11.51.3 x 4.259,843 65,526 (280)(1)85 117 152 192 394 870 1,287 2,867 56,00057,00058,00059,00060,00061,00062,00063,00064,00065,00066,000 1H25 Sales Plantations Beverages N&SF* Distribution Food Seasonings Snack Foods Edible Oil & Fats Dairy Bogasari Noodles 1H26 Sales Sales by Division & Geography Change in External Sales (IDR bln) *Nutrition and Special Foods.Indofood Sales Geography (USD mln) Indonesia Asia & AfricaOthers Total 20255,797 1,518 169 7,484 2%11%27%4% Change1H252,850 714 82 3,647 20225,710 1,552 167 7,430 20235,649 1,514 175 7,338 20245,552 1,531 208 7,290 20204,737 706 141 5,583 20215,368 1,430 128 6,926 20194,818 476 121 5,414 External Sales by Division (IDR bln) Noodles Dairy Snack Foods Food Seasonings N&SF* Beverages Total CBP Bogasari Plantations Edible Oil & Fats Distribution Indofood Total 1H2527,288 4,669 2,262 1,797 606 739 37,361 11,762 2,428 4,504 3,789 59,843 Change11%19%8%8%14%-0.3%11%11%-12%9%3%9% 1H2630,155 5,539 2,454 1,949 690 737 41,526 13,048 2,148 4,898 3,905 65,526 Share46%8%4%3%1%1%63%20%3%7%6%100% 10 1H262,902 792 104 3,798
Page 11
Cash flow over time (IDR bln) Net cash provided by operating activitiesNet cash provided by/(used in) investing activitiesNet cash provided by/(used in) financing activitiesNet effect in changes in FX ratesNet increase/(decrease) in cash and cash equivalents 202417,508 (6,995) (680) 301 10,134 202114,693 (6,490) 3,852 93 12,149 202213,588 (3,863) (14,329) 1,072 (3,532) 202318,461 (10,776) (4,890) (165) 2,630 202512%15%394%103%-14% Change19,541 (8,034) (3,357) 611 8,761 Selected Time Series Data Sales over time (IDR bln) Consumer Branded ProductsBogasari (flour & pasta)AgribusinessDistributionElimination Total 202473,320 30,558 15,958 7,002 (11,051)115,787 202156,964 25,883 19,692 5,021 (8,214) 99,346 202265,258 31,879 17,770 6,232 (10,308)110,830 202368,598 30,413 15,974 6,956 (10,237) 111,704 20253%2%32%6%7%7% 202046,969 22,965 14,551 4,562 (7,315) 81,732 Change75,743 31,108 21,037 7,425 (11,820)123,493 Borrowings over time (USD mln) Rupiah DebtForeign Currency DebtGross DebtCash & Cash EquivalentNet DebtEnd-Period FX Rate (IDR/USD) 20251,230 3,212 4,442 (2,828) 1,614 16,782 20221,110 3,089 4,199 (1,649) 2,550 15,731 20231,244 2,937 4,181 (1,854) 2,327 15,416 20241,014 3,367 4,381 (2,395) 1,986 16,162 1H268%-3%0%0%-1%-6% 20211,270 3,059 4,329 (2,066) 2,263 14,269 Change1,331 3,102 4,433 (3,031) 1,401 17,856 11
Page 12
Healthcare20% stake 31 Hospitals6 Radiotherapy Centers Others36%-100% stakes §Largest private hospital network in the Philippines§Present in all major island groups§Served 2.7 million outpatients and 126,544 inpatients in 1H 2026§Approximately 4,819 beds§Occupancy rate at 63% in 1H 2026§All hospitals rebranded as part of Metro Pacific Health Water54%-100% stakes Power48%-100% stakes 48% 100% Toll Roads23%-93% stakes 58% 100% 54% 100% §Maynilad is the largest private water utility in the country§10.5 mln population served across 1.6 mln customers§8 water treatment plants, 25 wastewater treatment plants§MPW develops and operates bulk water supply and sanitation coverage outside Metro Manila §Meralco is the Philippines’ largest electricity distributor§Distributes over 50% of Philippine electricity demand§30.4 million population served§MGen is its power generation arm §MPTC operates and maintains 1,119 km of expressways across major ASEAN toll road systems§Largest non-government toll road developer and operator in Southeast Asia 100% 36% §LRMC – Only private light rail operator in the country§mWell – Philippines’ first fully integrated health and wellness platform§Metpower – waste-to-energy generator§Agroventures – agricultural subsidiary 100% 12
Page 13
10.0 x 10.014.1 x 3.9 7.0 x 7.01.3 x 3.8 MPIC Blooms Under Private Ownership The Valuation of MPICoIn 4Q 2023 MPIC was delisted at a valuation of ₽5.2 per share, a figure that continues to be used by First Pacific (see page 5 and page 32) in its calculation of the Company’s net asset valueoAccordingly, First Pacific’s 49.9% stake in MPIC is valued at $1.2 billion at the end-June PHP/USD exchange rateoEquity analysts at CLSA and Citi hold their own views regarding the value of the assets under MPIC (see their research)oIn comparison, First Pacific’s economic interest in Meralco (23.7%) amounts to $2.1 billion at recent prices Others First Pacific49.9% stakevalued at $1,237 mlnGT Capital19.6% Mit-Pacific7.8% GSIS12.5% MIG 7.7% MPIC26% of GAVIndofood34% of GAV PLP(9%)PLDT22% of GAVPhilex Group9% of GAV 13
Page 14
7.0 x 11.31.3 x 11.315,020 15,956 (639)(88) 691 662 230 80 13,00013,50014,00014,50015,00015,50016,00016,500 1H25 Water Head Office Power Others Roads Hospitals1H26 7.0 x 11.113.0 x 11.39341,1041,2741,447 717752 260351411471264265 02004006008001,0001,2001,4001,600 20222023202420251H251H26 Oper ating Revenues Core Profit 7.1 x 7.616.5 x 4.0 Post-Privatization Earnings Records Continue Operating Revenues & Core Profit (USD mln) Key Contributors in 1H26 (PHP mln) Power₽11,878 mlnToll Roads₽3,572 mln Water₽3,182 mln ₽480 mln1H 2026 Financial HighlightsoContribution from investee companies rose 6% to a record high ₽18.5 billion vs. ₽17.5 billion on contribution growth led by power and toll roadsoCore profit rose 6% to a highest-ever ₽16.0 billion vs. ₽15.0 billion as Head Office costs and net interest expense rose more slowly than contributionoPower contribution growth of 10% was driven by higher contribution from the generation businessoThe toll roads contribution rose 7% on toll rate adjustmentsoThe contribution from the water business declined 17% following the diminution of MPIC’s ownership stake in Maynilad’s November 2025 IPOoMetro Pacific Health contribution growth of 20% was driven by acquisitions, cost controls, and higher patient numbers Healthcare Note: Negative contributions not included. Green= Hospitals.Change in Core Profit (PHP mln) 14
Page 15
5.0 x 3.516.6 x 12.3 20251H26 5.0 x 3.520.0 x 12.3 20251H26 5.0 x 3.513.2 x 12.3 20251H26 7.1 x 7.616.5 x 3.80.05.010.015.020.025.0 20212022202320242025 Power Tollroads Water Others 7.0 x 11.01.3 x 11.2 Long Maturities, High Coverage Ratio Dividend Income (PHP bln)MPIC Head Office: Strong Balance Sheet & Long MaturitiesoInterest coverage ratio of 6.37x at end-June 2026 vs. minimum of 1.3xoMaturity profile skewed to long end with 61% of borrowings due in 2029 or latero100% of loans are at fixed rates, while 22% are re-priceable within next five yearsoHead Office cash at ₽18.8 billion at end-June vs. ₽7.9 billion at end-2025oNet debt at ₽49.0 billion at end-June vs. ₽52.5 billion at year-endo100% of MPIC Head Office borrowings are in Philippine pesosoAverage interest rate on MPIC HO debt at 6.25% vs. 6.08% at end-2025oLoan to NAV ratio at 12% according to MPIC internal calculationoThere are no cross-default clauses for subsidiary or associated companiesoDividend income of ₽19.2 billion in 2025 was MPIC’s third consecutive record high, up 8% vs. ₽17.8 billion recorded in 2024oConsolidated group borrowings: 89% fixed, 11% floating; 93% in Pesos, 7% in foreign currency 15 Table page 44. 4.6 4.0 13.5 46.0 0.05.010.015.020.025.030.035.040.045.050.0 2026202720282029 & Later 69.259.7 340.4353.0400.1 MPIC Consolidated Borrowings (PHP bln) 422.2 MayniladOthersMPTCMPIC HO Gross DebtNet DebtCashMPIC Head Office Maturities (PHP bln)
Page 16
7.0 x 11.013.1 x 3.8498 668 787 878 449 440 01,0002,0003,0004,0005,0006,0007,0008,0009,00010,000 20222023202420251H251H26 Core Profit Distribution Generation Others Energy Fee 6.0 x 11.51.3 x 12.1 1H 2026 Financial HighlightsoGross revenues rose 16% to a first-half highest-ever ₽283.7 billion vs. ₽245.2 billion driven by transmission and generation oCore profit rose 4% to record high ₽26.5 billion vs. ₽25.5 billion on greater contribution from generation businessesoThe average electricity distribution rate rose 2% to ₽1.34/kWhoCash and cash equivalents rose 10% to ₽120.1 billion at end-June vs. ₽109.5 billion at end-2025; S&P credit rating at BBB with Positive Outlook, one notch below Philippine sovereign rating Distribution Drives Earnings to Record High Financial Data (PHP mln) Note: Generation data are gross numbers, not net to Meralco’s stake. Meralco ownership: MPIC 48%, JG Summit 27%, others. Meralco distribution franchise expires in 2053. Electricity Generation Sales (GWh) LNGPH PLP MGreen San Buenaventura Power MThermal Total Change20%1%113%-1%5%12% 1H265,767 2,883 825 1,784 2,918 14,177 1H254,800 2,865 387 1,803 2,788 12,643 Generation Contribution (PHP bln) LNGPH PLP MGreen San Buenaventura Power MThermalParent and other entities Total Change55%-18%203%-24%24%-71%15% 1H264.1 3.2 (0.3) 0.9 3.4 (0.2) 11.3 1H252.7 4.0 (0.1) 1.2 2.8 (0.8) 9.8 30.06.26 120,053 247,316 127,263 2.8 1.4 0.7 4,293 1,714 Cash & Cash Equivalents Gross Debt Net Debt Gross Debt to EBITDA Net Debt to EBITDA Gearing Ratio Interest Expense Interest Income 31.12.25 109,457 230,046 120,589 2.6 1.4 0.7 8,892 3,459 7,8317,984 4,309 8,196 4,707 Revenues & Core Profit (USD mln) 16 8,631
Page 17
7.0 x 11.31.3 x 3.91.2 5.4 9.9 11.1 16.8 - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 20212022202320242025 LNG Becomes Key Plank in Mgen Generation GrowthoMGen net saleable capacity in 2025 at 3,375 MW, set to grow to 3,807 MW in 2028 and 4,447 MW in 2029 with completion of PLP’s new 670 MW CCGT plant in SingaporeoMGen’s 40.2%-owned LNGPH facility in Batangas City has finished construction of a regasification terminal that will support the 1,200 MW plant of South Premiere Power Corp. and 1,275 MW plant of Excellent Energy Resources, Inc. that currently supply approximately 18% of Luzon demandoIn all, the entire project is valued at $3.3 billion, with MGen’s equity contribution amounting to $1.2 billionoMGen aims to double its net saleable capacity to 10,346 MW by 2030 from 5,068 MW currentlyoIn 1H26 MGen powerplants delivered 14,177 GWh, up 12% from 12,643 GWh in 1H25 LNG & Renewables & New Regulatory ParametersMeralco Buys Majority Stake in SPNECoMGreen has acquired 57.33% of Manila-listed Solar Philippines New Energy Corporation (SPNEC.PM)oSPNEC is developing 60%-owned MTerra Solar, building 3,500 MWp of solar panels and 4,500 MWh of battery energy storage systems on one site in LuzonoAs of end-June 2026 Phase 1of the project is 91% complete with 2,090 MWdc of installed photovoltaic capacity and Phase 1 energized and synchronized with the Luzon grido20-year PSA with Meralco to deliver 850 MW of mid-merit generation from MTerra Solaro2025 net saleable capacity from renewables at 409 Mwac, climbing to 2,191 Mwac in 2026 and 3,061 Mwac in 2027 when MTerra Solar become fully operational with additional solar project in IloiloNew Regulatory Period for Distribution BusinessoMeralco proposes new regulatory parameters for July 1 2026 to June 30 2031oOpening asset base of ₽359 billion at June 30 2026o2027-2030 capex set at ₽242 billion, opex at ₽156 billionoWeighted average cost of capital set at 14.6%oFour-year sales volume set at 225 billion kWhoSmoothed maximum average distribution rate set at ₽2.34/kWh MGen Core Income Contribution (PHP Bln) 17
Page 18
7.1 x 6.817.3 x 10.7 30.00 35.00 40.00 45.00 50.00 55.00 60.00 65.00 70.00 75.00 80.00 202120222023202420251H26 6.8 x 11.013.1 x 3.7420 492 584 480 322 317 111 164 222 194 131 141 0100200300400500600700 20222023202420251H251H26 Revenues Core Profit 1H 2026 Financial Highlights & Outlook: WateroMaynilad revenues rose 4% toa first-half record high ₽19.1 billion vs. ₽18.4 billion as a result of higher effective tariffsoCore profit rose 14% to record high ₽8.5 billion vs. ₽7.5 billion, mainly driven by higher revenues and tariffsoCapex rose 19% to ₽12.9 billion vs. ₽10.8 billion towards sewerage construction, water source development, operations support and system upgrades, customer service and IT enhancement, and reduction of NRW, which has now fallen below 30% across District Metered AreasoBilled volume rose 3% to a record high 280.8 million cubic meters vs. 272.8 mcm on lower nonrevenue wateroAverage tariff increased 1% to ₽67.07 per cubic meter vs. ₽66.22 pcm in 1H25oAverage non-revenue water (NRW) at record low 31.5% vs. 36.7% a year earlier Maynilad Delivers Record Profit on Record Billed VolumeRevenues & Core Profit (USD mln) Note: Maynilad franchise until 21 January 2047. Post-IPO ownership: MPIC 38%, public 30%, DMCI 18%, Marubeni 13%, staff 1%. The franchise area is portrayed in red. Avg. Effective Tariff (PHP/m3)IPO on Philippine Stock Exchange November 2025oMaynilad listed on the Philippine Stock Exchange on 7 November 2025 under ticker MYNLD.PM at a share price of PHP15.00, selling 2.29 billion shares, representing 30% of Maynilad’s enlarged share capitaloThis was the second-biggest IPO in the history of Philippine Stock Exchange, first-ever Green Equity IPO in PhilippinesoMaynilad joined the PSE Index on 3 August 2026, reflecting its strong market capitalization and robust trading liquidityoIndex membership delivers increased visibility among domestic and international investors and delivers the potential for broad ownership by institutional investorsoMyanilad is also a member of the MSCI Philippines Index18
Page 19
7.0 x 6.516.1 x 11.4 7.0 x 6.59.45 x 3.87.0 x 6.516.1 x 3.8 84.4% 90.1%92.1% 1H241H251H26 Minimum 7 PSI Water Availability 7.0 x 6.51.3 x 11.440.8%36.7%31.5% 1H241H251H26 Non-Revenue Water 7.0 x 6.59.45 x 11.4 Improved Services Deliver Earnings Growth 19 94.7%94.8% 95.0% 1H241H251H26 Water Service Coverage 22.8% 25.0% 26.4% 1H241H251H26 Sewerage Coverage 56.4% 59.9%61.9% 1H241H251H26 Sanitation Coverage9Treatment Plants2,893 MLDTreatment Capacity 7,831 kmDistribution Pipeline779 mln literStorage Capacity 1,587,621Service Connections25WastewaterTreatment Plants
Page 20
4.1 x 22.81.3 x 14.601,000,0002,000,0003,000,000 20222023202420251H26 Philippines Indonesia Vietnam 4.9 x 13.21.3 x 3.5420490550641 31832510510510711562640200400600800 20222023202420251H251H26 Revenues Core Profit Toll Road Revenues, Core Profit at Record High 1H 2026 Financial Highlights & Outlook: Toll RoadsoRevenues rose 8% to record ₽19.6 billion vs. ₽18.1 billion driven largely by higher toll rates oCore profit rose 8% to record high ₽3.8 billion vs. ₽3.6 billion on higher shareholding in NLEX, and held back by higher interest expense on project funding, and othersoPhilippine traffic declined 1% to 715,200 average daily vehicle entriesoCapex declined 5% to ₽7.6 billion vs. ₽7.9 billion, spent mainly on the completion of Cavitex Segment 3B and CALAX Subsection 3, and ongoing construction at NLEX, CALAX, and CC Link Avg. Daily Vehicle Entries Revenues & Core Profit (USD mln) 20
Page 21
4.0 x 11.312.8 x 3.821,503 15,304 18,163 14,892 7,948 7,590 05,00010,00015,00020,00025,000 20222023202420251H251H26 Snapshot of MPTC Assets 5.5 x 11.21.3 x 3.8Philippines 1H26NameNLEX NLEX Connector SCTEX CAVITEX CALAX CCLEX Ownership83.8%83.8%83.8%100%100%100% Length(km)108 9 94 22 45 9 ADVE*352,06721,88581,111194,63149,33416,172 ConcessionEnd Date2037205820432033-4820502063 5.5 x 11.21.3 x 3.8Vietnam 1H26NameDT741 NT2 Central Hanoi Highway Rach Mieu Co Chien Bridge Ownership44.9%44.9%22.9%22.9%22.9% Length(km)50 37 16 22 2 ADVE*12,041 5,460 30,854 8,399 8,092 ConcessionEnd Date20412046203920322032 7.0 x 11.01.3 x 3.8Indonesia 1H26 Jakarta Lingkar Baratsatu (JLB)Bintaro Serpong Damai (BSD)Jakarta-Cikampek Elevated II4 (Japex-E) (JJC)Makassar Airport Network (MAN)Makaasar Metro Network (MMN)Transjawa Tol (JTT)Total 21.6%54.8%33.8%61.1%61.4%22.9% 10 7 36 15 10 639 567,429129,376445,09642,78655,704433,669 Name OwnershipLength(km)ADVE*ConcessionEnd Date204220402062204120432044-66* ADVE = Average Daily Vehicle Entries. †Concession end date is average of 13 roads including Japex; traffic data are provisional. Source: MPTC. 1H26 TotalsLength(km)7182861261,130 ADVE*1,674,060 715,200 64,846 2,454,106 IndonesiaPhilippinesVietnamTotal Regional Breadth of MPTC Toll Road NetworkoMPTC is 93.3% owned by MPIC, 6.6% by Mit-PacificoMPTC holds 44.9% of CII Bridges & Roads in VietnamoMPTC owns 61.7% of Margautama Nusantara (MUN) in Indonesia (GIC of Singapore owns 33.1%)oJoint investment with GIC of approximately $1 billion to acquire 35% in the 676-km Transjawa Tol closed in September 2024 with MPTC economic interest at 22.9% Capital Expenditure (PHP mln) 21
Page 22
7.0 x 12.911.2 x 3.6611 618 612 589 299 275 05001,0001,5002,0002,5003,0003,5004,0004,500 20222023202420251H251H26 Core Profit Mobile Data Mobile Voice Fixed Line Voice Fixed Line Data 7.0 x 12.911.2 x 10.9106,235 108,732 (685) 1,538 531 1,113 103,000104,000105,000106,000107,000108,000109,000110,000 1H25 MobileVoice MobileData &SMS Fixed LineData Fixed LineVoice 1H26 1H 2026 Financial HighlightsoService revenues# rose 2% to a record high ₽108.7 billion vs. ₽106.2 billion on strong Enterprise revenuesoFixed line service revenues rose 3% to ₽59.9 billion vs. ₽58.3 billion while wireless revenues gained 2% to ₽48.8 billion vs. ₽48.0 billionoEBITDA* rose 1% to a record high ₽56.1 billion vs. ₽55.3 billion on higher service revenuesoEBITDA margin remained steady at 52%oCore profit declined 1% to ₽17.3 billion vs. ₽17.4 billion as expenses rose more quickly than revenuesoMaya increased its contribution to PLDT earnings by 38% to ₽559 million vs. a ₽406 million a year earlier Record Highs Reached for Revenues & EBITDA OutlookoService revenues and EBITDA seen reaching consecutive record highs in 2026 on low-single-digit growtho2026 capex seen at approximately mid- ₽50 billion range as capex intensity is steadily reduced to sustain positive free cash flowoAiming to bring net debt/EBITDA to below 2.0x via higher revenues, cost cuts, sale of non-strategic assets, and IPO of data center business via IPOoDividend policy: 60% of telco core profit, or interim dividend of ₽46 per share for 8% 12-month trailing dividend yield Change in Service Revenues# (PHP mln) PLDT ownership: First Pacific 26%, NTT DoCoMo 21%, JG Summit 11%, others.*All EBITDA data are ex-manpower reduction program costs. #Gross of interconnection costs. 3,631 1,804 Service Revenues# & Telco Core Profit (USD mln)3,7633,6023,633 22 1,867
Page 23
7.2 x 11.013.1 x 11.001,0002,0003,0004,0005,0006,000 20222023202420251H26 Debt Balance Cash & Short-Term Investments Net Debt 6.5 x 11.013.1 x 3.80%10%20%30%40%50% 05001,0001,5002,0002,500 20222023202420251H251H26 Total Capex (LH Axis) Capex to Service Revenues (RH Axis) Capex Continues Decline & Investment Grade RatingsCapex Spending Down After Leadership Securedo2026 capex seen continuing downward trend for a fourth successive year after the first-half total falls 24% to ₽20.7 billion from ₽27.4 billion in the same period of 2025oCapex is directed towards growth and quality:oNew cell sitesoHome fiber portsoIncreased focus on AIoAI-Ready Data CenteroSubmarine cable investmentsoUpgrades and modernization of network and IT to improve quality of service Investment Grade Ratings From Moody’s and S&PoInvestment grade ratings: S&P (BBB), Moody’s (Baa2)oMajor cash flows in the period included ₽0.4 billion from asset sales, ₽9.9 billion dividend payment to shareholders, and ₽0.1 billion investment in KayanaoGross debt at ₽299.7 billion, net debt at ₽287.3 billion oNet debt/EBITDA* unchanged from year-end at 2.6xoAverage debt maturity of 6.23 yearsoUSD debt amounted to 14% of the totalo“Natural hedge” from 15% of consolidated revenues which are dollar-linked or dollar-denominatedoJust 5% of borrowings or US$260 million is unhedgedo30% are fixed rate loans, while 70% are floating rate loanso51% of borrowings mature after 2031 Debt & Cash Balances (USD mln) *All EBITDA data are ex-manpower reduction program costs. Capex Over Time (USD mln) 23
Page 24
7.0 x 13.910.2 x 11.20.010.020.030.040.050.060.0 1Q252Q253Q254Q251Q251Q262Q26 Wireless Consumer* Home Enterprise 7.0 x 7.02.8 x 11.2 Enterprise Business Leads Growth Net Service Revenues (PHP bln) Wireless Consumer* Revenues Flato1H 2026 Wireless Consumer service revenues were flat at ₽42.1 billion vs. ₽42.0 billion on continuing decline of revenues from legacy services like SMS and mobile voiceoTotal active data users rose to 44.1 million subscribers from 43.2 million at the end of 2025 and 41.2 million at end-June 2025oThe number of connected 5G devices rose to 12.5 million from 9.6 million a year earlier, making up 21% of all devicesoMobile data traffic rose 12% in the first half to 3,273 PB vs. 2,926 PB Enterprise Business Banks on Rackso1H 2026 Enterprise service revenues rose 5% to ₽24.8 billion vs. ₽23.5 billion, driven by ICT contract wins and delivery momentumoFiber lines increase by 6%, SD-WAN lines rose by 18%, and data center racks in service rose 6%oCorporate data and ICT revenues now make up 74% of all Enterprise service revenue, or ₽18.4 billionoICT revenues rose 22% in the period, led by 35% increase in Tech ServicesoVitro data center business saw 13% revenue growth, attaining 33% market share with 34MW live capacity Home Fiber Continues Strongo1H 2026 Home service revenues declined 1% to ₽30.0 billion vs. ₽30.4 billion oFiber revenues declined 1% to ₽29.4 billion, making up 98% of all Home revenuesoBroadband subscribers rose 3% to 4.4 million in 1H 2026oARPU averaging ₽1,330 continues to lead the industry with churn rate of just 1.8%oPLDT is offering differentiated broadband, mobile, and content packages to strengthen customer retention Home₽30.0 blnOthers₱0.9 blnEnterprise₽24.8 bln WirelessConsumer*₽42.1 bln 1H26 Revenue Split * Formerly known as Individual.24
Page 25
7.0 x 7.019.1 x 11.37.0 x 7.09.2 x 11.30%2%4%6%8%10%12%14%16%18%20% 2023202420251H26 7.0 x 7.01.3 x 11.3 010,00020,00030,00040,00050,00060,00070,00080,00090,000100,000 20222023202420251H26 05,00010,00015,00020,00025,00030,00035,00040,00045,000 20222023202420251H26 Digital Banking Unit Delivers Profit Growth Number One Fintech Platform in the PhilippinesoPLDT’s share of profit from Maya in 1H 2026 rose 38% to ₽559 million vs. ₽406 billion in the same period of 2025oPoint-of-sale market share at 53% at end-2025oApple Pay acceptance now integrated with Maya Businesso#1 ranked digital bank for three years in a row with more than 10 million customers and ₽86 billion total deposit balanceoLoans outstanding at ₽39 billion at end-June 2026oMore than 230,000 credit cards have been issuedoLoan/deposit ratio at 45% at end-June 2026oGross NPL ratio down to 4.8% vs. 6.1% at end-2025 All-In-One Digital Banking App†oMaya owns and operates its own digital bank, equity trading, and crypto exchangeoClients need just one valid ID to open an account, and there are no minimum balancesoDeposits are insured by Philippine Deposit Insurance Corporation up to ₽1 million per depositoroMaya customers have access to a dozen currenciesoClients can make instant money transfers via QR code or phone numberoMaya is the digital bank of choice for young customers across the PhilippinesoMaya expands credit access to millions of Filipinos who previously had only informal borrowing options *End-period. †Source: maya.ph.Ownership of Maya: PLDT 38%, KKR 30%, Tencent 15%, IFC 10%, First Pacific 1.6%, and others. Deposit Balance* (PHP mln)Net Interest Margin (%) 7.2% 13.8%18.3%Loans Outstanding* (PHP mln) Gross NPL6.1%3.5%6.9% 25 4.8% 17.3%
Page 26
7.0 x 11.013.1 x 11.170 195 291247163117166 050100150200250300350 2020202120222023202420252026 6.8 x 11.013.1 x 3.81,748 2,029 1,493 1,302 663 766 209 294 224 216 118 90 05001,0001,5002,0002,500 20222023202420251H251H26 Revenues Core Profit OutlookoPLP is expecting continuing strong performance from its 830MW LNG powerplant and its new 100MW fast start plant, albeit with margins continuing to be down from 2023 record highsoPLP is part of a project to produce and export 600MW of solar-generated electricity to Singapore from Indonesia’s Bulan Island in partnership with Meralco and others New 670MW Project & Strong Balance Sheet 1H 2026 Financial and Operational HighlightsoRevenue rose 12% to S$979.1 million vs. S$875.6 million on higher selling prices due to higher fuel costsoEBITDA fell 22% to S$164.5 million vs. S$210.3 millionoCore profit declined 26% to S$114.8 million vs. S$155.2 million on lower non-fuel margin for electricity sold under renewed retail contractsoElectricity sales at 2,883 GWh vs. 2,865 GWhoNet cash at S$4.1 million at end-June vs. net debt of S$38.5 million at end-2025oPLP had a market share of 10.0% with 94% of electricity sold in vesting contracts and contracted sales Revenue & Core Profit (USD mln) PLP Awarded New 670MW Power ProjectoSingapore’s EMA has awarded PLP the right to build a 670MW hydrogen-ready Combined Cycle Gas Turbine facility scheduled to begin operation in 2Q 2029oPLP has contracted Mitsubishi to build the new powerplantoThe S$1.2 billion plant will be the largest single H-class CCGT plant in Singapore and the most efficient of its kindoThe new plant will include a large-scale Battery Energy Storage System – the first-ever CCGT unit integrated with BESS in Singapore and adds to PLP’s existing 830MW CCGT facility and newly built 100MW of fast start plant PLP ownership: Meralco 30%, FPM Power 70% ( First Pacific 60%, Meralco 40%). *Data provided by Singapore Energy Market Authority here. 2026 data through June. Avg. Monthly Electricity Price* (SGD/MWh) 26
Page 27
4.7 x 11.51.3 x 8.501,0002,0003,0004,0005,000 20222023202420251H26Operating cost per oz.Avg. Realized Price 6.2 x 11.013.1 x 3.7 185154154159 70603217131924020406080100120140160180200 20222023202420251H251H26 Oper ating Revenues Core Profit 4.7 x 11.51.3 x 13.50.002.004.006.008.00 20222023202420251H26Operating cost per lb.Avg. Realized Price 8.0 x 11.013.1 x 10.8 1H 2026 Financial HighlightsoOperating revenues declined 9% to ₽3.6 billion vs. ₽4.0 billion on lower tonnage and grades, offset in part by higher metal pricesoEBITDA rose 29% to ₽845 million vs. ₽654 million on higher metal prices and lower operating costs and expensesoCore profit rose 56% to ₽212 million vs. ₽136 million a year earlier on higher metal prices offset by by lower gradesoCash production costs rose 18% to ₽929/ton vs. ₽786/ton largely on higher power and materials and supplies costsoThe realized gold price climbed 73% to $4,396 vs. $2,541 per oz.oThe realized copper price rose 44% to $6.05/lb. vs. $4.19/lb. Profit up on Higher Metal PricesOperating Revenues & Core Profit (USD mln) Padcal Mine Key Performance Indicators Tons milled (‘000)Ore Grade Gold (grams/DMT) Copper (percent)Metal Produced Gold (oz.) Copper (‘000 lb)Realized Prices Gold (USD/oz) Copper (USD/lb)Operating Cost Gold (USD/oz) Copper (USD/lb) Change-27%-26%-22%-51%-44%73%44%23%37% 1H262,491 0.128 0.128 6,238 5,256 4,396 6.05 3,794 4.60 1H253,403 0.172 0.164 12,852 9,382 2,541 4.19 3,088 3.36 Gold Production Cost & Price (USD/oz.) Copper Production Cost and Price (USD/lb.) Philex economic interests: First Pacific 46%, Philippine SSS 17%, others.27
Page 28
Silangan Mine Project Soon to Open OutlookoCommissioning and testing at Silangan Mine seen beginning ahead of commercial underground mining operationsoThe mine life of Padcal has been extended to end-2028oThe extension allows further time for development of the resource-rich Silangan Mine ProjectoMeasured and indicated ore grades at Silangan’s Sta. Barbara I and Sta. Barbara II deposits are more than double the concentration seen at the currently operating Padcal mine oOngoing exploration activities include exploratory drilling at sites adjacent to the Padcal Mine and other sites in the Philippines 4.2 x 11.312.8 x 8.1 4.2 x 11.312.8 x 3.8 *Sta. Barbara I and Sta. Barbara II mineral reserve equivalent at 0.5% Cu Eq cut-off grade. Cut-off grade is the grade of the ore where the estimated revenue from the metals equals the estimated cost to produce it. Cut-off grade in Silangan is expressed as copper equivalent (Cu Eq) which is the grade of copper plus the equivalent copper grade of gold. 4.6 x 11.312.8 x 13.46.7 x 11.51.3 x 11.6 Anticipated Annual Production Rates Years 1-5Years 6-8Years 9-11Years 12-28 38 65 128 120 Annual CuProduction(mln lb.)13 27 42 41 Annual AuProduction(‘000 oz.)ProductionPeriod2,000 4,000 8,000 12,000 Ore Processing(tonnes/day) Sta. Barbara I (Phase 1)Sta. Barbara II – Silangan (Phase 2a)Sta. Barbara II – Kalayaan (Phase 2b)Total 0.520.570.440.52 Cu(percent)279172120571 MlnTonnes0.700.600.470.62 Au(g/t) EastWestDeepsTotal 0.730.630.580.67 Cu(percent)3737781 MlnTonnes1.330.980.801.13 Au(g/t)Mineable Reserves of Phase 1 Silangan Reserves*Mineable Reserves at Sta. Barbara I Ore DepositoThe Silangan Project is located in Surigao del Norte in northeastern Mindanao near proved deposits of copper (Cu) and gold (Au)oTotal resources include 9.7 million oz. of gold, 4.9 billion lb. of copperoThe Sta. Barbara I ore deposit at Silangan will be mined using sub-level cave miningoBreak-even cash production cost of gold production is estimated at $1,000/oz. for gold and at $2.00/lb. for copperoSta. Barbara I East is prioritized because of higher grades and proximity to the access declineoSilangan’s deposits are composed of copper and gold oxide minerals and copper and gold sulfide mineralsoCopper and gold in oxide minerals are recovered best using the leaching processoCopper and gold in sulfide minerals are recovered using the flotation processoThe Silangan Project will employ both leaching (years 1-28) and flotation (years 9-28)oFunding for Phase 1 is complete while financing for Phase 2 will be launched in later years following the launch of Phase 1 commercial operationsoPhase 1 has a projected mine life expectancy of 28 years 28
Page 29
14.0 x 11.01.3 x 3.8 50 70 90 110 130 150 170 190 210 230 250 2020202120222023202420251H26Recurring ProfitAvg. PHPAvg. IDR 6.7 x 11.412.7 x 11.1 50 100 150 200 250 202020212022202320242025F2026F2027F2028F2029F2030FIndonesiaPhilippines EM Growth on Foundation of Mature Market SecurityProfit & FX Changes Over Time (2018=100)Seven Years of Earnings Growth Despite FX WeaknessoThrough 2025 First Pacific has delivered seven straight years of growth in recurring profit, with the last four years reporting successive record highsoOver this period and through to the end of June 2026, the Philippine peso depreciated 18% and the Indonesian rupiah declined 15%, as shown in the line chart to the leftoFrom 2020 to 2025, First Pacific’s recurring profit more than doubled from $289.5 million to $740.0 millionoWealth generation in the Company’s markets has been far greater in magnitude than currency weakness over time (GDP growth chart, below)ProfitFX GDP Over Time* (2020=100) *Source: IMF World Economic Outlook, October 2025. Local currency converted to USD at current prices and rebased to 100 at 2020.29
Page 30
14.0 x 11.01.3 x 3.8-20 0 20 40 60 80 100 120 202020212022202320242025 Mobile fuel consumption (Scope 1)Electricity purchased (Scope 2)Air travel (Scope 3)Paper waste disposal (Scope 3) FPC Leads Group Companies in Lifting ESG TargetsHead Office GHG Emissions (tons of CO2-e)2025 First Pacific Scope 2 Emissions Remain At ZerooFirst Pacific Head Office Scope 2 greenhouse gas emissions reached zero in 2023 owing to the purchase of carbon offsets from the Company’s electricity provider; FPC aims to maintain this level of carbon-neutral emissions via offsets going forward depending on availability, leaving Scope 3 emissions as the largest category of Head Office emissionsoAfter becoming the first Group company to reach carbon-neutral Scope 2 emissions with the purchase of offsets, First Pacific Head Office has set a goal of net zero for Scope 1 emissions by the year 2030oESG risk scoring has been raised to “major” from ”moderate” First Pacific and major group companies have ESG and sustainability reports for fiscal 2024 and 2025 (to be published in April 2026) that reference or conform to TCFD standards ahead of new IFRS S1 and S2 requirementsoOur ESG Reports are available hereoScope 3 emissions from air travel returned to pre-pandemic levels as investor communications returned to normalGreat Board Independence; ESG Performance KPIsoFive Independent Non-Executive Directors make up 50% of First Pacific’s 10-person Board of Directors, with two Executive Directors and three Non-Executive DirectorsoAll committees are chaired by Independent Non-Executive DirectorsoSustainability KPIs are included in the calculation of annual bonuses from 2022, amounting up to 15% of total payout 30
Page 31
AppendixShareholder InformationSelected Financial Data 31
Page 32
Adjusted NAV per Share (i) Based on quoted share prices applied to the Group’s economic interests.(ii)Based on tender offer price for MPIC delisting of Pesos 5.2 per share (or P2,600 per share after 500:1 reverse stock split in September 2024).(iii)Represents investment cost.(iv) Mainly represents SMECI’s convertible notes and the Company’s investments in Maya. US$ millions Indofood PLDT MPIC FPM Power/PLP Philex PXP Energy Head Office - Other assets - Net debt Total valuation Number of ordinary shares in issue (millions) Value per share - U.S. dollars - HK dollars Company's closing share price (HK$) Share price discount to HK$ value per share (%) Basis(i) (i) (ii) (iii) (i) (i) (iv) At30 June2026 1,643.41,017.41,237.2442.4299.021.7126.1(1,340.7)3,446.54,262.10.816.314.8023.9 At31 December2023 1,839.3 1,276.1 1,371.0 370.0 154.8 39.6 139.2 (1,395.9) 3,794.1 4,242.3 0.89 6.98 3.11 55.4 At31 December20242,094.4 1,236.8 1,312.4 370.0 128.8 27.6 150.5 (1,337.4) 3,983.1 4,255.2 0.94 7.30 4.51 38.2 At31 December20251,774.71,184.01,291.3397.8449.722.5130.7(1,315.8)3,934.94,262.10.927.205.9617.2 32
Page 33
Contribution & Profit Summary (i) After taxation and non-controlling interests, where appropriate.(ii) Associated companies.(iii) Contribution from operations represents the recurring profit contributed to the Group by its operating companies.(iv) Recurring profit represents the profit attributable to owners of the parent excluding the effects of foreign exchange and derivative losses/gains, and non-recurring items.(v) Foreign exchange and derivative losses/gains, net represent the net losses/gains on foreign exchange translation differences on the Group’s unhedged foreign currency denominated net liabilities and the changes in the fair value of derivatives.(vi) Non-recurring items represent certain items, through occurrence or size, which are not considered as usual operating items. 1H26’s non-recurring losses of US$13.4 million mainly represent the Group’s accrual of non-recurring provisions (US$9.5 million), and PLDT’s accelerated depreciation for network assets (US$2.1 million) and manpower reduction costs (US$1.2 million). 1H25’s non-recurring gains of US$5.4 million mainly represent MPIC’s gain on disposal of PCSPC (US$25.3 million) and PLDT’s gains on tower sales (US$3.2 million), partly offset by the Group’s accrual and accretion of non-recurring provisions (US$14.9 million) and PLDT’s manpower reduction costs (US$2.7 million). For the six months ended 30 June US$ millions Indofood PLDT(ii) MPIC FPM Power/PLP Philex(ii) FPNR/RHI Contribution from operations(iii) Head Office items: – Corporate overhead – Net interest expense – Other expenses Recurring profit(iv) Foreign exchange and derivative gains/(losses), net(v)Non-recurring items(vi) Profit attributable to owners of the parent Contribution toGroup profit(i)Turnover2025 3,647.2 - 717.3 663.3 - - 5,027.8 2025 168.6 75.3 131.1 50.4 0.5 (2.7) 423.2 (10.3) (35.0) (2.5) 375.4 10.4 5.4 391.2 2026 3,798.4 - 751.8 766.1 - - 5,316.3 2026 173.0 70.2 132.4 38.8 1.0 - 415.4 (10.8) (31.6) (7.1) 365.9 (51.0) (13.4) 301.5 33
Page 34
Contribution & Profit 2019 to 2025(USD mln) Indofood PLDT MPIC FPM Power/PLP Philex Others Total Contribution Corporate Overhead Net Interest Expense Other Expenses Recurring Profit FX & Derivative Gains/(Losses) - Head Office - Operating Units Non-Recurring Items Reported Net Loss/Profit 2025342.2 145.1 250.6 92.6 7.4 - 837.9 (20.8) (68.3) (8.8) 740.0 (3.3)(16.4) (59.3) 661.0 2022265.8 133.7 104.4 82.4 13.4 (6.4)593.3 (22.2)(54.8)(7.5)508.8 (8.8)(88.7)(19.7)391.6 2021237.0 139.1 98.1 21.8 19.3 (8.9)506.4 (20.8)(51.3)(7.8)426.5 (9.2)(15.0)(69.0)333.3 2019163.4 119.3 126.8 (10.5)1.0 (4.5)395.6 (20.8)(76.5)(8.3)290.0 3.2 3.6 (550.7)(253.9) 2023285.1 143.2 159.8 118.8 7.6 (13.0)701.5 (19.4)(71.4)(6.9)603.8 0.9 18.6 (122.1)501.2 2020 194.4 134.9 84.8 (2.5) 8.0 (9.9) 409.7 (19.7) (60.0) (8.8)321.2 3.7 30.3 (153.7) 201.6 2024 333.3 148.5 199.4 96.9 4.8 (6.4) 776.5 (20.1) (76.9) (7.0)672.5 (6.0) (34.2) (32.0) 600.3 34
Page 35
Per-Share Data & Key Ratios 2019-2025Hong Kong dollars End-year share price Adjusted NAV per share HK cents Basic earnings/(loss) Basic recurring earnings Distributions/dividends U.S. cents End-year share price Basic earnings/(loss) Basic recurring earnings Distributions/dividends Key ratios Payout ratio Dividend yield Recurring P/E ratio 20255.96 7.20 121.1 135.6 28.15 76.41 15.53 17.39 3.61 20.8%4.7%4.9x 20222.33 5.79 71.8 93.3 22.0 29.87 9.20 11.96 2.82 23.6%9.4%2.5x 20212.87 7.34 60.2 77.1 19.0 36.79 7.72 9.88 2.43 24.6%6.6%3.7x 20192.65 6.30 (45.6)52.1 13.5 33.97 (5.85)6.68 1.73 25.9%5.1%5.1x 20233.11 6.98 92.2 111.1 23.0 39.87 11.82 14.24 2.95 20.7%7.4%2.8x 2020 2.47 7.23 36.3 57.7 14.5 31.67 4.65 7.40 1.86 25.1%5.9% 4.3x 20244.51 7.30 110.4 123.7 25.5 57.82 14.15 15.85 3.27 20.6%5.7%3.6x * Including in specie special distribution of shares in Maynilad. * 35 *
Page 36
2026 138.8(7.4)(30.0)(0.4)101.0(43.5)(79.2)(1.6)(1.9)(25.2)147.1121.9 Head Office Debt & Cash Flow (i) 2026 net investments include additional investments in FPM Power, partly offset by the proceeds on disposal of 0.2% remaining shares in Maynilad after the distribution in specie to the shareholders.(ii) Represent payments for lease liabilities and exchange differences (2025: proceeds from the issuance of new shares upon the exercise of share options, partly offset by the payments for lease liabilities). Head Office cash flowFor the six months ended 30 JuneUS$ millionsDividend and fee incomeHead Office overhead expenseNet cash interest expenseTax paidNet Cash Inflow from Operating ActivitiesNet investments(i)Financing activities - Distributions paid- Repayment of borrowings, net- Others(ii)Net Increase in Cash and Cash EquivalentsCash and cash equivalents at 1 JanuaryCash and Cash Equivalents at 30 June 2025 132.5 (6.8) (33.0) (0.4) 92.3 (3.3) -- 0.8 89.8 120.5 210.3 Borrowings1,462.9(0.3)1,462.61,315.824.91,340.7(147.1)25.2(121.9) US$ millionsAt 1 January 2026MovementAt 30 June 2026 Cashand cashequivalentsNet debt 36
Page 37
202571.5 89.1 56.6 91.2 0.8 1.7 310.9 (19.2)(65.3)(0.7)225.7 (46.4)(144.6)(2.0)-(6.1)26.6 120.5 147.1 Head Office Cash Flow 2019-2025For the year ended 31 December(USD mln) Dividend income Indofood PLDT MPIC FPM Power/PLP Philex Fees and othersTotal dividend and fee income Head Office overhead expense Net cash interest expense Tax paid Net cash inflow from operating activities Net proceeds from sale of investments/(net investments) Financing activities - Distributions paid - New borrowings/(repayment of borrowings), net - Payments for repurchase of shares - Others Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December 202278.2 116.4 27.7 -2.0 1.6 225.9(18.6)(51.7)(0.1)155.5 (58.2)(111.2)15.5 (14.5)(3.5)(16.4)113.0 96.6 202181.1 89.2 29.7 -2.5 1.9 204.4 (18.6)(49.3)(0.1)136.4 (13.3)(91.7)(1.4)(23.8)(4.6)1.6 111.4 113.0 201949.7 73.0 27.9 --14.5 165.1 (17.8)(72.5)(0.4)74.4 218.8 (66.6)13.5 -(4.6)235.5 89.5 325.0 202371.2 103.6 30.2 116.6 0.9 1.6 324.1 (17.7)(70.3)(0.2)235.9 (148.5)(119.0)8.7 -(2.8)(25.7)96.6 70.9 2020 78.4 80.6 29.0 - 0.4 1.5 189.9 (17.3) (55.2) (0.6) 116.8 (14.2) (78.4) (234.4) - (3.5) (213.6) 325.0 111.4 202468.4 91.1 62.1 81.3 0.9 1.5 305.3 (18.6)(72.1)(0.7)213.9 (17.8)(133.2)(14.3)-1.0 49.6 70.9 120.5 37
Page 38
Indofood DPS (IDR) EPS Payout ratio PLDT DPS (PHP) Telco core EPS Payout ratio MPIC DPS (PHP) Core EPS Payout ratio PLP’s dividend payment (SGD mln) (Loss)/net profit Payout ratio Philex DPS (PHP) Core EPS Payout ratio Dividend Payments by FPC Group Companies 2019-20252025 290 1,217 24%94 157 60%128 464 27.5%280.0 280.0 100%0.040 0.182 22% 2022 257 724 35%134 153 88%0.11 0.49 22%175.0 305.7 57%0.020 0.339 7% 2021 278 873 32%84 140 60%0.11 0.41 27%-69.1 N/A0.050 0.492 10% 2019 278 559 50%75 125 60%0.11 0.49 22%-(81.6)N/A0.010 0.032 32% 2023 267 928 29%95 159 60%0.19 0.62 30%391.0 391.8 100%0.020 0.176 12% 2020 278 735 38% 78 130 60% 0.11 0.33 33% - (81.0)N/A 0.059 0.249 25% 2024 280 984 28%97 162 60%97 374 25%271.5 301.6 90%0.020 0.140 16%Note: MPIC conducted a reverse stock split in 2024.38
Page 39
Group Net Debt and GearingConsolidated (i)Includes short-term deposits and restricted cash.(ii)Calculated as net debt divided by total equity. Head OfficeIndofoodMPICFPM Power/PLPFP Natural Resources/RoxasGroup consolidation adjustmentsTotal US$ millions Associated Companies US$ millionsPLDTPhilex At 30 June 2026Net debt/(cash)(i)1,340.71,401.45,747.8(22.3)67.9-8,535.5 Total equity/deficit859.06,782.85,885.6538.5(145.5)(881.2)13,039.2 Gearing(ii)(times)1.56x0.21x0.98x---0.65x At 30 June 2026Net debt(i)4,661.5319.3 Totalequity2,202.1537.1 Gearing(ii)(times)2.12x0.59x At 31 December 2025Netdebt/(cash)(i)1,315.8 1,614.1 5,785.1 (45.3)68.0 - 8,737.7 Totalequity/(deficit)931.8 6,959.3 5,931.9 406.3 (124.0)(981.7)13,123.6 Gearing(ii) (times)1.41x0.23x0.98x---0.67x At 31 December 2025Netdebt(i)4,816.8 279.8 Totalequity2,178.7 565.1 Gearing(ii) (times)2.21x0.50x 39
Page 40
MPIC Contribution & Profit Summary For the six months ended June 30 PHP millions Power Toll Roads Water Healthcare Others Contribution from operations Head Office items: – Corporate overhead – Net interest expense Core profit Foreign exchange and derivative gains, net Non-recurring items Profit attributable to owners of the parent Contribution toGroup profit(i)Turnover2025 - 18,120 18,352 - 4,347 40,819 2025 11,187 3,342 3,821 400 (1,245) 17,505 (888)(1,597)15,020881,93917,047 2026 - 19,600 19,113 - 6,610 45,323 2026 11,878 3,572 3,182 480 (583) 18,529 (925) (1,648) 15,956 26 182 16,164 (i) After taxation and non-controlling interests, where appropriate. 40
Page 41
MPIC Contribution & Profit 2019 to 2025(PHP mln) Power Toll Roads Water Hospitals Others Total Head Office Expenses Earnings before HO Interest & Others Interest Expenses - net Foreign Exchange Gains/(losses) - net Non-Recurring Income/(Expenses) - net Net Income Non-Recurring Items Core Profit 202419,663 6,098 6,209 561 (4,137)28,394 (1,690)26,704 (3,092)(204)4,753 28,161 4,549 23,612 202212,360 5,680 2,660 220 (1,607)19,313 (1,658)17,655 (3,467)(617)(3,076)10,495 (3,693)14,188 202111,219 3,866 2,760 298 (1,032)17,111 (1,131)15,980 (3,655)(201)(2,005)10,119 (2,206)12,325 201911,571 5,236 3,569 867 (351)20,892 (1,164)19,727 (4,125)(183)8,437 23,856 8,254 15,602 202315,238 5,794 4,381 373 (1,328)24,458 (1,573)22,885 (3,357)(9)397 19,916 388 19,528 2020 10,547 2,445 3,082 45 (754) 15,365 (1,136) 14,229 (3,991) (437) (5,053) 4,748 (5,490) 10,238 202522,068 6,140 7,186 774 (4,087) 32,081 (1,824) 30,257 (3,108) 11 2,535 29,695 2,546 27,149 41
Page 42
MPIC Head Office Debt & Cash Flow MPIC Head Office cash flowFor the six months ended 30 JunePHP billionsDividend and fee incomeHead Office overhead expenseNet cash interest expenseNet Cash Inflow from Operating ActivitiesNet investmentsFinancing activities- Distributions paid-New borrowings, net-OthersNet (Decrease) in Cash and Cash EquivalentsCash and cash equivalents at 1 JanuaryCash and Cash Equivalents at 31 December 12.6 (1.2) (2.1) 9.3 3.3 (2.8) (15.5) 0.1 (5.6) 11.5 5.9 14.0 (1.0) (2.0) 11.0 (3.8) (3.7) 7.4 - 10.9 7.9 18.8 Borrowings60.4 7.4 67.8 52.5 (3.5) 49.0 (7.9) (10.9) (18.8) (PHP bln)At 1 January 2026MovementAt 30 June 2026 20262025 Cashand cashequivalentsNet debt 42
Page 43
MPIC Head Office Cash Flow 2019-2025 For the year ended 31 December (PHP bln) Dividend income: Meralco/BeaconMPTCMayniladOthers (Coastal and Indra)Total dividend incomeInterest and overhead costsNet cash inflow from operating activitiesInvestments funded/committed/plannedDivestments/Equity new issuanceFinancing activities -Dividends paid -New borrowings/(repayment of borrowings), netNet (decrease)/increase in cash and cash equivalentsCash and cash equivalents at 1 JanuaryCash and cash equivalents at 31 December 202411.5 3.7 2.5 0.1 17.8 (4.8)13.0 (3.9)-(7.6)(4.2)(2.7)14.2 11.5 20228.3 2.0 1.6 0.2 12.1 (5.2)6.9 (18.6)4.3 (3.3)(2.7)(13.4)21.3 7.9 20216.6 1.9 1.6 -10.1 (6.2)3.9 (16.0)10.3 (3.4)4.0 (1.2)22.5 21.3 202310.5 3.6 1.9 0.3 16.3 (5.3)11.0 (11.1)14.8 (3.6)(4.8)6.3 7.9 14.2 2020 8.1 1.8 - - 9.9 (7.8) 2.1 (15.4) 6.5 (3.5) (5.4) (15.7) 38.2 22.5 202513.4 2.3 3.4 0.1 19.2 (5.8)13.4 (7.9)9.9 (16.5)(12.5)(3.6)11.5 7.9 20198.8 2.3 2.6 0.1 13.8 (4.9)8.9 (19.4)24.4 (3.5)18.8 29.2 9.0 38.2 43
Page 44
Dividend Payments by MPIC Companies Meralco (PHP) DPS Core EPS Payout ratio MPTC (PHP) DPS Core EPS Payout ratio Maynilad (PHP mln) Overall Dividend Payment Core profit Payout ratio 2022 16.834 24.048 70% 126.85 256.40 50% 3,600 6,046 60% 2021 15.283 21.833 70% 88.01 175.32 50% 6,000 6,531 92% 2019 15.859 21.145 75% 36.16 81.96 44% -7,723 N/A 2023 19.755 32.925 60% 137.68 258.62 53% 4,500 9,121 49% 2020 12.521 19.262 65% 61.33 121.15 50% - 6,530 N/A 2024 24.031 40.052 60% 157.13 281.88 56% 7,500 12,768 59% 2025 28.002 44.868 62% 146.42 298.84 50% 8,440 15,216 55% 44
Page 45
MPIC Group Net Debt and GearingConsolidated (i)Includes short-term deposits and restricted cash.(ii)Calculated as net debt divided by total equity.(iii)Group adjustments mainly standard consolidation adjustments to present the Group as a single economic entity. MPIC Head OfficeMetro Pacific TollwaysMayniladOthers & group adjustments(iii)Total US$ millions At 30 June 2026Net debt(i)797.7 3,260.5 1,296.5 393.1 5,747.8 Totalequity2,841.5 1,235.4 1,790.1 18.6 5,885.6 Gearing(ii)(times)0.28x 2.64x 0.72x- 0.98x At 31 December 2025Netdebt(i)893.5 3,373.5 1,118.4 399.7 5,785.1 Totalequity2,826.9 1,260.3 1,867.1 (22.4) 5,931.9 Gearing(ii) (times)0.32x 2.68x 0.60x - 0.98x Associated Companies US$ millionsMeralcoMetro Pacific Health At 30 June 2026Net debt(i)2,083.3 92.0 Totalequity3,742.3726.7 Gearing(ii)(times)0.56x0.13x At 31 December 2025Netdebt(i)2,051.2 89.4 Totalequity3,802.1 750.3 Gearing(ii) (times)0.54x 0.12x 45
Page 46
Borrowings, Cash, and Effect of 1% Change in Interest Rates on Profitability (i)Reflects certain interest rate swap agreements which effectively changed variable interest rate borrowings to fixed interest rate borrowings at Head Office and PLDT.(ii)Includes short-term deposits and restricted cash. At 30 June 2026US$ millionsHead OfficeIndofoodMPICFPM PowerFP Natural ResourcesPLDTPhilexTotal Variableinterest rateborrowings665.71,694.1766.0169.448.83,419.4164.26,927.6 6.6 16.97.71.70.534.21.669.2 Profit effect of1% change ininterest rates6.6 6.62.90.60.26.50.624.0 Groupnet profiteffect Fixedinterest rateborrowings(i)796.92,738.66,115.0-21.49,671.91,436.0173.4 665.71,694.1766.0169.448.83,344.03,419.4164.2 Variableinterest rateborrowings(i)(121.9)(3,031.3)(1,133.2)(191.7)(2.3)(4,480.4)(193.9)(18.3) Cashand cashequivalents(ii)1,340.71,401.45,747.8(22.3)67.98,535.54,661.5319.3 Netdebt/(cash)Head OfficeIndofoodMPICFPM PowerFP Natural ResourcesTotalAssociated CompaniesPLDTPhilex At 30 June 2026ConsolidatedUS$ millions 46
Page 47
Effect of 1% Change in USD Exchange Rate on Profitability and NAV UnhedgedamountHead Office(i)IndofoodMPICFPM PowerFP Natural ResourcesPLDTPhilexTotal Profit effect of1% change incurrency-7.5(0.0)(0.0)(0.0)0.40.58.4 Groupnet profiteffectTotal USDexposure1,270.51,917.9(1.4)(4.8)(0.6)531.3154.03,866.9 Hedgedamount-----(346.6)-(346.6)(i) As the Group reports its results in U.S. dollars, unhedged U.S. dollar net debt at Head Office does not give rise to any significant exchange exposure. -19.2(0.0)(0.0)(0.0)1.81.522.5 1,270.51,917.9(1.4)(4.8)(0.6)184.7154.03,520.3 16.410.212.43.00.21.043.2 Effect onadjusted NAVper shareHK centsBasis(i)(i)(ii)(i)(i)(iii)(i) Based on quoted share prices at 30 June 2026 applied to the Group’s economic interests.(ii) Based on the tender offer price for MPIC delisting of Pesos 5.2 per share (or P2,600 per share after 500:1 reverse stock split in September 2024).(iii) Represents SMECI’s convertible notes. IndofoodPLDTMPICPhilexPXPHead Office – Other assetsTotal Effect onadjusted NAVper shareUS$ millions3.011.862.260.550.040.197.91 At 30 June 2026ConsolidatedUS$ millions At 30 June 2026 47
Page 48
Revenue Breakdown by Geography & Sector 48 Indonesia Philippines Singapore Middle East, Africa & Others Total Consumer Food Products (USD mln)Change2%50%-6%13%4% 5,551.5 20.9 98.6 1,619.4 7,290.4 20245,796.9 23.4 103.3 1,560.4 7,484.0 20255,367.9 122.7 204.3 1,331.3 7,026.2 20215,710.0 219.7 141.8 1,551.7 7,623.2 20225,649.0 61.1 128.4 1,539.2 7,377.7 2023 2,850.3 9.8 53.0 734.1 3,647.2 Indonesia Philippines Singapore Middle East, Africa & Others Total Infrastructure (USD mln) Change-8%5%15%20%10% 59.1 1,214.2 1,492.8 0.7 2,766.8 62.5 1,383.0 1,302.0 1.0 2,748.5 82.3 799.7 1,194.5 0.5 2,077.0 82.3 799.7 1,194.5 0.5 2,077.0 56.6 1,046.6 2,029.2 0.6 3,133.0 30.7 686.1 663.3 0.5 1,380.6 1H251H262,901.9 14.7 49.9 831.9 3,798.4 20242025202120222023 1H251H2628.3 722.9 766.1 0.6 1,517.9
Page 49
Proven Track Record in the Capital Markets 49 $282 mln Rights Offer(one-for-fiveat HK$3.40/share)7-yr $400 mln 6.00% Unsecured Bond(redeemed)10-yr $400 mln 6.375% Secured Bond(redeemed) 7-yr $300 mln 7.375% Secured Bond(redeemed) 10-yr $400 mln 4.50% Unsecured Bond(redeemed) $500 mln Rights Offer(one-for-eightat HK$8.10/share)7-yr $175 mln 5.75%Unsecured Bond(redeemed)7-yr $350 mln 4.375%Unsecured Bond($350 mln outstanding) $220 mln bond tender($160 mln of 2012 7-yr)($60 mln of 2010 10-yr) $215 mln Bond Redemption(2012 7-yr) $219 mln Bond Redemption(2010 7-yr) $152 mln bond tender($69 mln of 2010 7-yr)($83 mln of 2010 10-yr) $252 mln Bond Redemption(2010 10-yr) $54 mln Bond Repurchase(2018 7-yr)$121 mln Bond Redemption(2018 7-yr) $358 mln Bond Redemption(2013 10-yr) oDiversified and unsecured funding strategy to maintain optimal debt capital structureoFirst Pacific has issued a total of six bonds totaling over $2 billion since 2010oFive of those issuances, totaling $1.675 billion, have been fully redeemedoThe one remaining outstanding bond totals $350 million 2009201220102013201820192017202020212023
Page 50
50 Analyst Coverage of First PacificFirm Citi CLSA Guosen Securities Guosheng Securities Huatai Securities Analyst Timothy Chau Jeffrey Kiang Zhang Xiang Wei & Wang Xin Yu Li Zi Yu & Huang Yue Lu Ruochen & Wang Kexin Recommendation Buy Outperform Outperform Buy Buy Price Target HK$6.60 HK$6.70 HK$6.50-7.70 N/A HK$6.74
Page 51
4.8 x 10.014.1 x 8.45 4.8 x 10.014.1 x 3.5 4.8 x 22.81.3 x 13.4 11%3% -3%-6%-9%-15%-16%Maynilad Indofood PLDT Fir stPacific PhilexMining ICBP Meralco 0100200300 CK Hutch Jardine Matheson Swire Pacific Wharf CTF Services First Pacific20222023202420252026 YTD Market Performance & Peer Comparison 51 Citi & CLSA Increase Price Targets for First PacificoCLSA holds an Outperform rating and HK$6.70 price target for 142.HK and a NAV per share of HK$14.10 in a research note published on 7 August 2026oAnalysts at Citi reinitiated equity research coverage of 142.HK following the Company’s 2024 full-year results announcementoCiti Analyst Timothy Chau maintains a Buy rating on First Pacific with a price target of HK$6.60 in a 17 August 2026 research noteoThree further brokerages based in Mainland China have Buy ratings on 142.HKoThe core holdings of Indofood, MPIC, and PLDT remain confident of continuing earnings growth over the medium termRare HK-Listed Holding Company With All Assets AbroadoFirst Pacific’s investments and income are rooted in the fast-growing markets of Southeast AsiaoInvestment in 142.HK through the Stock Connect program offers Mainland investors the opportunity to diversify beyond greater China oHong Kong and Mainland investors hold approximately 15% of the free float in First Pacific shares Key Statistics of Peers† First Pacific CK Hutch Jardine Matheson Swire Pacific Wharf CTF Services 5.2%3.3%3.8%3.6%2.0%7.4% 2.81 34.15 18.36 16.06 7.93 4.73 16.8%4.2%3.5%3.7%4.6%3.6% Div.YieldMarketCap (USDb)ROEP/ERatio4.3 7.1 16.4 15.8 - 15.6 † Recent Bloomberg data.FPC & Peers Share Price (2022=100) FPC Group Share Prices YTD
Page 52
14.95 x 8.5315.95 x 3.38 Minority Shareholders Over Time12345678910111213141516171819202122232425 Minority Shareholders (mln shares)2024.06287 76 85 82 78 73 73 49 - 66 29 62 95 43 19 14 15 16 2 1 27 19 47 14 - $3.63 52 2025.06310 90 91 79 78 72 35 51 68 66 61 62 66 47 37 22 15 18 6 6 25 18 33 16 16 $5.56 2024.12293 94 87 82 78 73 33 51 68 66 61 62 84 48 37 20 15 17 2 1 25 19 40 16 16 $4.51 12345678910111213141516171819202122232425 2025.12334 122 96 81 78 73 24 56 68 66 61 60 52 43 33 22 15 19 6 9 23 18 21 16 16 $5.96 Top 25 minority list as of 30 June 2026. Analysis by MUFG Corporate Markets counts 355 minority shareholders holding 2,255,235,712 shares. Total shares out: 4,262,120,029. Brandes Investment PartnersChina Securities D&CThe Vanguard GroupLetko, Brosseau & AssociatesJG Summit & Gokongwei investorsDimensional Fund AdvisorsKopernik Global Investors TampaBlackRock Fund AdvisorsJade Star VentureGuthrie VentureValue PartnersPrusik Investment ManagementLazard Asset ManagementCharles Schwab IMMangrove PartnersArrowstreet CapitalWest Yorkshire Pension FundWexford Capital StamfordBNP Paribas Asset ManagementJPMorgan Asset Management LondonState Street Global Advisors ArnholdSanta Lucia Asset ManagementWorld ProsperAtrium Asia Investment ManagementEnd-period share price (HKD) 2026.06397 108 100 90 78 73 72 71 68 66 61 60 46 42 33 25 23 20 20 18 17 17 16 16 16 $4.80 Brandes SalimGroup45.2%VanguardChinaSecuritiesD&C FPCMgt Letko,BrosseauAllOthers17.0%JGSummit GuthrieSchwab JadeStarDimensional ValuePartners Kopernik Mangrove Blackrock Prusik
Page 53
6.5 x 16.08.1 x 3.60%10%20%30%40%50%60% NorthAmericaUKEuropeSingaporeHK & ChinaRest of AsiaRest of theWorld4Q232Q244Q242Q254Q252Q26 7.1 x 7.11.3 x 11.17.1 x 7.19.15 x 11.1 6.5 x 6.51.3 x 3.8 7.1 x 7.117.0 x 11.1 Concentration Minority Shareholder Statistics GeographyInvestment StyleType*ANZ 3% Singapore 7%Europe 6% HK & China15% U.K. 8%NorthAmerica52% Growth12% Value28%Not Stated36% Index10%Multi-Style6% TheRest15% Next 1522% Next 2513%of all shares held by non-insideinvestors are heldby the top 10. Top 1050% *Counts known minority shareholdings and management holdings. Pie chart data as of 30 June 2026. Data provided by MUFG Corporate Markets. Quant 5%Yield 1% 53 Rest of Asia 5% Others 6% ForeignInstitutions59%Other 3% RetailInvestors13% ForeignBrokers 10% CorporateStakeholders 9% Mgt. 3%Rest of World 0.3% Geographic Distribution (percent of shareholders)
Page 54
Director Share Ownership & Committee Memberships 54Note: Names in bold indicates Chair. Shareholding data as at 30 June 2026. 6.5 x 168.1 x 3.6 Directors’ Interests in 00142.HKAnthoni SalimManuel PangilinanChristopher YoungAxton SalimBenny SantosoEdward ChenPhilip FanMadeleine LeeMargaret LeungBlair Pickerell NED, ChairED, CEOEDNEDNEDINEDINEDINEDINEDINED - 4,051,568 1,084,909 638,000 638,000 638,000 638,000 638,000 638,000 638,000 UnvestedShare AwardsSharesHeld1,925,474,957 4,268,862 8,927,643 319,000 319,500 4,222,559 12,780,152 806,000 3,364,652 1,595,000 Remuneration Ctte.Edward Chen Philip FanAnthoni SalimINEDINEDNED Audit & Risk Mgt. Ctte.Madeleine Lee Edward Chen Margaret Leung INEDINEDINED Finance CommitteeMargaret LeungEdward ChenPhilip FanMadeleine LeeM. PangilinanBlair PickerellAxton Salim Nomination CommitteeINEDINEDINEDEDNED Corp. Governance Ctte.Margaret Leung Philip FanMadeleine LeeBlair PickerellAxton Salim INEDINEDINEDINEDNED Ad-Hoc Selection Ctte.Philip FanEdward ChenMadeleine LeeMargaret LeungBlair PickerellAnthoni SalimChris Young Philip FanEdward ChenMadeleine LeeM. PangilinanAnthoni Salim INEDINEDINEDINEDEDINEDNED INEDINEDINEDINEDINEDNEDED
Page 55
25.6%11.2%25.6% 40.3% 50.1%23.7% 23.7% Pinehill 37.2% 18.4% 40.3% 30.8% 13.5%46.2%46.2%* 34.8% 46.6% 17.9% 20.9% 55.7%49.9% 55 19.1% 10.7% 49.9% 10.0% Data as of 31 December 2025.*Increases to 59.7% on conversion of SMECI notes. FPC’s EconomicInterest(%)
Page 56
This presentation is provided for information purposes only. It does not constitute an offer or invitation to purchase or subscribe for any securities of First Pacific or any of its subsidiaries or other companies it is invested in, and no part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment.Certain statements contained in this presentation may be statements of future expectations and other forward-looking statements that are based on third-party sources and involve known and unknown risks and uncertainties. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future.There is no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation.The dollar sign (“$”) is used throughout this presentation to represent U.S. dollars except where otherwise indicated. “Ton” and “tons” refer to the metric unit of mass.We hope the hyperlinks in this document are useful. Please report any breakages or errors. Suggestions for improvement are welcome. IMPORTANT NOTICE 56
Page 57
Contact Us First Pacific Company Limited(Incorporated with limited liability under the laws of Bermuda)24th Floor, Two Exchange Square8 Connaught Place, CentralHong KongTel: +852 2842 4302Email us at info@firstpacific.comWeChat ID: firstpacific-142hkJohn Ryan mobile phone: +852 6336 1411firstpacific.com 57