First Pacific Company Stock Earnings Reports

Key points for investors

- Strong 2025 results: turnover up ~2% to just over $10 billion; recurring profit +10% to $740 million; net profit +10% to a record $661 million. Growth was driven mainly by MPIC and Indofood.

- Dividend policy and payout: directors approved a final dividend of HKD 0.14/share; full-year regular distribution HKD 0.27/share (highest ever per-share). Including a special distribution related to the Maynilad IPO, aggregate per-share distributions represent roughly 10% growth vs prior year. Management said they return a high proportion (>70% of free cash after head office costs/interest) to shareholders while keeping funds for strategic reinvestment (e.g., PLP).

- Balance sheet and liquidity: head office received ~HKD 311 million in dividend income in 2025. Interest cost ~4.6% and interest coverage ratio improved to 4.5x. No material maturities until a $350 million bond due Sept 2027 (next major refinancing focus). Average debt maturity ~3.2 years; ~54% of head-office debt on fixed rates. Management prefers refinancing via bond markets for tenor/diversification but will consider bank solutions if conditions warrant.

- Portfolio highlights and outlook: Indofood and MPIC delivered record or near-record results (Indofood: record sales; MPIC: record earnings). PLDT had record service revenue and EBITDA; Maya (38% owned fintech) turned profitable in 2025. PLP (PacificLight Power) saw earnings decline as average electricity prices fell; PLP’s planned gas-fired plant development timeline targets commercial operation around 2029 with heavy construction to start after notice-to-proceed this year. Maynilad (water) tariff adjustment expected to be modest (~4%) in 2026; management continues to focus on non-revenue water reduction.

- Risks and items to watch: geopolitical uncertainty (Middle East) may affect commodity and LNG flows — management is monitoring potential supply impacts for PLP and raw-material/cost inputs for Indofood (but Indofood reports adequate short-term wheat supply and manageable CPO outlook). FP Natural Resources’ sugar/alcohol operations have largely ceased; residual assets are being sold with some impairments recorded. Potential capital markets actions (IPOs or disposals) are under continual review (e.g., Maya, other portfolio assets), but timing will depend on market conditions.