First Pacific Company Stock Earnings Reports

First Pacific reported record 2025 results: recurring profit rose ~10% to $740 million and net profit also increased ~10% to $661 million. Turnover was up 2% to just over $10 billion, driven by higher revenue at Indofood and MPIC; PLDT and PLP were slightly down. Directors approved a final distribution of HKD0.14 per share, bringing full-year regular distribution to HKD0.27 (the highest per-share payout on record) in line with the group's progressive dividend policy; including a special distribution related to the Maynilad IPO, aggregate distributions rose roughly 10% year-on-year. Head-office dividend income remained strong (~HKD311 million) and interest coverage improved to 4.5x. Balance sheet/liquidity: no material maturities before Sept 2027 (a US$350m bond), average interest cost c.4.6% and average debt maturity ~3.2 years; management is preparing options for the 2027 bond (preference for a bond if market conditions are acceptable). Key operating highlights: Indofood and MPIC delivered record revenues and drove recurring profit growth; PLDT achieved record service revenue and EBITDA (EBITDA margin ~52%), with Maya moving into profit; PLP saw lower earnings due to weaker wholesale electricity prices and remains exposed to LNG market dynamics; Philex’s Silangan project is nearing commercial operations and expected to contribute positively. Major near-term items and risks: uncertainty from the Middle East conflict (monitoring supply and fuel cost implications for PLP and raw materials for Indofood), planned PLP power project with formal development kickoff expected this year and commissioning targeted ~2029 (CapEx to be incurred over coming years), ongoing capital recycling and potential listings (e.g., Maya) are being evaluated. Management stance: cautious optimism given defensive, consumer-facing portfolio and focus on prudent liability management and selective reinvestment (notably into PLP’s gas plant).