Chairman's Letter

Dear Fellow Shareholders

2025 saw First Pacific raise its returns to shareholders to new record levels. Contribution and recurring earnings rose again to record highs; we saw First Pacific deliver a record high in recurring profit to shareholders, accompanied by historic level of distribution to shareholders. Notwithstanding turbulent geopolitical and geoeconomic headwinds, we remain firmly committed to delivering continuing strong results in 2026 and further ahead.

Cash flows remained strong in 2025 with dividend income of more than US$300 million for the third year in a row. Our Company’s progressive dividend policy ensured that the per-share distribution rose to its second record high in a row, at 27 HK cents a share. The
total distribution also included an option to receive shares in our Philippine water company, Maynilad or the Hong Kong dollar equivalent, bringing total payout to 28.15 HK cents a share, representing a total payout ratio of 21% of recurring profit.

For many of our shareholders, First Pacific is a mature market-listed holding company delivering strong and stable returns which can be expected from defensive investments in the fast-growing countries of Southeast Asia. This has resulted in seven years in a row of successively higher earnings – with the last five being successive record highs.

Notwithstanding economic headwinds borne by uncertainties beyond our markets, we remain confident that the expectations of strong, medium-term economic growth in our markets form a strong basis for a positive outlook for First Pacific. Our Group has
consistently shown its strength in both financial and operating matters; we look ahead with guarded and positive optimism.

Yours sincerely

Anthoni Salim
Chairman

30 March 2026