Managing Director and CEO's Letter

To Our Dear Shareholders

In our financial year 2025, First Pacific recorded its sixth year in a row of double-digit growth in recurring profit and a succession of record highs in profits and dividends. Successive and increasing contributions from the Company’s core holdings drove this growth, led in particular by MPIC and Indofood.

Indofood, one of the world’s largest producers of instant noodles, saw its growth in 2025 led this time by its Plantation business, driven by higher prices and volumes. MPIC benefited from new power generation plants at Meralco, higher tariffs at its water unit Maynilad, and higher traffic and tolls at its toll roads business, MPTC. Maynilad itself was listed on the Philippine Stock Exchange in November 2025, becoming the second-biggest listing in that market’s history and a great IPO success. Maynilad’s share price rose by one-third or more in the months following its listing.

PLDT benefited from increased service revenues at its Home business and a turnaround at its fintech investment, offset in part by higher financing costs and depreciation. Looking ahead, we are keenly interested in the prospects for Maya in a market that is deeply unbanked, and ready for the financial services that Maya delivers.

In Singapore, PacificLight Power, or PLP, saw its contribution decline slightly owing to a lower blended non-fuel margin. During the course of the year, PLP delivered a new 100MW fast-start powerplant on time and on budget; during the year, PLP awarded contracts for a new S$1.2 billion 670MW H-class CCGT powerplant, scheduled to come online in 2029.

Back to the Philippines, Philex is putting the finishing touches on a new mine, Silangan, in Mindanao in the south of the country. This project with rich reserves of gold and copper is expected to be ready for operations within 2026. In addition to benefitting the local economy, we expect Silangan to start contributing profit to First Pacific starting 2026.

Taken in the round, our Group of companies continue to evolve with targeted new investments as well as with organic growth. The overall operational outlook is promising, and we are optimistic about continuing earnings growth in the years ahead.

Yours cordially

Manuel V Pangilinan
Managing Director and Chief Executive Officer

30 March 2026