First Pacific reported resilient first-half 2026 results, cushioned by Indofood, MPIC and PLP but dampened by peso and rupiah weakness.
Turnover and Profitability • Consolidated turnover increased 6.00% year-on-year to US$5.30 billion, driven by volume growth across Indofood’s product lines, higher toll tariffs and water volumes at MPIC, and stronger average selling prices at PLP. • Recurring profit declined 3.00% to US$365.90 million, as the peso fell 5.60% and the rupiah 4.90% against the U.S. dollar. At constant exchange rates recurring profit would have risen 3.00%. • Reported profit dropped 23.00% to US$301.50 million, reflecting a US$51.00 million non-cash forex and derivative loss, lower one-off gains, and non-recurring provisions of US$13.40 million.
Segment Contribution (after tax and NCI) • Indofood: US$173.00 million (+3%), supported by a 9.00% sales rise to 65.50 trillion rupiah. • MPIC: US$132.40 million (+1%), as power generation, toll roads and hospitals offset dilution in Maynilad. • PLDT: US$70.20 million (-7%) on currency headwinds and higher depreciation. • PLP: US$38.80 million (-23%) due to slimmer non-fuel margins and higher operating costs. • Philex: US$1.00 million (vs. US$0.50 million) as stronger metal prices offset lower output.
Cash Flow, Debt and Liquidity • Head-Office operating cash inflow rose 5.00% to US$131.40 million; cash interest cover improved to 4.8 times. • Head-Office net debt edged up to US$1.34 billion with a blended cost of 4.5% and average tenor of 3.4 years; 54% is fixed-rate. • Group net debt fell to US$8.54 billion, trimming consolidated gearing to 0.65× from 0.67× at end-2025.
Distribution and Ratings • An interim distribution of HK 13.00 cents (US$0.0167) per share was declared, matching last year and implying a payout of US$71.00 million. • Standard & Poor’s upgraded First Pacific to “BBB” (stable) in April 2026; Moody’s maintained “Baa3” (stable).
Operational Highlights • Indofood’s core profit rose 7% in rupiah terms; net income fell 19% on a larger forex loss tied to U.S.-dollar bonds. • PLDT posted record service revenues of 97.80 billion pesos (+1%) and maintained a 52% EBITDA margin; capital expenditure was cut 24% to 20.70 billion pesos. • MPIC’s core net income grew 6% to 16.00 billion pesos on power, roads and healthcare gains; it declared an interim dividend of 74.93 pesos per share. • PLP’s Jurong Island plant achieved 99.6% availability; financing closed for a 670 MW hydrogen-ready CCGT plant slated for 2029.
Outlook Management cited currency volatility and geopolitical risks as headwinds but expressed confidence in portfolio resilience, underpinned by leading market positions in food, telecoms and essential infrastructure across emerging Asia.