This article first appeared on GuruFocus .
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Gross Asset Value (GAV):$5.3 billion as of December 31, 2025.
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Turnover:Increased by 2% to over $10 billion.
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Recurring Profit:Up 10% to $740 million from $673 million in 2024.
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Net Profit:Increased by 10% to $661 million.
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Final Distribution:14 Hong Kong cents per share, totaling 27 Hong Kong cents for the full year.
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Head Office Cash Flow:$311 million in dividend income.
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Interest Coverage Ratio:4.5x in 2025, up from 4x in 2024.
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Indofood Core Profit:Up 1% to a record level.
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Metro Pacific Core Profit:Increased by 15%, with significant contributions from Meralco.
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PLDT EBITDA Margin:Strong at 52%.
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PLP Market Share:Steady at 9.6%.
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Philex Mining:Operating Padcal until 2028, with Silangan project nearing commercial operations.
Release Date: March 31, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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First Pacific Co Ltd ( FPAFF ) reported a 10% increase in recurring profit to $740 million, marking the seventh consecutive year of profit growth.
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The company achieved record-high revenues at Indofood, PLDT, and MPIC, with MPIC also delivering its highest-ever earnings.
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A final distribution of 14 Hong Kong cents per share was approved, bringing the full-year distribution to 27 Hong Kong cents per share, the highest ever on a per-share basis.
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The interest coverage ratio improved to 4.5x in 2025, up from 4x the previous year, indicating strong financial health.
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The company has no borrowings due until September 2027, providing a stable financial outlook with a focus on long-term debt management.
Negative Points
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PLP experienced a decline in earnings and sales, with market share steady at 9.6%, affected by lower electricity prices.
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The exchange rates of the rupiah and the peso were down about 11% and 14% respectively, impacting currency gains.
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The dividend growth was perceived as muted, with a regular final dividend increase of only 6% year-on-year.
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There is uncertainty regarding the impact of the Middle East conflict on raw material costs and energy prices, which could affect future performance.
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The FP Natural Resources segment saw diminished losses due to the cessation of sugar operations, indicating challenges in this business area.
Q & A Highlights
Q: The regular final dividends increased 6% year-on-year, which seems muted compared to the past. Is this a sign of caution on the outlook, or are you smoothing out total DPS growth over the next few years? A: Hon Pong Ng, CFO : The 6% growth in regular dividends is in line with the 10% growth in recurring earnings from $673 million to $740 million. Including the special dividend from the MPIC IPO, the total growth is about 10%. We aim to balance shareholder returns with reinvestment needs, such as funding PLP's new gas plant.
Q: How is the Middle East conflict affecting Indofood's raw material costs and PLP's electricity prices? A: John Ryan, Associate Director : Indofood has a sufficient wheat supply and expects a good global crop, so there's no immediate concern. For PLP, gas supply disruptions are minor, and alternative arrangements are being made. The impact on electricity prices will depend on the duration of the conflict.
Q: What is the finalized budget and timeline for PLP's new project? A: Unidentified Company Representative : The project is expected to start in 2029, with major construction beginning after the notice to proceed this year. CapEx will be spread over the next few years until the planned operation date.
Q: Can we expect any tariff adjustments for MPI's water business in 2026? A: Unidentified Company Representative : A 4% tariff adjustment is expected, which is more muted than last year's 10%. The focus remains on reducing non-revenue water and improving efficiency.
Q: Why did FP Natural Resources' loss contribution diminish in 2025? A: Hon Pong Ng, CFO : The sugar operation has stopped, and we are selling related assets. The diminished loss is due to the cessation of operations, with some impairment provisions made for asset sales.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
