Citicore Renewable Energy Corp. · PSE:CREC
Citicore Renewable Energy — 9M 2025 Earnings Presentation
35 slides from Citicore Renewable Energy's earnings presentation, Nov 17, 2025
Slide 1: 9M 2025 Financial and Operating Results
Company Presentation Company 9M 2025 Financial Presentation and Operating Results 1Q 2025 Financial and Operating Results November 17, 2025 May 15, 2025
Slide 2: Disclaimer
Disclaimer This presentation was prepared solely and exclusively for discussion purposes. This presentation and/or any part thereof may not be reproduced, disclosed or used without the prior written consent of Citicore Renewable Energy Corporation “the Company”). This presentation, as well as discus
Slide 3: 9M 2025 Performance Highlights
9M 2025 Performance Highlights Strong revenue growth +13% Solid financial position driven by electricity sales +14% • Revenue at Php 3.8 Bn (+13%), • Total Assets reached Php 70.4 Bn (+47%), • EBITDA at Php 1.4 Bn (+15%), • Total Equity reached Php 20.9 Bn (+38%), • Net Income at Php 966 Mn (+28%) C
Slide 4: Contents
Contents 01 Financial Highlights 02 Our Asset Portfolio 03 Project Pipeline Updates 04 Highlights and Key Takeaways 05 Q&A
Slide 5: 9M 2025 Financial Highlights
9M 2025 Financial Highlights
Slide 6: 9M 2024 vs 9M 2025 Results
9M 2024 vs 9M 2025 Results Amounts in Mn Php +13% 3,822 3,386 +15% +28% 1,409 1,222 966 756 Revenue EBITDA Net Income 9M 2024 9M 2025 6
Slide 7: Revenue Growth driven by Electricity Sales
Revenue Growth driven by Electricity Sales Amounts in Mn Php 3,822 53% 74 3,386 487 48 487 85% Php 3,822 Mn 3,261 14% 9M 2025 2,850 13% 2% 9M 2024 9M 2025 Electricity Sales Lease Income Service Fees Sale of Electricity Lease Income Service Fee 7
Slide 8: Electricity Sales Mix based on Revenue
Electricity Sales Mix based on Revenue Amounts in Mn Php 13% 13% 1% 4% Php 3,261 Mn Php 2,850 Mn 9M 2025 9M 2024 86% 83% Customers FIT/GEA WESM Customers FIT/GEA WESM 8
Slide 9: Income Statement
Income Statement Amounts in Mn Php 30 September 2025 30 September 2024 Change % New customers and higher Electricity Sales 3,261 2,850 14% renewal rates from existing customers Lease Income 487 487 - Higher fees received from Service Fees 74 48 53% CPMI, GPS3, and JV project Revenue/ Total Income 3,
Slide 10: Balance Sheet
Balance Sheet Amounts in Mn Php 30 September 2025 31 December 2024 Change Cash and Cash Equivalents 13,656 8,329 64% Other Current Assets 2,780 3,351 (11%) Total Current Assets 16,436 11,680 41% Property, Plant and Equipment, net 47,005 25,269 86% Investment in Subsidiaries and Joint Venture 1,179 1
Slide 11: Gearing Ratios
Gearing Ratios Current Ratio Interest Coverage Ratio 3.60 5.38 2.37 3.54 9M 2024 9M 2025 9M 2024 9M 2025 Debt-to-Equity Ratio Net Debt-to-Equity Ratio 1.69 1.14 0.77 1.03 9M 2024 9M 2025 9M 2024 9M 2025 11
Slide 12: Market Ratios
Market Ratios Earnings per Share (Annualized) Book Value per Share 2.17 0.09 1.90 0.08 9M 2024 9M 2025 9M 2024 9M 2025 Price-to-Earnings Ratio Price-to-Book Ratio 49.56 1.71 1.98 42.34 9M 2024* 9M 2025 9M 2024 9M 2025 *annualized based on Trailing Twelve Months (TTM) EPS 12
Slide 13: Asset Portfolio
* CITICORE RENEWABLE ENERGY Asset Portfolio Zw
Slide 14: Citicore Group's Operating Assets
Citicore Group’s Operating Assets Batangas 1 Negros Occidental Tarlac 1 197 MW 25 MW 8.8 MW 12 Operating Solar Assets 526 MWdc Combined Gross Installed Capacity Arayat (1&2) Clark Tarlac 2 115.7 MW 22 MW 7.5 MW 390 GWh Estimated Annual Net Generation Cebu Bataan 1 Bataan 2 710,562 60 MW 18 MW 6.5 MW
Slide 15: Citicore Solar Pampanga 1 | 42 MW
Citicore Solar Pampanga 1 | 42 MW Energization Date August 8, 2025 Arayat, Pampanga Project was awarded during the GEA-2 15
Slide 16: Citicore Solar Batangas 1 | 197 MW
Citicore Solar Batangas 1 | 197 MW Energization Date September 15, 2025 Tuy, Batangas 16
Slide 17: CREC's Goal: 5 GW in 5 Years
CREC's Goal: 5 GW in 5 Years Average capacity addition of over 1 GW p.a. over next 5 years, using a clustering strategy Solar Additional Solar Capacity 7,569 Onshore wind Hydro 6,152 26 813 26 1,168 540 4,461 1,511 2,562 1,513 5,563 1,392 1,170 4,075 2,562 285 287 1,107 } New Solar 1,392 287 2024 20
Slide 18: Asset Portfolio – Ready-to-Build / Under Construction
Asset Portfolio – Ready-to-Build / Under Construction CREC’s portfolio of under construction assets consists of 8 solar projects, with remaining first GW nearing energization Solar Project Batangas 2 Pangasinan 1 Pangasinan 2 Quezon 1 Negros 2 Parent CSEC CSEC CSEC CSEC CSEC Ownership 100% 100% 100%
Slide 19: Vertically integrated platform with capabilities for end-to-end solutions
Vertically integrated platform with capabilities for end-to-end solutions • Backed by the Megawide Group, a prominent Philippine infrastructure conglomerate, CREC is a fully integrated platform with capabilities across the entire value chain, from pre-development, EPC, O&M and asset management • CRE
Slide 20: Solar Project Pipeline Construction Updates
Solar Project Pipeline Construction Updates
Slide 21: Batangas 2 | 177 MW
Batangas 2 | 177 MW1 As of November 2025 Bolbok, Tuy, Batangas Q4 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 21 Project was awarded during the Green Energy Auction Program 2 and received a certificate of national significance from the Department of Ene
Slide 22: Pangasinan 1 | 125 MW
Pangasinan 1 | 125 MW1 As of November 2025 Sta. Barbara, Pangasinan Q4 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 22 Project was awarded during the Green Energy Auction Program 2 and received a certificate of national significance from the Department o
Slide 23: Pangasinan 2 | 113 MW
Pangasinan 2 | 113 MW1 As of November 2025 Binalonan, Pangasinan Phase A – Target Energization: June 2025 Q4 2025 Phase B – Target NTP: August 2025 Target Energization: March 2026 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 23 Project was awarded during the
Slide 24: Quezon 1 | 135 MW
Quezon 1 | 135 MW1 As of November 2025 Pagbilao, Quezon Phase A – Target Energization: September 2025 Phase B – Target NTP: July 2025 Target Energization: February 2026 Q4 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 24 Project was awarded during the Gre
Slide 25: Negros Occidental 2 | 69 MW
Negros Occidental 2 | 69 MW1 As of November 2025 Silay, Negros Occidental Q4 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 25 Project was awarded during the Green Energy Auction Program 2 and received a certificate of national significance from the Depart
Slide 26: Onshore Wind Projects
Onshore Wind Projects
Slide 27: Onshore Wind Projects (540 MW) with 360 MW for GEAP Offtake
Onshore Wind Projects (540 MW) with 360 MW for GEAP Offtake Levanta Renewables - Vietnam PRP Corp. Bataan-Zambales CW Pangasinan CW 2 Wind Power Wind Power Project Project Wind Power Project Capacity: 120 MW Capacity: 150 MW Offtaker: GEAP (100 MW) Offtaker: GEAP (80 MW) Camarines Sur CW Wind Power
Slide 28: Met Mast Installation
Met Mast Installation 225MW 45MW Iloilo Wind Project Camarines Sur Wind Project 28
Slide 29: Company Highlights
* CITICORE RENEWABLE ENERGY Company Highlights
Slide 30: CREC Energizes Batangas 1 Solar Power Plant with BESS
CREC Energizes Batangas 1 Solar Power Plant with BESS 30
Slide 31: CREC secures Php 4.4 billion loan from Security Bank
CREC secures Php 4.4 billion loan from Security Bank 31
Slide 32: CREC awarded over 1.2 GW in GEA Round 4
CREC awarded over 1.2 GW in GEA Round 4 Ground-Mounted Solar IRESS Proven track record of rolling our Solar + BESS 21% 28% 70% 79% CREC Others CREC Others Capacity in MWac 2026 2027 2028 2029 TOTAL Ground-mounted 540.0 - 100.0 240.0 880.0 Solar IRESS 85.7 88.0 33.4 125.0 332.1 TOTAL 625.7 88.0 133.4
Slide 33: 9M 2025 Performance Highlights
9M 2025 Performance Highlights Strong revenue growth +13% Solid financial position driven by electricity sales +14% • Revenue at Php 3.8 Bn (+13%), • Total Assets reached Php 70.4 Bn (+47%), • EBITDA at Php 1.4 Bn (+15%), • Total Equity reached Php 20.9 Bn (+38%), • Net Income at Php 966 Mn (+28%) C
Slide 34: Q&A
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Slide 35: Thank you!
Thank you! For questions, please contact: CREC Investor Relations crec.com.ph @CiticorePH [email protected] 35
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