Manila Electric Co. · PSE:MER

Manila Electric — H1 2025 Earnings Presentation

30 slides from Manila Electric's earnings presentation, Jul 28, 2025

  1. Slide 1: Financial and Operational Highlights, First Half Ended June 30, 2025

    FIRST HALF ENDED JUNE 30, 2025 FINANCIAL AND OPERATIONAL HIGHLIGHTS Media, Investors and Analysts Briefing July 28, 2025

  2. Slide 2: Financial Performance

    FIRST HALF ENDED JUNE 30, 2025 FINANCIAL PERFORMANCE Media, Investors and Analysts Briefing July 28, 2025

  3. Slide 3: Strong results in 1H 2025, fueled by core distribution and generation

    Strong results in 1H 2025, fueled by the solid performance of our core distribution business and accelerating momentum of the generation business 10% increase in CCNI • DU share at 54% vs. 55% in 2024; • Power Generation accounted for 37% vs. 27% in 2024 • 1H2025 dividend of ₱11.328 per share repres

  4. Slide 4: 1H 2025 vs. 2024 Financial Summary

    1H 2025 vs. 2024 Financial Summary Amounts in Million PhP Reported Income Core EBITDA CAPEX 47,491 p 23,635 p 43,186 p 22,441 39,747 p 17,418 1H 2024 1H 2025 Cash & Cash Equivalents p 91,550 1H 2024 1H 2025 1H 2024 1H 2025 86,614 Gross Revenues Costs & Expenses p 245,219 p 219,669 212,473 1H 2024 1H

  5. Slide 5: 1H 2025 vs. 2024 Segment Highlights

    1H 2025 vs. 2024 Segment Highlights Amounts in Million PhP Distribution Utility Power Generation RES & Service Subsidiaries CCNI Contribution p 12,842 13,707 9,391 6,197 4,168 2,437 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 Revenue [a] 199,691 206,915 13,962 14,077 27,062 28,773 1H 2024 1H 202

  6. Slide 6: 1H 2025 vs. 2024 Revenues

    1H 2025 vs. 2024 Revenues Amounts in Million PhP Up by 3% driven by higher pass- 2025 through charges, increase in sales Gross volumes of the DU and RES; and Revenues 2024 higher revenues of MGEN from the Reserve Market Generation, 2025 Up 5% due to higher fuel costs and increase in Transmission anc

  7. Slide 7: 1H 2025 vs. 2024 Costs and Expenses

    1H 2025 vs. 2024 Costs and Expenses Amounts in Million PhP Total Costs 2025 Up 3% due to higher purchased and Expenses 2024 power cost and OPEX Purchased 2025 Increased by 6% due to higher generation and Power Costs 2024 transmission charges Increased by 11%, primarily covering manpower, OPEX contra

  8. Slide 8: 1H 2025 vs. 2024 Capital Expenditures

    1H 2025 vs. 2024 Capital Expenditures Amounts in Million PhP Consolidated CAPEX driven by development of solar projects and distribution network projects p 173% For new connections (PhP4.2 billion), asset renewals (PhP 3.1 billion), load growth (PhP 3.5 billion), pole relocation works to support gov

  9. Slide 9: 1H 2025 Power Generation Results of Operations

    1H 2025 Power Generation Results of Operations Strong performance from Power Generation driven by MThermal’s participation in the Reserve Market, contribution of Chromite Gas and higher plant availability Core Net PhP 2.4 Billion PhP 2.4 Billion PhP 175 Million PhP 6.8 Billion PhP 6.7 Billion income

  10. Slide 10: 1H 2025 vs. 2024 Credit and Debt Profile

    1H 2025 vs. 2024 Credit and Debt Profile Amounts in Million PhP 2025 Total Debt and Breakdown Jun-25 Jun-24 %△ Cash & cash equivalents 91,550 86,614 6% Gross debt 204,811 98,044 109% Gross debt/EBITDA 2.53 1.28 98% 56% Gearing ratio 0.68 0.06 1009% Interest expense 4,395 2,671 65% Interest income 1,

  11. Slide 11: 1H 2025 vs. 2024 Segment Highlights at 100%

    1H 2025 vs. 2024 Segment Highlights at 100% Amounts in Million PhP Distribution Utility Power Generation RES & Service Subsidiaries Revenue Total Revenue 334,035 203,325 210,582 94,680 280,091 49,704 27,062 28,773 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 Core EBITDA Total Core

  12. Slide 12: 1H 2025 vs. 2024 Earnings and Dividends per Share

    1H 2025 vs. 2024 Earnings and Dividends per Share Amounts in PhP 1H2025 Core EPS was at Php 22.655, up 10% versus Php 20.590 in 1H2024; dividend of Php 11.328 per share representing 50% of Core EPS 60% 60% 10% 70% 70% 20% 65% 20% 50% 20% 50% 15% 50% 50% 50% 50% 50% Year-end stock price 292.00 295.20

  13. Slide 13: S&P Credit Rating

    S&P Credit Rating Manila Electric Company outlook revised to positive on improving business integration; 'BBB’ Rating Affirmed BBB positive 13

  14. Slide 14: Operational Performance

    FIRST HALF ENDED JUNE 30, 2025 OPERATIONAL PERFORMANCE Media, Investors and Analysts Briefing July 28, 2025

  15. Slide 15: 1H 2025 Operational Highlights

    1H 2025 Operational Highlights DISTRIBUTION Business Drivers Service Performance Electricity Rate per kWh Energy Sales System Loss (12-MMA) Average Retail Rate 27,091 GWh 5.88% PhP 11.41 p0.5% vs 26,954 in YTD 2024 0.19 ppt vs 6.07 in June 2024 p11.1% vs 10.27 in YTD 2024 DU Net System Input Total

  16. Slide 16: Customer Report

    FIRST HALF ENDED JUNE 30, 2025 CUSTOMER REPORT Media, Investors and Analysts Briefing July 28, 2025

  17. Slide 17: 1H 2025 Consolidated Energy Sales in GWh

    1H 2025 Consolidated Energy Sales in GWh Flattish at 0.5% vs. El Nino-driven high base in 2024 26,954 27,091 24,793 DU Sales Drivers 23,968 22,663 p 21,139 ◼ Residential 9,715 9,778 36% Uptick of 0.7% mainly driven by contribution 8,629 36% 8,506 35% from new customers 8,370 35% 8,115 37% ◼ Commerci

  18. Slide 18: Network Report

    FIRST HALF ENDED JUNE 30, 2025 NETWORK REPORT Media, Investors and Analysts Briefing July 28, 2025

  19. Slide 19: 1H 2025 Networks Project Updates

    1H 2025 Networks Project Updates Capacity Addition Projects (April-June 2025) 2 Substation 1 Substation 1 Power Transformer Expansion Development Uprating Expansion of Bridgetowne 115 kV– Expansion of Makati 115 kV–34.5 kV 459 MVA PhP 1.01 Billion 34.5 kV GIS Substation (Bank No. 2) ▪ Energized on M

  20. Slide 20: 1H 2025 Networks Project Updates

    1H 2025 Networks Project Updates Reliability Improvement Projects (April-June 2025) 1 Switching Station 1 Substation 3 Sub-Transmission Development Reliability Line Uprating Development of Regalado 115 kV Reliability Improvement of 33.1 kilometers PhP 957 Million GIS Switching Station ▪ Energized: A

  21. Slide 21: Power Generation Operating Results

    POWER GENERATION OPERATING RESULTS Media, Investors and Analysts Briefing July 28, 2025

  22. Slide 22: 8.9+ million safe man-hours

    Maintaining strong health and safety performance across all sites 8.9+ million Safe man-hours from January to June 2025 0 Lost Time Incidents 2 First Aid Cases 0 Fatality 0 Recordable Case

  23. Slide 23: Energy delivered in 1H 2025 up by 66% versus 1H 2024

    Energy delivered in 1H 2025 up by 66% versus 1H 2024 Year-to-Date Performance in GWh Business Unit 1H 2024 1H 2025 % Change 2,870 2,788 ▼3% 1,544 1,803 p17% 2,875 2,865 ▼0.4% 344 387 p13% - 4,800 - 7,632 12,644* p66%

  24. Slide 24: MTerra Solar becomes the largest Solar PV installation in the Philippines

    MTerra Solar becomes the largest Solar PV installation in the Philippines to date 54% Phase 1 Overall Project Completion 778 MW Solar photovoltaic panels as of June 30, 2025 in just 8 months

  25. Slide 25: LNG bridging our transition toward a low-carbon energy future

    LNG bridging our transition toward a low-carbon energy future LNGPH facility in Batangas City which MGEN owns 40.2% – MGEN subsidiary PacificLight Power Pte Ltd has completed its 100 progressed with the completion of the regasification terminal that MW Fast Start Ancillary Services facility on Juron

  26. Slide 26: Advancing energy reliability through a new baseload plant

    Advancing energy reliability and affordability through a new baseload plant Atimonan One Energy, Inc.’s 1,200 MW ultra supercritical coal-fired power plant. This project will provide cost-effective and reliable power supply to meet the growing energy demands of Luzon

  27. Slide 27: Leveraging a diversified energy portfolio to ensure service delivery

    Leveraging a diversified energy portfolio to ensure service delivery MGEN and EvoEnergi seal two (2) power supply agreements. The Toledo BESS project is expected to complete its Phase 1 with MThermal and MGreen will supply energy sufficient to serve at least 25MW capacity by 2026, and the balance to

  28. Slide 28: Powering the Good Life through sustainability and community impact

    Powering the Good Life through sustainability and community impact PEOPLE Launched DEIB Policy, new PFIP member Strengthening commitment to diversity, equity, inclusion, and belonging (DEIB) in the workplace POWER 387 GWh of clean power generated Double-digit growth rate from MGreen PLANET Installed

  29. Slide 29: Powering a Better Tomorrow

    Powering a Better Tomorrow Bocaal ae Me, nmet© isco,

  30. Slide 30: Cautionary Statements

    CAUTIONARY STATEMENTS This presentation is prepared for the parties presently invited for the purpose of discussion. This presentation has consequential limitations and is not a comprehensive discussion about MANILA ELECTRIC COMPANY AND ITS SUBSIDIARIES (Meralco). These materials are restricted to t

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