Citicore Renewable Energy Corp. · PSE:CREC
Citicore Renewable Energy — H1 2025 Earnings Presentation
36 slides from Citicore Renewable Energy's earnings presentation, Aug 19, 2025
Slide 1: Company Presentation: 1H 2025 Financial and Operating Results
Powering a First-World Philippines With Pure Renewable Energy Company Presentation 1H 2025 Financial and Operating Results 19 August 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: 1H 2025 Performance Highlights
1H 2025 Performance Highlights Strong revenue growth +28% Solid financial position driven by electricity sales +32% • Revenue at Php 2.668 Bn (+28%), • Total Assets Php 67.3 Bn • EBITDA at Php 932 Mn (+22%), • Total Equity Php 24.8 Bn • Net Income at Php 630 Mn (+38%) Strategic Investment of Dananta
Slide 4: Contents
Contents 01 1H 2025 Financial Highlights 02 Our Asset Portfolio 03 Project Pipeline Updates 04 Highlights and Key Takeaways 05 Q&A
Slide 5: 2Q 2025 Financial Highlights
2Q 2025 Financial Highlights 5
Slide 6: 1H2024 vs 1H2025 Financial Highlights
1H2024 vs 1H2025 Financial Highlights Amounts in million Php ❖ Strong topline revenue growth 28% from surge in electricity sales +28% ❖ 2Q EBITDA up 40% at P544m vs Q1 2,668 ❖ 2Q Net Income at P400m, +73% vs Q1 2,087 +22% +38% 932 765 630 456 Revenue EBITDA Net Income 1H 2024 1H 2025 6
Slide 7: Revenue Growth driven by Electricity Sales
Revenue Growth driven by Electricity Sales Amounts in million Php 90% Service fee 55 Lease Lease income 325 Income 12% Service Fee 29 2% 325 32% P2,668mn Electricity sales 2,289 1H2025 1,732 Electricity Sales 86% 1H 2024 1H 2025 7
Slide 8: Electricity Sales Mix Based on Revenue Contribution
Electricity Sales Mix Based on Revenue Contribution Amounts in million Php FIT/GEA FIT/GEA 16% 13% WESM WESM 1% 3% P1,732 P2,289mn 1H 2024 1H2025 Direct Customers Direct 81% Customers 86% 8
Slide 9: Profitability Ratios
Profitability Ratios 37% 35% 33% 32% 24% 22% GP Margin EBITDA Margin Net Profit Margin 1H 2024 1H 2025 9
Slide 10: Income Statement
Income Statement ❖ 32% Surge in electricity sales drove 28% revenue growth ❖ NIAT jumped 38%, pushing NIAT margin to 24% 10
Slide 11: Balance Sheet (Page 1 of 2)
Balance Sheet (Page 1 of 2) Conso Conso Conso Conso June 30, 2025 December 31, 2024 Movement % ASSETS Current assets Cash and cash equivalents 16,960,068,570 8,329,017,580 8,631,050,990 103.6% Trade and other receivables 781,528,972 1,135,941,052 (354,412,080) -31.2% Due from related parties 875,262
Slide 12: Balance Sheet (Page 2 of 2)
Balance Sheet (Page 2 of 2) Conso Conso Conso Conso June 30, 2025 December 31, 2024 Movement % LIABILITIES AND EQUITY Current liabilities Trade and other payables 2,275,750,931 2,732,024,620 (456,273,689) -16.7% Dividends payable 207,496,057 207,441,214 54,843 0.0% Lease liabilities - current portio
Slide 13: Gearing Ratios
Gearing Ratios Current Ratio Interest Coverage Ratio 8.78 4.35 3.41 3.04 1H 2024 1H 2025 1H 2024 1H 2025 Debt-to-Equity Ratio Net Debt-to-Equity Ratio 1.57 0.89 1.02 0.31 1H 2024 1H 2025 1H 2024 1H 2025 13
Slide 14: Market Ratios
Market Ratios Earnings per Share (TTM) Book Value per Share 0.10 2.15 0.08 1.89 1H 2024 1H 2025 1H 2024 1H 2025 Price-to-Book Ratio Price-to-Earnings Ratio* 42.03 32.70 1.86 1.42 1H 2024 1H 2025 1H 2024 1H 2025 *based on Trailing Twelve Months (TTM) EPS 14
Slide 15: Asset Portfolio
© CITICORE RENEWABLE ENERGY Asset Portfolio Li Zw
Slide 16: Citicore Group's Operating Assets
Citicore Group’s Arayat (1&2) Bulacan Operating Assets 115.7 MW 15 MW 10 Operating Solar Assets Cebu Tarlac 1 60 MW 8.8 MW 287 MWdc Combined Gross Installed Capacity 227 MWac Equivalent Negros Occidental Tarlac 2 390 GWh Estimated Annual Net Generation 25 MW 7.5 MW 710,562 Clark Bataan 2 Households
Slide 17: CREC's Goal: 5 GW in 5 Years Accelerated
CREC's Goal: 5 GW in 5 Years Accelerated Capacity addition of almost 2 GW in 2026, ramps up cumulative capacity to 6.3GW ahead of 5 years Solar Additional Solar Capacity Onshore wind Hydro 7,945 26 6,333 547 1,040 26 377 4,450 1,480 2,952 1,452 6,333 4,450 980 1,972 2,952 287 693 } New Solar 980 287
Slide 18: Citicore Portfolio Overview
Citicore Portfolio Overview Portfolio breakdown by development stages and technology Development stage Number of assets (#) Total capacity4 (MW) Solar Onshore wind Operating2 Hydro 10 287 Solar 1 26 Wind Under Construction Solar & Wind / Ready-to-Build 8 1,665 Hydro5 - - 4 377 Advanced Development 9
Slide 19: Asset Portfolio – Ready-to-Build / Under Construction
Asset Portfolio – Ready-to-Build / Under Construction CREC’s portfolio of ready-to-build / under construction assets consists of 8 solar projects, with first GW nearing energization Solar Project Batangas 1 Batangas 2 Pangasinan 1 Pangasinan 2 Pampanga 1 Quezon 1 Lucanin 1 Negros 2 Parent CSEC CSEC
Slide 20: 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 21: Solar Project Pipeline Construction Updates
Solar Project Pipeline Construction Updates 21
Slide 22: Batangas 1 | 197 MW
Batangas 1 | 197 MW As of August 2025 Luntal, Tuy, Batangas Q3 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 22
Slide 23: Batangas 1 | 197 MW
Batangas 1 | 197 MW As of August 2025 Lumbangan, Tuy, Batangas Q3 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 23
Slide 24: Batangas 2 | 177 MW
Batangas 2 | 177 MW As of August 2025 Bolbok, Tuy, Batangas Q4 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 24 Project was awarded during the Green Energy Auction Program 2 and received a certificate of national significance from the Department of Energy
Slide 25: Pampanga 3 | 42 MW
Pampanga 3 | 42 MW1 As of August 2025 Arayat, Pampanga Q3 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 Department of Energy
Slide 26: Pangasinan 1 | 125 MW
Pangasinan 1 | 125 MW1 As of August 2025 Sta. Barbara, Pangasinan Q1 2026 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 26 Project was awarded during the Green Energy Auction Program 2 and received a certificate of national significance from the Department of
Slide 27: Pangasinan 2 | 113 MW
Pangasinan 2 | 113 MW1 As of August 2025 Binalonan, Pangasinan Phase A – Target Energization: June 2025 Q1 2026 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 27 Project was awarded during the Gr
Slide 28: Quezon 1 | 136 MW
Quezon 1 | 136 MW1 As of August 2025 Pagbilao, Quezon Phase A – Target Energization: September 2025 Phase B – Target NTP: July 2025 Target Energization: February 2026 Q1 2026 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 28 Project was awarded during the Green
Slide 29: Negros Occidental 2 | 69 MW
Negros Occidental 2 | 69 MW1 As of August 2025 Silay, Negros Occidental Q4 2025 Target Completion Date for Phase 1 1. Gross MW capacity, Phase A of construction only 29 Project was awarded during the Green Energy Auction Program 2 and received a certificate of national significance from the Departme
Slide 30: Onshore Wind Projects
Onshore Wind Projects 30
Slide 31: 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 32: Met Mast Installation
Met Mast Installation 225MW 45MW Iloilo Wind Project Camarines Sur Wind Project 32
Slide 33: Key Take Aways
* CITICORE RENEWABLE ENERGY Key Take Aways
Slide 34: 1H 2025 Performance Highlights
1H 2025 Performance Highlights Strong revenue growth +28% Solid financial position driven by electricity sales +32% • Revenue at Php 2.668 Bn (+28%), • Total Assets Php 67.3 Bn • EBITDA at Php 932 Mn (+22%), • Total Equity Php 24.8 Bn • Net Income at Php 630 Mn (+38%) Strategic Investment of Dananta
Slide 35: Q&A
* CITICORE RENEWABLE ENERGY Q&A
Slide 36: Thank you!
Thank you! For questions, please contact: CREC Investor Relations crec.com.ph @CiticorePH [email protected] 36
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