First Pacific Co Ord

Good day everyone, thank you for joining us on my briefing to discuss First Pacific 2026, 26 months financial and operating results. The results presentation as usual is available on the First Pacific website, www.firstpacific.com, under the Investor Relations Session presentation page. This last week's results briefing is being recorded and the report will be available on First Pacific website this evening. in the investor relations session. If there's any participant from the media, please note that this session is open for investors and analysts only. If you would like to raise questions, please contact us when the briefing is finished. Today we have with us our CFO, Mr. Joseph Ng, Associate Director, John Ryan, and other senior executives from the head office in Hong Kong. Over to you, John, for the presentation, please.

Thank you much, Sarah. Okay, folks, we're looking at the presentation we posted on our website at lunchtime. And let's begin with a new page three, which lists some of the highlights of the first half results of First Pacific and its operating companies. Our recurring profit, while it was down a little bit from 2025 first half, it was the second highest ever. And that's notwithstanding Icarupia and Fevo. More on that a little bit later. Thanks to the sterling work of our finance and treasury people, Standard & Poor's have upgraded our credit rating to BBB with a stable outlook. Sorry, BBB. And we've got a stable distribution to shareholders with a yield at around 5.4%. And of the five analysts you covered first specifically, they've all got buy or outperform recommendations. Indofood continued its run of record highs with For-profit up 7% to a record high. For the full year, it's Food Division ICBP sees sales going up as much as 7% for the full year, with a strong even margin between 20 and 22%. Interestingly, in the second quarter, as they reported on their own results conference call a couple weeks ago, overseas noodle sales were up 31% in the second quarter. That's an important engine of growth for Indofood. Now, over at Metris Pacific, again, record high core profit driven mostly by Moralco, but growth from other businesses as well. And for the full year, core profits likely to see a fourth record high in a row. Likewise, PLDC has the highest ever first half service revenues and EBITDA with positive free cash flow. Its credit rating is BBB, and it has a very nice dividend yield of 8%. and we'll speak a little bit about their fintech, the Maya Digital Banking Unit, which saw its contribution increase quite a bit in the first half of the year. Over at Pacific Light, that's our LNG-fired power plants in Singapore. Revenues rose 12% and construction has gone underway now on a hydrogen-ready combined cycle gas turbine power plant, which will open about halfway through 2029. Many of you have perhaps some interest in Philex Mining, which is developing a new mine down in the southern island of Mindanao called Salangan with rich reserves of copper and gold. And we've got two board directors of that company here with us today, and they can tell you about that in the Q&A. In the meantime, its older mine, Tad Cal, doubled its contribution to first specific earnings with much higher metal prices, notwithstanding lower volumes of production. Let's skip over two pages to page five with the usual snapshot of the shape of our gross asset value. $4.8 billion, Indofood's just over a third, MPIC just over a quarter, and PLDT just over a fifth with the Philex group of companies. That includes Philex Mining and PXP Energy as well as some notes issued to First Pacific by Halangan. That's just under 10%. And then TLP, you see it's 9% of our gap. And you might have noticed that we have incrementally been increasing its value for a specific. And that's because of the money we are putting in to help finance our share of that new power plant mentioned a moment ago. Okay, let's go one page down. We've got turnover up 6%, not quite a record high. We've seen a little bit higher. Contribution from operations, this is all in U.S. dollars, of course, was down 2%, and that's because of weaker rupiah and peso, which were down by 5% and 6% respectively at an average exchange rate over the first six months of the year. So Indofood and MPIC, however, did deliver their highest ever first half revenues on continuing growth and demand for what they offered to their customers. Now, while our recurring profit was down 3%, it was still the second highest we have ever achieved at First Pacific in our 45-year or so history. The interim distribution to shareholders, a very important measure of our performance, is unchanged at 13 Hong Kong cents per share, notwithstanding the declining contribution and recurring profit. Now, over to the next page where a brief word You've got the credit ratings we have at the top of those bullet points with the increase by S&P to BBB stable outlook. Our interest coverage ratio is 4.8 times at the end of June, well above our comfort level, and gross net debt little changed really from six months earlier. And our blended interest cost about 4.5% with an average maturity of 3.4 years. Now some of you, particularly if you're debt investors, will want to hear what we're going to do about our bond that's maturing next September, so in about 13 months. $350 million blue column there in the column chart. It's a bit less than a quarter of all our borrowings, and we've got the matter well in hand. Now, quick brief look at Indofood. Record highs for net sales and core profits. and the outlook is very strong with ICPP sales being up as much as 7%, EBIT margin at 20 to 22% and very healthy capex at 5.5 trillion rubles over at ICPP and for the rest of India food another 4 trillion. Did I say rubles? Rupiah. Another 4 trillion rupiah. Now on page 9, a quick snapshot of ICBP. Record high net sales and core profit up just a little bit, 1% to 5.4 trillion rupiah, as cost of goods sold rose about 12% in local currency firms. Now, a brief snapshot on page 10, that rising stacked column chart shows you what the biggest contributors to the earnings at Indofood were. and as ever it has been noodles, which just keep growing very, very strongly. As you can see in the blue box on the right, noodles all by themselves constitute a little bit less than half of all sales by value at 46%. Now, let's turn to Metro Pacific on page 13. You see where our almost 50% stake of MPIC makes up 26% of our gross asset value and measured at 1.2 billion US dollars. And as a reminder, that's the valuation of when it was privatized way back in the autumn of 2023, I think it was. Now, if you look at the market caps of the two of its biggest companies, mainland and Morocco, that 1.2 billion dollars looks a little small. Likewise, when you consider that the analysts who cover us and others put a rather higher value on that. I find that personally is very interesting because it implies that our NAV discount is really not what you might think it is if you're using the $1.2 billion. Now, turn to page 14. We can look at the contribution from the main businesses. Now, the three biggest ones, Moralco, Toll Roads, and Manalad, the water company listed in November, all delivered record high revenues and record high core profits. And you can see their contribution to earnings at MPIC in the bottom left chart. The water contribution is down solely because MPIC sold down in the IPO back in November, reducing its economic interest from over 50% to down around about 38%. I won't fill up valuable time going blow by blow with all their operating companies. We can get into them during the Q&A. So let's jump, please, to page 22, where we'll have a quick look at PLDT, where, again, it seems every half year and full year we see another success of record high in service revenues. I've lost count of it, and there's a similar story with the EBITDA over at PLDC where it was up 1% again to a record high. On the full year, these two items are expected again to report consecutive record highs. Now, an important item for us to look at when considering PLDC is on page 23. As you can see, we've got that red line on the top chart on the right-hand side. That's our capex to service revenues and the columns themselves are the money figures for the dollar figures for those capex expenditures. 2022 was the highest ever and as you can see, it has fallen very, very sharply to below 20%. In the first half of 2026, it was 19% of service revenues. And we expect the downward trend will continue. I believe it was in the last quarter of last year that PLDT went positive free cash flow, and that has continued through the first six months of 2026. Turning now to page 25, a brief word about PLDT's fintech, and that's a digital bank called Maya. Maya's contribution to PLDC's profit in the first half of the year was just a bit less than 40% to 559 million pesos versus 406 billion in the first half of 2025. As these various column charts down below show you, the growth over at Maya, whether you're looking at deposit balances or loans outstanding, remains very, very strong. The talk in the local media is that there will be an IPO of this business one day and you can ask about that in the Q&A and I'm sure we won't be able to tell you very much. Now let's turn to page 26, a brief look at PLP, Pacific Light Power, our LNG business, power business in Singapore. As you can see, electricity prices were up a bit in the first half of 2026 from the, you can see on the line chart down But the core profit was down 26%. That's a big decline on the lower non-fuel margin for electricity sold under renewed retail contracts. Very much the future is a big part of the story at PLP, which is building a very large hydrogen-ready power plant, which we expect to be running in commercial operation in about the middle of 2029, as mentioned earlier. Now, over to Philex, a very exciting mining company. Those of you who know me personally know that I'm a big fan of Philex. The Pad Cal mine saw, well, overall the business saw revenues down 9% because of lower tonnage. Frankly, the equipment at the Pad Cal mine, which has been going for over half a century, is getting a little worn out and there are breakages. So there is lower tonnage, lower grades. but the prices for the metals as you can see in the blue box at the bottom right were very very much higher and that resulted in a big increase in core profit of 56%. Now Solanion which is discussed on the following page, page 28, is on track to open commercial mining towards the end of 2026. We are very excited about that and When they settle in and everything's going smoothly, we will get in touch with fund managers to inquire whether they would like to go down and have a look at that mine. As you can see in the top blue box, the grades of copper and gold in that mine are far higher than what we've got at Pad Cao. and we're very excited to see what this will be doing for us going forward. Now let's have a little wrap up on page 29 of my narrative then we can go to some questions. This is a chart on the left hand side rebasing our recurring profit and exchange rates of peso and rupiah to 100 in the year 2020 and how they have changed over time. As you can see, the peso was down 18% in the, what, five and a half years since then, and the rupee had down 15%. That's through to the June 30 exchange rates. While those are down by those percentage points, you can see our recurring profit has risen enormously. And we expect fully for this sort of situation to continue, that mismatch between exchange rates and our US dollar profit number, because the IMS and many others expect that the size of the economies of our two main markets will be doubling over the course of a 10-year period from 2020 to 2030. That line chart there is from the IMF's October World Economic Outlook, and we'll update it in a couple of months with the new one. So that's a snapshot of where we've been in the first six months of the year. Executive Director Chris Young has joined us, eager to respond to the questions that you're going to ask. Sarah.

Yeah, thanks John. We are now ready for questions. Oh, Jeff has the first one. Jeff, please go ahead.

Hi, sorry, sorry, I just found out I was muted. Yeah, thanks John and Sarah. So maybe starting... With three questions. The first one just want to check on the head office called other expenses. I know the amount is not that big, but still on a year-on-year basis, I think the other expenses rose about three times YOY in the first half to about $7 million. So just trying to understand any reason driving the spike in the expenses at the head office. That's my first one. Second question, I know, John, you just touched a bit on the plan on bond refinancing, which will mature next year. So just trying to maybe hear a little bit more plan about that. Do we aiming for issuing another bonds or do we just going for bank loans in about 13 months as we refinance the debt? And the third question will be, Just regarding...

Hang on, Jeff. Jeff, let's just start with the two. Is that okay, man?

You can come back with the third. I'll get you in the problem.

And, of course, our CFO, Joseph Ding, will help you with both of those. Well, Jeff is Joseph.

Maybe I'll respond to the second one first. I mean, the bond refinancing.

The 350 million bond refinancing in September, so 2027, so we have a little bit more than 12 months to go. And we are monitoring the market closer. At the same time, we are talking to... quite a number of banks inviting them to give a proposal and we have explored all sorts of refinancing options including both the foreign market as well as the bank market as well so we actually received quite a number of good proposals from the banks and we are looking into all those proposals so as of now we are not in a rush to get into either one of those two solutions We're just monitoring the market because the market, in particular, the interest rate market is, as you know, is very volatile. All the short-term U.S. threat and people have a lot of speculation as to what the U.S. threat will do. And also people are speculating as to what will be the impact to the government end of the curve after the U.S. trade fair is coming up with all sorts of news, all sorts of buybacks, all sorts of things. And fundamentally, that also ties to what's happening to the inflation, the inflation New Round of Trade War, and Middle East Crisis as well. So all these are very volatile, so we are monitoring that closely, and I think in due course, I think the management and the board will make the decision as to whether we'll go ahead. Now, in terms of timing, people are talking about whether we should go Say in the fourth quarter, people are after the election and maybe coming back next year, early next year when the market has new punches on the investor side or even a later part of that. So we are assessing all these advisors from different banks and as I said, we have some time to assess the situation and make a decision. On the other hand, I think you're referring to the kind of the corporate overhead and not expenses and um if there are we know we also notice that there's a kind of a increase In the other expenses, I think mainly because of the provisional approval of certain long-term incentive expenses at the headquarters level. In 2025, June of 2025, we started a new cycle of long-term incentive scheme. So for the first six months of 2025, it only takes maybe half a month kind of P&L provisional heat. But for the full 2026, we have full six months heat. So I think that's the main main reason for driving up the so-called accrual provision for certain non-term incentive expenses.

Okay, thank you Joseph. Let's move on to the next question. Sarah?

The next one will be Timothy from 50 Days. Go ahead.

Oh, thank you management. I'm sorry, I thought Jeff, I'm sorry, never mind, I'll go for him first. Got some questions on PLP. So first of all, congratulations on the groundbreaking next month, I think. I saw it on the announcement. Does management expect some timing gap after the commercial operation that is targeted in 2Q29 before the plan to ramp to its full capacity? And is it fair to assume, you know, the financing done like account for 40% of the total budget as previously cited I think in the announcement it reached that 440 US million so in other words does that mean the total budget will be somewhere around 1.1 US billion and can we assume the 44 million spent by head office in first half 26 to be mostly PLP related sorry for the long question but shall I come back later on the second one please

Thank you, Timothy. Can you help on the cash out from us? And maybe Richard can pitch in if necessary, Joseph. You're talking about PMP? Yes, I think that's what he's talking about.

I think in very broad terms, Timothy, the portfolio cost for the PMP fund is somewhere around the, I think it's shown here, this is about $1.2 billion, or $900 million U.S. and above. And I think the equity requirement for that is somewhere around $450 million, saying thereabouts. and we need to contribute roughly 42% of that. So our share of that total is maybe somewhere around $150 million. And you are correct that the bulk of the capital investment showing a cash flow of $40, $44, $45 million, the bulk of that is actually for kind of our support, the equity portion for the project. So that's kind of the first part of it. In the course of the remaining part of 2026 and certain part of 2027 we still need to put in some more money to meet our state altogether roughly 150 million capital remunerate into the project but bear in mind at the same time we also collect dividends we continue to collect dividends from PLP so it's not that it's all one side on the investment actually the financial discipline we impose on POP is that well we need to kind of get the dividend from that and then when they need any money they need equity then we put the money in so that's the kind of the prudent financial discipline we impose on POP so um i hope that has addressed your your question joseph we're not borrowing to finance our equity contribution no no actually it's all in a cash flow out Our debt level having crossed at 1.47 and the net probably 1.3 something remains unchanged. And I think there is an earlier question about the 350 million refinancing is all refinancing and all the things that we are doing at headquarters level in the recent past and going forward until 2027. I think the focus of that is all on refinancing. We have no plan of taking on any new debt at the headquarters level.

Does that answer it, Timothy?

Yeah, but may I have some color on the, you know, the operation after, like, early, in the early years of 2029, are we expecting the plant to be, you know, be operating in almost full capacity at get-go, or shall we expect some kind of time in-depth before, you know, significant or meaningful contribution from the new plant?

Well, I think it's just too early to tell now, because, well, you need to basically kind of assess the so-called contract procedure. And that ties to the progress of the construction of the infront, right? Because we are talking about 2029. I think the current timetable is up and running until maybe the first quarter or second quarter of 2029. So we are talking about from today's 26, 27, 28. So more than two and a half years to go. So typically, the existing P&P contract lasts between one year to three years. So it may be a bit too early to even talk to the customers about signing up the so-called customer contracts starting from the second quarter of 2029. So you don't want to face a situation in signing a contract that is delayed in construction and completion, that sort of thing. So I think it's just too early to say at this point in time.

Okay, thank you Joseph.

Was all that one question, Timothy?

Oh yeah, yeah, so that was, sorry, sorry if it took you on that. That was one question, and my last question before I go back to the queue is also about PLP, because on the gas supply issue, we actually heard from a Singaporean peer that Shell has actually triggered some kind of forced material terms, which might lead to gas cost hike despite of the, you know, the long-term contract. So I'm just wondering if we are seeing similar discussion going on between PLP and Shell on that. And for the, you know, the non-field margin squeeze, given the retail contract terms, you know, usually last for maybe one to five years, and with a peak retail contract, which I assume would be dating back to, you know, 2022, are we seeing this kind of margin squeeze to be stabilizing after, you know, the current first 26 levels?

I'll maybe address the first part first. The shell. I think it's not a secret in the market that every shell did trigger some sort of force majeure condition under the contract. Because they saw some guests from communities, in particular Qatar, and they triggered certain sort of force majeure conditions under the contract. And that's on the contractual side. but commercially there's been kind of ongoing very close and regular kind of discussion between Shell and and for us PLP as to how to handle the situation and for a situation like this normally you get into the situation of getting alternate resources through Shell and other other resources trying to pack the boat and I think so far we have been having very good kind of conversation discussions with So on one hand they are triggering the cross-metropole region, but on the other hand they are helping us to source the alternate gas from other places, and then there's kind of a timing difference. They give us the gas from other countries, and a certain amount of time in the future, they will gradually repay or cut back the gas supply from Shell over a certain period of time. So overall, the impact is not that severe. And from what we see, the financial impact, and on the other hand, we get some better margins from some other contracts. I think it's kind of pretty much a washout overall. So the impact is not as severe as what we expected initially. Thank you, Joseph. Sarah?

I think the next one will be Tony. Please go ahead for your question.

Hi. Thank you for the opportunity. I want to ask specifically for Indopood. I haven't seen instant noodle price has increased for the recent two to three years maybe in this current environment with raw material price up.

Is there any chance that maybe Indomie price will increase in the future?

Thank you.

Hi Tony. I'm sorry to not be very helpful, but, you know, broadly speaking, over the fullness of time, prices will go, and we are not aware of any plans or timing for such price increases right now. Sorry about that.

All right. Thank you for the opportunity, sir.

The next one would be Anthony.

I think you mean me. It's Tony Watson here. Yeah, hi Tony. Hi. Just a question and a comment. Question is regarding the foreign exchange and derivative losses detailed on Note 3A of the financials you put out. Could you give us some background on what was being hedged and if the position is still on?

Tony, broadly speaking, at First Pacific Head Office, the only thing we hedge is dividend income. And in our reporting, the FX gains or losses that you see in our P&L, those are going to be a mixture of First Pacific Head Office and the operating companies. Look at page 33. And you'll see those numbers broken down by contribution from each of the units in our review of operations, which you'll find on our website. I'm afraid they're not here in this slide that you see in front of us. It's aggregated here at 51 million in the first half of 2026. And I believe, Joseph, the biggest part of that was the bonds from ICBP.

Yeah, Tony, you're referring to the divisional we saw that we are showing here on the screen. The 51 million bond exchange loss, a big part of that is attributable to Indoor Foods. 2.75 billion bonds, and they have a charge of 10 years more than another 30 years, advocating 2.75 billion. and then if you do the calculation about six percent the PCA shows will appear in the first six months of 2026 then nothing of the tax and everything so that's something like 40 something million already uh attributable to that foreign insurance so that's a big part of that of course there are some other smaller items but uh you know all in all I mean that's basically that um at foreign exchange loss at the indoor food level. But mind you that even though they are not hedging, they are not hedging at $2.75 billion foreign exchange exposure, you realize. On the other hand, they are building up quite a bit of cash, in particular dollar cash, in the balance sheet, I think in the tune of somewhere around $800 to $900 million per day. So not hedging it, so taking the P&L heat, in the P&L, but on the other hand, they also have the

have the dollar cash.

So we go back to the net debt of, or the net exposure, epic exposure of Indovote. You see that the net dollar exposure is somewhere around 1.8, 1.9, remember, of billions. It's not the 2.75. The difference is that 800 to 9 billion dollar cash that they are holding.

Yes. Okay, great. That's helpful. I think I can work through that. I'm The other thing is just want to put my hand up for the mind tour if and when it happens. Thanks.

Ideally before year end, but we can't promise, Tony.

Yeah. The next one is back with Jeff again. He's go ahead.

Hi, Sarah. Yeah. So switching the gear a bit to Morocco. I know with respect to the recent, I think the news about potential charges on the distribution laws. So I know there are some conversation with the president going on right now, but can you remind us on this issue where we are standing at today? And are there any key dates we should be watching for maybe over the next couple of weeks or months? Thank you very much.

No, Jeff, there really aren't any key dates to look for. What you're asking about is one of the parts of the electricity bill that households and businesses receive. There are several parts. There's the generation fee. There's the transmission fee. The distribution fee, which goes to Moralco. System loss is another fee. Generation fee, of course, goes to the producers. Now, the system loss fee pays for the electricity, which is lost quite naturally as electricity moves through the cables. You ship out 100 and maybe 99.5 arrives and that 0.5 which doesn't arrive gets put into the bill as the system loss. Some time ago, I think it was in the State of the Union, President Marcos suggested that electricity industry should pay that rather than the customers. and that had a consequence for the share prices of lots of power companies including Moralco which I think was down year to date at the end of June by about 16%. So that's where we are. It's up in the air right now and however the billing changes I think at the end of the day it won't be Moralco which will be paying that but again that's my own personal view and I can't predict that will be the future. Anything more to add, Chris or Joseph, on that?

Our next one would be Diego. Please go ahead.

Hi. Could you give us a color and the potential combination of the Taurus of NPIC with the FMC group Taurus? And also, if that ends up happening, The three largest pieces of MPIC will have a much more updated valuation. I mean, Miralco, Manilad, and the Tall Roads. If that happens, would you consider changing how you account for its NAV?

For how specific accounts for the NAV of MPIC, Diego?

Yes, exactly.

Ah, well, um... I think eventually we will, um... Thank you very much. San Miguel, and MPTC would give us a value of a solid number for the toll roads business. Certainly, these three factors would definitely militate for a revaluation of how we value MPIC. Our 49.9% state has increased value since the delisting back in the autumn of 2023. Chris, I appeal. Any color you can answer this question?

Well, one, in terms of the combination, I think the due diligence is ongoing, but certainly we have made it clear that the intention is to merge the business at some stage. I think the challenge is that net asset value or valuation is not the way financial statements are prepared. Financial statements are prepared and audited on a historical cost basis. So within the broader financial statements of our specific, I think UE will continue to follow general accounting practices. So as a result, there may well be a difference between what is included in the financial statements under General Accounting Principles and what will be the valuation of the business. That is not to say that investors, analysts, our investor relations department cannot themselves do a look through valuation of the business. But I think you will find, unfortunately, that there is always going to be a difference between the underlying financial statements which are audited because the basis on which they are prepared compared to a valuation basis which is normally on the basis of which investors would, well one of the measures that investors would look at when they make a decision to invest.

And just to supplement that, I mean that's exactly the basis of getting the credit rating upgrades from S&P when they take a fresh look about the valuation of NBIC. And that's on that basis. They basically look through the corporate share of NBIC and also address the point that Chris just mentioned to have a more commercial approach to value the underlying asset of NBIC. Given that two of the three major assets Under NPIC, the water business and the power distribution or generation business are both leased. The only one unleased is actually the total, and then that becomes a big part of NPIC, and of course there's a certain amount of debt at NPIC level. But on that basis of looking through this, that basically the value of Sacramento, high value of NPIC, on the basis of that, the value of NPIC is much higher that what we show in the books. It was also much higher than the privatization value at 2.6, I think, 2.6 patient per share.

5.2.

5.2, sorry, 5.2 patient per share during the privatization exercise. So that's kind of validated by S&P in the rating the process. But I mean, all the investors and analysts may form their own view as to, well, which way to go, right? Whether it's book value, or the more commercial approach.

Diego, just for your penciling in, when they increased our rating to BBB, S&P explained that their value for our stake in MPIC doubled from $1.9 billion to $3.8 billion.

Okay, perfect. Thank you.

Of course.

All right. We have Simo V has additional questions. Please go ahead.

Hi, management. Thank you so much for the opportunity to ask questions. I have two questions. The first one is about Indofood on its payout. So if I calculate that correctly, the implied payout ratio will be somewhere around 24%-ish of the net earnings per share for what they are paying for $290 per share. And given Indofood's Pretty soft cash balance. I think it's around $3 billion at the end of the first half. I'm just wondering if there's any clue or any color on what they're going to do with the cash balance and is there any consideration or at least intent to think about raising the payout ratio on the end? And I'll come back for the second question.

Thank you for that very interesting question, Timothy. There are many, many people who want to see what will be done with that around $3 billion in cash that's sitting over there in Indofood. The pace you're looking at gives you the payout ratio as we accounted for it for 2025 full year. We will all recall that Indofood pays one dividend a year, generally in the late summertime. So the last time Indico spent money like that it was what six years ago when they bought some noodles businesses in Middle East and North Africa. That was I think 2.98 billion they spent. How they might spend a similar figure of money now is the question you ask and it is a long way of me saying I can't answer that question so sorry.

I don't think there is any specific plans for that at the moment. and in terms of what the payout ratio might be going forward John said it's an annual payout so I think they will be taking into account not just the historic performance of the company or the balance sheet as it is today but they will be looking at what happens during 2026 and the outlook going into 2027 obviously They are fairly conservative in how they determine that payout ratio so I think they will really look to 2026 and the output for 2027 before they set the payout ratio for next year or for this year which they pay in 2027.

Thank you Chris.

What would be your second question?

Thank you John and thank you Chris on the colour. My second question is about Maya listing plan. So I think just now, just today, it was reported that GCash is looking for an IPO in October. And I have been browsing some relevant news reports as well. Although, of course, the IPO price is not confirmed yet. But I think I read somewhere that they are looking for a $8 billion kind of valuation. Or I think Reuters in June actually talked about that, you know, main-dependent companies looking to raise 1.5 US billion. So I'm just wondering, just to get a sense, right, how big is Maya compared to GCash? Like, and, you know, just to guesstimate the size that we are looking for. And are we still looking to list Maya sometime in 2027 as discussed last time? Thank you.

Mr. San, turn to you again, please.

I think it's not easy to do a direct comparison between the Maya business and Globe's Gcash business. Because really the focus of the business is somewhat different. The strength of Gcash is effectively the wallet, the Gcash wallet. Whereas you can see, I think this is page five of the presentation from the investor relations presentation, the one you have here, 25. 25. Oh, sorry. The real strength of Maya is in its fintech platform, and particularly the banking platform. You can see that the deposits have grown quite robustly. and the net interest margin is quite high. And on the basis of the deposit balance growing, the loans outstanding are also growing. So, I think the GCash valuation is helpful but it's not really going to drive the Maya valuation because the Maya valuation is really going to be driven I think principally by the FinTech stroke banking business of Maya but yes I think it's fair to say that we would I don't think we can do it as soon as Gcash but there would be an intention to list Maya at some stage in the not too distant future

So basically one's a wallet, the other's a bank.

Though Maya does have a wallet, but the bigger part of the business, the bigger part of the business of Gcash is the wallet, the bigger part of the Maya business is the fintechs or banking platform.

Okay, thank you much, Chris.

Thank you so much. I think the next participant has a question. This is Cherie. Please go ahead.

Okay, hello. So, I'd like to ask, given the current Nigeria condition, that is much better. Another impairment for Pine Hill Investment from Indofood. Thank you.

Sorry, Shireen. Please repeat your question. We lost you for a moment.

All right. So, given the current... Is there a chance of another impairment for Pine Hill Investment from Indofood?

No, we didn't fully catch your question, but I think if it's in respect of the possible Finehill impairment, which I think actually was not Finehill itself, it was the associated company in Nigeria. I think in both cases the answer would be no. I think the overall final business continues to perform well, so I think the likelihood of impairment, there's no real likelihood of impairment. In fact, in respect of the Nigerian business, one, the business has continued to perform well, and the local Nigerian currency, which I think is called the Naira, has actually I'm not sure if it's strengthened, but it has not really, it's steadied, it hasn't weakened in the past few months. So again, there's very little prospect or no need for any further impairment of that Nigerian associate there. I think the impairment when it happened was not really because the business underperformed. The business was doing well. It was the Naira The volume is quite sharply over a period of time.

As you can see, Sharina, on the bottom blue box on this page here, we've got very strong growth in Asia and Africa, inside of which are the Prineville businesses, 15% growth in sales. And that's by U.S. dollar measure. So we're actually feeling quite good about the business overall.

Jeff from CLSA has another question.

Yeah, thanks. I promise it's my last one. Can you remind us on the PLP how is the renewal schedule with the retail contracts looking for? I mean, basically how many years before another round of renewals of existing contracts? Thank you very much.

Jess, this is Eliza here. We have a whole range. I'm not at the liberty to tell you the exact percentage, but we have a whole range from one year, two years, to three years. We don't really have the super long-dated contracts that some of the other competitors have, but we're quite happy with, I would say, a very good distribution amongst those three different tenants.

Thank you, Eliza.

Do you have any other questions? I think they have answered all the questions. Chris, may I have you give us the closing remarks?

Sure. Well, thank you all for calling in today. I think, or I hope you've seen from the investor presentation that many of the group's companies have reported break-and-downings in the first half of the year. These included Indofood, ICPP, Moralco, Manilife and MPEG Stow Road businesses. So while the businesses will face some challenges going into the second half of the year, the continued strength of our businesses gives us confidence for the full year outlook. In comparison to our peers, I think we can Thank you again for calling in today. Thanks Chris. Thanks everyone for joining today's online meeting and you can leave comments at

Thank you.