Good day, everyone. Thank you for joining the online briefing to discuss the First Pacific 2026, first 6 months financial and operating results.

The result we transition that is only available on the First Pacific website, www.firstpacific.com under the Investor Relations section Presentation page. Please note this results difference being recorded and the recording will be available on First Pacific website, this evening in the Investor Relations question.

If there's any participants on the media, please look the session is open for investors and analysts only. If you would like to raise questions, please contact us when the briefing 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.

Thank you much, Sara. Okay, folks who are looking at the presentation we posted on our website at lunchtime.

And let's begin with a new Page 3, which lists some of the highlights of the first half results of First Pacific and its operating companies. Our return profit, while it was down a little bit from 2025 first half, it was the second highest ever, and that's notwithstanding weaker rupiah and peso.

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 5 analysts who cover first specific they've all got by or outperformed recommendations.

Indofood continued its run of record highs with core 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 EBIT margin between 20% and 22%.

Interestingly, in the second quarter, as they reported on their own results conference call a couple of weeks ago, overseas noodle sales were up 31% in the second quarter. That's an important engine of growth for Indofood.

Now over at Metro Pacific, again, record high core profit driven mostly by Meralco, but growth from other businesses as well. And for the full year, core profit is likely to see fourth record high in a row.

Likewise, PLDT has its highest ever first half service revenues and EBITDA with positive free cash flow. Its credit rating, it's 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, we saw its contribution increased quite a bit in the first half of the year. Over at PacificLight, that's our LNG-fired power plant 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 now called Silangan, with rich reserves of copper and gold.

And we've got 2 Board Directors of that company here with us today, and they can tell you about that in the Q&A. In the meantime, it's older mine, Padcal doubled its contribution to First Pacific earnings with much higher metal prices notwithstanding lower volumes of production.

Let's skip over 2 pages to Page 5 with the usual snapshot of the shape of our gross asset value, $4.8 billion into foods just over 1/3. MPIC just over 1/4, and PLDT just over 1/5 with the Philex Group company.

That includes Philex Mining and PXP Energy as well as some notes issued to First Pacific by Silangan. That's just under 10%.

And then PLP, you see is 9% of our gap. And you might have noticed that we have incrementally been increasing its value to First Pacific, 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 1 page down.

We've got turnover up 6%, not quite a record high. We've seen it 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 6 months of the year.

So into MPIC, however, did deliver the highest ever first half revenues on continuing growth and demand for what they offer to their customers. Now while our recurring profit was down 1%, 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 HKD 0.03 per share, notwithstanding the decline in 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 core ratio is 4.8x at the end of June, well above our comfort level, and gross debt and net debt little change really from 6 months earlier. And our blended interest cost about 4.5% and average maturity of 3.4 years.

Now some of you, particularly if your 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 1/4 of all our borrowings.

And we've got the matter well in can. Now a quick brief look at Indofood.

Record highs for net sales and core profit and the outlook is very strong with ICBP sales being up as much as 7%. EBIT margin at 20% to 22%, and very healthy CapEx at IDR 5.5 trillion over at ICBP and for the rest of Indofood, another IDR 4 trillion.

Did I say [ rubles ]? Rupiah, another IDR 4 trillion.

Now on Page 9, a quick snapshot of CBP. Record high net sales and profit up just a little bit, 1%, IDR 5.4 trillion as cost of goods sold rose about 12% in local currency terms.

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 bottom 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 USD 1.2 billion. And as a reminder, that's the valuation when it was private launched way back in the autumn of 2023, I think.

Now if you look at the market caps of the 2 of its biggest companies, Mindanao and Meralco, that $1.2 billion 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 it personally it's very interesting because it implies that our NAV discount isn't really not what you might think it is if you're using the $1.2 billion.

Now turning to Page 14. We can look at the contribution from the main businesses.

Now the 3 biggest ones, Meralco toll roads and Maynilad, the water company listed in November, all delivered record high revenue and record high core profit, 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%.

And I won't still have a valuable time going blow by blow with all their operating companies. We can get into them during the Q&A.

So let's jump 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 PLDT, where it was up 1%, again, to a record high.

On the full year, these 2 items are expected again to report consecutive record highs. Now an important item for us to look at when considering PLDT is on Page 23.

As you can see, we've got that red line in 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 6 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 PLDT's profit in the first half of the year was up just a bit less than 40% to PHP 559 million versus PHP 406 million in the first half of 2025. As these various column charts down below show you the growth over 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 1 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 PacificLight 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 -- you can see on the line chart on below.

But the core profit was down 26%, that's a big line on the lower nonfuel margin for electricity sold under the new 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 operations 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 Padcal mine saw -- well, overall, the business saw revenues down 9% because of lower tonnage, frankly, the equipment at the Padcal mine, which has been going for over half a century is getting a little worn out, and there are breakages. So there was lower grades, but the prices for the metals as you can see in the blue box at the bottom right or very, very much higher, and that resulted in a big increase in core profit at 56%.

Now Silangan, 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 is 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 Padcal.

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 and 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, 5.5 years since then and the rupiah down 15%.

That's through to the June 30 exchange rate. While those are exempted 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 U.S. dollar profit number.

Because the IMS and many others expect that the signs of the economies of our 2 main markets will be doubling over the course of a 10-year period from 2020 to 2030. And that line chart there is from the IMS 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 6 months of the year. Executive Director, Chris Young has joined us eager to respond to the questions you're going to have.

Sara?

John, we are now ready for questions. Jeff has the first one.

Jeff, please go ahead.

Sorry, sorry, I just found out I was muted. Yes.

Thanks, John and Sara. So maybe starting with 3 questions.

The first one, I just want to check on the healthier expenses. I know the amount is not that big, but still on a year-on-year basis.

I think the other expenses rose about 3x Y-o-Y 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 touch a bit on the plan on bond refinancing, which will mature next year.

So just trying to maybe hear a little bit more planned about that. Do we aiming for issuing another bonds?

Or do we just going for bank loans in about 30 months as we refinance the debt? And the third question will be just regarding...

Jeff, let's start with the 2. Is that okay?

Maybe we can come back with the third.

Okay, sure. No problem.

And of course, our CFO, Joseph Ng, will help you with both of those.

Jeff, it's Joseph here. Maybe I respond to the second one first.

I mean the bond refinancing. The $350 million bond in September.

So in 2027. So we have a little bit more than 12 months ago.

And we are monitoring the market close here. At the same time, we are talking to quite a number of banks in making that to give a proposal, and we will explore also of refinancing options, including both the bond market as well as the bank market as well.

So we actually received quite a number of good closes in the math. So we are looking into order proposals.

So as of now, we are not in a rush to get into either 1 of those 2 solutions. We are just monitoring market the market, in particular, interest rate market is, as you know, is very volatile, both the [indiscernible] and U.S.

Fed and people have a lot of speculation as to what the U.S. trend will do and also people speculating as to what will be the impact to the long end of the curve after the U.S.

Treasury coming up up with lots of different news [indiscernible] all sorts of buybacks and all sort of things. And fundamentally, that also ties to what's happening to the inflation, the new round of trade war and the Middle East crisis as well.

So all these are very volatile, so we monitor that closely. And I think in due course, I think the management and the core committee decision as to whether we go ahead.

Now in terms of timing, people are talking about whether we should go say, in the fourth quarter, before after the election and maybe coming back next year -- early next year when the market has new budget on the investor side or even a later part of that. So we are addressing all these advisers from given banks.

And as I say, we have some time to assess the situation and make the decision. On the other expenses, I think you're referring to the kind of the corporate overhead and other expenses.

And if the -- we also noticed that there's a kind of an increase in the other expenses, I think it's mainly because of the provision of approval of certain long-term kind of incentive expenses at headquarters level, because in 2025, June of 2025, we started a mid-cycle of long-term incentive scheme. So for the first 6 months of 2025, it will take maybe half a month kind of P&L provision on it.

what the full 2026, we have 6 months deal. So I think that's the main reason for driving up the so-called accrual provision for certain long-term incentive expenses.

Okay. Thank you, Joseph.

Let's move on to the next question. Sara?

The next one will be from Timothy from Citi.

Sorry, I thought, Jeff, sorry, [indiscernible] my first. I got some questions on PLP.

So first of all, congratulations on the ground breaking next month, I think I saw it on the announcement. Does management expect some timing gap after the commercial operation that is targeted in 2Q '29 before the plan to ramp to its full capacity.

And is it fair to assume the financing done like account for 40% of the total budget as previously guided. I think in the announcement, it reset USD 440 million.

So in other words, does that mean the total budget will be somewhere around USD 1.1 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 I 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 as necessary, Joseph...

I'll talk about PLP.

Yes, I think that's what he's talking about.

I think it's very important, Timothy, the project cost for the PLP front is somewhere around the -- I think as shown here in this slide is about $1.2 billion. thing or USD 900 million then about.

And I think equity requirements for that is somewhere around [ $450 million ] thereabout. And we need to contribute roughly 42% of that.

So our share of that to do may be somewhere around USD 150 million. And you are correct that the depot of the capital investment showing the cash flow $44 million, $45 million about what that's actually for kind of our support to the equity portion for the project.

So that's kind of the first part in the course of the remaining part of 2026 and certain for 2027, we still need to put in some more money to meet our -- stay altogether roughly $150 million capital investment into the project. But bear in mind, at the same time, we also collect dividends.

We continue to collect dividends on PLP. So it's not that it's all one side on the investment actually.

The financial discipline we imposed a PLP that while we need to kind of get the dividend from that. And then when they need the money, they need the equity, then we put the money in.

So that's the kind of the prudent financial discipline we imposed on PLP. So I hope that has addressed your question.

Joseph, we're not borrowing to finance our equity contribution.

No, no, actually, it's all cash flow. Our debt level, I think grows at 1.47% and the net probably 1.3 something, remains unchanged.

And I think there was an earlier question about the $350 million are refinancing is all refinancing and all the things that we are doing at the headquarters level in the recent past and going forward until 2027. I think the focus of that is on refinancing.

We have no plan of taking on any new debt at the headquarters level.

Does that answer it Timothy?

Yes. But maybe I have some color on the operation after like early -- in the early years of 2029.

Are we expecting the plant to be operating in almost full capacity at the getgo? Or shall we expect some kind of timing gap before significant or meaningful contribution from the new plant?

Well, I think it's just 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 new front, right?

Because we talked about 2029. I think the current time table is up and running until maybe the first quarter or second quarter of 2029.

So you are talking about from today's '26, '27 -- so more than 2.5 years ago. So typically, the existing POP contract lasts between 1 year to 3 -- 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 the situation to sign the contract at the delay in construction and completion that sort of thing. So I think it's just too early to say at this point in time.

Was all about 1 question, Timothy?

Yes, yes. So that was -- sorry, sorry, 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 Singaporean peer and here that Shell has actually taken some kind of forced mature terms, which might lead to gas cost hike despite of the long-term contract. So I'm just wondering if we are seeing similar discussions going on between PLP and Shell on that.

And for the nonfuel margin squeeze, given the retail contract terms, usually last maybe 1 to 5 years and with a peak retail on track which I assume would be dating back to 2022. Are we seeing this kind of margin squeeze to be stabilizing after the current first half 2016 levels?

Maybe I'll address the first part. The Shell, I think it's not a secret in the market that Shell -- they trigger some sort of course, major provision under the contract because they saw some of the gas from Middle East -- in the Qatar and they trigger certain kind of force majeure material what we show in the contract.

And that's on the contractual side, but commercially, there's been kind of ongoing very close regular kind of discussion between Shell and for us, PLP as to how to handle the situation. And for a situation like this mentally you get in the situation of getting alternate resources through Shell and other resources to try to puck.

And I think so far, we have been having a very good kind of conversation discusses with Shell and to manage this situation. So on one hand, they are triggering the Force majeure position.

So on the other hand, they're helping us to source the kind of alternate gas from other places and this kind of a timing difference. They give us the gas from other countries and as on the future, then kind of gradually kind of if you like repay or cut back the gas supply from a share 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 [indiscernible] overall. So the impact is not as what we have expected initially.

Thank you, Joseph. Sara?

I think the next one will be on Tony.

Thank you for the opportunity. I want to ask specifically for input.

I haven't seen the standard of price has increased for the recent 2 to 3 years maybe in this current environment with raw material price up. Is there any chance that maybe [indiscernible] price will increase in the future?

Tony, I'm sorry to not be very helpful. But 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.

The next one will be Anthony.

I think you mean me, it's Tony Watson here. 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 company.

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 you'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 bond from ICBP.

Yes. Tony you're referring the division we saw that we are showing here on the screen.

The $51 million foreign exchange loss, a big part of that is attributable to Indofood. $2.75 billion on the they have a tranche of 10 years more in another 30 years advocating $2.75 billion.

And if you do the calculation of about 6% depiction role in the first 6 months of 2026. Than netting of the tax and everything.

So that's something like $40-something million already attributable to that bonus. So that's a big part of that.

Of course, there are some other smaller items. But -- all in all, I mean, that's basically that the foreign exchange loss at the Indofood level.

But mind you that even though they are not hedging. They are not hedging the $0.75 billion foreign exchange exposure, if you like.

And 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 million to $900 million of the day. So not hedging it, so taking the P&L heat on that hand, they also have the dollar cash.

So if you go back to the net debt or the net expossure -- FX exposure of Indofood you see that the net dollar exposure is somewhere around $1.8 billion, $1.9 billion, remember. It is not a $2.7 billion.

And difference of $800 million to $900 million cash that they are holding.

Yes. Okay.

Great. That's helpful.

I think I can work through that. The other thing is just I want to put my hand up for the mine tour if and when that happens.

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

The next one is back from Jeff again.

So switching gear a bit to Meralco. I know with respect to the recent, I think the news about potential charges on the distribution loss.

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.

No, Jeff, there are really not any key dates to look for. But what you're asking about is one of the parts of the electricity bill that household and business received, there are several parts.

There's generation fee, there's a transmission fee, the distribution fee, which goes to Meralco, system loss is another fee, generation fee, of course, goes to the producers. Now the system loss fee pays for the electricity, which has lost quite naturally as electricity moves through the cables.

You ship out 100 maybe 99.5 arrives and that 0.5, which doesn't arrive, gets put into the bill as the system loss. Some time ago, and 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 Meralco, 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 Meralco 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 will be Diego.

Could you give us a color on the potential combination of the Toll Roads of MPIC with the FMC Group Toll Roads. And also if that ends up happening, the 3 largest pieces of MPIC will have a much more updated valuation.

I mean, Meralco, Maynilad and the Toll Roads. If that happens, would you consider changing how you account for its NAV.

How first Pacific accounts for the NAV of MPIC, Diego?

Yes, exactly.

Well, I think eventually, we will adapt how we view the value of MPIC as we get more solid valuations of the units, are you reminding us that Meralco is listed, so you can see the value of our economic interest. First Pacific economic condition on Meralco's about 23%, I believe.

And with the listing of Maynilad in November, we have a good hard number on that as well and the implication of your question about a Toll Roads merger between Silangan and MPTC would give us a value of a solid number for the toll roads business. Certainly, these 3 factors would definitely militate for a revaluation of how we value MPIC.

Our 49.9% stake has a value since the delisting back in the autumn of 2023. Chris, I appeal, any color you can add to 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 business at some stage. I think the challenge is that net asset value or valuation is not the way financial segments are prepared financial statements that are prepared and audited are on a historical cost basis.

So within the broader financial statements of First Pacific, 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 counter principles and what will be evaluation of the business.

That is not to say that investors, analysts our Investor Relations department cannot themselves do a value and look through valuation of the business. But I think you will find, unfortunately, [indiscernible], 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 on a normally a basis 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 discussions on the basis of getting the credit rating upgrade from S&P when they take a fresh look about the valuation of MPIC.

And that on that basis, we see basically look through the corporate share of MPIC and also address the point that Chris has mentioned, taken a more commercial approach to value the underlying asset of MPIC given that 2 of the 3 major assets. under MPIC, the water business and the power distribution generation business are both leased.

The only one unlisted is actually the Toll Roads that comes for a big part of MPIC. And then of course, there's a certain amount of debt at MPIC, Diego.

But on that basis of non opportunities basically be valued at a high value of MPIC on the basis of that the kind of the value of MPIC is much higher than what we show in the books. It was also much higher than the monetization value at PHP 2.6, I think, PHP 2.6 per share.

Sorry, PHP 5.2 during the privatization exits. So that's kind of validated by S&P in the rating process.

I mean, all the investors and fund their own view as to 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 billion.

We have Timothy have additional questions. Please go ahead.

I have 2 questions. The first one is about Indofood on this payout.

So if I calculate that correctly, implied payout ratio will be somewhere around 24%-ish of the earnings per share for what they are paying for PHP 2.90 per share. And given Indofood pretty solid cash balance, I think, is around USD 3 billion at the end of the first half.

I'm just wondering if there's any clue on -- or any color on what they are going to do with the cash balance? And is there any consideration or at least intend to think about raising the payout ratio on the end.

And I will 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 1 dividend a year generally in the late summer time. So the last time Indofood spend money like that, it was, what, 6 years ago when they bought noodles businesses in Middle East and North Africa.

That was, I think, $2.98 billion they spend how they might spend a similar figure of money now is the question you asked and is it a long way of me saying, I can't answer that question. So sorry.

I don't think it has any specific plans for that at the moment. And in terms of what the payout ratio might be going forward, as 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 we'll be looking at what happens during 2026 and the outlook going into 2017. Obviously, they are fairly conservative in how they determine that payout ratio.

So I think that they will really look to 2026 and the outlook for 2027 before they set payout ratio for next year -- or for this year, we did in 2027.

What would be your second question?

My second question is about my listing plan. So I think just now like just today, it was reported that cash is looking 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 $8 billion kind of valuation? Or I think Reuters in June actually talked about that main parent companies looking to raise USD 1.5 billion.

So I'm just wondering, just to get a sense like how big is Maya compared to GCash like -- and just to guesstimate the size that we are looking for. And are we still looking to list by sometime in 2027 as discussed last time.

Chris, let's turn to that 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 where as you can see, I think this is Page 5 of the presentation from the Investor Relations presentation, the one you had here [indiscernible] '25.

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 flow growth, the loans outstanding are also growing. So -- it's -- I think the GCash valuation is helpful but it's not really going to drive the Maya valuation because the Maya evaluation 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 it would be an intention to list Maya at some stage in the not too distant future.

Basically once a while at the other bank.

No, Maya does have a wallet. But the bigger part of the business.

The bigger part of the business, I think GCash is the wallet, the bigger part of the Maya business is the Fintech road banking platform.

I think the next participant a question, [ Ms. Sareena ].

So I'd like to ask, given the current Nigeria condition that is much better [indiscernible] another impairment for final Investment from Indofood.

Sorry, Sareen. Please repeat your question.

We lost you for a moment.

All right. So given the current [indiscernible].

Is there any chance of another impairment for Pinehill investment from Indofood.

No. We didn't fully catch your question.

But I think give us in respect of the possible Pinehill impairment, which I think actually was not Pinehill itself. It was the associated company in Nigeria.

I think -- in both cases, the answer would be no. I think the overall Pinehill 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 it's called the naira has actually -- I'm not sure if it's strengthened, but it has not really -- it's steady. It hasn't weakened in the past few months.

So again, very little prospect or no need for any further impairment of that Nigerian associated there. I think the impairment when it happened, was not really because the business underperformed.

The business was doing well. It was that the naira devalued quite sharply over a period of time.

As you can see, [ Sareena ] on the bottom blue box on this page here, we have very strong growth in Asia and Africa inside of which are the Pinehill 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 Kiang from CLSA has another question.

I promise this is 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.

Jeff, this is Eliza. We have a whole range.

I'm not at the liberty to retaliate that percentage, but we have a whole range from 1 year, 2 years to 3 years. We don't really have the super long-dated contracts that almost the other competitors have.

But we're quite happy with, I would say, a very good distribution amongst those 3 different tenants.

I think we have answered all the questions. Chris, may I have you give us the closing remarks?

Well, thank you all for calling in today. I think -- I hope you've seen from the investor presentation that many of the group companies have reported record earnings in the first half of the year is included Indofood, ICBP, Meralco, Maynilad and Toll Road businesses.

So while the businesses will face some challenges going into the second half of the year, the continued trend of our businesses gives us confidence for the full year outlook. In comparison to our peers, I think we can continue to consider ourselves to be undervalued.

But we feel that First Pacific is well placed to continue to grow in the medium term as well. So we do get in touch if you need a follow-up.

And remember, our IR team will be visiting fund managers abroad in the next several weeks. So thank you again for calling in today.

Thanks, Chris. Thanks, everyone, for joining today's online evening, and you can disconnect.

Thank you.