Major Estimate Revision • Jun 26
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from ₱0.279 to ₱0.321. Revenue forecast steady at ₱12.5b. Net income forecast to grow 351% next year vs 7.5% growth forecast for Electric Utilities industry in Philippines. Consensus price target of ₱4.90 unchanged from last update. Share price was steady at ₱4.60 over the past week. Announcement • Jun 17
Citicore Renewable Energy Corporation Declares First Cash Dividend, Payable on 12 August 2026 Citicore Renewable Energy Corporation declared cash dividends amounting to PHP 250 million, equivalent to PHP 0.0224 per share. The declaration marks the CREC's first dividend since its listing on the Philippine Stock Exchange in June 2024 and reflects the Company's strong earnings performance and disciplined capital management as it continues to execute its renewable energy growth strategy. The Board of Directors approved the cash dividend declaration on 17 June 2026. Shareholders of record as of 17 July 2026 will be entitled to receive the dividend, which will be payable on 12 August 2026. Announcement • Jun 12
Citicore Renewable Energy Corporation Announces Appointment of Michelle A. Magdato to Deputy Chief Financial Officer, Effective June 8, 2026 Citicore Renewable Energy Corporation held an Organizational Board meeting on June 8, 2026, and approved the appointment of Ms. Michelle A. Magdato as Deputy Chief Financial Officer effective June 8, 2026. Announcement • Jun 09
Citicore Renewable Energy Corporation Announces Executive Changes Citicore Renewable Energy Corporation announced resignation of Atty. Raymund Jay S. Gomez as Chief Compliance Officer. He will be replaced by Atty. Danica C. Evangelista and resignation of Ms. Athena Ava Alsol as Treasurer. She will be replaced by Ms. Michelle A. Magdato. Reported Earnings • May 16
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₱1.14b (down 19% from 1Q 2025). Net income: ₱272.4m (up 98% from 1Q 2025). Profit margin: 24% (up from 9.8% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Electric Utilities industry in Asia. Announcement • May 14
Citicore Renewable Energy Corporation to Report Q1, 2026 Results on May 14, 2026 Citicore Renewable Energy Corporation announced that they will report Q1, 2026 results on May 14, 2026 Reported Earnings • Mar 31
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ₱0.074. Revenue: ₱5.32b (up 3.4% from FY 2024). Net income: ₱745.5m (up 21% from FY 2024). Profit margin: 14% (up from 12% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 65% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Electric Utilities industry in Asia. Announcement • Mar 27
Citicore Renewable Energy Corporation, Annual General Meeting, Jun 08, 2026 Citicore Renewable Energy Corporation, Annual General Meeting, Jun 08, 2026, at 14:00 W. Australia Standard Time. Announcement • Jan 05
Citicore Renewable Energy Corporation Announces Retirement of Abigail Joan R. Cosico as Director and Chief Investor Relations, Corporate Communications, Effective January 1, 2026 Citicore Renewable Energy Corporation announced that during the special board of directors meeting held on January 5, 2026, the board of directors noted and approved the retirement of Ms. Abigail Joan R. Cosico as Director and Chief Investor Relations, Corporate Communications, and Branding Officer, effective January 1, 2026. Ms. Abigail Joan R. Cosico retired to pursue personal endeavors. Reported Earnings • Nov 15
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₱1.15b (down 11% from 3Q 2024). Net income: ₱242.0m (up 18% from 3Q 2024). Profit margin: 21% (up from 16% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 66% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Electric Utilities industry in Asia. Announcement • Nov 12
Citicore Renewable Energy Corporation Announces Executive Changes, Effective November 12, 2025 During the regular board of directors meeting held on 12 November 2025, the board of directors of Citicore Renewable Energy Corporation approved the resignation of Ms. Michelle A. Magdato as Treasurer, and the appointment of Ms. Athena Ava Alsol as Treasurer, effective 12 November 2025. Ms. Michelle A.Magdato resigned as Treasurer due to personal reasons. Recent Insider Transactions • Oct 04
Insider recently sold ₱876k worth of stock On the 1st of October, Abigail Joan Cosico sold around 200k shares on-market at roughly ₱4.38 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱128k more than they bought in the last 12 months. Announcement • Aug 22
Citicore Renewable Energy Corporation Elects Abigail Joan R. Cosico as Member of the Board of Directors Citicore Renewable Energy Corporation announced that the special stockholders meeting held 20 August 2025, the stockholders approved the election of Ms. Abigail Joan R. Cosico as a member of the board of directors, subject to and effective on the final approval by the Securities and Exchange Commission of the amendment of the articles of incorporation to increase the number of board seats to eight (8). Board Change • Aug 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Lead Independent Director Topper Coronel was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 15
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₱1.26b (up 16% from 2Q 2024). Net income: ₱305.5m (up 177% from 2Q 2024). Profit margin: 24% (up from 10% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 60% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Electric Utilities industry in Asia. Announcement • Aug 14
Citicore Renewable Energy Corporation to Report Q2, 2025 Results on Aug 13, 2025 Citicore Renewable Energy Corporation announced that they will report Q2, 2025 results on Aug 13, 2025 New Risk • Jul 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). High level of non-cash earnings (56% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Shareholders have been diluted in the past year (25% increase in shares outstanding). Announcement • Jun 20
Citicore Renewable Energy Corporation Announces Resignation of Abigail Joan R. Cosico as Director, Effective 18 June 2025 Citicore Renewable Energy Corporation at its special meeting held, 18 June 2025, the Board of Directors of the company noted and approved the resignation of Ms. Abigail Joan R. Cosico as director of the Corporation, effective 18 June 2025. Reason: In anticipation of the subsequent election of a new director. Major Estimate Revision • May 23
Consensus revenue estimates fall by 16% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₱8.94b to ₱7.49b. EPS estimate fell from ₱0.276 to ₱0.221 per share. Net income forecast to grow 189% next year vs 6.9% growth forecast for Electric Utilities industry in Philippines. Consensus price target up from ₱3.90 to ₱5.00. Share price was steady at ₱3.85 over the past week. Reported Earnings • May 16
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₱1.41b (up 35% from 1Q 2024). Net income: ₱137.9m (up 2.2% from 1Q 2024). Profit margin: 9.8% (down from 13% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Electric Utilities industry in Asia. Reported Earnings • Apr 09
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ₱0.076 (down from ₱0.096 in FY 2023). Revenue: ₱5.15b (up 40% from FY 2023). Net income: ₱618.3m (down 9.7% from FY 2023). Profit margin: 12% (down from 19% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 35%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 54% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Electric Utilities industry in Asia. Announcement • Apr 04
Citicore Renewable Energy Corporation, Annual General Meeting, Jun 09, 2025 Citicore Renewable Energy Corporation, Annual General Meeting, Jun 09, 2025, at 14:00 W. Australia Standard Time. New Risk • Nov 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.4% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.4% operating cash flow to total debt). High level of non-cash earnings (74% accrual ratio). Reported Earnings • Aug 16
Second quarter 2024 earnings released Second quarter 2024 results: EPS: ₱0.015. Net income: ₱110.3m (up ₱110.3m from 2Q 2023). Revenue is forecast to grow 62% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Electric Utilities industry in Asia. Announcement • Aug 08
Citicore Renewable Energy Corporation Appoints Raymund Jay S. Gomez as Chief Compliance Officer During the organizational meeting of the Board of Directors of Citicore Renewable Energy Corporation held on August 7, 2024, the Board approved the appointment of Raymund Jay S. Gomez as Chief Compliance Officer of the company, effective August 7, 2024. Recent Insider Transactions • Jul 16
President recently bought ₱11m worth of stock On the 12th of July, Oliver Tan bought around 4m shares on-market at roughly ₱2.61 per share. This transaction increased Oliver's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Oliver has been a buyer over the last 12 months, purchasing a net total of ₱22m worth in shares. Announcement • Jun 22
Citicore Renewable Energy Corporation, Annual General Meeting, Aug 07, 2024 Citicore Renewable Energy Corporation, Annual General Meeting, Aug 07, 2024, at 14:00 W. Australia Standard Time. Announcement • Jun 20
Citicore Renewable Energy Corporation Appoints Steven Angelo Michael C. Sy, Assistant Corporate Secretary; and Corporate Information Officer Citicore Renewable Energy Corporation announced that The Board of Directors, at a special meeting held on 19 June 2024, approved the appointment of Mr. Steven Angelo Michael C. Sy, the Corporation's Corporate Legal Counsel, as the Corporation's (i) Assistant Corporate Secretary; and (ii) Corporate Information Officer, effective 19 June 2024. Announcement • Jun 08
Citicore Renewable Energy Corporation has completed an IPO in the amount of PHP 4.821431 billion. Citicore Renewable Energy Corporation has completed an IPO in the amount of PHP 4.821431 billion.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 535,715,000
Price\Range: PHP 2.7
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 1,250,000,000
Price\Range: PHP 2.7 Board Change • Jun 07
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. was the last director to join the board, commencing their role in . The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 28
SM Investments Corporation (PSE:SM) acquired 28.79% stake in Citicore Energy REIT Corp. (PSE:CREIT) from Citicore Renewable Energy Corporation (PSE:CREC) for PHP5 billion. SM Investments Corporation (PSE:SM) acquired 28.79% stake in Citicore Energy REIT Corp. (PSE:CREIT) from Citicore Renewable Energy Corporation (PSE:CREC) for PHP5 billion on March 27, 2024.SM Investments Corporation (PSE:SM) completed the acquisition of 28.79% stake in Citicore Energy REIT Corp. (PSE:CREIT) from Citicore Renewable Energy Corporation (PSE:CREC) for PHP5 billion on March 27, 2024. 
