Ayala earnings flat on property slowdown

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May 14, 2026 | 12:00am

MANILA, Philippines — Ayala Corp., the country’s oldest conglomerate, finished the first quarter of 2026 with flat earnings at P11.2 billion as higher profit from its banking and telco units offset softer results from its property business.

Accounting for one-offs, Ayala’s net income declined by five percent year-on-year to P12 billion, primarily due to a high base last year, which included a P1.7 billion dilution gain from MUFG’s investment in Mynt.

“Given global macro conditions, our near-term focus is on resiliency through stronger cash generation, prudent cost management and disciplined capital allocation,” Ayala CEO Cezar Consing said, noting that Ayala’s portfolio is positioned for long-term value creation.

During the quarter, BPI’s net income improved by two percent to P16.9 billion, supported by strong revenue growth, which offset higher operating expenses and provisions.

Globe’s core net income, which excludes non-recurring items, rose by nine percent to P4.9 billion, driven by higher gross service revenues and improved equity earnings from affiliates.

Core earnings of ACEN, meanwhile, fell by 27 percent to P1.4 billion as higher generation from new international plants and the substantial restoration of Ilocos operations were offset by increased depreciation and net financing costs.

Ayala Land’s net income dropped by 23 percent to P5.4 billion as lower contributions of the property development business were partially offset by growth in leasing and hospitality revenues.

Across Ayala’s emerging businesses, AC Health posted a higher net loss of P143 million, up from P59 million, as higher manpower-related costs outpaced 24 percent revenue growth.

ACMobility, on the other hand, trimmed its core net losses to P109 million from P168 million on the back of strong volume growth and the absence of losses from prior portfolio divestments.

AC Logistics likewise narrowed its net loss to P167 million from P322 million, supported by lower variable costs, disciplined spend and a higher-quality revenue mix.

IMI saw an uptick in net income to $4.5 million from $3.7 million, driven by improved operating profitability and lower financing costs.