The ramped-up investments in renewable energy and infrastructure dampened Aboitiz Equity Ventures Inc. (AEV)’s consolidated net income — P3.2 billion — in the first quarter of the year; the amount is slightly lower than last year’s bottom line.

In a report on Wednesday, the company said its power business remains its primary growth driver.

“While revenues slightly dipped due to lower power selling prices, this reflects favorable cost trends — particularly in terms of fuel and supply. Our focus remains on the quality of earnings, and not just topline growth,” AEV President and CEO Sabin M. Aboitiz said.

More opportunities in 2025

“Looking to 2025, we see even more opportunities to create value for our shareholders and contribute to national development,” he added.

Aboitiz Power Corp., the Group’s power unit, contributed 62 percent of net income during the quarter.

It energized new solar projects in Laoag with 159 megawatts (MW) capacity, Armenia with 45 MW, and Calatrava with 173 MW, which helped offset the impact of scheduled plant outages and market pricing headwinds.

“With more renewable capacity coming online, AEV is shaping a future where clean and reliable energy powers Philippine development,” Aboitiz said.

Expansion in key sectors

AEV’s infrastructure arm, Aboitiz InfraCapital (AIC), continued expansion in key sectors, including airports.

The segment posted a short-term loss due to increased investments, which the company said supports its long-term infrastructure strategy.

The Food and Beverage segment posted a 54 percent increase in net income to P1.4 billion, driven by improved margins in Aboitiz Foods’ flour and agribusiness operations, and the full contribution of Coca-Cola Europacific Aboitiz Philippines.

UnionBank recorded an 8 percent year-on-year revenue increase, supported by consumer lending growth and improved margins. Non-recurring digital investments weighed on net income but are expected to support long-term growth.

AEV closed the quarter with P926.9 billion in assets, up 4 percent from end-2024, and maintained a current ratio of 1.0x and sound leverage levels.

Bold transformation

“As the Aboitiz Group’s portfolio manager, AEV is leading our bold transformation into the Philippines’ first techglomerate,” Aboitiz said.

“Our mission goes beyond profit — we are committed to building a nation that thrives on innovation, sustainability, and inclusive progress.”