Softer first half pulls down AEV profits

Aboitiz Equity Ventures Inc. (AEV) reported a consolidated net income of P17.3 billion for the first nine months of the year, down 8 percent from P18.8 billion a year earlier, as a softer first half offset improved third quarter results.

Power accounted for 60 percent of AEV’s total net income contributions from its strategic business units in the first nine months, followed by food and beverage with 25 percent.

Financial services, real estate, and infrastructure contributed 15 percent, 5 percent, and -5 percent, respectively, the company said in a stock exchange report on Tuesday.

Despite the softer first-half results, AEV noted that its third-quarter net income surged 71 percent to P8.9 billion from P5.2 billion in the previous quarter, lifted by stronger performance across nearly all business segments.

Aboitiz Power Corp. posted a net income of P23.3 billion for the first nine months of 2025, including foreign exchange and derivative gains, slightly lower than last year due to higher expenses and weaker market prices.

Its core net income reached P23.1 billion, down from P27.2 billion a year earlier, reflecting the full impact of depreciation and interest expenses from GNPower Dinginin Ltd. Co.

Beneficial EBITDA stood at P56.3 billion, almost flat compared with P56.1 billion in the same period last year. Fresh contributions from Chromite Gas Holdings Inc. and new solar plants in Laoag, Armenia, and Calatrava helped support performance but were offset by lower spot market prices. 

As a result, AboitizPower’s net income contribution to AEV amounted to P12.5 billion, 14 percent lower than P14.5 billion a year earlier.

In financial services, Union Bank of the Philippines recorded a net income of P6.5 billion for the first nine months, 24 percent lower year-on-year, as higher operating costs tempered revenue gains. Still, net revenues rose 7.2 percent to P60.5 billion, buoyed by sustained consumer loan growth.

Real estate operations also contributed positively, with Aboitiz Land Inc. and its subsidiaries posting a consolidated net income of P879 million, up 69 percent from P521 million a year earlier, mainly driven by gains from asset monetization.

The food and beverage segment, which includes Aboitiz Foods Holdings Inc., Aboitiz Foods Pte. Ltd., and Coca-Cola Europacific Aboitiz Philippines Inc., delivered a net income contribution of P5.2 billion, 25 percent higher than the previous year, supported by strong volumes and margins across flour, farms, livestock, and trading businesses.

Meanwhile, Aboitiz InfraCapital Inc. posted a net income contribution of P137 million, marking a turnaround from a P148 million net loss last year. The recovery was driven by stronger performance from Economic Estates, Mactan-Cebu International Airport, and Unity Digital Infrastructure Inc. 

However, AEV’s share in Republic Cement & Building Materials Inc.’s loss widened to P1.1 billion from P726 million amid weaker cement demand.

As of 30 September, AEV’s consolidated assets rose 9 percent to P971.1 billion, while equity attributable to equity holders of the parent climbed 3 percent to P292.5 billion.