Alliance Global Group Inc. (AGI) delivered its strongest earnings to date in 2025, posting a record P30.6 billion in net income as its core businesses continued to expand despite a challenging economic environment.

The listed conglomerate said higher contributions from property, leisure, and hospitality operations drove growth, lifting consolidated revenues to P189.7 billion. Attributable profit rose 19 percent to P20.7 billion, reflecting improved performance across key segments.

The results also captured structural changes within the group, including the reclassification of its quick service restaurant arm, Golden Arches Development Corp., as an associate following a reduction in stake to 49 percent. One-time gains from asset revaluation also supported headline figures.

Stripping out non-recurring items, AGI reported a more modest but steady expansion, with normalized net income reaching P27.0 billion, up 2 percent year-on-year.

“Once again, the Group delivered another strong financial and operating performance in 2025 despite macroeconomic headwinds. Most of our businesses surpassed peer levels, particularly in the office, retail residential, and leisure and hospitality segments,” said AGI chief executive officer Kevin L. Tan.

“Our profitability was further supported by conscious cost efficiency measures which we intend to continue implementing across the business,” he added.

Property subsidiary Megaworld remained the largest earnings driver, benefiting from rising rental income and sustained occupancy across office, mall, and hotel assets. Leisure unit Travellers International also reported improved earnings, supported by higher gaming revenues and tighter cost controls.

Meanwhile, Emperador Inc. navigated softer global demand for spirits but maintained profitability through margin management and its broad international footprint.

The group said its diversified portfolio helped cushion the impact of external pressures, allowing it to sustain growth while maintaining operational discipline.

“While we face this year with cautious optimism, we are excited to advance several initiatives that showcase our pursuit of excellence. We look forward to balancing proactive improvements with a strategic response to ongoing geopolitical and macro challenges,” Tan said.