AEV profit inches up despite Q3 plunge
Aboitiz Equity Ventures Inc. (AEV) posted a modest 2-percent increase in net income to P17.8 billion in the first nine months of 2026, as strong earnings from its power and banking businesses cushioned a sharp decline in third-quarter profitability.
In a Friday disclosure, the company said stronger earnings from its power and banking businesses supported overall growth despite varying market conditions across its industries.
The conglomerate’s earnings momentum weakened from July to September, when net income plunged 54 percent to P4.1 billion from P8.9 billion a year earlier.
AboitizPower remained AEV’s biggest earnings driver, contributing P14.1 billion as its nine-month net income climbed 13 percent to P26.2 billion from P23.3 billion.
Higher electricity market prices, increased contracted capacity, and additional contributions from the Caliraya-Botocan-Kalayaan Hydroelectric Power Plant Complex and new solar facilities.
These gains offset lower coal plant availability during the nine months, although the latter dragged AboitizPower’s third-quarter earnings down to P7.8 billion from P10.6 billion.
“The company also continued expanding its energy portfolio, including the groundbreaking of a 60-megawatt battery storage facility in Cebu in July to help strengthen grid reliability,” AEV said.
Union Bank of the Philippines also helped sustain the conglomerate’s profitability, with net income surging 53 percent to P9.9 billion on stronger lending, banking fees and wealth management income.
The bank contributed P5 billion to AEV’s earnings as total revenue grew 8 percent to P65.5 billion.
However, weaker contributions from other businesses limited the conglomerate’s overall profit growth.
AEV’s food and beverage businesses contributed P4.7 billion, down from P5.2 billion last year, as higher beverage sales and gains in animal nutrition were partly offset by import competition and weaker demand in farms and meat production.
Property earnings also plunged to just P7 million from P1.7 billion, largely because substantial land sale gains were absent and the timing of economic estate lot sales shifted.
Infrastructure remained a drag, with attributable losses reaching P1.7 billion, including P1.2 billion from Republic Cement.
Higher airport passenger traffic and telecommunications tower expansion helped narrow Aboitiz InfraCapital’s losses to P520 million from P668 million, but these improvements were insufficient to offset continued weakness in cement operations.
As of the end of September, AEV maintained total assets of P1 trillion and cash reserves of P84.8 billion, while total liabilities increased to P621.2 billion from P609.1 billion at the end of 2025.