Aboitiz Equity Ventures' nine-month profit rises 2% to P17.8B

Aboitiz Equity Ventures Inc. (AEV) posted a 2 percent increase in net income to P17.8 billion in the first nine months of 2026, driven by stronger contributions from its power and banking businesses despite weaker performance in other sectors.

However, the conglomerate's third-quarter net income fell to P4.1 billion from P8.9 billion a year earlier, reflecting challenges across its diversified portfolio.

AboitizPower remained the group's largest earnings contributor, accounting for 64 percent of the total, followed by banking and financial services at 23 percent and food and beverage at 21 percent. Infrastructure reduced overall earnings by 8 percent.

AboitizPower reported a 13 percent increase in net income to P26.2 billion from P23.3 billion, supported by higher electricity prices, increased contracted supply and additional capacity from the Caliraya-Botocan-Kalayaan Hydroelectric Power Plant Complex and new solar facilities.

The power subsidiary contributed P14.1 billion to AEV's earnings, although reduced coal plant availability weighed on its third-quarter performance.

Meanwhile, Union Bank of the Philippines recorded a 53 percent surge in net income to P9.9 billion, driven by higher lending income, banking fees and wealth management services.

UnionBank's revenues rose 8 percent to P65.5 billion, while total assets reached P1.2 trillion as of September. The bank contributed P5 billion to AEV's earnings.

AEV's food and beverage businesses, comprising Aboitiz Foods and Coca-Cola Europacific Aboitiz Philippines, contributed P4.7 billion, down from P5.2 billion a year earlier.

The decline reflected continued pressure on livestock and meat production from import competition and weaker domestic demand, despite improved performance in beverage sales and animal nutrition products.

In real estate, AEV's earnings plunged to P7 million from P1.7 billion, largely due to the absence of significant land sale gains recorded in 2025.

Infrastructure losses attributable to AEV reached P1.7 billion, including P1.2 billion from Republic Cement, as improvements in airport operations were offset by challenges in cement and water businesses.

Higher passenger traffic at Mactan-Cebu International Airport and contributions from Laguindingan and Bohol-Panglao International Airports helped narrow Aboitiz InfraCapital's losses.

As of 30 September, AEV maintained total assets of P1 trillion, with cash reserves of P84.8 billion and equity attributable to parent company shareholders of P301.9 billion.

The conglomerate also retained an investment-grade credit rating of A- with a stable outlook from Japan Credit Rating Agency, reflecting its diversified operations and financial position.