The rating reinforces AEV’s investment-grade profile and reflects the conglomerate’s push to build a more stable and balanced earnings platform beyond power.
Management’s view
“This rating reflects the strength of our diversified portfolio, the resilience of our operating businesses, and the discipline of our long-term approach to growth,” Aboitiz Group president and CEO Sabin Aboitiz said.
“As we continue to scale our businesses, we remain focused on creating sustainable long-term value while maintaining financial prudence and operational discipline,” he added.
New growth engines
While Aboitiz Power Corporation remains the group’s core earnings engine, JCR highlighted the growing contribution of Union Bank of the Philippines, Aboitiz InfraCapital, Inc. and Coca-Cola Europacific Aboitiz Philippines, Inc. in broadening exposure to banking, infrastructure and consumer-driven sectors.
The agency also cited AEV’s expansion into renewable energy, LNG, airports, water and digital infrastructure as supportive of long-term growth despite market uncertainty.
Portfolio shift
JCR pointed to AEV’s increasingly diversified earnings mix, with non-power businesses now accounting for 42 percent of beneficial EBITDA in 2025.
That marks a significant transition for a conglomerate historically anchored on power.
—Edited by Miguel R. Camus
