The country's oldest conglomerate, with interests in banking, property, telecom and energy, earned P34.5 billion in core profit, excluding one-time items, while reported profit dropped 22 percent to P36.3 billion.
The results came as Philippine economic growth slowed to 2.1 percent in the third quarter, with weak consumer spending, a depreciating peso and softer property demand weighing on businesses.
Ayala shares closed Thursday down 0.54 percent at P557 but remained more than 20 percent higher since the start of 2026 despite economic and market turbulence.
Management’s view
Ayala Corp. CEO Cezar Consing said the group was seeing stronger contributions from newer businesses, even as some of its biggest operations faced slower growth.
“Our results reflect the benefits of strengthening and rebalancing the portfolio over the past several years. Improving contributions from our growth platforms, narrowing losses from emerging businesses, and disciplined capital allocation are helping build a more resilient earnings base,” Consing said.
GCash, energy provide lift
GCash operator Mynt emerged as a bright spot, with profit rising 17 percent to P16.5 billion as lending revenues jumped 40 percent and its loan portfolio expanded 43 percent to P79.3 billion.
Other businesses also helped cushion weaker earnings:
Debt situation?
Ayala's parent company debt, after deducting cash, rose 10 percent to P149.6 billion, although cash reserves also increased 14 percent to P15.7 billion.
Including its subsidiaries, debt climbed 13 percent to P722.9 billion, reflecting higher borrowings across the group.
Still, 70 percent of the parent company's loans carry fixed interest rates, helping keep borrowing costs more predictable.
Real estate, banking slowdown
Ayala's larger businesses posted mixed results as higher costs and softer property demand weighed on profits.
Bank of the Philippine Islands' profit eased 3 percent to P48.9 billion despite 14-percent loan growth, as the bank set aside more money for possible unpaid loans and spent more on operations.
Ayala Land's profit declined 18 percent to P17.5 billion as property development revenues fell 24 percent and new property reservations dropped 25 percent, although malls, offices and hotels helped offset the slowdown.
Globe Telecom's core profit was steady at P15.5 billion as service revenues rose 6 percent to a record P129 billion, but higher interest and other expenses absorbed the gains.
—Edited by Miguel R. Camus
