• Core net income rose 7 percent to a record P48.3 billion in 2025
• Reported net income jumped 46 percent to P61.4 billion on one-off gains
• Bank of the Philippine Islands and Ayala Land drove earnings growth
• AC Health and Integrated Micro-Electronics swung to profit
• Parent net debt fell 18 percent to P136.3 billion, improving leverage
The Zobel family-led Ayala Corp. delivered its highest-ever core profit of P48.3 billion in 2025, driven by strong banking and property results and profit turnarounds in healthcare and electronics manufacturing.
In a stock exchange filing on Friday, the country’s oldest conglomerate said core net income, which excludes one-off items, rose 7 percent year-on-year to a record P48.3 billion.
Including gains from asset sales and revaluations, reported net income jumped 46 percent to P61.4 billion.
The gains were fueled by stronger earnings from Bank of the Philippine Islands and Ayala Land and improving performance from several smaller units.
Management’s view
“Our strong performance in 2025 reflects the resilience of our core businesses and the steady progress of our emerging businesses,” said Ayala CEO Cezar P. Consing said.
“Even as the operating environment remains uncertain, we are entering 2026 with greater clarity and focus. Across the group, we will continue sharpening our portfolio, demanding stronger returns, and reinforcing balance sheet resilience to ensure we deliver sustainable value for our shareholders,” he added.
Banking anchors growth
Bank of the Philippine Islands remained the group’s biggest earnings contributor.
The lender posted net income of P66.6 billion, up 7 percent, supported by record revenues despite higher operating expenses and provisions.
Total revenues climbed 15 percent to P195.3 billion, driven by strong net interest income as loans expanded 15 percent to P2.6 trillion. Deposits also grew 9 percent to P2.8 trillion.
Return on equity stood at 14.5 percent.
Turnarounds in emerging units
Two smaller businesses posted notable improvements.
AC Health reported P34 million in net income, reversing a P607 million loss a year earlier as hospital and clinic operations expanded and prior KonsultaMD losses were no longer booked.
Integrated Micro-Electronics also returned to profit with $13.5 million in net income, compared with a $49.8 million loss the previous year following restructuring and cost controls.
Steady property gains
Ayala Land’s core net income increased 8 percent to P30.6 billion, supported by expanding leasing and hospitality operations and stable property development revenues.
Reported net income reached P39.1 billion after the one-time gain from selling its 50 percent stake in Alabang Commercial Corporation.
Leasing and hospitality revenues rose 7 percent to P48.7 billion, driven by higher mall occupancy, better office leasing, and stronger hotel performance.
Telco, power mixed
Globe Telecom’s core net income slipped 3 percent to P20.9 billion as higher depreciation and interest expenses offset record service revenues.
ACEN’s core net income rose 4 percent to P6.3 billion on higher renewable generation. However reported net income fell to P3.8 billion due to impairment charges linked to wind projects in Vietnam.
—Edited by Miguel R. Camus
