• Net income climbs to P30.98 billion, up 7 percent
• Fourth straight year of record earnings
• Bank unit delivers 46 percent of total profit
• Dividends hit P13.53 billion, 46.8 percent payout
LT Group, Inc. booked P30.98 billion in consolidated attributable net income in 2025, beating P28.92 billion in 2024 and extending its record streak to four years.
The surge was anchored by banking, steady tobacco equity income and widening liquor margins, offsetting softer property leasing and lower tobacco dividends.
By the numbers
Philippine National Bank contributed P14.26 billion, or 46 percent of group earnings. Fortune Tobacco Corporation added P11.24 billion, or 36 percent.
Tanduay Distillers, Inc. chipped in P3.11 billion, while Asia Brewery, Inc. delivered P867 million. Eton Properties Philippines, Inc. and other units made up the rest.
Dividend watch
LTG returned P13.53 billion to shareholders, equivalent to a 46.8 percent payout.
Investors received P1.25 per share in regular and special dividends declared across March, June, August and November.
Balance sheet
Debt-to-equity stood at 3.14 to 1 including the bank and 0.09 to 1 excluding it as of December 31, 2025. Parent cash reached P2.67 billion.
Banking engine
PNB’s net income rose 20 percent to P25.34 billion from P21.18 billion, its fourth straight record year excluding major one-offs.
Gross interest income increased 3 percent to P69.68 billion, while gross interest expense fell 5 percent to P17.13 billion. Net interest income climbed 6 percent to P52.55 billion. Net interest margin held at 4.5 percent.
Fee income grew 6 percent to P5.83 billion. Trading and investment securities and foreign exchange gains improved to P3 billion from P1.82 billion. Operating expenses slipped 1 percent to P33.05 billion on lower credit provisions.
Tobacco mix shifts
FTC’s net income fell 12 percent to P11.29 billion due to lower dividend income from PMFTC, partly offset by a 15 percent rise in equity earnings to P8.73 billion.
Industry volume rose 3 percent to 46.4 billion sticks. PMFTC volume grew 4 percent to 22 billion sticks, lifting market share to 47.3 percent after excise taxes increased to P66.15 per pack.
Liquor, property
Tanduay’s net income jumped 45 percent to P3.12 billion as gross margin widened to 17 percent from 15 percent on better pricing and lower production costs.
Asia Brewery lifted net income to P877 million despite a 2 percent revenue dip to P17.93 billion. Gross margin improved to 24 percent from 22 percent.
Eton earned P765 million, helped by one-time gains and leaner expenses, even as leasing revenues declined 5 percent.
—Edited by Miguel R. Camus
