PNB Holdings profit surges 85% ahead of planned listing

Insider Spotlight

• Net income soared 85.3 percent to P209.9 million as stronger revenues and operating discipline lifted profitability
• Revenue climbed 26 percent to P634.3 million, led by PNB Financial Center and PNB Makati Center
• Liquidity strengthened with cash and cash equivalents rising 30 percent to P3.03 billion while the company remained free of interest-bearing loans
  
  

PNB Holdings Corp.’s first-half net income jumped 85.3 percent as revenue growth across its property portfolio and tighter operating discipline boosted profitability.

The LT Group’s real estate unit booked P209.9 million in net income in the first six months of 2026, alongside a 26-percent increase in revenue to P634.3 million from P502.7 million a year earlier.

PNB Financial Center accounted for 67 percent of revenue, while PNB Makati Center contributed another 26 percent, showing that the two properties remained the main engines of the company’s earnings.

Repositioning properties

Gross profit rose 58.5 percent to P326.9 million, outpacing revenue growth and signaling improved profitability during the period.

Earnings before interest, taxes, depreciation and amortization increased 40.3 percent to P336.5 million.

PNB Holdings attributed its performance partly to repositioning properties as integrated workplace ecosystems combining traditional offices, flexible coworking spaces, food and beverage concepts, and health and wellness offerings.

The company also focused on retaining and expanding existing tenants and optimizing its leasable portfolio.

Ponciano S. Carreon Jr.

Chief financial officer, PNB Holdings

‘Resilient revenue base’

“We are encouraged by our first-half results as they demonstrate a growing and resilient revenue base, stronger profitability and robust liquidity,” PNB Holdings Corporation chief financial officer Ponciano S. Carreon Jr. said in a press statement.

“As we approach our planned listing by way of introduction, the Company is well positioned to pursue growth opportunities with financial flexibility, capital discipline, and a clear focus on long-term shareholder value,” he added. 

Balance-sheet check

Cash and cash equivalents rose 30 percent to P3.03 billion as of June, while total assets increased to P50.89 billion from P50.46 billion at end-2025.

More than 90 percent of assets represented the book value of prime real estate. PNB Holdings had a debt-to-equity ratio of just 0.02 and no interest-bearing loans.

What’s next 

The balance sheet gives PNB Holdings room to pursue redevelopment and acquisitions as it prepares for its planned listing.

“Our robust working capital position and exceptionally low debt-to-equity ratio provide PHC with significant capacity to responsibly leverage its balance sheet and pursue value-accretive redevelopment and acquisition opportunities at the right time,” Carreon said. —Vanessa Hidalgo | Ed: Corrie S. Narisma