Ayala Corporation (AC) Q3 2025 earnings summary

Executive summary

• Core net income after tax (NIAT) remained steady at P36.6B for 9M25, with reported NIAT up 36% year-over-year to P46.3B, mainly due to a significant gain from Mynt and a P10.4B remeasurement gain from AC Ventures.

• Earnings resilience was driven by sustained contributions from BPI, Ayala Land, Mynt, and reduced losses in emerging business units, offsetting softness in Globe, ACEN, and ACEIC.

• Major subsidiaries showed mixed results: BPI net income up 5% to P50.5B, Ayala Land up 1% to P21.4B, Globe down 12% to P15.5B (core), ACEN down 18% to P4.3B (core), and ACEIC down 59% to P4.2B.

Financial highlights

• Consolidated reported NIAT rose 36% year-over-year to P46.3B, while core NIAT was flat at P36.6B.

• Sequentially, consolidated NIAT grew 113% in 3Q25 versus 2Q25, with core NIAT up 9%.

• Consolidated sales of goods and services increased 2% to P238.6B, led by AC Health and AC Industrials, offset by lower sales in ACEIC, ALI, and IMI.

• BPI net income increased 5% to P50.5B, supported by 13% growth in net interest income and healthy asset quality.

• Ayala Land net income was steady at P21.4B, with leasing and hospitality revenues up 6%.

• Globe’s core NIAT declined 12% due to lower service revenues and higher expenses, but Mynt equity earnings surged 52%.

• ACEN’s core attributable EBITDA rose 9%, but NIAT was weighed by lower spot prices, weaker solar output, and one-offs.

• AC Health narrowed net losses by 98% on strong provider group results and improved EBITDA.

• ACMobility and AC Logistics both narrowed losses, with IMI posting US$14.8M net income.

Outlook and guidance

• No liquidity problems or covenant breaches anticipated; all loan covenants complied with as of September 30, 2025.

• Group-wide CAPEX budgeted at P230B for 2025, with major allocations to ALI (P95B), ACEIC (P12.4B), Globe (P31.4B), and IMI (~$10M).

• ACEN targets 100% renewable energy generation by end-2025; ongoing expansion in healthcare and retail segments.

• AC Health’s EBITDA is on track to meet full-year guidance of P1.25B.

• AC Logistics expects operational efficiencies from digitization and a healthy client pipeline for 4Q25 and 2026.