Ayala Corporation (AC) Q4 2024 earnings summary

Executive summary

• Achieved record core NIAT of P45B in FY24, up 10% year-over-year, driven by strong performance from core business units.

• Consolidated reported NIAT rose 15% to P42B, with core equity earnings up 12% to P58.5B.

• Robust revenue growth in banking, property, telecom, and energy segments offset losses in industrials, health, and logistics.

Financial highlights

• BPI posted record NIAT, up 20% year-over-year, with revenues up 23% and net interest income up 22%.

• AyalaLand NIAT increased 15% on record revenues of P181B (+21%), with property development revenues up 22%.

• Globe core NIAT rose 14% on GSR growth and higher Mynt contributions; EBITDA margin improved 240 bps to 52.6%.

• ACEN NIAT up 27% on higher renewable energy output and value realization gains.

• AC Industrials net losses narrowed from -P7.3B to -P2.4B due to reduced provisions.

• AC Health topline grew 10% to P9.4B, but net loss widened to -P610M due to impairment provisions.

• AC Logistics net loss widened to -P2.2B, mainly from one-time clean-up costs, but core EBITDA improved.

Outlook and guidance

• FY25 CAPEX guidance at P230B, up 3%, with focus on property, energy, and mobility investments.

• Globe targets positive free cash flow by end-2025, with FY25 CAPEX below $1B.

• ACEN expects additional 0.9 GW RE capacity online by end-2025.

• AC Logistics to continue streamlining and growth initiatives, leveraging new partnership with A.P. Moller Capital.