Ayala Land (ALI) Q3 2025 earnings summary

Executive summary

• Net income for the first nine months of 2025 reached PHP 21.4 billion, up 1% year-on-year; excluding AirSWIFT's sale, net income would have grown by 2%.

• Total revenues declined 3% year-on-year to PHP 119 billion (PHP 121.8 billion in some reports), mainly due to lower service revenues; excluding AirSWIFT, the decline was 1%.

• Leasing and hospitality revenues grew 6%, offsetting declines in property development and services.

• CapEx for the period was PHP 65.5 billion, focused on residential and leasing projects.

• Proceeds from the December 2024 AREIT share sale are being systematically reinvested in major property projects, with disbursements and balances transparently reported and externally verified.

Financial highlights

• Property development revenues were PHP 75.9 billion, down 1% year-on-year; residential revenues at PHP 63.1 billion, narrowing the prior decline.

• Leasing and hospitality revenues reached PHP 35.1 billion, up 6%; shopping center revenues up 4%, office leasing up 6%, hospitality up 4%.

• Service business revenues dropped 37% to PHP 8.1 billion due to absence of airline revenues and completed contracts.

• EBIT margin held at 37%, 3 percentage points higher year-on-year.

• Industrial segment revenues surged 39% to PHP 1.2 billion.

Outlook and guidance

• Full-year property development sales take-up outlook set at PHP 135-145 billion.

• Total property development launches for the year targeted at PHP 65-68 billion.

• Full-year CapEx guidance at PHP 85-90 billion.

• Expecting stronger Q4, with both residential and leasing/hospitality revenues anticipated to rise.

• Steady demand for premium property development products, with average monthly reservation sales at PHP 12.4 billion in Q3 2025.