Vista Land & Lifescapes (VLL) Q4 2025 earnings summary

Executive summary

• FY2025 revenue was P33.77B and net income P3.83B; recurring rental income of P16.49B partly offset weaker real estate sales. EBITDA reached P24.22B.

• Operations span 147 cities and municipalities in 49 provinces; the residential and commercial portfolio is supported by 2,624.7 hectares of raw land inventory.

Financial highlights

• Revenue decreased 3.3% to P33.77B; real estate sales fell 8.7% to P15.18B, while rental income rose 1.0% to P16.49B YoY.

• Net income fell 59.2% to P3.83B from P9.37B; basic/diluted EPS was P0.195 versus P0.641. FY2025 other income included P3.90B from reversals of financial liabilities.

• Costs and expenses rose 25.2% to P19.04B; operating expenses increased 30.5% to P13.58B, including P3.83B in impairment-loss provisioning on receivables.

• Interest and financing charges increased 37.6% to P13.52B, primarily due to a lower capitalization rate; income tax expense rose 43.2% to P3.26B.

• EBITDA was P24.22B versus P22.82B; total assets declined 0.3% to P376.84B and equity increased 0.8% to P137.12B YoY.

Outlook and guidance

• 46 projects were launched in 2025 with estimated aggregate value of P49.6B; the land bank supports an estimated 27–30-year development pipeline.

• Long-term plans include expanding presence to more than 200 cities and municipalities; 30 Vista Estates had launched by year-end, against a stated target of 60.

• Commercial GFA expansion is planned at 100,000 square meters annually, subject to project feasibility and other factors.

• Vertical construction is expected to continue into 2026 and beyond; the Kizuna mixed-use condominium project is expected to complete in H2 2026.