Zobel-led Ayala Corp. reported a core net income, which excludes one-off items, of ₱23.7 billion in the first half of 2025—a two percent decline compared to the same period last year but an improvement from the four percent drop in the first quarter of the year.

“This was a result of higher contributions from Bank of the Philippine Islands, Ayala Land Inc., and the Company’s portfolio businesses partly offsetting softer earnings from Globe Telecom and AC Energy & Infrastructure Corporation (ACEIC),” the country’s oldest conglomerate said.

Including one-off items, Ayala’s net income increased five percent to ₱23.4 billion as impairments incurred in the same period of last year were higher.

BPI’s net income grew eight percent to ₱33.0 billion on the back of strong loan growth and continued net interest margin expansion, while ALI’s net income also increased eight percent to ₱14.2 billion on steady property development revenues and healthy results of its leasing and hospitality business.

Globe’s core net income, which excludes non-recurring items such as accounting gains from the Mynt transaction, tower sale and leaseback, and foreign exchange and mark-to-market adjustments, decreased 11 percent to ₱10.4 billion due to lower gross service revenues, and higher depreciation and interest expenses.

ACEN's core net income declined 24 percent to ₱3.5 billion due to lower revenues principally from the damaged Philippine wind farms in Ilocos Norte, depressed local spot market prices, weaker irradiance in the Philippines and Australia, as well as depreciation expenses from newly operationalized plants.

ACEIC, the parent company of ACEN, recorded a core net income of ₱4.1 billion, 39 percent lower because of reduced contributions from ACEN and thermal plants, lower parent net interest income, and forex losses.

Ayala recorded a core net income of ₱12.4 billion in the second quarter, a sequential improvement of nine percent, on the back of higher earnings from ACEIC, ACMobility, and Globe.

“While our telco and energy businesses have some catching up to do, our full-year targets remain achievable. We are also encouraged to see our portfolio businesses showing better numbers,” Ayala President and CEO Cezar P. Consing said.

He added that, “The recently announced investment in AC Health by Singapore’s ABC Impact demonstrates our ability to bring in strategic partners to help scale our businesses.”

AC Health narrowed core net losses year-on-year from ₱327 million to ₱100 million in the first half of 2025 as stronger results from the provider group more than offset muted results from the pharma segment. Meanwhile, EBITDA more than doubled to ₱586 million from ₱240 million.

Revenues from the provider group grew 56 percent, underpinned by increased average spend per patient, stronger doctor engagement, and higher bed utilization rates. Revenue growth was supported by contributions from FEU-NRMF and the Cancer Hospital.

The pharma group’s revenues were relatively flat, up two percent, due to delays in shipments.

ACMobility’s net income jumped from ₱24 million to ₱122 million, mainly driven by higher dividends from Isuzu in 2025, equity earnings from Honda, and the sustained positive contribution of BYD, given its growing market penetration.

These more than offset higher marketing spend, interest expenses from Kia, and the ramp-up costs from its EV charging infrastructure.

Total unit sales more than doubled to 20,020 from 9,178, anchored by strong take-up for the BYD and Kia vehicles which were launched in the second half of 2024. This brought ACMobility’s total market share in the first half of 2025 to eight percent from 3.9 percent in the same period last year.

Meanwhile, its new energy vehicles market share improved by 17 points to 80.3 percent from 62.9 percent.

Integrated Micro-Electronics Inc. posted a net income of $7.6 million, a turnaround from the $8.8 million net loss in the same period last year, as greater operational efficiencies supported profitability.

AC Logistics’ net loss narrowed to ₱631 million from ₱773 million, largely driven by the closure of its last mile business and ongoing rationalization efforts.