Ayala Land, Inc. (ALI) reported a net income of ₱21.4 billion for the first nine months of the year, marginally higher than the ₱21.2 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the real estate giant stated that its stable earnings were due to the steady contribution of its Property Development business, which was “complemented by its expanding Leasing portfolio.”

However, ALI’s consolidated revenues dipped 2.7 percent to ₱121.8 billion at end-September from the ₱125.2 billion generated in the year-ago period.

“Ayala Land continues to navigate market challenges with discipline and focus,” said ALI President and Chief Executive Officer Anna Ma. Margarita Bautista-Dy.

She added that the company remains “committed to expanding our leasing portfolio, enhancing property development fundamentals, and driving disciplined execution and capital efficiency,” stating these are the key ingredients for sustaining long-term growth.

Revenues from the Property Development business reached ₱75.9 billion, a slight decrease from ₱76.6 billion last year. This was attributed to steady bookings in the Premium Residential segment, improved revenues from the Core Residential segment in the third quarter, and higher revenues from commercial lots and offices-for-sale, which together offset a softer overall residential performance.

Combined revenues from the sale of offices and commercial and industrial (C&I) lots climbed three percent year-on-year to ₱12.8 billion.

ALI said the gain was driven by strong lot sales in the first half of the year and office-for-sale bookings in key locations like Makati Central Business District (CBD), Vertis North, and Arca South. Total Sales Reservations for residential products and C&I lots improved three percent year-on-year to ₱111.7 billion, fueled by consistent take-up of Premium projects, growing demand for Core projects, and increased reservations for C&I lots.

The company launched ₱51.3 billion worth of property development projects in the first nine months of 2025, including AyalaLand Premier’s Laurean Residences at the Makati CBD.

Residential projects (vertical and horizontal) accounted for approximately 91 percent of the launches, with the remaining nine percent dedicated to commercial and industrial lots across Ayala Land estates.

Revenues from Ayala Land’s growing Leasing and Hospitality portfolio rose six percent to ₱35.1 billion, driven by topline growth across all asset classes.

Shopping Center revenues increased four percent to ₱17.4 billion, notwithstanding ongoing full-swing reinvention works, with contributions from both new and existing malls. Office Leasing revenues expanded by six percent to ₱9 billion, supported by a portfolio occupancy rate that the firm described as “better-than-industry.”

Hospitality revenues posted a four percent growth to ₱7.4 billion, benefiting from stable portfolio occupancy and the contributions of the recently acquired New World Makati Hotel, despite the temporary closure of select assets for renovation.

Total capital expenditures for the first nine months of 2025 reached ₱65.5 billion. Of this spending, 40 percent went toward the construction and build-out of residential projects, 26 percent was for the completion of leasing and hospitality assets, 20 percent was spent on the priming and development of mixed-use estates nationwide, and 13 percent covered continuing payments for land acquisition commitments.