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Ayala earnings surge on GCash parent revaluation, BPI growth
Business
The Stock Market
Ayala earnings surge on GCash parent revaluation, BPI growth
Ayala earnings surge on GCash parent revaluation, BPI growth
Published Nov 13, 2025 12:16 pm
Ayala Corp., the country’s oldest conglomerate, reported a sharp increase in profits for the first nine months of the year, driven by one-time gain tied to the revaluation of its stake in Gcash owner Mynt.
In a disclosure to the Philippine Stock Exchange on Thursday, Nov. 13, the holding company of the Zobel family reported that the group’s consolidated net income surged 36 percent to ₱46.3 billion in January to September this year.
The main catalyst was a remeasurement gain booked after Mitsubishi Corp. subscribed to a 50 percent stake in AC Ventures, the unit holding Ayala’s indirect ownership in Mynt.
The firm’s core earnings, which strip out such exceptional items, remained stable year-on-year, though they showed sequential improvement in the third quarter, boosted by stronger contributions from its key units in banking and property.
Core net income for the period held steady at ₱36.6 billion. However, core net income for the third quarter of 2025 rose four percent quarter-on-quarter to ₱12.8 billion, on the back of higher profitability from Bank of the Philippine Islands (BPI) and Ayala Land Inc. (ALI).
Ayala President and Chief Executive Officer Cezar P. Consing said that despite a slowdown in economic growth, the company’s "core businesses remain steady and our portfolio businesses continue to improve."
He noted the new retail initiatives, Makro and Spinneys, as a sign of continued confidence in the long-term Philippine economic trend. The company’s portfolio businesses, specifically AC Health, AC Logistics, Integrated Microelectronics Inc. (IMI), and iPeople, supported the results.
The group’s largest earners delivered solid results, like BPI’s net income, which grew five percent to ₱50.5 billion, fueled by strong loan growth and expanding net interest margins. ALI’s earnings also increased one percent to ₱21.4 billion, with stable property development revenues complemented by healthy leasing and hospitality performance.
However, energy and telecom units faced headwinds as Globe Telecom Inc. posted its core net income decreased 12 percent to ₱15.5 billion due to lower service revenues and higher operating costs.
ACEN Corp.’s core net income also fell 18 percent to ₱4.3 billion, impacted by damage to wind farms in Ilocos Norte, softer local spot market prices, reduced solar irradiance, and higher depreciation expenses from newly operationalized power plants.
ACEIC, the parent company of ACEN, recorded a net income of ₱4.2 billion, down 59 percent year-on-year, driven by reduced contributions from ACEN and its thermal plants, alongside lower net interest income.
Meanwhile, other smaller portfolio businesses posted significant operational improvements, such as AC Health, which narrowed its net loss from ₱417 million to just ₱9 million, aided by a ₱103 million gain on the sale of KMD shares and a 69 percent surge in provider network revenues, driven by higher patient volume and average spending.
Revenues from the pharma group, however, declined four percent due to supply chain disruptions.
ACMobility swung to a net income of ₱18 million from a ₱176 million net loss in the prior year. The turnaround was anchored by robust volume growth, which more than doubled total unit sales to 31,669, boosting its total market share to 8.7 percent, from 4.3 percent in the same period last year. Its share in the new energy vehicles segment likewise rose 6.5 percentage points to 81.5 percent.
Likewise, Integrated Microelectronics Inc. (IMI) reversed a net loss, posting a net income of $14.8 million for the period, while AC Logistics reduced its net loss to ₱1.3 billion from ₱1.5 billion through the closure of its last-mile business and ongoing rationalization efforts.
Ayala is continuing its strategy to capture a larger share of the consumer market by expanding its retail presence through ACX Holdings Corp. (ACX), leveraging its strong and complementary portfolio of businesses.