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Manila Bulletin devider Business devider The Stock Market devider LT Group 2026 profit hits record on banking, tobacco strength

LT Group 2026 profit hits record on banking, tobacco strength

Published Feb 28, 2026 01:12 am
Lucio Tan III
Lucio Tan III

LT Group Inc. reported a seven-percent improvement in consolidated attributable net income to a record ₱30.98 billion in 2025, its fourth straight banner year, from ₱28.92 billion in 2024 due to stronger earnings from its banking, tobacco, and liquor businesses.

The firm disclosed to the Philippine Stock Exchange (PSE) that subsidiary Philippine National Bank (PNB) contributed ₱14.26 billion, or 46 percent of earnings, while Fortune Tobacco Corp. accounted for ₱11.24 billion, or 36 percent.

Tanduay Distillers Inc. and Asia Brewery Inc. added ₱3.11 billion and ₱867 million, respectively, or 10 percent and four percent. Eton Properties Philippines Inc. contributed two percent, or ₱762 million, while Victorias Milling Co. and others accounted for ₱354 million and ₱385 million, respectively, or about one percent each.

PNB’s net income was ₱25.34 billion in 2025, 20 percent higher than the ₱21.18 billion recorded in 2024. This represents PNB's fourth straight year of record earnings, a consistent achievement when excluding significant one-time gains.

Fortune Tobacco reported a net income of ₱11.29 billion, a 12-percent year-on-year decrease from ₱12.77 billion in 2024. This drop primarily reflects lower dividend income from PMFTC, partially offset by higher equity earnings recorded in 2025.

Equity in net earnings amounted to ₱8.73 billion in 2025, 15 percent higher than the ₱7.57 billion in 2024.

Volume growth, combined with price increases implemented in November 2024, boosted PMFTC’s income. As a result, PMFTC’s market share rose to 47.3 percent in 2025, up from 46.9 percent in 2024.

These price adjustments were made to account for higher excise taxes, which increased to ₱66.15 per pack of 20 cigarettes on Jan. 1, 2025.

Tanduay posted a net income of ₱3.12 billion for 2025, a substantial 45-percent surge from the ₱2.15 billion achieved in 2024. This marks the firm’s sixth consecutive year of record-breaking profits.

Growth was driven by higher net revenues of ₱34 billion in 2025 compared with ₱33.85 billion in 2024. This, coupled with better pricing and lower production costs, compensated for lower sales volume in both liquor and bioethanol.

Cost of sales declined to ₱28.12 billion in 2025 compared with ₱28.92 billion in 2024, reflecting the impact of lower sales volume. This, coupled with higher selling prices and cost-reduction programs, led to a higher gross profit margin of 17 percent in 2025, up from 15 percent in 2024.

Operating expenses (opex) were lower at ₱2.02 billion in 2025 compared with ₱2.12 billion in 2024, due primarily to lower advertising, promotion, and other expenses incurred.

Asia Brewery’s net income increased to ₱877 million for 2025 from ₱841 million in 2024. Revenues of the beverage segment reached ₱17.93 billion in the current period, two percent lower than in 2024, as sales volume decreased for Cobra energy drinks.

Cost of sales decreased by four percent to ₱13.56 billion for 2025, driven by lower sales volume, packaging optimization efforts, and refined product formulations.

Eton reported a net income of ₱765 million for 2025, higher than the ₱212 million in 2024, on account of one-time gains and lower operating expenses.

Leasing revenues, representing 73 percent of total revenues, declined by five percent to ₱1.92 billion in 2025 from ₱2.03 billion in 2024.

Real estate sales grew by 46 percent to ₱731 million from ₱501 million in 2024, driven by continued sales of remaining inventory at 68 Roces and Eton City projects in Quezon City and Laguna province, respectively.

Other income was higher, due mainly to right-of-way (ROW) compensation received from the local government units (LGUs) and higher marketing fees.

Related Tags

LT Group Inc. Philippine National Bank Tanduay Distillers Inc. PMFTC Inc Eton Properties Philippines Inc. Asia Brewery Inc.
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