Aboitiz Equity Ventures Inc. reported that consolidated core net income remained unchanged at ₱25.5 billion for last year, as growth in its food and beverage segments offset earnings drag from its power generation arm.

In a disclosure to the Philippine Stock Exchange, the diversified investment vehicle of the billionaire Aboitiz family reported that its net income edged up one percent to ₱18.3 billion from ₱18.1 billion a year earlier.

However, the bottom line was tempered by ₱7.2 billion in non-recurring losses, primarily stemming from a partial impairment at AboitizPower Corp.’s GNPower Mariveles Energy Center.

AboitizPower remains the bedrock of the group's portfolio, providing 46 percent of total net income contributions from strategic business units. The power unit’s earnings before interest, taxes, depreciation, and amortization rose nine percent to ₱79.6 billion, bolstered by new renewable energy capacity and fresh contributions from Chromite Gas Holdings Inc.

However, after accounting for the Mariveles impairment, the unit’s reported net income tumbled 43 percent to ₱19.5 billion. On a core basis, the power subsidiary earned ₱33.1 billion, contributing ₱10.4 billion to the parent’s net profit.

The group’s food and beverage segment, meanwhile, emerged as a primary growth driver, with its profit contribution surging 28 percent to ₱7.6 billion. The division, which accounted for 33 percent of the group’s total earnings, benefited from higher margins in its flour, livestock, and trading businesses under AboitizFoods.

Results were further boosted by the first full-year contribution from Coca-Cola Europacific Aboitiz Philippines Inc., following the completion of the acquisition in early 2024.

On the other hand, banking and financial services, led by Union Bank of the Philippines, contributed 22 percent to the group’s earnings despite facing headwinds.

UnionBank’s net income fell 17 percent to ₱10 billion as the lender navigated shifting market conditions, even as total revenues climbed seven percent to ₱83.2 billion on the back of a growing loan book and higher net interest income.

Infrastructure and real estate showed mixed results. Aboitiz InfraCapital Inc. posted its income contribution rise six percent to ₱680 million, supported by robust lot sales at the TARI Estate in Tarlac and a recovery in aviation through increased traffic at Mactan-Cebu International Airport.

The unit also integrated the Laguindingan and Bohol-Panglao airports into its portfolio and realized gains from the Apo Agua water project in Davao. Conversely, Aboitiz Land Inc. saw its contribution slide to ₱637 million from ₱943 million in 2024, a decline the company attributed to the cyclical nature of project completions and revenue recognition timing.