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Manila Bulletin devider Business devider The Stock Market devider Ayala's IMI swings to stronger profit as restructuring pays off

Ayala's IMI swings to stronger profit as restructuring pays off

Published Mar 6, 2026 11:42 am

Integrated Micro-Electronics Inc. (IMI), the global electronics manufacturing arm of Ayala Corp. (AC), reported a 265-percent surge in consolidated net income to $13.5 million in 2025, up from $3.7 million in 2024, as its restructuring strategy continued to bear fruit.

In a disclosure to the Philippine Stock Exchange (PSE) on Friday, March 6, the firm said core net income reached $20.3 million, a significant turnaround from the previous year’s $24.6-million net loss.

IMI said it delivered increased margins, stronger cash generation, and a return to profitability following two years of strategic restructuring.

IMI Chief Executive Officer (CEO) Louie Hughes said, “2025 marks a turning point for IMI. Even with slightly lower revenues, we delivered stronger margins, improved productivity, and a healthier balance sheet.”

“Our transformation efforts, which include streamlining our footprint, strengthening our commercial discipline, and elevating our operational capabilities, are now reflected in our financial results.

“As we enter 2026, we are poised to capture greater opportunities in automotive camera and lighting systems, industrial markets, and power module packaging. The foundation we have built gives us confidence in our ability to deliver sustainable and profitable growth,” he added.

IMI’s group revenues declined to $996 million in 2025 from $1.1 billion in 2024, with $911 million contributed by IMI’s wholly owned core businesses.

Despite softer demand in the global automotive market, the company achieved meaningful improvements in operational efficiency and cost structures.

IMI’s core gross margin rose to 9.6 percent from 7.3 percent a year earlier, while core adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 42 percent to $65.6 million from $46.2 million.

The improved performance reflects the impact of the company’s multi-year transformation program.

In 2025, IMI sold its facility in the Czech Republic and transferred key customer programs to its larger and more competitive operations in Bulgaria and Serbia.

Within Shenzhen, the consolidation of IMI’s Kuichong site into the larger Pingshan facility strengthened the company’s operational footprint, increased facility utilization, and significantly reduced factory overhead expenses.

Programs that had previously underperformed also returned to profitability through improved overhead allocation and more disciplined execution.

Last December, the company divested VIA Optronics, a non-core subsidiary that had faced significant challenges in achieving a sustainable turnaround.

The company said the move reflects IMI’s strategy to focus resources on businesses where it has a clear competitive advantage and can generate sustainable long-term value.

With VIA’s results no longer weighing on performance, IMI said it is moving forward unburdened by the subsidiary’s financial impact.

IMI generated $73.2 million in group operating cash flow during the year, supported by improved earnings and tighter working capital management.

The company used part of the cash to further reduce high-interest loans, lowering net debt to $119.5 million from a peak of $265 million at the end of 2023.

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