Zobel-led Ayala Corp. plans to increase its capital spending by as much as 27 percent this year, betting heavily on renewable energy and retail even as it scales back investments in its traditional real estate stronghold.

The holding company led by the Zobel family set its 2026 capital expenditure budget at ₱220 billion to ₱230 billion, a significant jump from the ₱181 billion spent last year to fund its shift toward high-growth sectors, including healthcare, logistics, and emerging retail brands.

ACEN Corp., the group’s energy arm, will be the primary engine of this expansion that is expected to more than double its outlays to ₱88 billion this year from ₱32 billion in 2025 to accelerate its near-term renewable energy pipeline. Ayala also indicated it would provide unspecified financial support for ACEN’s planned equity raising exercise.

In contrast, the conglomerate is tightening the belt at Ayala Land Inc by reducing its budget to between ₱70 billion and ₱80 billion from ₱92.9 billion last year. The reduction comes as the firm recalibrates its residential project launches to favor larger allocation of capital toward its leasing portfolio.

Meanwhile, Globe Telecom Inc. expects its spending to remain relatively flat at less than ₱56 billion—the approximate equivalent of its $1 billion guidance—as it continues a multi-year tapering of network investments.

The 2026 investment strategy follows a year of record financial performance. Ayala reported that core net income rose seven percent to ₱48.3 billion in 2025, its third consecutive year of record earnings.

When accounting for one-off items, including revaluation gains from its fintech affiliate Mynt and various asset sales, reported net income surged 46 percent to ₱61.4 billion.

“Our performance reflects the resilience of our core businesses and the steady progress of our emerging sectors,” Cezar Consing, Ayala president and chief executive officer said in a statement.