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Manila Bulletin devider Business devider The Stock Market devider AEV's Q1 earnings almost double as power, banking units' profits surge

AEV's Q1 earnings almost double as power, banking units' profits surge

Published Apr 29, 2026 09:05 am

Aboitiz Equity Ventures Inc. (AEV), the active portfolio manager of the Aboitiz Group, reported that its consolidated net income almost doubled to ₱6.3 billion in the first quarter of 2026 from the ₱3.2 billion earned in the same period last year.

The firm informed the Philippine Stock Exchange (PSE) on Wednesday, April 29, that this includes ₱43 million in non-recurring items recognized in the first quarter.

Power accounted for 56 percent of total net income contributions from AEV’s strategic business units (SBUs) in the first quarter, while food and beverage accounted for 27 percent.

Net income contribution from financial services was at 25 percent, while contributions from real estate and infrastructure SBUs declined by one percent and seven percent, respectively.

On a standalone basis, Aboitiz Power Corp. (AboitizPower) recorded a net income of ₱7.9 billion for the first quarter, a 71-percent increase over the ₱4.6 billion recorded during the same period in 2025. It contributed ₱4.4 billion in net income to AEV.

Union Bank of the Philippines (UnionBank) posted a net income of ₱3.8 billion for the first three months, a 167-percent jump year-on-year. The bank contributed ₱1.9 billion in net income to AEV.

AEV’s consolidated real estate business, comprising both the group’s residential and economic estates segments, recorded a higher net loss of ₱48 million in the first quarter, compared to a ₱36-million net loss during the same period in 2025.

The higher loss was primarily driven by lower contributions from economic estates, which offset the improvement in the residential segment during the quarter.

Contributions from the residential segment improved, driven by higher revenue recognition from 2025 sales, incremental contributions from select current-year sales, and more normalized forfeitures.

Meanwhile, the economic estates segment was largely affected by revenue recognition from LIMA Industrial Lot reservations in 2024 and additional percentage-of-completion (POC) recognition from LIMA BizHub and TARI Estate—none of which had comparable recognition in the first quarter of 2026.

Net income contribution from the food and beverage segment was ₱2.1 billion in the first quarter, 43 percent higher than the ₱1.4 billion recorded during the same period in 2025.

This was primarily driven by the strong volumes and margins of AboitizFoods’ agribusiness, trading, and flour segments, and higher sales volumes and the sustained market leadership of Coca-Cola Europacific Aboitiz Philippines Inc.

Aboitiz InfraCapital Inc. contributed ₱30 million in the first quarter, a reversal of the ₱230-million net loss reported during the same period in 2025.

This was primarily driven by sustained passenger traffic growth at Mactan-Cebu International Airport (MCIA); incremental contributions from Laguindingan International Airport and Bohol-Panglao International Airport; continued expansion of Unity Digital Infrastructure Inc.’s co-location services and tower portfolio; and higher billed water volumes from Apo Agua Infrastructura Inc.

This was offset by AEV’s share in the net loss of Republic Cement & Building Materials Inc., which increased to ₱593 million in the first quarter from ₱338 million during the same period in 2025. — James A. Loyola

Related Tags

Aboitiz Equity Ventures Inc. Union Bank of the Philippines Aboitiz Power Corporation
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