Robinsons Land Corp. (RLC), the Gokongwei Group’s property development arm, is confident of its resilience amid economic headwinds and reported that its first-quarter performance keeps it on track with its ₱25-billion profit target by 2030.

RLC remains on track to achieve its long-term growth targets under the Vision 5:25:50 framework, which also includes the 50-percent expansion of its malls’ gross leasable area (GLA) and office space, while growing its hotel room keys by 25 percent and doubling logistics capacity by 2030.

“The company’s diversified asset base and fiscal prudence provide a stable foundation for expansion, with each business segment advancing according to planned execution milestones. By maintaining a disciplined operational strategy, RLC continues to deliver on its corporate commitments and drive consistent value creation for its shareholders,” it said.

The firm reported that its net income rose nine percent to ₱4.4 billion in the first quarter of 2026 as consolidated revenues grew 11 percent to ₱12.28 billion, driven by the strength of its diversified portfolio and improved contributions from its development businesses.

Meanwhile, attributable income improved 1.7 percent to ₱3.54 billion in the first quarter from ₱3.48 billion during the same period last year.

“Our performance is a validation of being intentional early on, transitioning our portfolio toward more recurring income and building deep cash reserves—establishing a robust financial cushion as a cornerstone of our risk management strategy,” said RLC President and Chief Executive Officer (CEO) Mybelle V. Aragon-GoBio.

She added that, “RLC remains steadfast in its ability to sustain earnings momentum, backed by a diversified, high-quality portfolio and an enduring commitment to financial discipline.”

By actively monetizing assets and maintaining a principled balance sheet, RLC has secured a resilient liquidity profile despite macroeconomic headwinds.

Total assets grew to ₱286.38 billion, while interest-bearing debt remained at a highly conservative ₱39.55 billion, resulting in a net gearing ratio of 9.64 percent.

Cash reserves reached ₱21.72 billion, supported by ₱4.47 billion in free cash flow and enhanced by the oversubscribed ₱7-billion RL Commercial REIT Corp. share placement last January.

RLC’s investment portfolio accounted for 75 percent of revenues and 85 percent of earnings before interest, taxes, depreciation, and amortization (EBITDA).

The investment portfolio remained the primary earnings driver, delivering stable and recurring income streams. Revenues grew eight percent year-on-year to ₱9.2 billion, while EBITDA increased four percent to ₱5.6 billion.

Malls posted steady growth, with revenues rising seven percent to ₱5.1 billion and EBITDA up three percent to ₱3.1 billion, reflecting resilient consumer demand and stable tenant performance.

Offices continued to perform well, with revenues increasing eight percent to ₱2.2 billion and EBITDA growing six percent to ₱1.7 billion, supported by stable occupancy and lease escalations.

Hotels delivered the strongest growth within the segment, with revenues up 14 percent to ₱1.7 billion and EBITDA rising 10 percent to ₱537 million, driven by strong performance from international brands and NUSTAR’s hotels.

Logistics remained stable at ₱269 million in revenues and ₱250 million in EBITDA, reflecting steady operations.

RLC’s development portfolio contributed 25 percent of revenues and 15 percent of EBITDA. It recorded robust growth, with revenues increasing 22 percent to ₱3.1 billion and EBITDA rising seven percent to ₱1 billion, supported by improved project execution and revenue recognition.

Residential was the key growth driver, with revenues surging 39 percent to ₱2.7 billion and EBITDA increasing 55 percent to ₱754 million, driven by accelerated construction progress and higher revenue recognition.

It generated net sales of ₱3.74 billion, of which ₱455 million was attributed to its organic projects and ₱3.29 billion from its joint ventures (JVs).

JV equity earnings of ₱181 million declined 46 percent year-on-year due to depleted inventory.

Destination Estates also recorded lower contributions, with revenues down 28 percent to ₱161 million and EBITDA down 37 percent to ₱82 million due to project phasing. - James A. Loyola