Aboitiz Equity Ventures, Inc.

Aboitiz Equity Ventures reported first-half 2026 beneficial EBITDA of PHP 37.9 billion, up 25% year-on-year, after Q2 beneficial EBITDA of PHP 19.9 billion, up 19% year-on-year and 9% quarter-on-quarter. First-half NIAT was PHP 13.6 billion, up 65% year-on-year. Aboitiz Foods reported revenue of PHP 51.6 billion, up 19% year-on-year; EBITDA of PHP 4.7 billion, up 9%; and NIAT of PHP 2.3 billion, up 8%. Real Estate reported consolidated revenue of PHP 1.98 billion, EBITDA of PHP 460 million, and a net loss of PHP 37 million versus a PHP 4 million net loss a year ago. Aboitiz InfraCapital reported revenue of PHP 4.6 billion, up 30%; EBITDA of PHP 2.5 billion, up 26%; and a net loss of PHP 278 million versus PHP 536 million a year ago. Management said the group expects improved performance versus 2025 and remains disciplined in capital allocation, but did not give explicit full-year numerical guidance. Aboitiz Foods said it does not provide forward earnings guidance or quarter-on-quarter projections; Real Estate said the focus is on converting the advanced pipeline and sustaining residential recovery; InfraCapital said it will continue strengthening each business, maintaining cost discipline, and improving earnings.

John Rubio said the group delivered another strong quarter, with broad-based year-on-year improvement across most strategic businesses more than offsetting weaker results from Cement and Real Estate. He highlighted Aboitiz Power as roughly 60% of beneficial EBITDA, UnionBank’s more-than-doubled contribution, and solid growth from Foods and Coca-Cola. His tone was constructive but measured, emphasizing operational excellence, balance-sheet strength, and prudent, opportunistic investment rather than aggressive expansion.

Po Beng Ng said Aboitiz Foods’ first half was anchored by Agribusiness, Flour and Trading, while downstream operations dragged margins. He cited 19% revenue growth to PHP 51.6 billion, 9% EBITDA growth to PHP 4.7 billion, an 84-basis-point margin moderation at the overall level, and a 2% reduction in interest expense from working-capital management. In Q&A, he said Meat has already exited lower-margin traditional trade channels and Farm is pursuing capacity optimization, while oil and FX pressure are being managed through dynamic pricing, route efficiency, and an active hedging framework covering roughly 65% of the group cost base with FX exposure. John also said consolidated cash was PHP 86.6 billion, gross interest-bearing debt was PHP 484.8 billion, and net debt-to-equity improved to 0.95x from 0.99x after partial repayment of bridge financing for Aboitiz Power’s Chromite acquisition.

Analysts focused on weakness in Aboitiz Foods’ Farms and Meats, the effect of rising oil prices and peso weakness, and whether the group was hedged; management said it is taking structural actions in Meat and Farm and uses forward FX purchases plus pricing and efficiency measures to mitigate costs. For Real Estate, management was asked about Pax Silica and revenue recognition timing; it said Pax Silica could be a tailwind for industrial estates like TARI, but execution and infrastructure delivery remain the key risk, and the first-half loss was mainly due to milestone-based recognition not yet being met. For InfraCapital, management said Airports remain the main profit engine, while Water and Digital are scaling and already delivering positive operating income, and the GIP transaction is expected to close this year. On CCEAP, John said Middle East-related transport and oil volatility created cost headwinds, but early supply-chain optimization helped preserve volume growth, improve EBIT margin, and support NIAT.