Aboitiz Equity Ventures, Inc.

Aboitiz Equity Ventures reported first-half 2026 beneficial EBITDA of PHP 37.9 billion, up 25% year-on-year. Q2 beneficial EBITDA was PHP 19.9 billion, up 19% year-on-year and 9% quarter-on-quarter. First-half consolidated net income after tax was PHP 13.6 billion, up 65% year-on-year. Aboitiz Foods delivered net income after tax of PHP 2.3 billion, up 8% year-on-year; consolidated revenue was PHP 51.6 billion, up 19%; and EBITDA was PHP 4.7 billion, up 9%, though overall EBITDA margin moderated by 84 basis points. Real Estate reported revenue of approximately PHP 2.0 billion, EBITDA of PHP 460 million, and a net loss of PHP 37 million versus a PHP 4 million loss a year earlier. 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 last year. On the balance sheet, 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. Management said it expects improved performance versus 2025 and will remain disciplined in capital allocation, but did not give detailed numeric full-year guidance.

John Rubio said the group’s first-half performance reflected broad-based improvement across strategic businesses, led by Power, UnionBank, Foods and Coca-Cola, which more than offset weaker results from Cement and Real Estate. He highlighted that Aboitiz Power remained the largest earnings contributor at roughly 60% of beneficial EBITDA, while Coca-Cola delivered higher volume, revenue and operating profit despite inflation and softer consumer spending. His tone was confident but cautious, stressing that the macro and geopolitical backdrop remains tough and that the group will continue to prioritize operational excellence, balance-sheet strength and prudent investment.

Po Ng said Aboitiz Foods’ first half benefited from its core agribusiness, trading and flour segments, with revenue up 19% to PHP 51.6 billion, EBITDA up 9% to PHP 4.7 billion and net income up 8% to PHP 2.3 billion. He noted margin pressure in Farms and Meats, including a PHP 103 million loss in Meats, but said interest expense fell 2% year-on-year due to working-capital management. Frocks Roque said Aboitiz InfraCapital’s revenue rose 30% to PHP 4.6 billion, EBITDA increased 26% to PHP 2.5 billion, and the net loss narrowed to PHP 278 million, while corporate expenses were reduced from PHP 148 million to PHP 78 million, though reported earnings still absorbed noncash concession amortization. John Rubio added that group cash was PHP 86.6 billion, gross debt fell to PHP 484.8 billion after partial repayment of Chromite-related bridge financing, and leverage improved to 0.95x net debt-to-equity.

Analysts focused on the weakness in Aboitiz Foods’ Farms and Meats businesses, and Po Ng said the company is exiting lower-margin traditional trade channels in Meat and optimizing farm capacity, with these structural changes aimed at stabilizing unit economics rather than providing near-term earnings guidance. Questions on peso weakness and oil prices were met with the message that Aboitiz Foods hedges FX exposure with forward purchases and uses dynamic pricing and supply-chain optimization, while CCEAP’s margin pressure from the Middle East conflict was mitigated by early cost-optimization efforts that still allowed EBIT margin improvement. On Real Estate, management said first-half losses were mainly due to revenue-recognition timing, and on InfraCapital, management explained that Water and Digital are still scaling while Airports remain the main profit engine, with MCIA the largest contributor. The GIP transaction was said to still be pending closing, expected this year, and management said it will support capital deployment and operational optimization once completed.