ABOITIZ Equity Ventures Inc. (AEV) nearly doubled its net income in the first quarter of 2026, driven by strong contributions from its power and food businesses.
The listed holding company of the Aboitiz family reported a consolidated net income of P6.3 billion, up from P3.2 billion in the same period last year, with the results including P43 million in non-recurring items.
Power remained the largest earnings driver, accounting for 56 percent of total contributions from AEV’s strategic business units.
Food and beverage followed with 27 percent, while financial services contributed 25 percent. Real estate and infrastructure posted negative revenue contributions of minus 1 percent and minus 7 percent, respectively.
AboitizPower Corp. posted a 35-percent increase in earnings before interest, taxes, depreciation and amortization to P20.3 billion, from P15.0 billion a year earlier.
The growth was attributed to higher margins in its generation business, supported by increased contracted capacity, improved availability of coal plants, and the addition of new solar facilities.
The subsidiary’s core net income rose 61 percent to P7.6 billion, while reported net income reached P7.9 billion, up 71 percent year on year. AboitizPower contributed P4.4 billion to AEV’s total earnings.
Union Bank of the Philippines saw net income surge 167 percent to P3.8 billion in the first three, as net revenues increased 12 percent to P21.7 billion, backed by higher net interest income and sustained loan growth.
Net interest margin expanded to 7 percent, with consumer lending continuing to drive growth. The bank contributed P1.9 billion to AEV’s first-quarter profit.
The food and beverage segment delivered a 43-percent increase in net income contribution to P2.1 billion, supported by strong volumes and margins at Aboitiz Foods and higher sales from Coca-Cola Europacific Aboitiz Philippines Inc.
In contrast, the real estate business incurred a net loss of P48 million, wider than the P36 million loss recorded in the same period last year.
The wider loss was blamed on weaker contributions from economic estates and “timing” factors, with the company noting that revenues recognized in early 2025 were not replicated this year.
The infrastructure segment, on the other hand, posted a turnaround, contributing P30 million against a loss of P230 million a year earlier, driven by higher passenger traffic at Mactan-Cebu International Airport, additional contributions from Laguindingan and Bohol-Panglao airports, and growth in digital infrastructure and water operations.
Still, the infrastructure segment booked a net loss contribution of P563 million due to bigger losses from Republic Cement & Building Materials Inc., which offset the gains recorded from airport operations.
As of March 31, 2026, AEV’s total assets stood at P1.0 trillion, steady compared to end-2025 levels.
Cash and cash equivalents rose 16 percent to P102.0 billion, while total liabilities increased to P624.1 billion. Equity attributable to shareholders was largely unchanged at P290.6 billion.
The company’s current ratio stood at 1.1 times, while its net debt-to-equity ratio was at 1.0 times.
Aboitiz Equity shares on Wednesday rose P0.65, or 2.35 percent, to close at P28.35 each.
