ABOITIZ Equity Ventures Inc. (AEV) on Friday reported a 2-percent increase in net income to P17.8 billion in the first nine months of 2026, although earnings in the third-quarter declined by more than half due to lower coal plant availability in the power business.
The conglomerate reported a third-quarter net income of P4.1 billion, down 53.9 percent from P8.9 billion in the same period last year.
For the nine months ended September, AEV’s power and banking businesses supported overall earnings growth, offsetting weaker contributions from its food and beverage, real estate and infrastructure operations.
The power segment remained the group’s largest earnings contributor, accounting for 64 percent or P14.1 billion of total earnings, followed by banking and financial services at 23 percent, and food and beverage at 21 percent. Infrastructure weighed on overall results with an 8-percent drag, AEV said.
AboitizPower saw net income grow 13 percent to P26.2 billion from P23.3 billion a year earlier, supported by higher electricity market prices, increased power covered by supply contracts and additional capacity from the Caliraya-Botocan-Kalayaan Hydroelectric Power Plant Complex as well as new solar facilities.
But its third-quarter net income declined to P7.8 billion from P10.6 billion largely due to lower coal plant availability. Excluding one-time items and foreign exchange gains and losses, AboitizPower’s nine-month earnings rose 11 percent to P25.5 billion.
Union Bank of the Philippines also strengthened the group’s performance, with net income climbing 53 percent to P9.9 billion on the back of an 8-percent increase in revenues to P65.5 billion. Income from lending after interest expenses rose 9 percent to P51.9 billion. As of end-September, the bank had P1.2 trillion in assets and P573.5 billion in loans, contributing P5 billion to AEV’s earnings.
AEV’s food and beverage businesses, comprising Aboitiz Foods and Coca-Cola Europacific Aboitiz Philippines, contributed P4.7 billion, down from P5.2 billion in the same period last year.
Real estate earnings in the nine months plunged to P7 million from P1.7 billion a year earlier, reflecting the absence of significant land sale gains recorded in 2025 and the timing of economic estate lot sales.
In infrastructure, AEV’s share of Aboitiz Infracapital’s losses narrowed to P520 million from P668 million, but its share of Republic Cement’s losses widened to P1.2 billion from P1.1 billion, bringing total infrastructure losses attributable to AEV to P1.7 billion.
As of Sept. 30, 2026, AEV reported total assets of P1 trillion, while cash holdings amounted to P84.8 billion, down from P87.8 billion at the end of 2025.
Total liabilities increased to P621.2 billion from P609.1 billion, while equity attributable to parent company shareholders rose to P301.9 billion from P290.5 billion.
Shares of AEV on Friday dropped P1.45, or 3.67 percent, to close at P38.05 each.
