revenues

Ayala Land, Inc. (ALI) delivered net income of P21.4 billion in the first nine-months of 2025, with steady contribution of its Property Development Business and complemented by its expanding Leasing portfolio. Consolidated revenues totaled P121.8 billion during the period.

PROPERTY DEVELOPMENT

Revenues from the Property Development business reached P75.9 billion with steady Premium Residential bookings, improved third-quarter Core Residential segment revenues, and higher commercial lot and office-for-sale revenues that offset softer residential performance. Combined revenues from the sale of offices and commercial and industrial (C&I) lots climbed 3% year-on-year to P12.8 billion, owing to strong lot sales in the first semester, complemented by office-for-sale bookings at Makati CBD, Vertis North, and Arca South.

Total Sales Reservations for residential products and C&I lots improved 3% year-on-year to P111.7 billion, driven by steady take-up of Premium projects, improving demand for Core projects, and growing reservations for C&I lots.

The Company launched P51.3 billion worth of property development projects in the first nine months of 2025, anchored by AyalaLand Premier’s Laurean Residences at the Makati CBD. 91% of the projects are vertical and horizontal residential projects while the balance of 9% for commercial and industrial lots across Ayala Land estates.

LEASING AND HOSPITALITY

Revenues from Ayala Land’s growing Leasing and Hospitality portfolio rose 6% to P35.1 billion from topline growth across all asset classes. Notwithstanding full-swing reinvention works, Shopping Center revenues increased 4% to P17.4 billion from increasing contributions of new malls and healthy operations of existing malls. Moreover, Office Leasing revenues expanded by 6% to P9 billion, supported by better-than-industry occupancy rate of the portfolio. Hospitality revenues posted a 4% growth to P7.4 billion on the back of stable portfolio occupancy and the contributions of the recently acquired New World Makati Hotel, despite the temporary closure of select assets for renovation.

“Ayala Land continues to navigate market challenges with discipline and focus,” said ALI President and CEO Ms. Anna Ma. Margarita Bautista-Dy. “We remain committed to expanding our leasing portfolio, enhancing property development fundamentals, and driving disciplined execution and capital efficiency. These, together with our quality improvements, are the key ingredients that will enable Ayala Land to sustain long-term growth.” she added.

CAPEX, BALANCE SHEET AND SHAREHOLDER VALUE

Total capital expenditures spent for the first nine months of 2025 reached P65.5 billion. 40% was spent on the construction and build-out of residential projects, 26% for the completion of leasing and hospitality assets, 20% for priming and development of mixed-use estates across the country, and 13% for continuing payments for land acquisition commitments.

Ayala Land sustained its healthy balance sheet position with net gearing ratio of 0.77:1 and interest coverage ratio of 4.9x. Consistent with its enduring commitment to shareholder value, Ayala Land is set to return a combined P15.7 billion (56% of 2024 Net Income) worth of capital to shareholders with P8.5 billion from total annual cash dividends and P7.2 billion from its continuing active share buyback program. Last October, the Company declared its 2^nd-half cash dividends of P0.2928/share, payable to shareholders on November 26, 2025. This will bring total dividends disbursed for the year to P0.5816/share.

Manila — Property giant Megaworld further accelerates its growth momentum as first half and second quarter earnings soared to historic levels.

Net income for the first half of 2025 grew 23% to P12.09 billion year-on-year while second quarter earnings increased by 31% to P6.26 billion year-on-year.

All of the company’s core businesses – residential, leasing, and hospitality – registered growth for both first half and second quarter.

“Our strong first half and second quarter results reaffirm the strength and adaptability of our township strategy. We are always focused on ensuring that our core segments will continue to deliver exceptional performance even in challenging environments,” says Lourdes Gutierrez-Alfonso, President and CEO, Megaworld Corporation.

Consolidated revenues for the first half rose 10% to P43.09 billion, and also 10% for the second quarter compared to the same period last year.

The company’s leasing business remains to be a key growth driver, with office leasing revenues by Megaworld Premier Offices surged by 17% to P7.40 billion in the first half of the year, and almost 18% growth to P3.7 billion during the second quarter, driven by the contribution of new assets and leases, as well as sustained rent escalations.

Megaworld Premier Offices closed nearly 100,000 square meters in new leases during the quarter, driven by expansions from top-tier BPOs and multinational companies, including many Fortune 500 companies located in key townships. Amid industry-wide headwinds, Megaworld’s differentiated office footprint continued to outperform.

Leasing revenues of Megaworld Lifestyle Malls, likewise grew 10% to P3.33 billion in the first half and 9.4% to P1.67 billion in the second quarter, as growing consumer foot traffic and new leases to premium tenants supported its growth.

Megaworld Lifestyle Malls recorded more than 30,000 square meters of new tenant openings during the period. In the second quarter alone, tenant openings include new brands such as Japan’s home furniture and decor store Nitori, Korea’s fashion retail store 8Seconds, and China’s lifestyle novelty store KKV. The company also announced that it has expanded the retail spaces at Lucky Chinatown in Binondo with the opening of its Imperial Wing where many retail brands also opened during the first half of the year.

Hotel revenues posted the highest growth rate among all segments, rising 19% to P2.81 billion in the first half of 2025 compared to the same period last year, and 12% increase to P1.39 billion during the second quarter. The company’s hospitality business benefited from higher room rates and higher room keys compared to the previous year. During the second quarter, Megaworld announced its partnership with Accor, one of the largest hotel chains in the world, to elevate and expand its current hotel portfolio.

Real estate sales increased 9% year-on-year to P27.12 billion in the first half, and grew by a faster 10% to P14.03 billion in the second quarter. Growth was supported by strong residential demand across projects in both Metro Manila and key growth centers in the provinces, along with ongoing project completions. Key contributors include Uptown Bonifacio, McKinley Hill, McKinley West, Eastwood City, ArcoVia City, Iloilo Business Park, Maple Grove, and The Upper East Bacolod.

During the first half of the year, Megaworld launched its 36th township, the 116-hectare Nascala Coast in Nasugbu, Batangas, which will be developed by its subsidiary GlobalEstate Resorts, Inc. (GERI). This P5-billion beachside township will feature residential villages, beachside condominiums, commercial hubs, as well as leisure and wellness facilities.

“What excites us most is the broad-based strength we are seeing — offices, malls, residential, and hotels are all growing. That gives us confidence as we scale further. We’re pushing forward with more townships, smarter spaces, and deeper integration across our developments, but at the same time, making sure that we build responsibly and sustainably,” adds Gutierrez-Alfonso.

The company now has 36 townships across the country, covering approximately 7,000 hectares. Megaworld is on track to launch another expansive township development within the year as part of its continued expansion in the provinces.

The company also targets to grow its office gross leasable area (GLA) to two million square meters by 2030, and its retail GLA to one million square meters in five years.

These targets will bring Megaworld’s total leasing portfolio GLA to three million square meters by 2030.

Megaworld remains to be one of the largest real estate companies in the country, with total assets amounting to around half a trillion pesos as of end-June 2025. This reflects the strength of its balance sheet and the company’s continued investment in high-value developments.

Ayala Land 9M25 Net Income Reaches Php21.4Bn

Megaworld’s 1H, Q2 Profits Surge to historic levels