The Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plant Complex supports AboitizPower’s growing energy portfolio
Aboitiz Equity Ventures Inc. (AEV) earned PHP 17.8 billion in the first nine months of 2026, up 2% from the same period last year, as stronger earnings from its power and banking businesses supported overall growth despite varying market conditions across its industries.
AboitizPower and UnionBank led the performance, with power accounting for 64% of earnings, followed by banking and financial services at 23%, and food and beverage at 21%. Infrastructure weighed on overall results with an 8% drag.
While earnings were higher for the nine-month period, AEV recorded a net income of PHP 4.1 billion in the third quarter, covering July to September, compared with PHP 8.9 billion in the same quarter last year.
AboitizPower earned PHP 26.2 billion, up 13% from PHP 23.3 billion last year, supported by higher electricity market prices, more power covered by supply contracts, and additional capacity from the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plant Complex and new solar power plants. Over the nine-month period, these gains more than offset the impact of lower coal plant availability. Excluding one-time items and foreign exchange gains and losses, earnings rose 11% to PHP 25.5 billion, while operating earnings increased 13% to PHP 63.7 billion. However, lower coal plant availability affected third-quarter net income, which reached PHP 7.8 billion, compared with PHP 10.6 billion last year. AboitizPower contributed PHP 14.1 billion to AEV’s earnings.
The company also continued expanding its energy portfolio, including the groundbreaking of a 60-megawatt battery storage facility in Cebu in July to help strengthen grid reliability.
Union Bank of the Philippines posted a 53% increase in net income to PHP 9.9 billion, supported by higher income from lending, banking fees, and wealth management services. Total revenue grew 8% to PHP 65.5 billion, while income from lending after interest expenses rose 9% to PHP 51.9 billion.
Loans to individual customers accounted for 62% of total loans, while costs related to possible loan losses declined 4% to PHP 15.0 billion. As of September, UnionBank had PHP 1.2 trillion in assets and PHP 573.5 billion in loans, contributing PHP 5.0 billion to AEV’s earnings. The bank also reported serving more than 19.5 million customers in its October earnings announcement, reflecting its expanding customer base and continued digital banking investments.
AEV’s food and beverage businesses, comprising Aboitiz Foods and Coca-Cola Europacific Aboitiz Philippines (CCEAP), contributed PHP 4.7 billion, compared with PHP 5.2 billion last year.
CCEAP maintained its strong market position and recorded higher beverage sales volumes, while Aboitiz Foods posted gains in regional livestock feed, trading, pet food, specialty nutrition, and fish feeds. These gains were partly offset by continued challenges in farms and meat production, including import competition and weaker local demand. Aboitiz Foods also expanded its research capabilities through an aquaculture research facility in Singapore to support fish feed development.
In real estate, AEV earned PHP 7 million, compared with PHP 1.7 billion last year, mainly reflecting the absence of significant land sale gains recorded in 2025 and the timing of income from economic estate lot sales.
Despite the difference in reported earnings, residential operations recorded improved sales quality and fewer forfeitures, while economic estates generated higher rental income from increased occupancy and rental rates. Separately, LIMA Estate in Batangas reached more than PHP 128.9 billion in cumulative investments, hosting over 200 companies and supporting 75,000 jobs, reflecting the estate’s continued development and economic activity.
In infrastructure, AEV’s share of Aboitiz InfraCapital’s losses narrowed to PHP 520 million from PHP 668 million, supported by higher passenger traffic at Mactan-Cebu International Airport, full nine-month contributions from Laguindingan and Bohol-Panglao International Airports, and continued expansion of telecommunications towers under Unity Digital Infrastructure.
These improvements helped balance slower international air travel and lower water volumes from Apo Agua due to El Niño. AEV’s share of Republic Cement’s losses stood at PHP 1.2 billion, compared with PHP 1.1 billion last year, bringing total infrastructure losses attributable to AEV to PHP 1.7 billion.
As of September 30, 2026, AEV’s total assets remained steady at PHP 1 trillion, with PHP 84.8 billion in cash, compared with PHP 87.8 billion at the end of 2025. Total liabilities stood at PHP 621.2 billion, up from PHP 609.1 billion, while equity attributable to parent company shareholders increased to PHP 301.9 billion from PHP 290.5 billion.
AEV maintained a current ratio of 1.1 times and a net debt-to-equity ratio of 0.9 times. In May 2026, the Group also received an A- investment-grade credit rating with a Stable outlook from Japan Credit Rating Agency, which recognized its diversified portfolio, stable cash generation, and disciplined financial management. The Group also earned recognition for good corporate governance at the recent 2026 Golden Arrow Awards, with AEV and UnionBank receiving four Golden Arrows each, while AboitizPower received three.
