| THE AYALA WAY

Vol 6 No 23

"2024 was Ayala’s strongest year ever. We continue to be reliant on our core business units but 2025 should be an inflection point for our smaller and newer businesses. We will continue to build a more concentrated, collaborative, and connected Ayala and grow businesses that deliver long-term shareholder value."

CEZAR P. CONSING
AC President and CEO

FULL-YEAR EARNINGS

Ayala Core Profit Up 10% to P45B in FY24

Ayala Corporation’s core net income, which excludes one-off items, increased 10 percent to an all-time high of P45.0 billion. BPI, Ayala Land, Globe, and AC Energy & Infrastructure (ACEIC) delivered strong performances, underpinning the company’s results. Accounting for one-offs, Ayala’s net income rose 10 percent to P42.0 billion.

• BPI achieved a record net income of P62.0 billion, up 20 percent driven by record revenues despite higher operating expenses and provisions. Full year return on equity was 15.1 percent.
• Ayala Land’s net income grew 15 percent to P28.2 billion on the back of solid growth of its business units.
• Globe’s core net income improved 14 percent to P21.5 billion in 2024 with EBITDA reaching an all-time high on the back of improved topline growth and lower spending. This was further supported by GCash operator Mynt, which sustained its growth momentum.
• ACEN's reported net income increased 27 percent to P9.4 billion, driven by higher attributable renewables output and supported by P2.8 billion in value realization gains.
• AC Health’s revenues grew 10 percent to P9.4 billion. Meanwhile, net loss widened to P610 million mainly due to a one-time impairment in KonsultaMD and ramp-up costs of the cancer hospital.
• AC Logistics’ reported net loss widened to P2.2 billion from P1.8 billion due to one-time cleanup expenses for Air21 Holdings, Inc. Meanwhile, attributable EBITDA losses improved 34 percent to P633 million from P995 million as streamlining initiatives enhanced operational efficiency.
• AC Industrials narrowed its net loss to P2.4 billion from P7.3 billion due to lower impairments. Core net loss widened to P1.6 billion from P1.2 billion because of softer demand and restructuring costs in IMI, startup expenses and one-off costs in ACMobility as well as closure costs in the two-wheel segment.

Ayala's balance sheet remained healthy despite market volatility as the company continues to have good access to credit from domestic and international banks, multilaterals, and the capital markets. Consolidated cash stood at P76.2 billion and group capex for 2025 is at P230.0 billion. Consolidated net debt increased 17 percent to P590.5 billion and the net debt-to-equity ratio climbed six basis points to 0.81x, well within the company’s covenant of 3.0x.

At the parent level, cash declined one percent to P11.6 billion while net debt increased 14 percent to P167.1 billion. Loan-to-value ratio stood at 13.9 percent. Net debt-to-equity ratio was at 1.06x. Average cost of debt decreased to 5.33 percent from 5.37 percent in 2023, supported by Ayala’s high fixed rates ratio at 70 percent.

Read the full disclosure and press statement on the company website or PSE Edge.