| THE AYALA WAY

Vol 6 No 48

"We are seeing strong starts from our banking, real estate and fintech businesses. Our telco and energy businesses have some catching up to do. Our smaller, newer companies are turning the corner. We are constructive on the year."

CEZAR P. CONSING
AC President and CEO

INSPIRE EXCELLENCE

Ayala Posts Core Profit of P11 Billion in 1Q25

Ayala Corporation’s core net income, which excludes one-off items, declined four percent to P11.3 billion as healthy contributions from BPI and Ayala Land cushioned lower earnings from Globe and AC Energy & Infrastructure Corporation. Including one-off items, Ayala’s net income decreased four percent to P12.6 billion.

Portfolio Updates

• AC Health narrowed net losses to P59 million from P191 million driven by better utilization of facilities and improved margins through prudent cost management, supported by the absence of KMD losses.
• AC Logistics’ core net loss narrowed to P303 million from P400 million on the back of cost savings and margin uplift from the closures of Entrego and the last mile arm of AIR21.
• AC Industrials saw its core net loss narrow to P115 million from P331 million. IMI’s continued turnaround and reduced stake in Merlin Solar more than offset wider losses in ACMobility. Including one-offs, reported net loss narrowed to P294 million from P932 million.

Balance Sheet Highlights (1Q25 vs FY24)

Ayala's balance sheet remains resilient with good access to credit from local and international banks, multilaterals, and capital markets. Consolidated cash stood at P75.9 billion and consolidated net debt increased two percent to P603.5 billion. Consolidated net debt-to-equity ratio was up one basis point to 0.82x, well within the company’s covenant of 3.0x.

Parent-level cash increased 22 percent to P14.1 billion, while parent net debt was up one percent to P168.3 billion. Loan-to-value ratio, or the ratio of its parent net debt (excluding the fixed-for-life perpetuals which have no maturity) to the total value of its assets, increased 70 basis points to 14.6 percent. Parent net debt-to-equity ratio was at 1.06x and average cost of debt slightly increased to 5.34 percent from 5.33 percent in 2024.

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