Ayala Corporation's Mixed Financial Results: Gains in Fintech and Energy Offset Declines in Banking and Property

Ayala Corporation, one of the Philippines' largest conglomerates, has reported a 6% decline in core net income for the first nine months of 2026, amounting to ₱34.5 billion (approximately $617 million). This decrease is attributed to weaker earnings from its banking and property sectors, which offset the robust performance of its financial technology and renewable energy operations.

According to Ayala Corp.'s regulatory filing, the conglomerate's attributable net income fell by 21.6% to ₱36.27 billion ($644 million) compared to ₱46.27 billion ($823 million) in the same period last year. The decline was influenced by a high comparative base that included a one-time remeasurement gain from AM 50 Ventures, Inc., as noted by Cezar P. Consing, President and CEO of Ayala Corp.

Mynt, the operator of the popular e-wallet GCash, reported a notable 17% increase in net income to ₱16.5 billion ($295 million). The company's revenues also grew by 12% to ₱67.1 billion ($1.2 billion), driven by a 23% rise in gross transaction value, which reached ₱15.1 trillion ($266 billion). The loan book in Mynt's CreditTech business expanded 43% to ₱79.3 billion ($1.4 billion), while active borrowers reached 7.8 million. Monthly active users increased by 10% to 42.1 million.

In the energy sector, Ayala Corp. Energy and Infrastructure Corp. (ACEIC), the parent company of listed ACEN Corp., reported a 62% increase in net income to ₱6.9 billion ($117 million), supported by higher earnings from thermal power plants and foreign exchange gains. ACEN Corp., Ayala's renewable energy arm, also reported an 84% increase in net income to ₱3.3 billion ($56 million), bolstered by a 22% rise in renewable energy output to 5,950 gigawatt-hours. This growth was attributed to favorable market conditions and an expanding retail electricity supply business.

“Cezar P. Consing said the results reflect the benefits of strengthening and rebalancing the portfolio over the past several years.”Cezar P. Consing, President and CEO, Ayala Corporation

However, the banking segment faced challenges, with the Bank of the Philippine Islands (BPI) recording a 3% decline in net income to ₱48.9 billion ($867 million). This decline stemmed from higher provisions and operating expenses, despite a 10% increase in total revenues to ₱156.3 billion ($2.8 billion). Ayala Land, Inc. (ALI) also experienced an 18% drop in net income to ₱17.5 billion ($310 million), as property development revenues fell by 24% to ₱57.6 billion ($1 billion), although leasing and hospitality revenues increased 8% to ₱37.8 billion.

Despite these challenges, Ayala's emerging businesses exhibited signs of recovery. AC Health narrowed its core net loss to ₱54 million ($960,000) from ₱75 million ($1.3 million) a year earlier, while AC Logistics significantly reduced its net loss to ₱151 million ($2.7 million) from ₱1.3 billion ($23 million). These improvements were attributed to better business mix and tighter cost controls.

Ayala Corp.'s consolidated net debt rose by 13% to ₱722.9 billion, maintaining a net debt-to-equity ratio of 0.86 times, well below its covenant limit of three times. On the Philippine Stock Exchange, Ayala Corp. shares closed at ₱557 each, reflecting a slight decrease of 0.54%.