Ayala Corporation Core Profit Up 10 Percent to P45 Billion in FY24

Ayala Corporation’s (Ayala) 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 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 across its business units. ▪ Globe’s core net income, which excludes non-recurring charges, foreign exchange and mark-to-market charges, 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. The lift in Globe’s core earnings was further supported by Mynt, the operator of GCash, as it sustained its growth momentum. Net income was down one percent to P24.3 billion due to lower one-time gains from the tower sales.

ACEN's reported net income accelerated 27 percent to P9.4 billion, driven by higher attributable renewables output, and supported by P2.8 billion in value realization gains.

ACEIC, the parent company of ACEN, registered a core net income of P10.7 billion, up 13 percent driven by increased contributions from ACEN’s new capacity and higher financing income which offset lower earnings from its thermal assets.

Globe’s core net income, which excludes non-recurring charges, foreign exchange and mark-to market charges, improved 14 percent to P21.5 billion in 2024. The performance was driven by Mynt’s solid performance and record gross service revenues despite challenges from home broadband normalization, the ECPay deconsolidation, and prolonged inflation. 

AC Health’s revenues grew 10 percent to P9.4 billion. The provider group, consisting of clinics and hospitals, saw revenue growth of 22 percent, well above industry growth of 8 percent. FEU NRMF turned EBITDA positive with revenues rising 19 percent to P957 million. Revenue from the pharma group remained flat but still outperformed the industry’s five percent decline. Meanwhile, net loss widened to P610 million mainly due to a one-time impairment in Konsulta MD 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 clean up expenses for Air21 Holdings, Inc. Meanwhile, attributable EBITDA losses improved 34 percent to P633 million from P995 million as streamlining initiatives enhanced operational efficiency. Its cold storage facility, GMAC CDO, reached 74 percent average utilization in 2024 since its opening in June 2023. On March 5, 2025, Ayala Corporation, AC Logistics, and A.P. Moller Capital (“APMC”), through EMIF II Holding III B.V. (“EMIF”), signed a share subscription agreement for EMIF to subscribe to common and redeemable preferred shares of AC Logistics equivalent to a ~40 percent economic stake. The completion of the transaction is subject to finalization of subscription price and satisfaction of conditions precedent including but not limited to regulatory approvals and the achievement of certain business milestones.

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, start-up expenses and one-off costs in ACMobility as well as closure costs in the 2-wheel segment. 

IMI’s revenues declined to US$1.1 billion in 2024 from US$1.3 billion. Core businesses’ net loss amounted to US$24.6 million due to continued rationalization efforts. A leaner organization and a more optimized global footprint should position the company for sustainable growth. 

ACMobility’s net loss amounted to P465 million from P119 million. However, unit sales grew 46 percent to 23,483 from 16,111 driven by 8 successful model launches across BYD and Kia. Total market share improved by 120 basis points to 4.9 percent. AC Mobility continues to hold the largest market share in New Electric Vehicles at 85 percent. On the charging infrastructure side, AC Mobility ended 2024 with 215 charging points in 86 locations nationwide.

Balance Sheet Highlights
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• Ayala's balance sheet remained healthy despite market volatility as Ayala continues to have good access to credit from domestic and international banks, multilaterals and the capital markets.
• Consolidated cash stood at P76.2 billion.
•  Consolidated group capex for 2025 at P230.0 billion.
• Consolidated net debt increased 17 percent to P590.5 billion. 
• Consolidated net debt-to-equity ratio climbed six basis points to 0.81x, well within the Company’s covenant of 3.0x.
• Parent level cash slipped one percent to P11.6 billion.
• Parent net debt jumped 14 percent to P167.1 billion.
• Loan-to-value ratio, the ratio of its parent net debt (excluding the fixed-for-life perpetuals which have no maturity) to the total value of its assets, stood at 13.9 percent.
• Parent net debt-to-equity ratio was at 1.06x.
• Parent average cost of debt decreased to 5.33 percent from 5.37 percent in 2023, supported by AC’s high fixed rates ratio at 70 percent.

“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.” Ayala President and CEO Cezar P. Consing said.