LT Group Achieves Fourth Consecutive Year of Record Earnings, Consolidated Attributable Net Income Reaches P30.98 Billion in 2025

LT Group, Inc.’s (LTG) consolidated attributable net income for 2025 reached a new record high of P30.98 billion surpassing 2024’s P28.92 billion by 7%. This marks the fourth consecutive year of record earnings for the company. 

Philippine National Bank (PNB) contributed P14.26 billion or 46%. FTC representing the tobacco business contributed P11.24 billion or 36% of total. Tanduay and Asia Brewery added P3.11 billion and P867 million, respectively or 10% and 4% each. Eton accounted for 2% or P762 million while Victorias Milling Company and Others accounted for P354 million (1%) and P385 million (1%).  

LTG paid out a total of P13.53 billion in dividends to its shareholders in 2025, representing a 46.8% pay-out rate. This included regular and special dividends totaling P1.25 per share declared in March, June, August and November.

As of December 31, 2025, the company’s Debt-to-Equity Ratio was 3.14:1 with the Bank and 0.09:1 without the Bank. The parent company held a cash balance of P2.67 billion. 

Philippine National Bank (PNB)

The banking segment’s net income was P25.34 billion in 2025, 20% higher than the P21.18 billion in 2024. This represents PNB's fourth straight year of record earnings, a consistent achievement when excluding significant one-time gains. 

Gross interest income in the current period of P69.68 billion was higher by 3% y-o-y driven by higher loan volume and yields on investment securities. Gross interest expense decreased by 5% at P17.13 billion due primarily to lower interest cost of deposit liabilities. This resulted in a net interest income of P52.55 billion, 6% higher y-o-y. Net interest margin was at 4.5% in 2025 and 2024. 

Net service fees and commission income increased by P316 million or 6% at P5.83 billion for 2025, mainly due to higher fees from bancassurance, interchange fees, deposits and trust-related products.

Trading and investment securities and net foreign exchange gains were higher at Php3.0 billion in 2025 compared to 2024’s P1.82 billion due to higher trading and investment securities profit. 

Other income was higher at P3.89 billion for 2025 compared to Php3.10 billion for 2024 primarily driven by increased ROPA sale gains.

Operating expenses decreased by 1% to P33.05 billion in 2025 from P33.50 billion in the prior period, mainly due to lower provisions for impairment and credit losses resulting from the bank's improved loan portfolio credit quality. 

Fortune Tobacco Corporation (FTC)

In 2025, FTC reported net income of P11.29 billion, a 12% y-o-y decrease from P12.77 billion in 2024. This decrease primarily reflects lower dividend income from PMFTC, partially offset by higher equitized earnings recorded in 2025. Equity in net earnings amounted to P8.73 billion in 2025, 15% higher than 2024’s P7.57 billion. 

The total cigarette industry volume for 2025 reached 46.4 billion sticks, a 3% increase from 2024's 44.9 billion sticks. PMFTC exceeded this market growth, increasing its volume by 4% to 22.0 billion sticks, compared to 21.1 billion sticks in 2024. This volume growth, combined with price increases implemented in November 2024, boosted PMFTC's income. As a result, PMFTC's market share rose to 47.3% in 2025, up from 46.9% in 2024. These price adjustments were made to account for the higher excise taxes, which increased to Php66.15 per pack of 20 cigarettes on January 1, 2025.

Tanduay Distillers, Inc. (TDI)

TDI posted a net income of P3.12 billion for 2025, a substantial 45% surge compared to the P2.15 billion achieved in 2024. This marks TDI’s 6th consecutive year of record-breaking profits. This was driven by higher net revenues at P34.00 billion in 2025, higher than the P33.85 billion reported in 2024. This, coupled with better pricing and lower production costs, compensated the lower sales volume in both liquor and bioethanol.

Cost of sales declined to P28.12 billion in 2025 compared to P28.92 billion in 2024, reflecting the impact of lower sales volume. This, coupled with higher selling prices and cost reduction programs, led to higher gross profit margin to 17% in 2025, up from 15% in 2024.

Operating expenses were lower at P2.02 billion in 2025 compared to P2.12 billion in 2024 due primarily to lower advertising, promotion and other expenses incurred. 

TDI expanded its market presence in 2025, capturing 39.5% of the national market, an increase from the 34.2% in the previous year. The company maintained its strong leadership position in the Visayas and Mindanao, commanding substantial market shares of 70.4% and 82.9% in those regions, respectively.

Asia Brewery, Inc. (ABI)

ABI’s net income was higher at P877 million for 2025 from P841 million in 2024. 

Revenues of the beverage segment were at P17.93 billion in the current period, 2% lower than 2024, as sales volume decreased for Cobra Energy Drinks. Cost of sales decreased by 4% at P13.56 billion for 2025 driven by lower sales volume, packaging optimization efforts and refined product formulations. As a result, gross profit margin improved to 24% from 22% due primarily to favorable sales mix, reduction in discounts offered to distributors and decrease in manufacturing costs. 

Operating expenses increased to P3.02 billion in 2025 from P2.85 billion in 2024 due to higher advertising expenses and personnel costs. 

In 2025, Cobra Energy Drink captured 45% of the market share, securing the second largest position in the energy drink sector. Absolute and Summit bottled water collectively held 15%, establishing them as the third most popular local water brand.

Eton Properties Philippines, Inc. (Eton)              

Eton reported a net income of P765 million for 2025, higher than the P212 million for 2024 on account of one-time gains and lower operating expenses. 

Leasing revenues, representing 73% of total revenues declined by 5% to P1.92 billion in 2025, compared to P2.03 billion in 2024. Real estate sales grew by 46% to P731 million, from P501 million in 2024, driven by continued sales of remaining inventory in the 68 Roces (Quezon City) and Eton City (Laguna) projects.

Operating expenses decreased to P790 million due to lower taxes and licenses and other general and administrative expenses. Other income was higher due mainly to the right of way compensation received from the local government and higher marketing fees.

Eton has a total of 262,800 square meters of leasable space, with about 189,000 square meters dedicated for office space.