LT Group, Inc. delivered a strong H1 2025 performance, reporting P14.97 billion in attributable net income—a 17% increase over the same period in 2024

​LT Group, Inc. (LTG) delivered a strong first-half 2025 performance, reporting P14.97 billion in attributable net income—a 17% increase over the same period in 2024 and the company's second-best first half and second-quarter result since its follow-on public offering.

​Philippine National Bank (PNB) contributed P 7.03 billion or 47%. FTC representing the tobacco business contributed P5.44 billion or 36% of total. Tanduay and Asia Brewery added P1.35 billion and P489 million, respectively or 9% and 4% each. Eton and Victorias Milling Company accounted for P351 million or 2% and P276 million or 2%, respectively.

In addition to March 2025 dividends of P3.25 billion (P0.15 per share regular, P0.15 per share special), LTG declared a special dividend of P0.30 per share in June 2025. This brought the total cash dividends to P6.49 billion or a payout rate of 22.4% for the current period.

As of June 30, 2025, the company’s Debt-to-Equity Ratio was 3.12:1 with the Bank and 0.11:1 without the Bank. The parent company held a cash balance of P2.07 billion.

Philippine National Bank (PNB)

The banking segment reported a net income of P12.52 billion in 1H25, 22% higher than the P10.29 billion in 1H24. This is the bank’s best first-half year performance to date (excluding one-off ROPA gains).

Gross interest income in the current period of P34.63 billion was higher by 5% y-o-y on higher yields , increased loan volume , investment securities and interbank loans. Simultaneously, gross interest expense decreased by 1% to P8.87 billion primarily due to lower interest costs on bonds payable. This resulted in a 7% y-o-y increase in net interest income to P25.77 billion, with the net interest margin expanding to 4.6% from 4.4%.

Net service fees and commission income increased by P545 million or 24% at P2.82 billion for the period ended June 30, 2025, primarily driven by higher fees from bancassurance, credit cards, deposit and loan-related products.

Trading and investment securities and net foreign exchange gains were higher at P1.44 billion in 1H25 compared to 1H24’s P877 million reflecting increased foreign exchange transaction gains and trading profits.

Other income was higher at P1.71 billion for the six months ended June 30, 2025 compared to P1.46 billion for the same period last year on account of increased ROPA sale gains.

Operating expenses were 2% lower at P15.99 billion in 1H25 from P16.37 billion in the prior period, primarily attributable to lower provision for impairment, credit and other losses reflecting the improved credit quality of the bank’s loan portfolio.

Fortune Tobacco Corporation (FTC)

FTC reported a net income of P5.46 billion in 1H25 which was 12% higher than the P4.89 billion recorded in 1H24. This was primarily due to higher equity in net earnings from PMFTC which amounted to P4.87 billion, a 10% increase compared to last year’s P4.43 billion.

PMFTC's cigarette shipments outpaced industry growth in 1H25. While total industry volume rose 4.0% to 23.9 billion sticks, PMFTC's shipment volume increased by 4.9% to 11.1 billion sticks. This stronger performance, coupled with November 2024 price increases, contributed to higher earnings. PMFTC’s 1H25 market share was 46.4%.

PMFTC adjusted cigarette prices in November 2024. Marlboro is now priced at P9 per stick, while Marlboro Crafted, Fortune and Jackpot are priced at P8 and Chesterfield at P7. These price changes were intended to cover excise taxes, which is now at P66.15 per pack of 20 sticks effective January 1, 2025.

PMFTC's smoke-free products such as IQOS ILUMA heated tobacco products and ZYN oral nicotine pouches are designed to offer an alternative to traditional smoking, with IQOS using patented smartcore induction system - a bladeless system to heat tobacco without burning it.

The government officials, industry leaders and other key stakeholders in the tobacco industry are continuously advocating for the inter-agency task force’s aggressive stance and action to combat the illicit tobacco trade.

Tanduay Distillers, Inc. (TDI)

TDI achieved its strongest first-half performance to date, with a net income of P1.36 billion for 1H25, a significant increase of 91% compared with the P712 million recorded in the same period last year. This was driven by higher net revenues at P15.25 billion in 1H25, 4% higher than the P14.63 billion reported in 1H24. This was primarily attributed to higher selling prices within the liquor segment.

Cost of sales remained flat at P12.62 billion in 1H25 and 1H24. This resulted to a gross profit margin improvement to 17% in 1H25, higher than the 14% in 1H24 mainly on account of higher selling prices and lower costs in the liquor segment.

Operating expenses were lower at P886 million in 1H25 compared to P1.06 billion in 1H24 due primarily to lower advertising, promotion and other expenses incurred.

TDI's nationwide distilled spirits market share grew to 38.0% in 1H25 from 33.0% in 1H24, maintaining dominant positions of 68.3% and 81.0% in the Visayas and Mindanao regions, respectively.

Asia Brewery, Inc. (ABI)

The beverage segment’s net income was slightly lower at P491 million for the six months ended June 30, 2025 from P509 million in the same period last year.

Revenues of the beverage segment were at P8.84 billion in the current period, 6% lower than 1H24, as sales volume decreased for Cobra Energy Drinks and Vitamilk. Cost of sales decreased at a faster rate of 10% at P6.60 billion for 1H25 on account of packaging and formulation improvements. There was an improvement in the gross profit margin to 25% from 22% due primarily to favorable sales mix, lower discounts provided to distributors and decrease in manufacturing costs.

Operating expenses increased to P1.50 billion in 1H25 from P1.38 billion in 1H24 due to higher advertising expenses and personnel costs.

Cobra energy drink market share was 46% in 1H25 while Absolute and Summit bottled water brands collectively held 15%, securing third place among local water brands.

Eton Properties Philippines, Inc. (Eton)

Eton reported a net income of P352 million for the six months of 2025, higher than the P327 million for the same period last year.

Leasing revenues were slightly lower by 9%, reaching P916 million (81% of total revenue) in 1H25 compared to P1.01 billion in 1H24. Real estate sales were at P212 million for the period ended June 30, 2025 as the company continued to sell the remaining inventory of previously launched projects in 68 Roces in Quezon City and in Eton City, Laguna.

Operating expenses were lower at P389 million due to lower general and administrative expenses. Other income was higher due mainly to higher marketing fees and compensation from right of way from the local government.

Eton's leasing portfolio covers a total area of 270,300 square meters of which approximately 192,000 square meters is dedicated to office space.