Ayala Corp. posted a 6% decline in core net income to P34.5 billion for the first nine months of 2026, as weaker earnings from its banking and property businesses partly offset higher contributions from its financial technology (fintech) and energy operations.

The Zobel-led conglomerate said its core net income, which excludes one-off items, slipped from a year earlier on softer results from Bank of the Philippine Islands (BPI) and Ayala Land, Inc. (ALI), along with lower non-operating income, according to its regulatory filing on Thursday.

Reported attributable net income fell 21.6% to P36.27 billion from P46.27 billion a year earlier, reflecting a higher comparative base in 2025 that included a one-time remeasurement gain related to AM 50 Ventures, Inc.

Ayala Corp. President and Chief Executive Officer Cezar P. Consing said changes to the group's portfolio and improving contributions from its growth businesses helped support earnings.

"Our results reflect the benefits of strengthening and rebalancing the portfolio over the past several years. Improving contributions from our growth platforms, narrowing losses from emerging businesses, and disciplined capital allocation are helping build a more resilient earnings base," he said.

The nine-month figures capture that rebalancing at work: the group's newer platforms in digital finance and energy expanded earnings, while its two traditional profit centers absorbed higher costs and softer revenues.

BPI's net income declined 3% to P48.9 billion in the January-to-September period, as higher provisions and operating expenses offset growth in lending and fee income. The bank's total revenues rose 10% to P156.3 billion, while its loan portfolio expanded 14% to P2.7 trillion. Fee income increased 16% to P32.5 billion, supported by higher transaction volumes and deal activity, and its return on equity stood at 13.6%.

ALI's net income fell 18% to P17.5 billion as growth in leasing and hospitality partly offset weaker property development revenues.

In telecommunications, Globe Telecom, Inc. reported core net income of P15.5 billion, broadly unchanged from a year earlier, as higher gross service revenues and a 6% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) were offset by higher non-operating charges, particularly interest expenses. Globe's reported net income declined 7% to P16.5 billion, partly reflecting a higher comparative base in 2025 that included nonrecurring gains from tower sale-and-leaseback transactions and the dilution of its stake in fintech company Mynt.

Mynt, the operator of GCash, recorded a 17% increase in net income to P16.5 billion, supported by double-digit revenue growth. Its monthly active users grew 10% to 42.1 million in the third quarter — a sign of how digital finance is becoming an increasingly important complement to the group's traditional banking business.

In the energy segment, AC Energy and Infrastructure Corp. (ACEIC), the parent company of listed ACEN Corp., reported a 62% increase in net income to P6.9 billion, supported by higher earnings from thermal power plants and foreign exchange gains. ACEN's net income rose 84% to P3.3 billion, driven by higher power generation, growth in its retail electricity business, and improved contracting — the largest percentage earnings increase among the group's major operating units for the period.

Ayala Healthcare Holdings, Inc. (AC Health) narrowed its core net loss to P54 million from P75 million a year earlier, moving closer to break-even. The healthcare unit's revenues grew 29% to P11.8 billion, supported by higher utilization and improved margins, while core EBITDA increased 23% to P1.2 billion.

AC Logistics, excluding Entrego, narrowed its net loss to P151 million from P1.3 billion a year earlier — an improvement of more than P1.1 billion that the company attributed to a better business mix and tighter cost controls.

ACMobility's core net loss widened to P287 million from P117 million, as weaker Kia and Isuzu sales and higher inventory costs offset earnings from its BYD distribution business. Even so, the unit's total vehicle sales rose 30% to 41,166 units, driven by a 90% increase in BYD sales. Its share of the automotive market increased by 3.4 percentage points to 12%, while its share of the new energy vehicle segment stood at 55.8%. The numbers show market-share gains still running ahead of profitability: together with AC Health and AC Logistics, ACMobility remains among the units whose trajectory will indicate how far the group's portfolio rebalancing has progressed.

Integrated Micro-Electronics, Inc. (IMI) reported net income of $22.3 million, excluding losses from VIA Optronics, up 33% from $16.7 million a year earlier, supported by higher revenues and improved margins.

On the balance sheet, Ayala Corp. said 70% of its debt carried fixed interest rates, with an average cost of obligations, including preferred shares, of 5.43% — a structure that insulates the majority of its borrowings from movements in benchmark rates.

At the local bourse on Thursday, Ayala Corp. shares fell 0.54% to close at P557 apiece. — Alexandria Grace C. Magno