Ayalaland Logistics Holdings Corp. (ALLHC) posted a 9% year-on-year decline in consolidated net income to P73 million for the first nine months of 2026, as industrial lot sales and commercial leasing revenues weakened.

In a statement issued on Wednesday, the Ayala Land, Inc. subsidiary said third-quarter net income reached P62 million, supported by revenue recognition from industrial lot sales and sustained leasing performance. Based on the reported figures, the third quarter accounted for the bulk of the nine-month total, leaving implied first-half earnings of roughly P11 million. The company noted that the nine-month decline was narrower than the 90% year-on-year drop recorded in the first half of the year, a gap that reflects a markedly stronger third quarter after a difficult start to the year.

Consolidated revenues for the January-to-September period totaled P2.5 billion.

Industrial lot sales generated P903 million in revenues, down 19% from the same period last year, the company said. However, industrial lot reservations rose 23% year on year to P1.3 billion, which ALLHC said indicated improved demand despite prevailing market conditions. Because reservations are booked ahead of revenue recognition, the rising order book offers a measure of demand that has yet to flow through to the company's reported sales.

The company's leasing businesses recorded P1.6 billion in revenues, up 9% from a year earlier — roughly two-thirds of consolidated revenues for the period. Cold storage revenues jumped 76% to P355 million, supported by higher occupancy levels and a full year of revenue contributions from the Artico Iloilo and Artico Urdaneta facilities acquired in March 2025, making it the fastest-growing line in the portfolio. Warehouse leasing revenues grew 5% to P585 million, which ALLHC attributed to stable operations at its facilities. Commercial leasing revenues, meanwhile, fell 7% to P646 million, mainly due to softer market demand — the only leasing segment to contract during the period.

"Navigating a challenging market backdrop, the sequential improvement in our third-quarter net income reflects strong progress in securing key tenants across our leasing business and capitalizing on continued demand for our industrial lots," ALLHC President and Chief Executive Officer Robert S. Lao said.

"Moving forward, we remain focused on stabilizing and strengthening our overall portfolio," he added.

How much of the P1.3 billion in reservations converts into recognized revenues in subsequent reporting periods, and whether commercial leasing demand stabilizes, will be visible in the company's fourth-quarter and full-year disclosures.

ALLHC operates industrial parks, warehouses, cold storage facilities, data centers, and commercial leasing properties across the Philippines.

Shares of ALLHC closed unchanged at P1.09 apiece on Wednesday.