This article reviews the business trends of Ayala Corporation — the Philippines’ oldest and largest conglomerate — over the first half of 2026 (January to June).
Q1 Net Profit Declines, but Core Earnings Hold Steady
According to first-quarter 2026 (January–March) results announced by Ayala Corporation on May 13, net income came to ₱11.95 billion, down 5% from ₱12.6 billion in the same period last year. The decline was mainly due to a high base effect: the year-earlier quarter had included a one-time ₱1.7 billion dilution gain from Mitsubishi UFJ Financial Group’s investment in fintech subsidiary Mynt. Excluding one-time items, core net income was ₱11.2 billion, roughly flat year-on-year.
Performance varied by business segment. Banking subsidiary Bank of the Philippine Islands (BPI) posted net income of ₱16.9 billion (up 2% year-on-year), and telecom unit Globe Telecom posted core net income of ₱4.9 billion (up 9%) — both holding steady. By contrast, real estate arm Ayala Land posted net income of ₱5.4 billion (down 23%), and energy subsidiary ACEN came in even weaker at ₱1.4 billion (down 27%), with the slowdown in real estate and energy dragging down the group’s overall results. President and CEO Cezar Consing has signaled that, given global macroeconomic headwinds, Ayala will focus for now on strengthening cash generation, exercising prudent cost management, and securing resilience through disciplined capital allocation.
Mobility Business Exits Honda Dealership, Pivots Fully to EVs
Effective January 1, mobility subsidiary AC Mobility fully transferred its 35-year-old Honda vehicle dealership business to a new distributor. The transfer covered nine locations nationwide, including Makati, Pasig, Cebu, and Iloilo, through which the company had sold more than 220,000 vehicles to date. AC Mobility cited a shift toward “sustainable mobility, electrification, and high-growth businesses” as the reason for the move. The company had already exited its Volkswagen and Maxus distributorships, and plans to focus its resources going forward on importing and selling BYD and Kia vehicles and on EV charging infrastructure.
Retail Business Re-enters the Market With Thai Partner Under the Makro Brand
In retail, Ayala subsidiary ACX Holdings established a joint venture called M&Co Corporation with Thailand’s CP Axtra in September 2025, deciding to bring back Makro, the membership wholesale chain it had previously operated in the Philippines. That partnership has continued to expand into 2026. On May 27, it was revealed that Ayala and CP Axtra had also signed a memorandum of understanding on redeveloping a Makro mall in Bangkok. Through this venture, Ayala is steadily laying groundwork in the consumer and retail space while keeping real estate at its core. M&Co’s ownership is split 49.9% ACX and 50.1% Makro ROH, a CP Axtra affiliate.
Conclusion
Taken together, the picture for the Ayala Group in the first half of 2026 is one in which its core financial and telecom businesses continue to underpin steady earnings, while its real estate and energy businesses slow under macroeconomic headwinds. At the same time, the group’s “selection and concentration” strategy has come into sharper focus — exiting the low-margin auto dealership business while reinvesting in EVs and retail. Overall, this can be seen as a year in which a conglomerate with a history spanning more than 190 years is steadily reshaping its business portfolio.
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