Ayala sets sights on its next strongest year 

MANILA, Philippines — Ayala Corp., the country’s oldest conglomerate, is setting its sights on its next best year after posting its strongest year ever in 2024, with 2025 seen as inflection year for its small businesses.

Ayala president and CEO Cezar Consing  said the company had its strongest year ever in 2024 despite “not all of its engines firing on all cylinders.” 

“Can you imagine what we would look like if we had a year where our engines were firing on all cylinders?” Consing said in a media briefing yesterday.

“Now, will that be this year? Will that be next year? I don’t know, but I think the chances are there will be a year where our engines are firing on all cylinders because we’re making sure that we’re set up for that,” he said.

Consing said the group has made good headway in boosting its portfolio.

“I think we will get to the point, probably in the next couple of years, where all or almost all of our businesses will be contributing positive equity earnings. We will still be heavily reliant on our four big listed businesses, but the rest of our portfolio companies will be able to contribute shareholder value and dividends. Our balance sheet, which is already quite strong, will become even stronger,” he said.

Of the group’s four major businesses, Consing said that energy arm ACEN could probably use more equity capital, while two or three of its newer businesses could also use more growth capital.

“And as the performances of all our business units get stronger, the ability of our smaller, newer businesses to raise equity capital at the operating unit level becomes even better,” he said.

Ayala posted record core earnings of P45 billion in 2024 despite several of its smaller businesses registering losses. 

“That being said, I think 2025 could be an inflection year for our smaller businesses. Each of them undertook major rationalization initiatives last year and we should begin to see the payoffs of such moves this year,” Consing said.