Universal Robina in Q3: Earnings accelerate on margin recover

From AB Capital's The Opening Bell: Three Moves

Event

3Q earnings accelerated: Revenue grew 7% YoY to P41.4 billion, earnings before interest and taxes (EBIT) rose 14% to P3.4 billion, while core net income increased 21% to P2.4 billion.

View

9M growth remained positive: Revenue increased 5% to P130.7 billion, EBIT rose 3% to P12.8 billion, and core net income grew 7% to P9.1 billion. Higher operating expenses continued to temper operating profit growth, partly offset by lower financing costs.

Catalyst

International and Flour supported profitability: International EBIT grew 22% in peso terms, with margins expanding 65 basis points to 14.8%, while Flour delivered stronger contributions. These gains partly offset softer performance in SURE.

Action

9M core net income of P9.1 billion represents 70% of AB Capital's P12.9 billion FY26E forecast and 76% of consensus estimates.

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