Ayala Land Inc. reported a decline in first-quarter net income to P5.4 billion in 2026 from P6.9 billion a year earlier, even as leasing and hospitality revenues grew, the company announced on Thursday.
Revenues for the period reached P37.5 billion. The property developer leaned on steady performance from its leasing and hospitality segments to offset weaker profitability from property development.
Leasing and hospitality revenues rose 9% to P12.6 billion, driven by higher occupancy rates and contributions from new and redeveloped properties. Shopping center revenues climbed to P5.8 billion, supported by increased foot traffic and new spaces such as Ayala Malls Arca South.
Hospitality revenues surged 30% to P3.4 billion, benefiting from new capacity and improved operations at renovated hotels and resorts. Office leasing revenues remained flat at P3 billion, with occupancy above industry benchmarks.
Property development revenues totaled P20.3 billion, while sales reservations reached P28.2 billion, reflecting sustained demand for residential and estate lots. Industrial real estate revenues grew 23% to P439 million, lifted by higher occupancy in warehousing and cold storage facilities.
Capital expenditures rose 11% to P23 billion, with leasing investments jumping 53% to expand the portfolio.
Despite the profit drop, Ayala Land remains focused on expanding its leasing portfolio and capitalizing on demand across its segments.