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Aboitiz Equity Ventures (AEV) PHP

Aboitiz Equity Ventures is a Philippine conglomerate with core businesses in power generation and distribution, banking and financial services, food and agribusiness, and infrastructure development.

At a glance: strengths & risks
✓Revenue growing (+37% y/y, Q2 2026)✓Profit growing (+35% y/y, Q2 2026)✗High leverage (5.9x EBITDA)

Sector: Conglomerate

PH_AEV

Price chart

40.25 PHPDay 0.37%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
40.25 PHP · 0.37%
Market cap
223.5 bn PHP

Growth

Δ revenue y/y
36.8%
Δ EBITDA y/y
3.9%

Multiples

P/E (LTM)
5.7x
P/B (FY)
0.6x
P/E (ann.)
4.2x
EV/EBITDA (LTM)
8.7x
EV/EBITDA (ann.)
8.8x

Cash return

Dividend yield
3.9%
FCF yield (LTM)
12.9%

Value creation

fundamental value/yr, % of market cap
Value created / year
+3.8%
↓ details

Liquidity

Daily turnover
—

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B PHP, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB PHPOperating profitB PHPD&AB PHPEBITDAB PHPNet profitB PHPOperating CFB PHPCapex + M&AB PHPAssetsB PHPEquityB PHPROE (annualized)Net debtB PHPSource
2026-06-30Q2 2026 (3M)PARTIAL100.4
y/y 36.8%
13.7
y/y 47.9%
—
y/y —
—
y/y —
13.3
y/y 34.6%
——1014.9
y/y 7.7%
413.5
y/y 6.5%
13.1%≈ 412.5Link
2026-03-31Q1 2026 (3M)OK86.4
y/y 26.4%
13.4
y/y 44.7%
4.7
y/y 10.0%
18.2
y/y 33.7%
10.9
y/y 83.4%
15.4-9.71024.1
y/y 10.7%
400.0
y/y 4.5%
10.9%413.3Link
2025-12-31Q4 2025 (3M)OK86.0
y/y 5.0%
15.3
y/y 14.9%
4.2
y/y 22.2%
19.6
y/y 16.4%
0.0
y/y -100.2%
15.6-6.31012.6
y/y 13.3%
403.5
y/y 1.8%
7.6%405.5Link
2025-09-30Q3 2025 (3M)OK85.5
y/y 19.6%
17.1
y/y 13.8%
4.5
y/y 14.4%
21.6
y/y 13.9%
14.8
y/y 12.8%
18.7-10.6971.1
y/y 14.9%
405.8
y/y 3.6%
5.0%375.4Link
2025-06-30Q2 2025 (3M)OK73.4
y/y -8.7%
9.2
y/y -29.3%
4.3
y/y 14.6%
13.5
y/y -19.5%
9.9
y/y -39.2%
5.4-5.5942.2
y/y 11.1%
388.2
y/y 2.3%
10.2%379.1Link
2025-03-31Q1 2025 (3M)PARTIAL68.3
y/y -1.1%
9.3
y/y 1.3%
4.3
y/y 31.1%
13.6
y/y 9.1%
5.9
y/y 21.4%
18.8-50.7924.9
y/y 11.0%
382.7
y/y 4.0%
6.1%378.0Link
2024-12-31Q4 2024 (3M)OK81.9
y/y —
13.3
y/y —
3.5
y/y —
16.8
y/y —
3.7
y/y —
7.7-7.9893.7
y/y —
396.4
y/y —
9.6%322.5Link
2024-09-30Q3 2024 (3M)OK71.5
y/y -3.3%
15.0
y/y 44.7%
3.9
y/y -0.0%
18.9
y/y 32.4%
13.1
y/y 73.3%
16.5-4.9844.9
y/y 1.8%
391.9
y/y 6.2%
4.5%295.6Link
2024-06-30Q2 2024 (3M)OK80.3
y/y -3.0%
13.1
y/y 17.0%
3.8
y/y 1.6%
16.8
y/y 13.2%
16.2
y/y 29.3%
12.2-6.6847.8
y/y 4.6%
379.4
y/y 5.4%
17.4%311.6Link
2024-03-31Q1 2024 (3M)OK69.1
y/y —
9.2
y/y —
3.3
y/y —
12.5
y/y —
4.9
y/y —
18.7-2.4833.3
y/y —
367.8
y/y —
5.3%—Link
2023-12-31Q4 2023 (3M)OK78.0
y/y —
9.3
y/y —
3.1
y/y —
12.4
y/y —
5.5
y/y —
15.7-5.9833.9
y/y —
375.3
y/y —
5.9%—Link
2023-09-30Q3 2023 (3M)OK74.0
y/y —
10.4
y/y —
3.9
y/y —
14.3
y/y —
7.6
y/y —
17.2-5.4830.2
y/y —
369.0
y/y —
2.8%—Link
2023-06-30Q2 2023 (3M)OK82.8
y/y —
11.2
y/y —
3.7
y/y —
14.9
y/y —
12.5
y/y —
6.3-6.3810.6
y/y —
359.8
y/y —
——Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)155 335
Long-term debt (incl. LT leases)359 148
− Cash & equivalents102 024
Net debt412 459

Net debt / LTM EBITDA: 5.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₱ mln)

025 00050 00075 000100 000125 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-20%0%20%40%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) (₱ mln)

-40 000-20 000020 00040 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₱ mln)

0100 000200 000300 000400 000500 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2024–2025 operating cash flow came to 1.68x of reported net profit; after capex, 0.97x.
year20242025
cash flow / profit1.45x1.91x
accruals, % of assets-1.9%-2.8%
Last twelve months (to 2026-06-30): 1.41x of profit came back as operating cash flow.
net debt / EBITDA 5.9x · EBIT covers interest 1.3x · capex 1.4x of depreciation
● Net debt / EBITDA 5.9x at the last full year.
● EBIT covers interest 1.3x.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +3.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (18 171 − 13 591) × 4.01
4 591
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (223 500 + 412 459) ÷ 72 845
8.7x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (8.7 + 10) ÷ 2
9.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -34 447 + 0 + 0 − 0
-34 447
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (4 591 × 9.4 + -34 447) ÷ 223 500
+3.8%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • growth discounted x0.25: EBITDA grew but net profit FELL while net debt rose - debt-funded growth not reaching equity (interest drag)

Peer comparison

Group: Conglomerate. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
DMCI HoldingsPhilippines1.54.0x
Alliance Global GroupPhilippines1.24.3x
JG Summit HoldingsPhilippines2.05.4x
SM Investments CorporationPhilippines10.15.6x
Ayala CorporationPhilippines5.321.4x
Group median5.4x
Group average8.1x
This companyPhilippines3.58.7x

Group median 5.4x; this company 8.7x — a 61% premium.

Group average 8.1x; against the average this company is at a 7% premium. The average sits 50% above the median: Ayala Corporation (21.4x) skews the group.

At the adjusted group median the market cap would be -106% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Investor reporting (IR): https://aboitiz.com/investor-relations/financial-information

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Aboitiz Equity Ventures (AEV) — from primary filings.

Frequently asked questions

What is Aboitiz Equity Ventures (AEV)'s P/E ratio?
Aboitiz Equity Ventures (AEV) trades at a P/E of 5.7x (price to trailing 12-month earnings).
What is Aboitiz Equity Ventures (AEV)'s EV/EBITDA?
Aboitiz Equity Ventures (AEV) trades at 8.7x EV/EBITDA.
What is Aboitiz Equity Ventures (AEV)'s P/B ratio?
Aboitiz Equity Ventures (AEV) trades at a P/B of 0.6x.
What is Aboitiz Equity Ventures (AEV)'s dividend yield?
Aboitiz Equity Ventures (AEV)'s trailing 12-month dividend yield is 3.9%.
What is Aboitiz Equity Ventures (AEV)'s return on equity (ROE)?
Aboitiz Equity Ventures (AEV)'s ROE is 13.1%.
What is Aboitiz Equity Ventures (AEV)'s market capitalization?
Aboitiz Equity Ventures (AEV)'s market cap is 223.5 bn PHP.

See also: Philippine Stocks (2026): Where the Value Really Is (and the Traps) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map