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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 (+17% y/y, Q3 2026)✗Profit falling (-45% y/y, Q3 2026)✗High leverage (5.9x EBITDA)

Sector: Conglomerate

PH_AEV

Price chart

37.7 PHPDay 0.53%

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
37.7 PHP · 0.53%
Market cap
209.3 bn PHP

Growth

Δ revenue y/y
16.7%
Δ EBITDA y/y
3.9%

Multiples

P/E (LTM)
11.0x
P/B (FY)
0.5x
P/E (ann.)
6.4x
EV/EBITDA (LTM)
8.5x
EV/EBITDA (ann.)
8.6x

Cash return

Dividend yield
4.0%
FCF yield (LTM)
13.8%

Value creation

fundamental value/yr, % of market cap
Value created / year
+7.9%
↓ 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
2026-09-30Q3 2026 (3M)OK99.8
y/y 16.7%
-6.8
y/y -59.8%
—
y/y —
—
y/y —
-5.1
y/y -44.6%
——1044.1
y/y 7.5%
422.8
y/y 4.2%
7.8%≈ 412.5Link
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%
14.9%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%
13.6%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 —
8.3%—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
Non-controlling interests821
− Cash & equivalents102 024
Net debt413 280

Net debt / LTM EBITDA: 5.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₱ mln)

025 00050 00075 000100 000125 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-20%0%20%40%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

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

-40 000-20 000020 00040 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash (₱ mln)

0100 000200 000300 000400 000500 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

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 · dividends 25% of free cash flow
● 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: +7.9%

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)
= (209 341 + 412 459) ÷ 72 845
8.5x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (8.5 + 10) ÷ 2
9.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -34 447 + 8 496 + 0 − 0
-25 951
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (4 591 × 9.3 + -25 951) ÷ 209 341
+7.9%

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

Caveats:

  • 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. Each peer is shown as it trades and re-priced onto this company's market (Philippines) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
DMCI HoldingsPhilippines1.44.4x4.4x
JG Summit HoldingsPhilippines2.15.5x5.5x
Alliance Global GroupPhilippines1.25.6x5.6x
SM Investments CorporationPhilippines10.65.8x5.8x
Astra InternationalIndonesia12.05.6x6.0x
Ayala CorporationPhilippines5.551.8x51.8x
Group median5.6x5.7x
Group average13.1x13.2x
This companyPhilippines3.38.5x8.5x

Group median 5.6x as traded, 5.7x adjusted; this company 8.5x — a 50% premium.

Group average 13.1x as traded, 13.2x adjusted; against the average this company is at a 35% discount. The average sits 131% above the median: Ayala Corporation (51.8x) skews the group.

At the adjusted group median the market cap would be -98% 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 19.1x, Russia 4.0x, South Africa 5.8x, Kazakhstan 6.1x, India 19.3x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-13; 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 11.0x (price to trailing 12-month earnings).
What is Aboitiz Equity Ventures (AEV)'s EV/EBITDA?
Aboitiz Equity Ventures (AEV) trades at 8.5x EV/EBITDA.
What is Aboitiz Equity Ventures (AEV)'s P/B ratio?
Aboitiz Equity Ventures (AEV) trades at a P/B of 0.5x.
What is Aboitiz Equity Ventures (AEV)'s dividend yield?
Aboitiz Equity Ventures (AEV)'s trailing 12-month dividend yield is 4.0%.
What is Aboitiz Equity Ventures (AEV)'s return on equity (ROE)?
Aboitiz Equity Ventures (AEV)'s ROE is 7.8%.
What is Aboitiz Equity Ventures (AEV)'s market capitalization?
Aboitiz Equity Ventures (AEV)'s market cap is 209.3 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