Alliance Global Group is a Philippine conglomerate with core businesses in real estate development, food and beverage, and gaming and hospitality. Its operations include Megaworld Corporation for property, Emperador Inc. for spirits, and Resorts World Manila for integrated resorts.
Sector: Conglomerate
PH_AGI
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.
Shares: connector/market_inputs
Monetary columns are in M USD, 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.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | Q2 2026 (3M) | OK | 785.4 y/y 2.7% | 223.1 y/y 18.5% | 38.1 y/y 6.0% | 261.2 y/y 16.5% | 91.9 y/y -37.0% | 94.2 | -87.2 | 14636.0 y/y 2.6% | 7892.1 y/y 4.0% | 4.7% | 2521.4 | Link |
| 2026-03-31 | Q1 2026 (3M) | OK | 682.3 y/y -20.9% | 181.0 y/y -1.1% | 39.4 y/y -24.7% | 220.4 y/y -6.4% | 131.9 y/y -30.5% | 354.3 | -26.1 | 14452.1 y/y 4.8% | 7716.3 y/y 5.0% | 6.9% | 3620.7 | Link |
| 2025-12-31 | Q4 2025 (3M) | OK | 789.5 y/y -26.3% | 187.2 y/y -23.8% | 43.7 y/y -21.7% | 230.9 y/y -23.4% | 98.2 y/y -27.8% | 249.9 | -225.8 | 14561.3 y/y 2.6% | 7645.2 y/y 6.7% | 7.0% | 3832.6 | Link |
| 2025-09-30 | Q3 2025 (3M) | OK | 717.1 y/y -21.9% | 158.3 y/y -8.8% | 39.7 y/y -21.0% | 198.0 y/y -11.5% | 98.5 y/y -9.5% | 177.6 | -253.5 | 14457.1 y/y -0.9% | 7574.7 y/y 2.4% | 1.7% | 3743.0 | Link |
| 2025-06-30 | Q2 2025 (3M) | OK | 764.5 y/y -19.5% | 188.3 y/y -1.9% | 36.0 y/y -31.9% | 224.3 y/y -8.3% | 145.9 y/y -12.6% | 97.1 | -48.1 | 14267.4 y/y 2.3% | 7587.8 y/y 8.6% | 7.8% | 3638.7 | Link |
| 2025-03-31 | Q1 2025 (3M) | OK | 862.1 y/y -2.6% | 183.1 y/y -4.4% | 52.3 y/y 8.0% | 235.4 y/y -1.9% | 189.9 y/y 151.3% | 272.9 | -69.4 | 13790.9 y/y -4.0% | 7349.6 y/y 2.9% | 10.5% | 3396.3 | Link |
| 2024-12-31 | Q4 2024 (3M) | OK | 1071.6 y/y — | 245.5 y/y — | 55.8 y/y — | 301.4 y/y — | 136.0 y/y — | 164.4 | -30.9 | 14197.7 y/y — | 7162.4 y/y — | 6.7% | 3264.0 | Link |
| 2024-09-30 | Q3 2024 (3M) | OK | 918.1 y/y 2.0% | 173.6 y/y -9.1% | 50.3 y/y -13.9% | 223.8 y/y -10.2% | 108.8 y/y 65.2% | 81.0 | -87.0 | 14594.1 y/y 8.0% | 7397.7 y/y 8.0% | 2.0% | 3231.5 | Link |
| 2024-06-30 | Q2 2024 (3M) | OK | 949.3 y/y 10.2% | 191.9 y/y 3.0% | 52.8 y/y 12.4% | 244.7 y/y 4.9% | 167.1 y/y 102.6% | 122.8 | -93.1 | 13942.6 y/y 2.3% | 6984.0 y/y 2.0% | 9.5% | 2996.6 | Link |
| 2024-03-31 | Q1 2024 (3M) | OK | 885.5 y/y — | 191.6 y/y — | 48.4 y/y — | 240.0 y/y — | 75.6 y/y — | 51.9 | -75.5 | 14362.0 y/y — | 7139.4 y/y — | 4.2% | 1913.4 | Link |
| 2023-12-31 | Q4 2023 (3M) | OK | 1044.6 y/y — | 235.0 y/y — | 40.7 y/y — | 275.7 y/y — | 119.2 y/y — | 100.6 | -60.3 | 14110.0 y/y — | 7114.5 y/y — | 6.8% | 1879.7 | Link |
| 2023-09-30 | Q3 2023 (3M) | OK | 899.6 y/y — | 191.0 y/y — | 58.3 y/y — | 249.3 y/y — | 65.9 y/y — | 87.1 | -90.0 | 13511.5 y/y — | 6849.6 y/y — | 1.3% | 1687.0 | Link |
| 2023-06-30 | Q2 2023 (3M) | OK | 861.8 y/y — | 186.3 y/y — | 47.0 y/y — | 233.3 y/y — | 82.5 y/y — | 56.7 | -42.4 | 13624.1 y/y — | 6848.7 y/y — | — | 1730.5 | Link |
| Short-term debt (incl. ST leases) | 1 091 |
| Long-term debt (incl. LT leases) | 3 443 |
| − Cash & equivalents | 913 |
| Net debt | 3 621 |
|---|
Net debt / LTM EBITDA: 4.0x
Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date unspecified. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-04-01 — 2026-06-30. Source: Frankfurter historical request.
Quarterly values ($ mln)
Year-over-year change
Operating and investing cash flow (OCF + ICF) ($ mln)
Net debt / cash ($ mln)
| year | 2024 | 2025 |
|---|---|---|
| cash flow / profit | 0.86x | 1.50x |
| accruals, % of assets | 0.5% | -1.8% |
Our earnings breakdowns and investment notes on this issuer.
Physical operating metrics — supplementary, not part of the financial statements
Gold
| Year | Reserves, mln gold ounces |
|---|---|
| 2025 | 15.90 |
| 2024 | 13.95 |
| 2023 | 10.69 |
| 2022 | 10.46 |
| 2021 | 10.26 |
| 2020 | 9.87 |
| Year | Production, mln gold ounces | per day, mln gold ounces |
|---|---|---|
| 2026 | 0.12 * (3M) −0.9% | 0.00 |
| 2025 | 0.55 −3.8% | 0.00 |
| 2024 | 0.57 +7.1% | 0.00 |
| 2023 | 0.53 +15.0% | 0.00 |
| 2022 | 0.46 +0.7% | 0.00 |
| 2021 | 0.46 | 0.00 |
| 2020 | 0.24 * (6M) | 0.00 |
* partial year
EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)
Value the company creates per year, as a % of market cap
Value created per year: +166.8%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30) = (261 − 224) × 3.49 | 129 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (1 214 + 2 521) ÷ 911 | 4.1x |
| 3. Target multiple (Current EV/EBITDA + 10) ÷ 2 = (4.1 + 10) ÷ 2 | 7.1x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = 1 117 + 0 + 0 − 0 | 1 117 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (129 × 7.1 + 1 117) ÷ 1 214 | +166.8% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Caveats:
Group: Conglomerate. Every peer trades on the same market, so no adjustment is needed.
| Company | Market | Cap, $bn | EV/EBITDA |
|---|---|---|---|
| DMCI Holdings | Philippines | 1.5 | 4.0x |
| JG Summit Holdings | Philippines | 2.0 | 5.4x |
| SM Investments Corporation | Philippines | 10.1 | 5.6x |
| Aboitiz Equity Ventures | Philippines | 3.5 | 8.7x |
| Ayala Corporation | Philippines | 5.3 | 21.4x |
| Group median | 5.6x | ||
| Group average | 9.0x | ||
| This company | Philippines | 1.2 | 4.1x |
Group median 5.6x; this company 4.1x — a 27% discount.
Group average 9.0x; against the average this company is at a 55% discount. The average sits 60% above the median: Ayala Corporation (21.4x) skews the group.
At the adjusted group median the market cap would be +156% 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 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-25; the company's own is live.
No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).
Investor reporting (IR): https://www.allianceglobal.com.ph/investor-relations#financial
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 Alliance Global Group (AGI) — from primary filings.
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