President & CEO’s Report
The 2025 fiscal year demonstrated robust demand across JG Summit's leisure and consumption businesses, as reflected in the sustained growth of our branded food, air transport, and real estate operations. Concurrently, the year served as a strategic inflection point for the Group, marked by a comprehensive refresh of our Strategic Business Units’ (SBUs’) long-term plans and a proactive decision to pursue divestiture options for our petrochemicals business
2025 Financial Performance
Consolidated revenues from continuing operations increased 9% year-on-year to PHP 368.5 billion, underpinned by double-digit expansion in our airline and real estate subsidiaries, alongside steady volume growth in our food and beverage arm. Core net income and net income from continuing operations amounted to PHP 36.3 billion and PHP 35.7 billion, respectively, reflecting declines of 11% and 8% versus the prior year. This was primarily attributable to the absence of the PHP 7.9 billion bank merger gain we recorded in 2024, partially offset by an equitized gain of PHP 4.2 billion arising from our airline’s receipt of complimentary engines during 2025. Excluding these one-off items, recurring net profits reached PHP 31.5 billion, representing a 1% year-on-year improvement.
At the consolidated level, JG Summit reported a net loss of PHP 88.3 billion, incorporating the impairment loss of PHP 114.3 billion recognized after writing down its petrochemical assets in the fourth quarter. This reflects the Board’s approval to pursue monetization options for the business and to prudently align asset carrying values with their recoverable amounts.
Notwithstanding this impairment, the Group’s consolidated financial position remains sound and capable of supporting continued growth. As of year-end 2025, JG Summit’s debt-to-equity and net debt-to-equity ratios stood at 0.73 and 0.59, respectively. Dividends received by the Parent reached a record PHP 21.6 billion, with higher contributions from virtually all subsidiaries, core investments, and dividends in arrears distributed by our airline to convertible preferred shareholders.
Universal Robina Corporation (URC) recorded revenues of PHP 168.0 billion, up 4% year-on-year, sustained by volume momentum in branded foods and sugar. Attributable core net income of PHP 6.3 billion reflected a modest 3% decline, as higher input costs in the coffee segment tempered overall profitability, partially offset by growth across other categories.
Revenues
+4% vs SPLY
Sustained volume momentum in its branded foods and sugar businesses was slightly tempered by softer sales in animal nutrition and health, and Indochina
Attributable Core Net Income
-3% vs SPLY
Higher input costs for its coffee business led to a decline in profits
Cebu Pacific (CEB) delivered revenues of PHP 119.9 billion, a 14% increase driven by record passenger volumes. Core net income surged 140% to PHP 8.6 billion, supported by operating efficiencies, lower fuel costs, and engine-related gains.
Revenues
+14% vs SPLY
Record-high passenger volumes propelled topline expansion
Attributable Core Net Income
+142% vs SPLY
Operating efficiencies and lower costs, plus engine gains, further boosted core profits
Robinsons Land Corporation (RLC) reported revenues of PHP 46.9 billion, up 17% year-on-year, led by growth in the investment portfolio and continued recovery in the Residential division. Core net income rose 9% to PHP 8.9 billion, with the pace of profit growth moderated by lower equity income from joint ventures and higher corporate expenses.
Revenues
+17% vs SPLY
Revenue uplift was led by the investment portfolio and further supported by the sustained recovery of the Residential division
Attributable Core Net Income
+9% vs SPLY
Lower equity income from joint ventures and higher corporate expenses slowed down core net income improvement
Portfolio Governance and Organizational Transformation
In parallel with the refresh of SBU long-term plans and the decision to discontinue our petrochemical operations, we undertook a thorough review of our portfolio governance at the Parent to ensure JG Summit is optimally positioned to create and capture value in an increasingly competitive environment. This includes a deep dive into our portfolio composition and review of performance in the last 5 years.
Following this review, the Group is transitioning its operating model from an owner-operator to an active investor. This shift entails granting greater accountability to individual business units while refocusing the Parent's mandate on portfolio oversight, capital allocation, and performance management.
To institutionalize this transformation, the Group has introduced five-year Value Creation Plans (VCPs) for each SBU. These plans challenge business units to identify three to five strategic battlegrounds expected to generate 80% of value creation over the planning horizon. Each VCP is supported by rigorous analysis, defined initiatives, and measurable targets—including revenue, net income, and return metrics—and is integrated with management scorecards and incentive structures to align performance with accountability.
In line with increased SBU autonomy, the Board has also expanded the involvement of independent directors in key strategic deliberations, providing external perspective and broader oversight across the Group's critical business priorities.
Looking Ahead
We enter 2026 with clear-eyed confidence—mindful of the volatility, uncertainty, complexity, and ambiguity that define today's global operating environment, yet grounded in the strength of our fundamentals and the quality of our portfolio.
The external landscape presents real headwinds: geopolitical tensions, shifting trade dynamics, inflationary pressures, and the continued recalibration of global supply chains all demand vigilance. We do not underestimate these risks. At the same time, we believe that these challenging conditions, when navigated with discipline and foresight, create meaningful opportunities for well-positioned organizations to differentiate and grow.
JG Summit enters this environment from a position of relative strength. Our balance sheet is sound, our core businesses are competitively resilient, and our governance transformation is already yielding more focused and accountable decision-making across the Group. The record dividends received by the Parent in 2025 affirm the underlying earnings quality of our portfolio, even as we absorb the one-time impact of the petrochemicals write-down.
Our approach in 2026 will be deliberate: protecting cash flows and balance sheet integrity remain non-negotiable priorities, while we selectively pursue opportunities that meet our strengthened investment guardrails and deliver long-term, risk-adjusted returns. We will not chase growth for its own sake—but neither will we allow caution to become complacency.
The Value Creation Plans now embedded across our SBUs provide a structured and measurable foundation for sustainable performance. With clearer accountability, stronger governance, and businesses that have demonstrated their capacity to grow even through adversity, we are cautiously but genuinely optimistic about the Group's trajectory.
We remain deeply grateful to our shareholders, partners, employees, and communities for their continued trust. It is this shared commitment to long-term value creation that will carry JG Summit forward.
Lance Y. Gokongwei
President and Chief Executive Officer
