Alliance Global Group, Inc. (AGI), the diversified conglomerate led by Dr. Andrew L. Tan, reported a 24% year-on-year increase in net income to ₱24.8 billion for the first nine months of 2025, as consolidated revenues reached ₱143.4 billion.
The Group’s earnings included a ₱3.4-billion one-time gain from the deconsolidation of Golden Arches Development Corp. (GADC), the operator of McDonald’s Philippines, in which AGI now holds a 49% stake. Excluding this, AGI’s core net income rose 10% to ₱21.2 billion, underscoring strong recurring growth across its property, hospitality, and retail segments.
“Our robust performance reflects the strength of our diversified portfolio. We continue to see improvements in office and mall rentals, steady residential demand, and resilience in hospitality,” said Kevin L. Tan, AGI President and CEO. “Our international spirits business also continues to gain traction despite global headwinds.”
He added that AGI’s focus on cost management and operational efficiency has further boosted margins and profitability across its subsidiaries.
Property and Hospitality Drive Megaworld’s Growth
Flagship developer Megaworld Corporation** remained AGI’s top contributor, posting a ₱15.9-billion net income, up 16% year-on-year, on revenues of ₱64.4 billion. The growth was driven by strong performance in office, mall, and hotel operations, coupled with healthy residential sales.
- Office rentals rose 16% to ₱11.1 billion, supported by an 87% occupancy rate.
- Megaworld Lifestyle Malls posted ₱5.1 billion in revenue, up 13%, amid higher foot traffic and 93% occupancy.
- Hotels & Resorts grew 13% to ₱4.1 billion, buoyed by increased room inventory and higher daily rates.
- Residential revenues climbed 6% to ₱40.2 billion, reflecting the sustained demand from the upper-mid to high-end market.
Emperador Sustains Global Expansion
Emperador Inc., the world’s largest brandy company and a fast-growing Scotch whisky producer, booked ₱41.2 billion in consolidated revenue and ₱4.7 billion in attributable profit.
- The Brandy segment contributed ₱26.3 billion, up 5%, led by the continued global success of Fundador.
- The Scotch Whisky segment generated ₱14.9 billion, as premium single malts The Dalmore, Jura, and Tamnavulin gained stronger footholds in key international markets.
Travellers International Rebounds
Leisure and tourism arm Travellers International Hotel Group, Inc. reported ₱28.6 billion in gross revenues, with ₱23.5 billion from gaming and ₱5.1 billion from hotel, food, and beverage operations at Newport World Resorts. Its attributable net income grew 31% to ₱651 million, supported by improved gaming performance and tighter cost control.
Outlook
AGI’s diversified interests—spanning real estate (Megaworld), spirits manufacturing (Emperador), leisure and entertainment (Travellers International), and quick service restaurants (GADC)—continue to anchor its resilience and growth amid evolving market conditions.
“We are committed to sustaining our momentum by leveraging our diversified portfolio, optimizing costs, and pursuing strategic opportunities across all business segments,” said Kevin Tan.
