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Dear Fellow Shareholders,
The world has become a noisy place. As of early March 2026, we are witnessing yet another cycle of geopolitical conflict, energy volatility, and trade disruption. To some, this is a “polycrisis”; to us, it is simply the reality of doing business in a world that lacks a single, clear direction.
In such an environment, the true test of an institution is its capacity to perform despite the noise. We are moving beyond the rhetoric of the Great Transformation and into the grounded discipline of active performance: GTNext.
Performance Over Complexity
Over the past several years, we invested heavily to prepare for long-term growth. We strengthened our energy portfolio, expanded our infrastructure, and integrated digital tools across our businesses. These moves were necessary, but they also increased our complexity and capital intensity.
We grew faster than our systems. 2025 was our turning point. It was time to stop building and start operating.
We gained clarity on how to extract value from what we already own. Our airports, for instance, are no longer infrastructure projects. They are ecosystems where retail and digital finance provide high-margin growth. In a volatile world, we lean into the strength of domestic consumption.It has always been our most resilient anchor.
The Discipline of Mastery
This pivot requires us to treat our digital and physical assets as a single engine. We are closing the gap between technology and reality by turning data into a sharp operational edge that allows our people to outpace the market rather than just react to it.
In GTNext, we remember that complexity is costing us. Simplifying is the way. It’s how we have endured and will continue to endure.
We do not manage for the next quarter but for the next generation. Our role is to remain a constant for all our stakeholders by grounding the organization in a culture of accountability. The Aboitiz Group is not built to survive the times but to master them.
We enter 2026 with the structural integrity to meet our ambitions and the clarity to deliver on our promises. Federalization brings strategic freedom at the subsidiary level and stronger focus on our mandate and outward vision at the Board level.Your trust is the foundation of our progress and we thank you for the partnership that allows us to prioritize our mission to create long-term value for all our stakeholders.
Mabuhay!
Endika Aboitiz
Chairman, Aboitiz Equity Ventures
Dear Fellow Stakeholders,
Last year, I shared that we had become a techglomerate. We reshaped our portfolio, expanded into new sectors, and built a stronger foundation for the future. But becoming something new is only the beginning. The real test is whether it works—and in many ways, 2025 was that test.
Over the past several years, we invested heavily to transform Aboitiz. We expanded our businesses, brought in global partners, and embedded digital capabilities across the Group. Those moves created opportunity, but they also introduced new complexity and higher expectations for execution.
As the year unfolded, one thing became clear: transformation only counts when it delivers outcomes. 2025 was the year we confronted that reality. Returns have not yet reached the levels we expect of ourselves, and we were honest about that. But the year gave us something equally important — clarity. It showed us where our systems were strong, where complexity had slowed us down, and where leadership needed to sharpen its focus.
When organizations grow quickly, complexity follows. Processes multiply. Decisions slow down. Initiatives compete for attention. Over time, even well-intentioned transformation can create friction. The lesson of 2025 was simple: scale demands simplicity.
For our shareholders, the objective is straightforward: stronger and more consistent returns over time. Achieving that requires more than growth; it requires disciplined execution, clear ownership, and careful capital allocation. The work we began in 2025 is designed to strengthen those foundations so that the value created by our businesses translates more directly into sustainable performance.
The next phase of our transformation is therefore not about doing more. It is about doing the right things better. We began tightening execution across the Group, focusing on operational performance, clearer ownership, and more disciplined use of capital. The emphasis shifted from launching initiatives to making sure the ones we have actually deliver results. Transformation, at this stage, becomes less about ambition and more about discipline and accountability.
At the start of 2026, we began the next phase of our journey by raising the bar for how we lead and execute—strengthening accountability, focusing on value creation, and encouraging more strategic thinking across the Group. These are not new ambitions. They are sharper expectations. They reflect what the past few years have taught us: that innovation must translate into measurable value, that leaders must own outcomes, and that the most powerful organizations are often the simplest ones.
Our ambition to be a techglomerate remains unchanged. In truth, every conglomerate will inevitably become a techglomerate as AI and other emerging technologies reshape how businesses operate and compete. What has evolved is how we pursue it — with greater clarity, stronger discipline, and a deeper commitment to execution. 2025 brought that clarity. Now the work ahead is to deliver.
Sabin Aboitiz
President and Chief Executive Officer, Aboitiz Equity Ventures
"We enter 2026 with the structural integrity to meet our ambitions and the clarity to deliver on our promises."
"Transformation, at this stage, becomes less about ambition and more about discipline and accountability."
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