Lopez Holdings Corporation reported a slight 1% dip in its first-quarter net income to ₱2.71 billion, as surging operational expenses and deepening losses within its media division dragged down strong top-line gains from its energy and real estate assets.
The conglomerate’s unaudited consolidated revenues climbed 27% to ₱24.249 billion from a restated ₱19.13 billion in the same period last year.
This revenue boost was driven entirely by its power and property ecosystem under First Philippine Holdings Corporation (FPH), where electricity sales surged 32% and real estate revenues jumped 44%, effectively cushioning a 31% drop in merchandise sales.
However, the revenue momentum was weighed down by a 34% spike in consolidated costs and expenses, which reached ₱17.249 billion. The increase was primarily triggered by a 46% rise in the cost of electricity sales alongside a 32% expansion in general and administrative expenses.
FPH itself logged a 10% decline in its first-quarter net profit to ₱4.489 billion from a restated ₱4.961 billion, which reflected trimmed power sector yields following First Gen Corporation’s sale of a 60% stake in its gas business in November 2025. The subsidiary’s recurring net income also slipped 11% to ₱4.8 billion.
Meanwhile, the group’s media arm, ABS-CBN Corporation, continued to face headwinds. Its net loss widened by 63% to ₱813 million from a ₱500 million loss a year ago, exacerbated by a 21% drop in unaudited revenues to ₱3.33 billion.
Providing a buffer for Lopez Holdings’ bottom line was a 177% surge in finance income and a ₱211 million foreign exchange gain, which successfully reversed a ₱115 million forex loss from the previous year.
Additionally, the company recognized ₱1.558 billion in equity-method investment earnings, multiplying nearly thirteenfold compared to the prior-year period.