Universal Robina in Q3: Earnings accelerate on margin recover
3Q earnings accelerated: Revenue grew 7% YoY to P41.4 billion, earnings before interest and taxes (EBIT) rose 14% to P3.4 billion, while core net income increased 21% to P2.4 billion.
9M growth remained positive: Revenue increased 5% to P130.7 billion, EBIT rose 3% to P12.8 billion, and core net income grew 7% to P9.1 billion. Higher operating expenses continued to temper operating profit growth, partly offset by lower financing costs.
International and Flour supported profitability: International EBIT grew 22% in peso terms, with margins expanding 65 basis points to 14.8%, while Flour delivered stronger contributions. These gains partly offset softer performance in SURE.
9M core net income of P9.1 billion represents 70% of AB Capital's P12.9 billion FY26E forecast and 76% of consensus estimates.
Disclaimer: The information, analyses, and views contained herein is based on sources which we, AB Capital Securities, believe are reliable, but is not guaranteed by us and is not to be considered all inclusive. It is not to be construed as an offer or solicitation of an offer to sell or buy the securities herein mentioned. AB Capital Securities and its Directors and Officers and/or members of their families may have a position in the securities herein mentioned and may make purchases and/or sales of the securities from time to time in the open-market and otherwise.
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