LT Group, Inc. (LTG) has achieved a record attributable net income of Php22.57 billion for the first nine months of 2025, representing a robust 14% increase year-on-year. This achievement marks the strongest nine-month and third-quarter performance since the company’s follow-on public offering, underscoring the strong operational momentum across its diversified portfolio.
The stellar performance was primarily driven by major contributions from its banking and tobacco segments. Philippine National Bank (PNB) contributed the largest share at Php10.40 billion, or 46% of the total attributable net income. Fortune Tobacco Corporation (FTC), representing the tobacco business, followed closely with Php8.12 billion, or 36%.
LTG’s other businesses also posted strong results, with Tanduay Distillers, Inc. (TDI) contributing Php2.39 billion (11%) and Asia Brewery adding Php731 million (4%). Eton Properties Philippines, Inc. and Victorias Milling Company accounted for Php481 million (2%) and Php276 million (1%), respectively.
Philippine National Bank (PNB) Highlights 23% Growth
PNB, LTG’s largest contributor, posted a net income of Php18.51 billion in 9M 2025, a 23% jump from the Php15.06 billion recorded in the previous period. This growth was underpinned by:
- An 8% increase in Net Interest Income, driven by higher loan volume and yields on investment securities, resulting in an improved Net Interest Margin (NIM) of 4.7% (up from 4.6%).
- A 4% decrease in Gross Interest Expense, mainly due to lower interest costs on bonds payable.
- An 18% increase in Net service fees and commission income to Php4.22 billion, primarily from bancassurance, deposits, and loan-related products.
- A 5% decrease in Operating Expenses to Php24.12 billion, largely due to lower provisions for impairment and credit losses, reflecting the bank’s improved loan portfolio quality.
Tobacco Segment Maintains Market Leadership
Fortune Tobacco Corporation (FTC) recorded a net income of Php8.16 billion, a 3% increase, mainly from higher equity earnings contributed by the Investment in PMFTC (Php6.91 billion). PMFTC outperformed the market, increasing its volume by 4% to 16.4 billion sticks in 9M 2025, and growing its market share to 47.4% (up from 46.9% in 9M 2024). In addition to traditional products, PMFTC continues to offer alternative products like IQOS ILUMA heated tobacco and ZYN oral nicotine pouches, while actively supporting government efforts against illegal tobacco trade.
Tanduay Distillers Inc. (TDI) Achieves Historic High
Tanduay Distillers, Inc. (TDI) delivered its best nine-month and third-quarter results to date, with net income surging by 59% to Php2.40 billion over the Php1.51 billion reported last year. This remarkable growth was attributed to higher liquor selling prices, which more than offset lower sales volumes of liquor and bioethanol. The higher selling prices and lower costs led to a significant improvement in the Gross Profit Margin, rising to 18% in 9M 2025 from 14% in 9M 2024.
LTG’s strong financial health is highlighted by a healthy Debt-to-Equity Ratio of 0.09:1 (excluding the Bank) as of September 30, 2025. The parent company held a cash balance of Php3.04 billion.
LTG remains committed to delivering value to its shareholders, having paid out a total of Php9.74 billion in dividends. This total includes a special dividend of Php0.30 per share declared in August 2025, along with the total Php0.60 per share distributed earlier in March and June, resulting in a total dividend payout of Php0.90 per share for the nine-month period. This represents a solid 33.6% payout rate as of end-September 2025.
