MANILA, PHILIPPINES — November 12, 2026 — Andrew Tan’s Alliance Global Group Inc. (AGI) is showing renewed earnings momentum despite a challenging Philippine economy, reporting ₱22.3 billion in comparable net income for the first nine months of 2026, as stronger liquor sales, rising hotel revenues and expanding property rentals helped offset pressure in the broader consumer market.
The diversified conglomerate, led by president and chief executive officer Kevin Tan, recorded a 5% increase in nine-month net income after excluding a nonrecurring gain associated with last year’s deconsolidation of Golden Arches Development Corp., the operator of McDonald’s Philippines.
Net income attributable to Alliance Global shareholders rose 6% to ₱14.7 billion on a comparable basis.
Meanwhile, consolidated revenue increased 6% to ₱137.6 billion, reflecting stronger contributions from Megaworld Corporation, Emperador Inc. and Travellers International Hotel Group.
The most striking growth came during the third quarter.
Alliance Global’s quarterly profit climbed 11% to ₱6.3 billion, while revenue surged 12% to ₱47.7 billion.
Emperador’s third-quarter revenue jumped 34%, driven by a 48% increase in brandy revenue and a recovery in Scotch whisky sales.
Megaworld continued benefiting from hotels, offices and shopping malls, while Newport World Resorts generated stronger non-gaming revenue.
The latest results suggest that Alliance Global’s diversified businesses are providing a buffer against economic uncertainty. But can its improving earnings momentum continue into 2027—or will rising costs and slower consumer spending eventually catch up with the conglomerate?
Alliance Global Reports ₱22.3 Billion in Comparable Profit
Alliance Global’s nine-month results show that the group remains profitable across several major business segments.
Comparable consolidated net income reached ₱22.3 billion, representing a 5% increase from the corresponding adjusted figure in 2025.
Profit attributable to parent-company shareholders rose to approximately ₱14.7 billion.
Consolidated revenue climbed to ₱137.6 billion, up 6% on a comparable basis.
The results reflect growth in several operating businesses rather than dependence on a single source of revenue.
Its property operations benefited from recurring rental income and hospitality activity.
Its spirits business reported stronger international and domestic sales.
Its gaming and leisure operations saw improvements in selected non-gaming activities.
But investors should carefully distinguish between comparable and unadjusted financial results.
Alliance Global’s 2025 reported earnings included a significant one-time accounting gain that did not recur this year.
That adjustment changes the interpretation of the latest growth figures.
Why the 2025 McDonald’s Gain Matters
One of the most important details in Alliance Global’s financial comparison concerns Golden Arches Development Corp., which operates McDonald’s restaurants in the Philippines.
In 2025, Alliance Global changed the accounting treatment of its investment in Golden Arches after deconsolidating the business.
AGI retained a 49% interest, with the investment subsequently treated as an associate rather than a consolidated subsidiary.
The transaction resulted in approximately ₱3.4 billion in nonrecurring gains recognized during the first nine months of 2025.
That increased last year’s reported earnings.
Alliance Global’s nine-month net income for 2025 reached ₱24.8 billion, but its comparable core earnings were approximately ₱21.2 billion after excluding the one-time effects.
The latest ₱22.3-billion result represents an improvement against that comparable base.
It does not represent an increase over the unadjusted ₱24.8-billion headline figure.
This distinction is essential for evaluating whether the conglomerate’s underlying businesses are genuinely improving.
Nonrecurring accounting gains can influence reported profits without necessarily reflecting stronger operating activity.
For shareholders, recurring earnings and cash generation provide a clearer picture of business sustainability.
Third-Quarter Profit Climbs 11% as Revenue Jumps 12%
The third quarter delivered particularly strong operating momentum.
Alliance Global reported approximately ₱47.7 billion in revenue between July and September, up 12% year over year.
Net income climbed 11% to ₱6.3 billion.
Profit attributable to shareholders increased 18% to approximately ₱3.9 billion.
Kevin Tan attributed the improvement to the simultaneous acceleration of the group’s two largest operating businesses.
The spirits portfolio recorded particularly strong sales.
Megaworld’s townships continued generating revenue from hotels, malls and offices.
Together, these businesses helped support earnings despite uncertainty in the Philippine and international economies.
The acceleration is encouraging because it suggests that the group’s revenue mix is becoming more balanced.
However, a strong quarter does not guarantee that the same pace will continue indefinitely.
Consumer demand, foreign-exchange movements, financing expenses and operating costs could still influence future profitability.
Emperador’s Brandy Revenue Surges 48%
Emperador emerged as one of the strongest contributors to Alliance Global’s third-quarter growth.
The liquor producer recorded approximately ₱17.4 billion in quarterly revenue, an increase of nearly 34% from the same period last year.
Its attributable net income rose 47% to around ₱1.1 billion.
The company’s brandy business led the improvement.
Brandy revenue increased approximately 48%, supported by demand for products including CLVB Emperador and Fundador Super Special.
Scotch whisky revenue also expanded, increasing approximately 13% during the quarter.
Emperador’s performance indicates that selected beverage categories continued attracting consumers despite broader economic pressures.
But the results also reflect differences among brands, markets and pricing segments.
Demand for more affordable products may not move in the same direction as demand for premium offerings.
Likewise, international Scotch whisky sales face different market conditions from domestic brandy sales.
For investors, the challenge is sustaining volume growth while protecting profit margins.
Emperador Revenue Reaches ₱47 Billion in Nine Months
For the January–September period, Emperador generated approximately ₱47 billion in revenue, up 14% year over year.
The brandy segment contributed around ₱30.8 billion, an increase of approximately 17%.
Scotch whisky generated ₱16.3 billion, up 9%.
However, nine-month net income attributable to shareholders increased only about 2% to ₱4.8 billion.
That difference shows that stronger sales did not translate into an equivalent increase in profit.
The company continued spending on brand development and other operating activities.
Its financial disclosures also showed pressure from financing and tax expenses.
Independent reporting by The Edge Singapore confirmed the strong third-quarter performance, including the approximately 47% increase in quarterly profit and revenue growth approaching 34%.
The contrast between rapid quarterly growth and more modest nine-month profit expansion suggests that Emperador’s earnings recovery is still developing.
The company must maintain sales momentum while managing its costs.
Megaworld Remains a Major Profit Contributor
Property giant Megaworld Corporation continued providing substantial support to Alliance Global.
For the first nine months of 2026, Megaworld reported consolidated net income of approximately ₱19 billion, up 6% year over year.
Its consolidated revenue increased 3% to ₱66.5 billion.
The developer benefited from recurring income generated by offices, hotels and shopping malls.
Residential presales also remained strong despite concerns about the broader condominium market.
As WWC ONE MEDIA reported in its analysis of Megaworld’s ₱96.6-billion residential presales and ₱19-billion profit, the company has continued attracting buyers even as other developers face more difficult conditions.
However, Megaworld’s ₱19-billion consolidated net income should not simply be added to Emperador’s profit to calculate Alliance Global’s earnings.
The companies have different ownership structures, and the consolidated financial statements account for minority interests and other adjustments.
The important issue is how much each subsidiary contributes to Alliance Global’s overall results.
Megaworld’s Hotels Become Its Fastest-Growing Recurring Business
Hospitality has become increasingly important to Megaworld’s earnings.
Hotel revenue rose approximately 12% to ₱4.6 billion during the first nine months.
In the third quarter, hotel revenue increased 14%.
The performance reflects contributions from the company’s expanding hospitality portfolio.
Hotels located within integrated townships can benefit from nearby offices, residences, shopping centers and entertainment destinations.
Corporate travel, tourism and major events may also support demand.
The company is pursuing further hospitality expansion across the Philippines.
However, higher hotel revenue does not necessarily mean that every property is operating at full capacity or generating record profits.
Occupancy, room rates and operating expenses must also be considered.
For Alliance Global, the important development is that hospitality is becoming a more meaningful contributor to recurring revenue.
That can help reduce the conglomerate’s dependence on property sales and other more cyclical activities.
Office and Mall Rentals Continue Expanding
Megaworld’s commercial property businesses also delivered stronger revenue.
Office rentals increased 7% to approximately ₱11.9 billion.
Shopping mall revenue rose 9% to ₱5.5 billion.
These figures are particularly relevant because rental income is generally generated through ongoing commercial arrangements rather than one-time property sales.
Office tenants can provide multiyear rental commitments.
Shopping centers generate revenue from retailers and other commercial occupants.
The stability of these revenues depends on occupancy, tenant performance and contract renewals.
Megaworld reported portfolio occupancy of approximately 95% across its lifestyle malls.
It also recorded higher average daily tenant sales.
The company has been preparing for further expansion of its retail portfolio.
As WWC ONE MEDIA reported in its coverage of Javier Hernandez’s appointment to lead Megaworld Lifestyle Malls, Megaworld is targeting approximately one million square meters of retail gross leasable area by 2030.
That is a future target rather than completed capacity.
The company’s challenge is ensuring new developments generate adequate returns while maintaining strong occupancy at existing properties.
Residential Presales Reach ₱96.6 Billion
Megaworld also recorded approximately ₱96.6 billion in residential presales during the first nine months of 2026.
That represented a 9% increase from the previous year.
The figure is equivalent to more than 77% of Megaworld’s ₱125-billion full-year presales target.
Nearly half of the commitments came from provincial developments.
The geographic distribution is significant because it shows that residential demand is not limited to Metro Manila.
However, presales are not the same as recognized revenue or completed cash collections.
They represent purchase commitments that may be recognized financially over time, depending on the relevant accounting requirements and construction progress.
For Alliance Global, the growth supports expectations of future property activity.
But it also introduces the need to manage construction schedules, collections and development financing.
A strong presales pipeline is valuable only when projects progress successfully and buyers complete their obligations.
Newport World Resorts Helps Stabilize Tourism Earnings
Alliance Global’s gaming and hospitality arm, Travellers International Hotel Group, also reported improvements.
Travellers operates Newport World Resorts in Pasay City.
For the first nine months, the company recorded approximately ₱23.1 billion in net revenue.
Its EBITDA—earnings before interest, taxes, depreciation and amortization—increased 8% to around ₱6.1 billion.
Non-gaming revenue climbed 16% to approximately ₱5.9 billion.
During the third quarter, non-gaming revenue rose 23%.
These results suggest that hotels, dining, entertainment and other leisure activities are becoming increasingly important to the business.
The improvement also helped offset weakness in VIP gaming activity.
That distinction matters because gaming and non-gaming revenue respond to different demand conditions.
A diversified integrated resort can attract visitors through accommodation, restaurants, performances and conventions, even when certain casino segments are under pressure.
Newport’s Entertainment Tourism Strategy Supports Growth
Travellers has been developing additional partnerships intended to strengthen entertainment-driven tourism.
In September, Newport World Resorts signed a memorandum of understanding with the Department of Tourism.
The initiative seeks to combine live performances, hotel stays, dining and travel promotions.
As WWC ONE MEDIA reported in its coverage of Newport World Resorts’ tourism partnership, the program is designed to encourage visitors to extend their stays and explore Filipino cultural experiences.
The partnership is separate from Alliance Global’s financial reporting.
Its future benefits have not been quantified in the group’s latest earnings announcement.
Nevertheless, the strategy supports the broader effort to generate revenue from activities beyond gaming.
Entertainment offerings can help increase visitor traffic and create additional business opportunities for hotels, restaurants and other establishments.
For Travellers, converting that traffic into sustainable profit remains the ultimate test.
Westside Resorts Manila Prepares for Opening
Another important development involves the Westside Resorts Manila project in Entertainment City.
Alliance Global reported that the development remained on track for a planned opening before the end of 2026.
The project is expected to expand the group’s hospitality, entertainment and gaming portfolio.
New integrated resort facilities can create opportunities to attract more visitors and generate additional revenue.
But a new opening also brings financial challenges.
Large resorts require substantial capital investment.
They must establish their customer base, manage staffing and operating expenses, and compete with existing entertainment and hospitality destinations.
An opening target does not guarantee that all facilities will begin operating simultaneously or immediately achieve profitability.
As of November 12, the company had not established a completed opening or disclosed operating results for the new resort.
For investors, the important question is how quickly the development can contribute positively to earnings after opening.
Megaworld’s Cebu Investments Expand Its Tourism Exposure
Alliance Global’s property strategy also extends to regional tourism and business-event infrastructure.
Megaworld has been developing properties that combine hotels, offices, residences and convention facilities.
One example is Mactan Expo within The Mactan Newtown in Lapu-Lapu City, Cebu.
The convention center hosted major ASEAN defense gatherings in October 2026.
As WWC ONE MEDIA reported in its coverage of the ₱1.5-billion Mactan Expo and international defense meetings, the venue attracted hundreds of delegates and demonstrated the property’s capacity to host major events.
Convention facilities can support surrounding hotels, restaurants and commercial establishments.
However, their economic impact depends on continued event bookings and visitor spending.
For Megaworld, these facilities form part of a broader effort to create income-generating townships that serve multiple purposes.
Alliance Global’s Diversified Portfolio Provides a Financial Buffer
The conglomerate’s latest results demonstrate the benefits of operating across several industries.
Emperador provides exposure to branded beverage products and international markets.
Megaworld generates income from residential property, offices, shopping malls and hotels.
Travellers serves the gaming, tourism, hospitality and entertainment sectors.
The group also retains an investment in the operator of McDonald’s Philippines.
These businesses do not all respond identically to economic conditions.
Weakness in one area may be offset by strength elsewhere.
For example, softer VIP gaming demand may be partly counterbalanced by stronger non-gaming activity.
Residential property conditions may differ from office or hotel demand.
Domestic brandy consumption may also follow a different trend from international Scotch whisky sales.
However, diversification does not eliminate risk.
A broad economic slowdown can affect several businesses simultaneously.
And expanding across industries requires careful capital allocation and financial oversight.
What Investors Should Watch in Alliance Global’s Results
Despite the positive headline earnings growth, several questions deserve attention.
First, can Emperador sustain stronger brandy and whisky sales while protecting profit margins?
Second, will Megaworld convert its growing residential presales into stronger cash collections?
Third, can office, mall and hotel rentals continue expanding despite economic uncertainty?
Fourth, will Travellers improve recurring earnings as non-gaming operations grow?
Fifth, what effect will the planned Westside Resorts Manila opening have on operating expenses and future profitability?
Investors should also monitor the group’s financing costs, cash flow and capital expenditure.
Growth in revenue is encouraging, but shareholder value ultimately depends on sustainable earnings and cash generation.
The company’s different subsidiaries may require substantial investments to support future expansion.
Management must balance those opportunities against liquidity needs and financial obligations.
Why the Third-Quarter Acceleration Matters
Alliance Global’s third-quarter performance was stronger than its nine-month growth rate.
Quarterly revenue rose 12%, compared with 6% comparable revenue growth over the full nine-month period.
Quarterly net income climbed 11%, compared with 5% comparable growth year to date.
That suggests the group gained momentum during the July–September period.
The strongest contribution came from Emperador’s rapid quarterly revenue expansion.
Megaworld also continued recording growth across major recurring-income segments.
However, the figures do not establish that fourth-quarter results will be even stronger.
Consumer conditions, cost inflation and market competition can change.
The next financial reporting period will help determine whether the latest improvement represents a sustained trend.
The Bottom Line: Andrew Tan’s Empire Is Growing, but Profit Quality Matters
Alliance Global’s latest results show that the conglomerate’s diversified business strategy continues producing value.
Comparable net income rose 5% to ₱22.3 billion.
Revenue increased 6% to ₱137.6 billion.
Emperador delivered a sharp third-quarter sales rebound.
Megaworld’s hotels, offices and malls generated stronger revenue.
Travellers improved EBITDA through growth in non-gaming activity.
These developments helped Alliance Global navigate a difficult operating environment.
But several challenges remain.
Emperador’s nine-month profit growth was much slower than its revenue expansion.
Property presales must still translate into collections and recognized earnings.
And the planned expansion of gaming and hospitality facilities will require effective operating and financial management.
For Alliance Global, the next stage of growth will depend not only on selling more products and attracting more visitors, but also on converting that activity into sustainable profits and cash flow.
As Andrew Tan’s Alliance Global records ₱22.3 billion in comparable profit and its brandy, property and hospitality businesses accelerate, can Kevin Tan sustain the recovery through 2027—or will rising costs and changing consumer demand reveal new weaknesses inside one of the Philippines’ biggest conglomerates?
