1. While our governance structure which provides control and stewardship to guide the company was maintained, several new mechanisms were installed:

• ►Full implementation of the Integrated Management Framework ensuring the close coordination among key functions of strategic planning, corporate sustainability and enterprise risk management for strategy and risk-based resources allocation
• ►ESG Data Management Guidelines for the proper collection and analysis of information as basis for decision making and performance monitoring
• ►Independent ESG data assurance
• ►New policies in the realm of IT, data privacy and cybersecurity to address evolving risks in a world continuing to go digital
• ►Continued the preparation of the organization for the adoption of the international sustainability standards of the IFRS

2. There was greater attention to the parent strategy and priorities to support the subsidiaries in their operations. The support from various head office groups will maximize the synergy and enable our subsidiaries to focus on their own growth and to develop their distinctive capabilities.

3. We posted a modest increase in revenue from PHP165.0 billion in 2023 to PHP167.1 billion in 2024. This was driven by the stronger results of sale of real estate and merchandise. Consolidated Net Income decreased from PHP29.1 billion in 2023 to PHP24.7 billion in 2024. Recurring net income attributed to equity holders of the parent remained steady at PHP13.8 billion in 2023 and 2024.

4. A large part of our financial resources were allotted for acquisition of the Casecnan Hydro Power Plant, allowing us to increase the amount of electricity generated from this renewable resource.


5. Our risk mitigating measures proved effective in preventing or minimizing the barriers posed by the external environment such as extreme temperature, mild economic recession, and acceleration of cybersecurity issues.