Alliance Global Group, Inc. (AGI), the holding company of tycoon Dr. Andrew L. Tan, posted net income of P16.0 billion in the first half of 2026, up 3% from P15.6 billion in 2025, net of one-time gains from last year’s deconsolidation of Golden Arches Development Corp (GADC). This was led by a shift towards the Group’s most durable and highly-valued income streams: compounding property recurring income, a marked improvement in the quality of its gaming and tourism business, and growing sales and margins in spirits.

Excluding the GADC deconsolidation, consolidated revenues grew 3% year-on-year to almost P90 billion, driven by higher contributions from property leasing, the resilient non-VIP segment and non-gaming revenue of its gaming business, and spirits.

"In a demanding global environment, the strength of this Group is its mix. Our recurring property income kept compounding, our gaming business grew earnings even as the industry moved away from VIP play, and our spirits continued to grow on a stronger portfolio. Diversified, high-quality earnings are what carry us through cycles, and that is where we continue to invest," says Kevin L. Tan, President and Chief Executive Officer of AGI.

Travellers International, the Group’s leisure and tourism arm and owner-operator of Newport World Resorts (NWR), delivered the Group’s most improved earnings performance in the first half as its revenue mix continued to shift. Attributable net income nearly doubled year-on-year to P568 million, while EBITDA grew 13% year-on-year to P4.4 billion, supported by cost efficiencies and a higher-margin revenue mix. Net revenue reached P15.2 billion, as strength in the resilient non-VIP segment and fast-growing non-gaming offerings more than offset a decline in volatile VIP volumes.

Non-gaming revenues grew 12% year-on-year to P3.9 billion as the NWR complex sustained higher room rates and stronger food and beverage sales. Non-VIP gross gaming revenue grew 6% to P9.6 billion over the period, reflecting the resilience of the segment and the growing contribution of its digital channels. With additional capacity from Westside Resorts Manila and Narra Palm Resorts and Villas scheduled to come on stream later this year, Travellers is positioned to build on this momentum.

Megaworld, the country’s premier township developer, reported a net income of P12.7 billion, up 5% year-on-year, on consolidated revenues of P44.2 billion. Its recurring income businesses continued to compound. Hotel revenue was the fastest-growing segment, up 11% to P3.1 billion, aided by the opening of the 405-room Belmont Hotel Iloilo. Mall revenue grew 8% to P3.6 billion on sustained tenant sales and portfolio occupancy of 95%, while office revenues grew 5% to P7.8 billion, anchored by a stable base of multinational locators. This growing base of recurring income now underpins an increasing share of Megaworld’s earnings quality.

Residential pre-sales surged 15% year-on-year to P63.0 billion, led by a 20% jump in the second quarter to P33.3 billion. The strength was driven by take-up in provincial township developments.

Emperador, the world’s largest brandy producer and one of the fastest-growing Scotch whisky manufacturers, grew its consolidated revenues by 5% year-on-year to P29.6 billion, with both of its core segments contributing. Brandy revenue rose 4% to P19.2 billion, while brandy gross profit grew 20% as margins expanded on a favorable product mix and pricing. Whisky revenue grew 7% to P10.4 billion, with gross profit up 12%, as demand for its single malt portfolio continued to build across international markets.

Emperador’s net income was P3.7 billion for the period, reflecting continued investments behind its brands, positioning the business for a stronger multi-year profitability trajectory as the global spirits market normalizes.

“We enter the second half with real momentum in our highest-quality businesses and a balance sheet built to support our growth plans,” says Tan.

Alliance Global Group has varied interests spanning real estate developments through property giant Megaworld Corporation; spirits manufacturing through Emperador Inc.; leisure, entertainment, and hospitality through Travellers International Hotel Group, Inc.; and quick service restaurants through its interest in Golden Arches Development Corporation (GADC), popularly known as McDonald’s Philippines.