LT Group may delay PHC listing, reviews capex plans amid volatility

LT GROUP, INC. said it may delay the planned listing by way of introduction of PNB Holdings Corp. (PHC) amid market volatility and geopolitical risks, while also reviewing capital expenditure (capex) plans.

“The initial plan was to list very, very soon. But due to the issues we see in the market, we may potentially have to push it back,” LT Group President and Chief Operating Officer Lucio C. Tan III said during a media briefing on Wednesday.

The conglomerate also said it is reassessing plans to increase capital expenditures this year as uncertainty linked to rising oil prices and global tensions weighs on the business environment.

“Going forward, we were probably expecting a bit more, but in light of everything that’s happening, it’s currently being reviewed, so we may go back to our historical numbers,” LT Group Chief Financial Officer Jose Gabriel D. Olives said.

He said annual capital expenditures have ranged between P6 billion and P8 billion over the past five years.

Mr. Tan said LT Group remains optimistic about its long-term growth prospects despite macroeconomic risks.

“We’re still excited about the growth for LTG as a whole. We are mindful of a lot of the challenges that we have, but we’re confident that we can address all of those,” he said.

The conglomerate reported an attributable net income of P30.98 billion for 2025, up 7% and marking its fourth consecutive year of record earnings. Revenues reached P132.78 billion.

Philippine National Bank (PNB) contributed P14.26 billion, or 46% of total attributable income. The bank’s net income rose 20% to P25.34 billion.

Fortune Tobacco Corp. and PMFTC contributed a combined P11.24 billion, accounting for 36% of group income.

Tanduay Distillers posted a 45% increase in net income to P3.12 billion, while Asia Brewery reported P877 million in net income.

Eton Properties Philippines, Inc. posted P765 million in net income after real estate sales rose 46% to P731 million.

LT Group shares rose 0.53% to close at P15.20 apiece on Wednesday. — Alexandria Grace C. Magno