Dear Fellow Stakeholders,
Last year, I shared that we had become a techglomerate. We reshaped our portfolio, expanded into new sectors, and built a stronger foundation for the future. But becoming something new is only the beginning. The real test is whether it works—and in many ways, 2025 was that test.
Over the past several years, we invested heavily to transform Aboitiz. We expanded our businesses, brought in global partners, and embedded digital capabilities across the Group. Those moves created opportunity, but they also introduced new complexity and higher expectations for execution.
As the year unfolded, one thing became clear: transformation only counts when it delivers outcomes. 2025 was the year we confronted that reality. Returns have not yet reached the levels we expect of ourselves, and we were honest about that. But the year gave us something equally important — clarity. It showed us where our systems were strong, where complexity had slowed us down, and where leadership needed to sharpen its focus.
When organizations grow quickly, complexity follows. Processes multiply. Decisions slow down. Initiatives compete for attention. Over time, even well-intentioned transformation can create friction. The lesson of 2025 was simple: scale demands simplicity.
For our shareholders, the objective is straightforward: stronger and more consistent returns over time. Achieving that requires more than growth; it requires disciplined execution, clear ownership, and careful capital allocation. The work we began in 2025 is designed to strengthen those foundations so that the value created by our businesses translates more directly into sustainable performance.
The next phase of our transformation is therefore not about doing more. It is about doing the right things better. We began tightening execution across the Group, focusing on operational performance, clearer ownership, and more disciplined use of capital. The emphasis shifted from launching initiatives to making sure the ones we have actually deliver results. Transformation, at this stage, becomes less about ambition and more about discipline and accountability.
At the start of 2026, we began the next phase of our journey by raising the bar for how we leadand execute—strengthening accountability, focusing on value creation, and encouraging more strategic thinking across the Group. These are not new ambitions. They are sharper expectations. They reflect what the past few years have taught us: that innovation must translate into measurable value, that leaders must own outcomes, and that the most powerful organizations are often the simplest ones.
Our ambition to be a techglomerate remains unchanged. In truth, every conglomerate will inevitably become a techglomerate as AI and other emerging technologies reshape how businesses operate and compete. What has evolved is how we pursue it — with greater clarity, stronger discipline, and a deeper commitment to execution. 2025 brought that clarity. Now the work ahead is to deliver.
Sincerely,
President and Chief Executive Office, Aboitiz Group
Read the AEV Chairman’s Message, 2025 Aboitiz Integrated Report:
