Dear Shareholders,

2024 was the year we became a techglomerate. And like allmeaningful transformations, this one wasn’t marked by a singlemoment—but by a series of decisions that signaled a shift in howwe see ourselves and how we create value.

Over the past few years, we’ve spoken often about our GreatTransformation. We began moving from believing in changeto behaving differently. In 2024, we saw signs of becoming thefuture-focused organization we envisioned. We didn’t just dreamabout transformation—we are making it happen.

Last year, we were awarded the Laguindingan and Bohol-Panglao airports, and began management in 2025, extending our capabilities in nation-building infrastructure. We welcomedCoca-Cola into the Aboitiz Group with a great partner, CCEP,giving us a powerful foothold in the consumer sector. Weventured into LNG, via our 40% stake in Chromite Gas HoldingsInc, enhancing our energy portfolio. We launched the AboitizFoods identity, giving form to a revitalized business with renewedambition. We completed the full integration of Citi’s retailbusiness into UnionBank. And we initiated leadership transitionsacross AP, UnionBank, Aboitiz Land, and Aboitiz Data Innovationto ensure we have the right people at the helm as we accelerateinto the future.

These were not incremental steps. They were defining movesthat restructured our portfolio, expanded our reach, andreshaped the mindset of our organization. Yet as any seasonedinvestor knows, transformation doesn’t stop at ambition—itmust translate into performance.

And here, the truth is clear: while we’ve made progress, we arenot yet where we want to be.

Returns are improving, but they remain below expectations. And our businesses—while evolving—are still too complex.

2025: Being a Techglomerate

2025, then, must be the year of acceleration.The year of execution. The year of Being atechglomerate.

We will simplify. Too many of our businessunits have grown into “mini-conglomerates,”adding layers of complexity that slow us down.We must cut through the noise to create focus,clarity, and efficiency.

We will connect the dots. Our businesses arebecoming an interconnected ecosystem whereinsights, capabilities, and opportunities flowmore freely across the Group. A new SynergyOffice is unlocking these connections, enablingeverything from shared infrastructure andtalent strategies to integrated data systemsthat help us make smarter, faster decisions.Data-sharing across business units is beginningto uncover operational efficiencies, customerinsights, and cross-sector innovation we’veonly begun to tap. This is how we turn ourscale into a true advantage—and how we’llaccelerate value creation from the inside out.

And we will explore bold, breakout moves.Our CEOs are pursuing strong, well-plannedstrategies—but linear plans alone won’t getus to our targets fast enough. We’re exploring partnerships, restructurings, and new models that could reimagine our path to value creation. Like with Coca-Cola, where bringing in a world-class partner unlocked enormous potential—we believe this “Coke Model” can be applied elsewhere, from banking to infrastructure to food.

This mindset—simplify, connect, reimagine— will define us in 2025 and beyond.

A Future We Are Building Together

As we step into this new chapter, we do so witha sharper sense of who we are:We are not a traditional conglomerate.We are not a holding company.We are a techglomerate—a unique ecosystemof businesses advancing innovation,sustainability, and impact, powered by apeople-first culture and an insight-drivenportfolio strategy.

Our teams across the Group are embracingAI, harnessing data, and pushing boundaries.We’ve embedded transformation metrics intoscorecards, created foresight capabilities toanticipate change, and aligned business unitsaround core strategic goals. Sustainability isnot a sidebar—it’s built into how we think,how we act, and how we invest.

In 2024, we advanced several renewable energy projects and supported climate resilienceefforts in our host communities, reinforcing our long-standing commitment to people, planet,and prosperity.

But more than tools or strategies, our greatest transformation is cultural. And like allmeaningful change, it’s still in its early stages. Across the Group, new people are joining—someunfamiliar with our culture, others already aligned. This mix brings its own set of challengesand opportunities.

We are building a workplace where curiosity is encouraged, ownership isexpected, and collaboration becomes second nature—but we are not there yet. What’s clearis that our people are the heart of our transformation. As we always say: transformation starts with you and me—and we are rising to the challenge.

And with transformation come real risks. Some of our biggest opportunities—like powerprivatizations, our foreign investments, and our capital-raising plans—carry uncertainty. But thegreater risk is standing still. We move forward, eyes open, with a balanced view of ambition anddiscipline, and a firm belief in the power of execution.

To our shareholders, your continued belief in this journey gives us the license to keep pushingforward. You have trusted us to be bold. You have supported us through disruption. And weintend to reward that trust with performance, discipline, and long-term value.

Let’s keep connecting the dots—between what we dream and what we do, between people andpurpose, between capital and impact. The future isn’t waiting. It’s ours to build.

Sincerely,

Sabin