Dear Shareholders,

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

Over the past few years, we’ve spoken often about our Great Transformation. We began moving from believing in change to behaving differently. In 2024, we saw signs of becoming the future-focused organization we envisioned. We didn’t just dream about 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 welcomed Coca-Cola into the Aboitiz Group with a great partner, CCEP, giving us a powerful foothold in the consumer sector. We ventured into LNG, via our 40% stake in Chromite Gas Holdings Inc, enhancing our energy portfolio. We launched the Aboitiz Foods identity, giving form to a revitalized business with renewed ambition. We completed the full integration of Citi’s retail business into UnionBank. And we initiated leadership transitions across AP, UnionBank, Aboitiz Land, and Aboitiz Data Innovation to ensure we have the right people at the helm as we accelerate into the future.

These were not incremental steps. They were defining moves that restructured our portfolio, expanded our reach, and reshaped the mindset of our organization. Yet as any seasoned investor knows, transformation doesn’t stop at ambition—it must translate into performance.

And here, the truth is clear: while we’ve made progress, we are not 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 a techglomerate.

We will simplify. Too many of our business units 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 are becoming an interconnected ecosystem where insights, capabilities, and opportunities flow more freely across the Group. A new Synergy Office is unlocking these connections, enabling everything from shared infrastructure and talent strategies to integrated data systems that help us make smarter, faster decisions. Data-sharing across business units is beginning to uncover operational efficiencies, customer insights, and cross-sector innovation we’ve only begun to tap. This is how we turn our scale into a true advantage—and how we’ll accelerate value creation from the inside out.

And we will explore bold, breakout moves. Our CEOs are pursuing strong, well-planned strategies—but linear plans alone won’t get us 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 with a sharper sense of who we are: We are not a traditional conglomerate. We are not a holding company. We are a techglomerate—a unique ecosystem of businesses advancing innovation, sustainability, and impact, powered by a people-first culture and an insight-driven portfolio strategy.

Our teams across the Group are embracing AI, harnessing data, and pushing boundaries. We’ve embedded transformation metrics into scorecards, created foresight capabilities to anticipate change, and aligned business units around core strategic goals. Sustainability is not 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 resilience efforts 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 all meaningful change, it’s still in its early stages. Across the Group, new people are joining—some unfamiliar with our culture, others already aligned. This mix brings its own set of challenges and opportunities.

We are building a workplace where curiosity is encouraged, ownership is expected, and collaboration becomes second nature—but we are not there yet. What’s clear is 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 power privatizations, our foreign investments, and our capital-raising plans—carry uncertainty. But the greater risk is standing still. We move forward, eyes open, with a balanced view of ambition and discipline, and a firm belief in the power of execution.

To our shareholders, your continued belief in this journey gives us the license to keep pushing forward. You have trusted us to be bold. You have supported us through disruption. And we intend 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 and purpose, between capital and impact. The future isn’t waiting. It’s ours to build.

Sincerely,

Sabin