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MacroAsia Corp. posted a 17% increase in consolidated net income to P1.61 billion for 2025
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Positive performance supported by sustained recovery in aviation activity, contributions from associates, and a strong fourth quarter finish
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Consolidated revenues grew 6% to P9.96 billion with higher volumes across the group’s core aviation support services and food-related businesses
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Capital expenditures reached P1.42 billion, primarily allocated to facility expansion, fleet and equipment upgrades, and service capability enhancements
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MacroAsia remains cautiously optimistic on the continued recovery of aviation demand, supported by improving passenger traffic trends and expansion opportunities in both aviation and non-aviation segments
MacroAsia Corp. posted a 17% increase in consolidated net income to P1.61 billion for 2025, supported by sustained recovery in aviation activity, contributions from associates, and a strong fourth quarter finish.
Net income attributable to equity holders of the parent also rose 28% to P1.44 billion, the company said in a statement.
Consolidated revenues grew 6% to P9.96 billion with higher volumes across the group’s core aviation support services and food-related businesses.
MacroAsia said growth was driven primarily by in-flight catering, ground handling, and aviation services as airline traffic continued to normalize.
Operating income increased 8% to P1.82 billion, reflecting improved operating leverage despite higher direct costs and operating expenses associated with manpower, fuel-related inputs, and ongoing capacity expansion initiatives.
The company said it closed 2025 with a stronger fourth quarter performance, with net income surging 161% year-on-year to P446 million while operating income grew 135% to P454.5 million.
The fourth quarter growth was driven by higher flight volumes and improved load factors during peak travel season, increased catering and ground handling activity, strong equity earnings contribution from associates, and better cost absorption from higher utilization levels.
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The sharp recovery in the final quarter offset softer performance in the second quarter and reinforces the group’s positive trajectory entering 2026, MacroAsia noted.
In 2025, MacroAsia said it continued to invest in long-term growth, with capital expenditures reaching P1.42 billion, primarily allocated to facility expansion, fleet and equipment upgrades, and service capability enhancements.
The company said it also maintains a healthy liquidity position, with a current ratio of approximately 1.5 times, providing flexibility to navigate market uncertainties while funding expansion.
“Fiscal year 2025 reflects MacroAsia’s ability to deliver solid earnings growth while continuing to invest in capacity, service quality, and long-term strategic initiatives,” said MacroAsia president and chief operating officer Eduardo Luis Luy.
2026 Outlook
For this year, MacroAsia said it remains cautiously optimistic on the continued recovery of aviation demand, supported by improving passenger traffic trends and expansion opportunities in both aviation and non-aviation segments.
At the same time, the company is closely monitoring geopolitical risks arising from the ongoing Iran and broader Middle East conflict, which may impact the global aviation sector through potential airspace restrictions and route diversions, increased jet fuel prices driven by supply uncertainties, flight frequency adjustments by airlines operating in affected regions, and the broader impact on travel demand sentiment.
MacroAsia noted though that its revenue resiliency has grown during the pandemic period, such that substantial topline contributors are non-airline related business activities like food and commissary operations and water utilities and concessions outside of Metro Manila.
While exposure to Middle East routes for its aviation services represents only a limited portion of MacroAsia’s airline client base and revenues, the company said it recognizes the potential second-order effects, particularly through fuel cost volatility and airline capacity adjustments for all business segments.
To address these risks and sustain performance, MacroAsia is proactively implementing certain measures, including client diversification and continued focus on expanding relationships with airlines across Asia-Pacific and other resilient markets to reduce concentration risk.
Its strategy of growing topline sources outside of the airport areas will also be intensified.
Its other measures include the ability to scale operations in response to airline traffic and schedule changes, tight monitoring of fuel-linked and variable costs, alongside productivity improvements across business units, strengthening of non-aviation revenue streams, maximizing value from associates, and balance sheet discipline.
“While we remain mindful of geopolitical uncertainties, including developments in the Middle East, our limited direct exposure, strong balance sheet, and disciplined execution position us well to navigate these risks and capture growth opportunities,” Luy said.
MacroAsia subsidiaries include MacroAsia Catering Services, Inc.; MacroAsia Airport Services Corp.; MacroAsia Properties Development Corp.; MacroAsia Air Taxi Services, Inc.; First Aviation Academy, Inc.; MacroAsia Mining Corp.; Allied Water Services Inc.; and Tera Information and Connectivity Solutions, Inc. It also has three affiliates namely, Lufthansa Technik Philippines, Inc.; Cebu Pacific Catering Services, Inc; and Japan Airport Service Corp.
