<p>艾雅拉地产（Ayala Land (AYAAF)）已召开 2023 年第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>艾雅拉地产最新的财报电话会议为投资者描绘了一个复杂但韧性的图景。管理层强调其向租赁和酒店业务的战略转型取得了成功，这在一定程度上缓解了物业开发急剧放缓带来的冲击。尽管经常性收入强劲增长，资产负债表依然稳健，但住宅需求疲软和项目暂停使得短期前景变得不明朗。</p>
<h2>租赁与酒店业务成为核心增长引擎</h2>
<p>租赁和酒店业务收入同比增长 9%，在调整阿拉邦商业中心部分出售后，按可比口径增长 12%。酒店业务表现突出，收入增长 30%，达到 34 亿菲律宾比索，得益于翻新的酒店和新世界酒店的收购，使经常性业务占集团收入的 34%，而 2019 年为 23%。</p>
<h2>购物中心带来客流和销售增长</h2>
<p>购物中心收入达到 58 亿菲律宾比索，同比增长 2%，按可比口径增长 8%，因消费者活动改善。客流量增长 6%，同店销售增长 10%，而艾雅拉购物中心阿尔卡南第一阶段的开业为 2026 年约 19 万到 20 万平方米的新租赁面积创下了记录。</p>
<h2>酒店和工业资产利用率提升</h2>
<p>酒店入住率提升至 72%，度假村入住率提升至 71%，确认了对艾雅拉地产翻新和新收购的酒店资产的强劲需求。工业房地产收入增长 23%，达到 4 亿菲律宾比索，干货和冷藏设施的入住率在中高 80% 之间，计划在 2026 年在宿务增加 9000 个冷藏托盘位置。</p>
<h2>资本支出削减显示资本纪律和转型</h2>
<p>第一季度资本支出达到 230 亿菲律宾比索，与公司修订后的节奏一致。管理层将 2026 年全年的资本支出指引从 700 亿-800 亿菲律宾比索削减至约 500 亿，以保护资产负债表，并优先考虑租赁、酒店和短期项目交付，投资于这些经常性业务的支出同比增长 53%，现在占第一季度资本支出的四分之一以上。</p>
<h2>资产负债表的强劲支撑战略</h2>
<p>艾雅拉地产强调其稳健的财务基础，净负债比率为 0.81:1，现金及现金等价物上升至 210 亿菲律宾比索。总资产超过 1 万亿菲律宾比索，比 2025 年底高出超过 175 亿菲律宾比索，且超过 80% 的债务为长期债务，借款成本稳定在 5.5%，利息覆盖率超过 4 倍，流动比率超过 1.5 倍，支持其融资灵活性。</p>
<h2>回购计划彰显股东回报灵活性</h2>
<p>公司完成了 280 亿菲律宾比索的股票回购计划，在周期内向股东返还了大量资本。董事会批准了新的 100 亿菲律宾比索回购计划，彰显了对长期价值的信心，并表明管理层准备在条件允许时将多余现金和资产变现收益用于股东。</p>
<h2>尽管业务组合变化，盈利能力依然保持</h2>
<p>尽管开发收入疲软，艾雅拉地产仍将其息税前利润率保持在健康的 35%，展示了在业务组合变化中的运营韧性。总支出同比下降 12%，至 292 亿菲律宾比索，帮助抵消了物业开发带来的盈利拖累，并支持了稳定的盈利能力，因为公司正在向经常性收入倾斜。</p>
<h2>住宅利润率保持稳定</h2>
<p>住宅毛利率依然强劲，水平项目约为 45%，垂直项目约为 38%。管理层指出，尤其是在后期完成的项目中，利润率保持良好，表明定价纪律和成本控制在销售量放缓的情况下仍在缓冲盈利能力。</p>
<h2>收入和净利润承压</h2>
<p>2026 年第一季度总收入同比下降 14%，至 375 亿菲律宾比索，反映了物业开发放缓的拖累。归属于艾雅拉地产股东的净利润下降 23%，至 54 亿菲律宾比索，突显出尽管经常性业务份额增加，盈利仍然依赖于开发活动。</p>
<h2>物业开发和预售失去动力</h2>
<p>物业开发收入同比下降 27%，至 203 亿菲律宾比索，住宅收入为 174 亿菲律宾比索，销售认购为 244 亿菲律宾比索，下降 22%。管理层指出，买家情绪疲软和新预订减少是主要驱动因素，并补充说，取消订单占下降的比例不到 8%，但仍对整体增长造成压力。</p>
<h2>地块销售波动性依然较大</h2>
<p>地块收入为 29 亿菲律宾比索，较去年下降，管理层重申该细分市场固有的波动性。关于地块销售下降 53% 的讨论突显出大型、不规则交易可能显著影响季度数据，进一步加大了这一高价类别的短期不确定性。</p>
<h2>项目暂停反映对成本和风险的谨慎态度</h2>
<p>艾雅拉地产因成本和执行的不确定性取消了 Avida Katipunan 项目，并暂停了 Laurean 项目，表明在动荡的宏观环境中采取谨慎态度。尽管 Laurean 的预售仍计入第一季度的销售认购，但暂停和取消项目凸显了管理层在风险回报动态不利时愿意撤回的态度。</p>
<h2>宏观冲击影响短期销售前景</h2>
<p>管理层提到中东冲突和最近的 BSP 举措作为外部冲击，抑制了国内需求和购房者信心。鉴于这些不确定性，公司未能给出明确的全年销售指导，而是计划在第二季度业绩公布后重新评估其前景，故意保持保守的预期。</p>
<h2>债务再融资活动回升</h2>
<p>本季度净债务增加了 160 亿菲律宾比索，管理层认为这是暂时的且可控的，考虑到当前的杠杆指标。今年到期的 250 亿菲律宾比索债务中，已有 150 亿菲律宾比索完成再融资，剩余约 100 亿菲律宾比索将在第二季度解决，这导致近期再融资活动增加。</p>
<h2>办公室板块受到产能和销售影响</h2>
<p>由于新增产能上线以及公司在阿拉邦商业中心出售办公空间，办公室租赁率从去年同期的 90% 下降至 88%。这些因素使得本季度办公室收入保持在 30 亿菲律宾比索，尽管更广泛的租赁组合显示出健康的增长，但该板块仍面临适度压力。</p>
<h2>指导：精简资本支出，关注经常性收入</h2>
<p>展望未来，Ayala Land 计划在 2026 年投入约 500 亿菲律宾比索的资本支出，主要由内部现金流资助，并且几乎不进行新的借款，因为它专注于已经占收入 34% 的租赁和酒店资产。公司计划在 2026 年增加约 19 万到 20 万平方米的购物中心可租赁面积和约 7 万平方米的办公可租赁面积，交付 13,000 个住宅单元，变现约 1300 亿菲律宾比索的库存，并通过新批准的 100 亿菲律宾比索回购支持股东回报。</p>
<p>Ayala Land 的财报电话会议最终展示了一家正在转型的公司，在房地产开发的周期性冲击与加速的经常性收入和强大的财务纪律之间取得平衡。对于投资者而言，关键的收获是，尽管短期收益可能因住宅需求疲软和宏观不确定性而受到压力，但不断增长的租赁平台、精简的资本支出计划和积极的资本回报将随着时间的推移建立一个更具防御性和多元化的收益基础。</p>

<p>Ayala Land 的第一季度财报电话会议透露了一个复杂的前景，租赁和酒店业务的强劲增长抵消了房地产开发的放缓。租赁和酒店业务的收入增长了 9%，其中酒店收入增长了 30%。然而，总收入同比下降了 14%，降至 375 亿菲律宾比索，净收入下降了 23%，降至 54 亿菲律宾比索。管理层强调了资本纪律，将全年资本支出指导下调至 500 亿菲律宾比索，并完成了 280 亿菲律宾比索的股票回购。尽管面临挑战，盈利能力仍保持稳定，息税前利润率为 35%</p>

<p>Ayala Land ((AYAAF)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>艾雅拉地产（Ayala Land (AYAAF)）已召开 2023 年第一季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Ayala Land’s latest earnings call painted a mixed but resilient picture for investors. Management emphasized the success of its strategic pivot toward Leasing and Hospitality, which is now cushioning the blow from a sharp slowdown in Property Development. While recurring income is growing strongly and the balance sheet remains solid, residential demand softness and project pauses are clouding near‑term visibility.</p>
<div class="lb-trans"><p>艾雅拉地产最新的财报电话会议为投资者描绘了一个复杂但韧性的图景。管理层强调其向租赁和酒店业务的战略转型取得了成功，这在一定程度上缓解了物业开发急剧放缓带来的冲击。尽管经常性收入强劲增长，资产负债表依然稳健，但住宅需求疲软和项目暂停使得短期前景变得不明朗。</p>
</div><h2>Leasing &amp; Hospitality Now Core Growth Engine</h2>
<div class="lb-trans"><h2>租赁与酒店业务成为核心增长引擎</h2>
</div><p>Leasing and Hospitality revenue climbed 9% year on year, or 12% on a like‑for‑like basis after adjusting for the partial sale of Alabang Commercial Center. Hospitality led the charge, with revenue up 30% to PHP 3.4 billion, helped by renovated hotels and the New World Hotel acquisition, pushing recurring businesses to 34% of group revenues versus 23% in 2019.</p>
<div class="lb-trans"><p>租赁和酒店业务收入同比增长 9%，在调整阿拉邦商业中心部分出售后，按可比口径增长 12%。酒店业务表现突出，收入增长 30%，达到 34 亿菲律宾比索，得益于翻新的酒店和新世界酒店的收购，使经常性业务占集团收入的 34%，而 2019 年为 23%。</p>
</div><h2>Shopping Centers Deliver Foot Traffic and Sales Gains</h2>
<div class="lb-trans"><h2>购物中心带来客流和销售增长</h2>
</div><p>Shopping center revenues reached PHP 5.8 billion, rising 2% year on year, or 8% on a like‑for‑like basis, as consumer activity improved. Foot traffic climbed 6% and same‑mall sales rose 10%, while the opening of Phase 1 of Ayala Malls Arca South sets the stage for a record retail expansion of roughly 190,000 to 200,000 square meters of new GLA in 2026.</p>
<div class="lb-trans"><p>购物中心收入达到 58 亿菲律宾比索，同比增长 2%，按可比口径增长 8%，因消费者活动改善。客流量增长 6%，同店销售增长 10%，而艾雅拉购物中心阿尔卡南第一阶段的开业为 2026 年约 19 万到 20 万平方米的新租赁面积创下了记录。</p>
</div><h2>Hospitality and Industrial Assets Tighten Utilization</h2>
<div class="lb-trans"><h2>酒店和工业资产利用率提升</h2>
</div><p>Hotel occupancy improved to 72% and resort occupancy to 71%, confirming robust demand for Ayala Land’s renovated and newly acquired hospitality assets. Industrial real estate revenue grew 23% to PHP 0.4 billion, with dry and cold storage facilities operating at mid‑to‑high 80% occupancy and plans to add 9,000 cold storage pallet positions in Cebu in 2026.</p>
<div class="lb-trans"><p>酒店入住率提升至 72%，度假村入住率提升至 71%，确认了对艾雅拉地产翻新和新收购的酒店资产的强劲需求。工业房地产收入增长 23%，达到 4 亿菲律宾比索，干货和冷藏设施的入住率在中高 80% 之间，计划在 2026 年在宿务增加 9000 个冷藏托盘位置。</p>
</div><h2>CapEx Cut Signals Capital Discipline and Pivot</h2>
<div class="lb-trans"><h2>资本支出削减显示资本纪律和转型</h2>
</div><p>Capital spending reached PHP 23 billion in the first quarter, in line with the company’s revised pace. Management slashed full‑year 2026 CapEx guidance to about PHP 50 billion from PHP 70‑80 billion to protect the balance sheet and prioritize leasing, hospitality, and near‑term project deliveries, with investments in these recurring segments up 53% year on year and now over a quarter of Q1 CapEx.</p>
<div class="lb-trans"><p>第一季度资本支出达到 230 亿菲律宾比索，与公司修订后的节奏一致。管理层将 2026 年全年的资本支出指引从 700 亿-800 亿菲律宾比索削减至约 500 亿，以保护资产负债表，并优先考虑租赁、酒店和短期项目交付，投资于这些经常性业务的支出同比增长 53%，现在占第一季度资本支出的四分之一以上。</p>
</div><h2>Balance Sheet Strength Underpins Strategy</h2>
<div class="lb-trans"><h2>资产负债表的强劲支撑战略</h2>
</div><p>Ayala Land underscored its solid financial footing, with net gearing at 0.81:1 and cash and cash equivalents rising to PHP 21 billion. Total assets surpassed PHP 1 trillion, more than PHP 17.5 billion higher than at end‑2025, while over 80% of debt is long term, borrowing costs are steady at 5.5%, and both interest coverage above 4 times and a current ratio over 1.5 times support its funding flexibility.</p>
<div class="lb-trans"><p>艾雅拉地产强调其稳健的财务基础，净负债比率为 0.81:1，现金及现金等价物上升至 210 亿菲律宾比索。总资产超过 1 万亿菲律宾比索，比 2025 年底高出超过 175 亿菲律宾比索，且超过 80% 的债务为长期债务，借款成本稳定在 5.5%，利息覆盖率超过 4 倍，流动比率超过 1.5 倍，支持其融资灵活性。</p>
</div><h2>Buybacks Highlight Shareholder Return Flexibility</h2>
<div class="lb-trans"><h2>回购计划彰显股东回报灵活性</h2>
</div><p>The company completed a PHP 28 billion share buyback program, returning significant capital to shareholders during the cycle. The board’s approval of a fresh PHP 10 billion buyback underscores confidence in long‑term value and signals that management is prepared to deploy excess cash and asset monetization proceeds toward equity holders when conditions allow.</p>
<div class="lb-trans"><p>公司完成了 280 亿菲律宾比索的股票回购计划，在周期内向股东返还了大量资本。董事会批准了新的 100 亿菲律宾比索回购计划，彰显了对长期价值的信心，并表明管理层准备在条件允许时将多余现金和资产变现收益用于股东。</p>
</div><h2>Profitability Holds Despite Mix Shift</h2>
<div class="lb-trans"><h2>尽管业务组合变化，盈利能力依然保持</h2>
</div><p>Despite weaker development revenues, Ayala Land kept its EBIT margin at a healthy 35%, showcasing operating resilience amid a changing business mix. Total expenses declined 12% year on year to PHP 29.2 billion, helping offset the earnings drag from Property Development and supporting stable profitability as the company leans into recurring income.</p>
<div class="lb-trans"><p>尽管开发收入疲软，艾雅拉地产仍将其息税前利润率保持在健康的 35%，展示了在业务组合变化中的运营韧性。总支出同比下降 12%，至 292 亿菲律宾比索，帮助抵消了物业开发带来的盈利拖累，并支持了稳定的盈利能力，因为公司正在向经常性收入倾斜。</p>
</div><h2>Residential Margins Stay Intact</h2>
<div class="lb-trans"><h2>住宅利润率保持稳定</h2>
</div><p>Residential gross profit margins remained robust, with horizontal projects around 45% and vertical projects about 38%. Management noted that margins have held up particularly well for projects in later stages of completion, suggesting that pricing discipline and cost control are cushioning profitability even as sales volumes soften.</p>
<div class="lb-trans"><p>住宅毛利率依然强劲，水平项目约为 45%，垂直项目约为 38%。管理层指出，尤其是在后期完成的项目中，利润率保持良好，表明定价纪律和成本控制在销售量放缓的情况下仍在缓冲盈利能力。</p>
</div><h2>Top Line and Bottom Line Under Pressure</h2>
<div class="lb-trans"><h2>收入和净利润承压</h2>
</div><p>Total revenue for the first quarter of 2026 fell 14% year on year to PHP 37.5 billion, reflecting the drag from slower Property Development. Net income attributable to Ayala Land equity holders dropped 23% to PHP 5.4 billion, underscoring how dependent earnings still are on development activity even as recurring businesses gain share.</p>
<div class="lb-trans"><p>2026 年第一季度总收入同比下降 14%，至 375 亿菲律宾比索，反映了物业开发放缓的拖累。归属于艾雅拉地产股东的净利润下降 23%，至 54 亿菲律宾比索，突显出尽管经常性业务份额增加，盈利仍然依赖于开发活动。</p>
</div><h2>Property Development and Presales Lose Momentum</h2>
<div class="lb-trans"><h2>物业开发和预售失去动力</h2>
</div><p>Property Development revenues slid 27% year on year to PHP 20.3 billion, with residential revenues at PHP 17.4 billion and sales take‑up at PHP 24.4 billion, down 22%. Management pointed to weaker buyer sentiment and fewer new bookings as the main drivers, adding that cancellations accounted for less than 8% of the decline but still weighed on overall growth.</p>
<div class="lb-trans"><p>物业开发收入同比下降 27%，至 203 亿菲律宾比索，住宅收入为 174 亿菲律宾比索，销售认购为 244 亿菲律宾比索，下降 22%。管理层指出，买家情绪疲软和新预订减少是主要驱动因素，并补充说，取消订单占下降的比例不到 8%，但仍对整体增长造成压力。</p>
</div><h2>Estate Lot Sales Remain Volatile</h2>
<div class="lb-trans"><h2>地块销售波动性依然较大</h2>
</div><p>Estate lot revenues came in at PHP 2.9 billion, declining from the prior year as management reiterated the inherent lumpiness of this segment. A discussion around a cited 53% drop in lot sales highlighted how large, irregular deals can significantly swing quarterly numbers, reinforcing near‑term uncertainty for this high‑ticket category.</p>
<div class="lb-trans"><p>地块收入为 29 亿菲律宾比索，较去年下降，管理层重申该细分市场固有的波动性。关于地块销售下降 53% 的讨论突显出大型、不规则交易可能显著影响季度数据，进一步加大了这一高价类别的短期不确定性。</p>
</div><h2>Project Pauses Reflect Caution on Costs and Risk</h2>
<div class="lb-trans"><h2>项目暂停反映对成本和风险的谨慎态度</h2>
</div><p>Ayala Land canceled the Avida Katipunan project and paused the Laurean project due to uncertainties around costs and execution, signaling a cautious stance in a choppy macro environment. Laurean presales are still counted in first‑quarter take‑up, but the pause and cancellations underscore management’s willingness to pull back when risk‑reward dynamics are less favorable.</p>
<div class="lb-trans"><p>艾雅拉地产因成本和执行的不确定性取消了 Avida Katipunan 项目，并暂停了 Laurean 项目，表明在动荡的宏观环境中采取谨慎态度。尽管 Laurean 的预售仍计入第一季度的销售认购，但暂停和取消项目凸显了管理层在风险回报动态不利时愿意撤回的态度。</p>
</div><h2>Macro Shocks Cloud Near‑Term Sales Outlook</h2>
<div class="lb-trans"><h2>宏观冲击影响短期销售前景</h2>
</div><p>Management cited the Middle East conflict and recent moves by the BSP as external shocks dampening domestic demand and homebuyer sentiment. In light of these uncertainties, the company refrained from giving firm full‑year sales guidance and instead plans to reassess its outlook after second‑quarter results, keeping expectations intentionally conservative.</p>
<div class="lb-trans"><p>管理层提到中东冲突和最近的 BSP 举措作为外部冲击，抑制了国内需求和购房者信心。鉴于这些不确定性，公司未能给出明确的全年销售指导，而是计划在第二季度业绩公布后重新评估其前景，故意保持保守的预期。</p>
</div><h2>Debt Refinancing Activity Picks Up</h2>
<div class="lb-trans"><h2>债务再融资活动回升</h2>
</div><p>Net debt increased by PHP 16 billion in the quarter, which management views as temporary and manageable given current leverage metrics. Of the PHP 25 billion in debt maturities due this year, PHP 15 billion has already been refinanced, leaving roughly PHP 10 billion to be addressed in the second quarter and contributing to elevated near‑term refinancing activity.</p>
<div class="lb-trans"><p>本季度净债务增加了 160 亿菲律宾比索，管理层认为这是暂时的且可控的，考虑到当前的杠杆指标。今年到期的 250 亿菲律宾比索债务中，已有 150 亿菲律宾比索完成再融资，剩余约 100 亿菲律宾比索将在第二季度解决，这导致近期再融资活动增加。</p>
</div><h2>Office Segment Feels Capacity and Sale Impacts</h2>
<div class="lb-trans"><h2>办公室板块受到产能和销售影响</h2>
</div><p>Office lease‑out rates slipped to 88% from 90% year on year as additional capacity came online and the company sold office space in Alabang Commercial Center. These factors kept office revenues flat at PHP 3.0 billion for the quarter, revealing modest pressure on this segment even as the broader leasing portfolio shows healthy momentum.</p>
<div class="lb-trans"><p>由于新增产能上线以及公司在阿拉邦商业中心出售办公空间，办公室租赁率从去年同期的 90% 下降至 88%。这些因素使得本季度办公室收入保持在 30 亿菲律宾比索，尽管更广泛的租赁组合显示出健康的增长，但该板块仍面临适度压力。</p>
</div><h2>Guidance: Leaner CapEx, Recurring Income in Focus</h2>
<div class="lb-trans"><h2>指导：精简资本支出，关注经常性收入</h2>
</div><p>Looking ahead, Ayala Land plans about PHP 50 billion in 2026 CapEx, mostly funded by internal cash flows and with minimal new borrowing, as it concentrates on leasing and hospitality assets that already represent 34% of revenues. The company aims to add around 190,000 to 200,000 square meters of mall GLA and about 70,000 square meters of office GLA in 2026, deliver 13,000 residential units, monetize roughly PHP 130 billion in inventory, and support shareholder returns through its newly approved PHP 10 billion buyback.</p>
<div class="lb-trans"><p>展望未来，Ayala Land 计划在 2026 年投入约 500 亿菲律宾比索的资本支出，主要由内部现金流资助，并且几乎不进行新的借款，因为它专注于已经占收入 34% 的租赁和酒店资产。公司计划在 2026 年增加约 19 万到 20 万平方米的购物中心可租赁面积和约 7 万平方米的办公可租赁面积，交付 13,000 个住宅单元，变现约 1300 亿菲律宾比索的库存，并通过新批准的 100 亿菲律宾比索回购支持股东回报。</p>
</div><p>Ayala Land’s earnings call ultimately showcased a company in transition, balancing cyclical hits in Property Development with accelerating recurring income and strong financial discipline. For investors, the key takeaway is that while near‑term earnings may remain pressured by softer residential demand and macro uncertainty, the growing leasing platform, leaner CapEx plan, and active capital returns build a more defensive and diversified earnings base over time.</p>
<div class="lb-trans"><p>Ayala Land 的财报电话会议最终展示了一家正在转型的公司，在房地产开发的周期性冲击与加速的经常性收入和强大的财务纪律之间取得平衡。对于投资者而言，关键的收获是，尽管短期收益可能因住宅需求疲软和宏观不确定性而受到压力，但不断增长的租赁平台、精简的资本支出计划和积极的资本回报将随着时间的推移建立一个更具防御性和多元化的收益基础。</p>
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阿亚拉地产的财报电话会议：经常性收入引擎与开发业务的拖累