Ayala Land malls reached 90 percent lease-out: PHP 24.96 target for Ayala Land stock

Published on 10/14/2026 at 04:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue fell 10 percent to PHP 75 billion in 2026. Ten analysts rate Ayala Land stock a Buy before November 4, 2026 results.

Mall growth and earnings plan

On October 6, 2026, mall lease-out reached 90 percent, up from 87 percent a year earlier.
First-half 2026 total revenue fell 10 percent to PHP 75 billion.
Management set PHP 60 billion in full-year 2026 capital expenditures.
The next earnings date is November 4, 2026.

Ayala Land, PHY0488F1004, Illustration mit AI erstellt.

Ayala Land (ISIN PHY0488F1004) reached a 90 percent mall lease-out rate by June 30, 2026, up from 87 percent a year earlier, while Investing.com lists a PHP 24.96 average analyst target. Homes.ph reported the lease-out and same-mall figures on October 6, 2026, while Investing.com shows the target and 10 Buy ratings. The combination points to recurring leasing income offsetting weaker property development.

Three dated operating signals

On August 10, 2026, Ayala Land reported PHP 75 billion in total revenue and PHP 11.5 billion in net income for the first six months of 2026. Yahoo Finance said revenue fell 10 percent and net income fell 19 percent year over year, while second-quarter net income rose 13 percent from the previous quarter.

On the same August 10 briefing, management said full-year 2026 capital expenditures were planned at PHP 60 billion, versus an earlier PHP 70 billion to PHP 80 billion range. The company also approved a PHP 20 billion asset infusion into AREIT, linking capital recycling with expansion of the leasing portfolio, according to Yahoo Finance.

On October 6, 2026, the mall portfolio supplied the more resilient operating signal. Same-mall revenue rose 7 percent and visitor footfall increased 5 percent, with the 90 percent lease-out rate providing a measurable counterweight to the 22 percent year-over-year decline in property development revenue reported for the first half.

What does the PHP 5 billion launch plan mean?

Yahoo Finance quoted management targeting PHP 5 billion of horizontal launches in the second half of 2026 after launching none in the first half. Residential inventory stood at PHP 110 billion, equivalent to 15 months of sales, so the launch plan is calibrated to reduce inventory while preserving room for 2027 projects.

The operating mix is shifting toward recurring income. Leasing represented 35 percent of first-half revenue, up from 29 percent a year earlier, while shopping center revenue reached PHP 12 billion year to date, an increase of 4 percent. That contrast matters because property development revenue was down 22 percent over the same comparison period.

Reporting date and market identity

Investing.com lists November 4, 2026 as the next earnings date and shows 10 Buy ratings against no Sell ratings. The same source lists a PHP 24.96 average target, while Ayala Land's first-half results provide the operating baseline for assessing that valuation.

Filgit identifies Ayala Land as ticker ALI on the Philippine Stock Exchange and a PSEi member. The company combines residential development with malls, offices, hotels, industrial property and estate development, giving leasing performance a larger role in the earnings mix.

Capital discipline meets mall expansion

Ayala Land's 2026 plan pairs PHP 60 billion of capital expenditures with PHP 5 billion of second-half horizontal launches and a 90 percent mall lease-out rate. The figures show a business balancing slower development revenue against measurable progress in recurring operations.