If there is a single line that explains Aboitiz Equity Ventures, Inc. at the parent-company level, it is this: the holding company is still fundamentally powered by utility and power generation , and Aboitiz Power Corp. remains the engine under the hood. In 2025, the parent company booked ₱18.20 billion in dividend income out of ₱19.79 billion in total revenues—meaning roughly 92% of parent-company revenue came from dividends rather than direct operating activity. And the biggest contributor by far was Aboitiz Power , which remitted ₱8.99 billion to the parent—almost half of the total dividend stream. That matters because the parent-company statements of AEV do not read like those of a factory, retailer, or bank. They read like the financial nerve center of a conglomerate: a balance sheet dominated by investments, an income statement driven by upstream cash distributions, and a cash-flow statement that shows how those remittances are recycled into dividends, debt ser...