Cebu Landmasters, Inc. (CLI), the leading residential developer in the Visayas and Mindanao, maintained broadly stable revenues and healthy margins in the first half of 2026 as the timing of new project launches shifted to the second half, while its growing recurring income businesses and P25-billion launch pipeline position the company for renewed growth in the months ahead.
 |
| Cebu Landmasters’ hotel revenues increased 15% year-on-year to PHP231 million in H1 2026, driven by higher occupancy rates and additional room inventory from the opening of Radisson RED Cebu Mandaue. The opening marks another milestone in the company’s growing hospitality portfolio and recurring revenue streams. |
Total revenues were nearly steady at P10.2Bn or 1% lower year-on-year, while real estate sales reported P9.7Bn, a decline of 2%, largely reflecting the timing of Licenses to Sell (LTS) approvals that shifted planned project launches and the release of fresh inventory to H2.
Underlying residential demand remained healthy despite the limited addition of new inventory during the period. As of June 30, 2026, CLI’s property-for-sale portfolio comprised 107 projects and 45,507 residential units valued at P176.1 billion, with the portfolio improving to a 95% sell through from 92% the previous quarter.
“Our first-half results demonstrate the resilience of our core business. Despite the timing shift in new launches, revenues remained broadly stable, margins stayed healthy, and recurring income continued to grow. With limited fresh inventory, our teams sustained sales across our existing portfolio, reflecting continued demand for our residential projects. This gives us confidence as we bring more projects to market in the second half,” said Jose Franco Soberano, President and CEO of Cebu Landmasters.
The company also maintained healthy customer credit indicators, with delinquency at 2.91% and cancellations at 3.54% of total receivables, reflecting the predominantly end-user-driven character of its residential market.
Cost of sales remained broadly flat year-on-year, as the company maintained cost discipline across its ongoing developments, enabling CLI to sustain a 50% gross profit margin.
CLI reported consolidated net income of P2 billion, reflecting the shifting schedules of project launches and revenue recognition as well as a higher comparative base. First half of 2025 reported higher gains of P0.4-billion from the sale of an investment property. Excluding this disposal of investment assets, core performance remains stable with a slight decrease in net income attributable to the timing of new launches.
Recurring income businesses continue to expand
 |
| With an expanding tenant base and newly operational commercial assets, Cebu Landmasters continues to grow its leasing business and recurring revenues. The Davao Global Township Retail Pavilion, shown above, contribute to this growing stream of recurring income. |
CLI's hotel and leasing businesses continued to contribute to the company's diversification strategy, with both segments posting significant growth in the first half.
Leasing revenues rose 49% year-on-year to P162 million, driven by newly operational commercial assets, an expanding tenant base, and the opening of The Paragon Davao Lifestyle Mall.
Hotel revenues increased 15% year-on-year to P231 million, supported by higher occupancy and additional room inventory following the opening of Radisson RED Cebu Mandaue in the first quarter.
The continued expansion of these businesses is strengthening CLI's recurring income base alongside its residential development operations, providing an additional source of revenue as the company expands its portfolio of commercial and hospitality assets.
CLI ended the first half with total assets of P141.6 billion, up 6% from PHP134.2 billion at year-end 2025, reflecting continued investment across its development and recurring income portfolio.
Net debt-to-equity stood at 1.72x as of June 30, compared with 1.66x at year-end 2025, as CLI invested ahead of its next round of project launches and expansion.
CLI enters H2 with expanded launch pipeline
 |
| With an expanding tenant base and newly operational commercial assets, Cebu Landmasters continues to grow its leasing business and recurring revenues. The opening of The Paragon Davao Lifestyle Mall marks another milestone in the company’s growing commercial portfolio. |
The company is preparing to replenish this inventory with more than 11 projects comprising over 5,600 units worth an estimated P25 billion scheduled for launch over the next six months.
The planned launches span established and emerging growth markets including Cebu, Mactan, Ormoc, Butuan, Davao, and Panglao. The pipeline will also mark CLI's entry into Luzon with the planned launch of its first project in Pasig City.
The upcoming launches are expected to replenish inventory following the continued sell-through of the company's existing portfolio and provide additional opportunities to capture demand across its geographic markets.
"We see the first half largely as a timing shift. As approvals come through and fresh inventory returns to the market, we are well positioned to carry this strong underlying demand into our next phase of growth,” Soberano said.
“Beyond replenishing our residential pipeline, we are preparing to launch two new estates, deepen our presence across our core VisMin markets, and take our first steps into Luzon. Together with our expanding recurring income businesses, these give us multiple platforms to sustain CLI’s growth over the longer term ," Soberano added.
The first-half results come as CLI advances its next phase of growth under a new generation of leadership. In June, the company appointed Franco Soberano as President and CEO, with founder Jose Soberano III transitioning to Executive Chairman.
###
0 Comments