Accessible version Maintain Rating: UNDERPERFORM | PO: 6.00 PHP | Price: 15.08 PHP 1H/2Q26 core profit +14.5%/-12% YoY; Underperform Emperador Inc. (EMI) reported 1H/2Q26 core profit of Php3.1/1.6bn, +14.5%/-12% YoY. Soft 2Q26 core profit weighed down 1Q26 core earnings growth of 66% YoY and was attributed to higher opex (+36% to Php2.9bn in 2Q26), reversing the 9% YoY opex decline in 1Q26 (Exhibit 1). An aggressive 2Q26 domestic ad campaign launched new whisky products, and higher interest expenses in 2Q26 ...