GTCAP reported 2Q profit of Php7.5bn (-19% YoY), bringing 1H26 net income to Php16.4bn (-11% YoY). This lags our FY26Ef orecast. Results reflected slower macro environment which affected consumer confidence and GTCAP's consumer-driven businesses. MBT and MPI remained resilient, partially offsetting weaker auto and property. Banking and auto continued to dominate earnings however, contributing 79% of earnings (1H25: 80%). While near-term earnings appear pressured, we maintain our Buy rating on GTCAP as banki ...