DoubleDragon revenue jumps 23% as core income surges

MANILA — DoubleDragon Corp. posted consolidated revenues of PHP 8.55 billion in the first six months of 2026, up 23.0% from a year earlier, as stronger operating income from its property, retail, warehouse, and hospitality businesses accelerated the company’s shift toward recurring revenues.

Core revenues climbed 70.2% year on year, while core net income rose 161.89% to PHP 2.41 billion, reflecting what the company described as a continuing transition away from fair value gains and toward income generated by completed and operating assets.

The shift is significant because recurring revenues from malls, warehouses, offices, supermarkets, and hotels can provide a steadier earnings base than valuation gains tied to property appreciation. It also means more of DoubleDragon’s growth will depend on actual occupancy, leasing, retail activity, tourism demand, and execution across its expanding portfolio.

DoubleDragon said the transition is unfolding as more investment and leasing properties are completed and begin contributing operating income, with a full shift to core revenues expected from 2028 onward.

As of June 30, 2026, total assets stood at PHP 246 billion, compared with PHP 225.3 billion at the end of 2025.

Total equity reached PHP 105.7 billion, increasing by PHP 4.1 billion from year-end 2025, while the debt-to-equity ratio remained at 1.03 times, well below the company’s stated debt ceiling of 2.33 times.

DoubleDragon expects core revenues to rise further in the second half of 2026 as more properties and businesses come online.

The company is scheduled to open three additional CityMall community malls, two more CentralHub warehouse complexes, five full-sized MerryMart supermarkets, and three new Hotel101 properties in Davao, Cebu, and Niseko in Hokkaido, Japan.

DoubleDragon said the second-half increase would be driven by continued leasing income from its existing portfolio, new mall and warehouse openings, additional office tenants, new MerryMart supermarkets, and expected unit sales from Hotel101 projects in the Philippines and several overseas markets.

The company’s portfolio expansion was further broadened on June 24, 2026, when DoubleDragon completed the acquisition of 98.61% of MerryMart Consumer Corp.

DoubleDragon said the acquisition would accelerate its transition into an investment holding company and add long-term strategic value to its portfolio of provincial community malls, office buildings, warehouse complexes, and hospitality assets.

Its hospitality business remains central to the group’s international growth plans, particularly through Hotel101, which the company is positioning as an asset-light concept that can be replicated across multiple countries.

DoubleDragon said it is the first and only Filipino company with a subsidiary listed on the U.S. Nasdaq Stock Market, giving the group access to deeper U.S. capital markets for future equity and capital-raising activities.

Hotel101-Madrid, a 680-room property in Spain, has already reached 5,000 international customer reviews on Booking.com less than five months after opening and earned a 9.1 out of 10 rating.

The property has also reached 100% occupancy multiple times since opening in March 2026 and is preparing for higher occupancy and room rates during major events in Madrid, including Real Madrid football matches and the city’s upcoming maiden Formula 1 Grand Prix.

DoubleDragon considers Hotel101-Madrid the global prototype for its Hotel101 business model and said the property is helping refine the concept ahead of wider international expansion.

In the Philippines, the company recently held the topping-off ceremony for the 702-room Hotel101-Libis at Robinsons Bridgetowne Estate after completing the building structure and topmost floor.

DoubleDragon said Hotel101-Libis is set to become the largest hotel in Quezon City by room count.

The company is also moving ahead with a new capital-market structure for its hospitality assets after its board approved the creation of a Singapore special purpose vehicle called DD Hotel101 Worldwide One.

DoubleDragon plans to sponsor the vehicle as a SGD 300 million real estate investment trust and expects it to become the fifth pure hospitality-listed REIT on the Singapore Exchange.

The proposed REIT forms part of what the company described as the next phase of growth for the H101 PropTech Platform, which is preparing to expand further through licensing.

DoubleDragon said the structure is intended to support Hotel101’s long-term goal of developing one million standardized rooms, with the company eventually planning to expand the H101 REIT platform through listings on major stock exchanges worldwide.

That strategy supports Hotel101 Global’s asset-light, prop-tech hospitality model and the broader ambition of developing one million standardized rooms in more than 100 countries.

The company said the ultimate goal is to build what it hopes will become the world’s largest single-brand hotel chain.

DoubleDragon is also pursuing additional capital initiatives to strengthen its balance sheet and support its 2035 vision.

The company said its strategy combines a diversified portfolio of hard assets across the Philippines with the Hotel101 concept, which it views as an exportable business model capable of scaling globally.

In its first-half disclosure, DoubleDragon said businesses seeking sustainable long-term growth should have the potential to expand more than 10 times over the next 10 years.

The company said it has therefore focused on industries it considers capable of long-term expansion while developing concepts that combine physical asset backing with scalable business models.

Hotel101, in DoubleDragon’s view, fits that strategy by combining hospitality and property technology in a format the company believes can be repeated across multiple markets.

DoubleDragon also said it has spent the past four years preparing for the disruptive effects it expects from the maturation and commercialization of artificial intelligence agents.

As part of that positioning, the company said it deliberately avoided exposure to large business process outsourcing tenants and exited the condominium development business several years ago.

DoubleDragon said it considers the condominium market oversupplied and believes conditions could become more challenging if AI adoption disrupts the BPO and call center industries.

The company said it instead concentrated on office buildings with non-large BPO tenants while expanding its community malls, hotels, and industrial warehouse portfolio in the Philippines.

At the same time, it has continued developing Hotel101 as an exportable and repeatable model that it believes can operate in more than 100 countries.

The company expects 2026 to mark its highest number of hotel room openings in a single year, with 2,229 additional rooms scheduled to come online.

That total includes the 680-room Hotel101-Madrid, the 519-room Hotel101-Davao, the 548-room Hotel101-Cebu, and the 482-room Hotel101-Niseko in Hokkaido, Japan.

Its existing 518-room Hotel101-Manila and 606-room Hotel101-Fort properties continue to operate at what the company described as very high occupancy levels.

DoubleDragon said 2026 is also expected to mark the start of higher recurring revenues from provincial community mall leasing, industrial warehouse leasing, office leasing, and hospitality operations in the Philippines and overseas.

The company believes Hotel101’s international expansion could eventually become a major source of U.S. dollar inflows to the Philippine economy.

DoubleDragon said it sees greater long-term value in developing homegrown Filipino concepts for global markets than in relying mainly on foreign brands or adapting overseas business models for local use.

The company said its broader ambition is to make Hotel101 a global Filipino brand operating across multiple jurisdictions.

DoubleDragon also credited stakeholder support for helping sustain its expansion since it listed on the Philippine Stock Exchange 12 years ago in 2014 at PHP 2 per share.

As of Aug. 14, 2026, the company said its shares were trading at PHP 12.10 each, equivalent to about six times the listing price or a 605% increase.