ACEN Corp., the energy platform of Ayala Corp., reported an 88 percent year-on-year decline in consolidated net income to ₱763 million in the first half of 2025, sharply down from ₱6.29 billion in the same period last year. The drop was primarily attributed to a ₱2.7 billion impairment related to its Lac Hoa and Hoa Dong wind farms in Vietnam, the company told the Philippine Stock Exchange.
Even after excluding the one-off impairment and a ₱1.35 billion valuation gain booked in 2024, ACEN’s adjusted net income still fell 24 percent, reflecting structural pressures across its operating markets. The company cited persistently low Wholesale Electricity Spot Market (WESM) prices, increased net selling exposure, and operational setbacks such as wind turbine repairs as key headwinds. In Australia and the Philippines, weaker solar irradiance and rising plant-related costs further strained margins.
Group revenue also slid 18.5 percent to ₱15.72 billion, down from ₱19.3 billion year-on-year.
Despite financial setbacks, ACEN reported a 9 percent increase in attributable renewable energy output, reaching 3,228 GWh, underscoring growth in its clean energy operations amid transitional headwinds.
“ACEN continues to face macro and sectoral headwinds in 2025, underscoring the challenges of energy transition,” said president and CEO Eric Francia, who reiterated confidence in the company’s long-term fundamentals and commitment to expanding contracted capacity and energy storage.
Chief financial officer Jonathan Back added that ACEN is taking a calibrated approach to operationalizing capacity to safeguard margins.
The company remains focused on achieving 20,000 MW of renewable capacity by 2030 and Net Zero emissions by 2050, with a growing portfolio spanning the Philippines, Australia, Vietnam, and other Asia-Pacific and U.S. markets.
