ACEN Corp., the renewable energy arm of Ayala Group, posted consolidated net income of P2.9 billion for the first quarter of 2026, up 50 percent year-on-year, driven by higher renewable generation, improving international operations, and a series of non-recurring gains.
Total attributable renewable energy output increased 32 percent to 2,230 gigawatt-hours, supported by contributions from newly operational overseas assets commissioned in 2025 and the recovery of wind facilities in Ilocos Norte, which returned to near-normal performance.
The headline earnings were lifted by one-off transactions with a net positive impact of P1.5 billion. These included a P1.75 billion recovery from a Change in Circumstance claim linked to a previous Meralco fixed-price contract and a P1.4 billion remeasurement gain from consolidating its India joint venture. These were partly offset by a P1.2 billion provision for ACEN’s Vietnam investments amid ongoing tariff discussions with EVN.
Excluding these items, core net income declined 27 percent year-on-year to P1.4 billion, reflecting higher depreciation and financing costs that outweighed the recovery in generation. Despite this, core EBITDA rose 20 percent to P6.7 billion, underscoring stronger underlying operating performance.
Philippine operations remained a key pillar, with generation up 29 percent to 636 GWh, driven by the normalization of wind output in Ilocos Norte as Pagudpud and Capa wind farms stabilized. Attributable revenue increased 14 percent to P9.8 billion, while EBITDA rose 28 percent to P2.9 billion, reflecting margin expansion. The impact of the Wholesale Electricity Spot Market suspension was minimal, as implementation began late in March.
Retail electricity supply through ACEN RES continued to expand, reaching a 508-megawatt portfolio and capturing 57 percent of the Green Energy Option Program market, with new clients including Makati City, Lawson, and Serenitea.
Australia delivered standout growth, with generation rising 87 percent to 528 GWh, supported by improved solar conditions and reduced curtailment. Revenue climbed 76 percent to P1.45 billion.
ACEN also advanced key expansion projects, including commissioning energy storage in Australia and starting construction of the 102-megawatt Jinbi Solar project in Western Australia.
