ACEN Corp. reported a net loss of P609 million in the third quarter of 2026 after booking provisions and impairment charges for wind and solar assets, even as stronger generation and contributions from new projects lifted consolidated net income for the first nine months by 84 percent to P3.3 billion.
The quarterly charges included provisions and dismantling costs for one turbine at Pagudpud Wind, as well as additional impairments related to cabling faults at New England Solar 1 (NES 1).
For the January-to-September period, attributable power generation rose 23 percent year-on-year to 5,950 gigawatt-hours (GWh), while core attributable earnings before interest, taxes, depreciation and amortization (EBITDA), excluding nonrecurring items, climbed 35 percent to P21 billion.
The Philippines remained a major earnings contributor, with attributable revenues increasing 51 percent to P37.1 billion and EBITDA rising 35 percent to P8.8 billion. Generation grew 13 percent to 1,502 GWh, supported by improved availability across Northern Luzon wind facilities and larger contracted energy volumes.
ACEN also benefited from the full contribution of its Meralco mid-merit contracts and continued expansion of its retail electricity supply business, whose portfolio grew 13 percent to 628 megawatts from the end of the first half.
In India, attributable generation increased 22 percent to 672 GWh, supported by the commissioning of a 153-MW Maharashtra hybrid project. The segment’s results also included a P1.8-billion remeasurement gain following ACEN’s assumption of full control of a joint venture.
In the Mekong region, generation advanced 23 percent to 1,599 GWh, while attributable revenues rose 35 percent to P8.4 billion. Australia recorded a 48-percent increase in output to 1,303 GWh, although softer merchant electricity prices and technical problems at NES 1 tempered earnings.
Despite the reported loss, ACEN’s third-quarter attributable output increased 19 percent year-on-year to 1,926 GWh, while core attributable EBITDA rose 23 percent to P6.3 billion, reflecting stronger underlying operating performance.
The company’s attributable renewable energy portfolio stood at 7,484 MW, including 775 MW of battery storage projects under construction in the Philippines. About 59 percent of the portfolio was operational, while approximately 81 percent of electricity sold during the nine-month period was contracted.
Total assets reached P407.2 billion, while statutory net debt increased to P180.6 billion as the company continued funding projects under construction and consolidated newly controlled entities in India and Vietnam. Net debt-to-equity rose to 1.10 from 0.90 at end-2025.
