ACEN Corp., the renewable energy arm of the Ayala Group, reported a sharp drop in net income for 2025 as weaker power prices, weather disruptions, and asset impairments weighed on earnings despite strong growth in renewable energy output.
The listed green energy firm posted consolidated net income of P3.8 billion for the year, down 60 percent from 2024. The decline was largely attributed to softer electricity spot prices in the Philippines and Australia, weaker solar irradiation in key markets and temporary outages affecting wind assets in Northern Luzon.
Profitability was also dragged down by one off charges, particularly a P2.5 billion impairment related to a project in Vietnam.
Stripping out these non recurring items, ACEN said recurring net income actually grew 4 percent to P6.3 billion, signaling underlying resilience in its expanding renewable portfolio.
Total revenues fell 14 percent to P32.0 billion as lower spot market prices and reduced generation in some markets offset gains from newly operational renewable plants.
Still, ACEN’s renewable generation expanded strongly. Attributable output reached 7,009 gigawatt hours in 2025, up 24 percent year on year, supported mainly by new facilities including the Stubbo Solar project in Australia and the Monsoon Wind farm in Laos.
Core attributable EBITDA, which reflects earnings from operating assets and excludes non recurring items, climbed 17 percent to P22.5 billion.
Late year momentum also helped cushion results. In the fourth quarter alone, net income reached about P2.0 billion, up 64 percent from a year earlier as wind farms in Ilocos Norte gradually returned to operation and demand in the Wholesale Electricity Spot Market improved.
International operations also delivered robust growth, with overseas renewable output rising 34 percent to 5,143 gigawatt hours.
Despite near term earnings pressure, ACEN continues to expand its renewable footprint across Asia and Australia as it pushes ahead with an ambitious pipeline of clean energy projects.
