Citicore Renewable Energy Corp. is gaining financial momentum as stronger margins and a growing project pipeline position the renewable power company for continued expansion.
CREC’s net income nearly doubled to P1.2 billion in the first half of 2026 from P630 million a year earlier, while EBITDA climbed 63 percent to P1.5 billion on a 4 percent increase in revenue to P2.7 billion.
The sharper increase in earnings compared with revenue points to improving operating leverage as newly energized renewable plants contribute more electricity sales. Gross margin widened to 51 percent from 32 percent, while EBITDA margin rose to 55 percent from 35 percent.
“The significant improvement in our margins demonstrates the strength and scalability of our growing operating portfolio,” CREC President and CEO Oliver Tan said.
CREC is also gaining greater revenue visibility as it increases its exposure to long-term renewable energy contracts. Sales from the Green Energy Auction and Feed-in Tariff programs accounted for 51 percent of first-half revenue, up from just 13 percent a year earlier.
The shift toward contracted revenues could provide greater earnings stability as the company continues to add capacity, particularly at a time when renewable developers face rising capital requirements and increasingly competitive power markets.
Five projects in Luzon are progressing toward grid injection, supporting CREC’s target of reaching about 1.2 gigawatts of operational capacity. The company has already installed 1.2 GW of solar capacity and is pursuing a broader 5-GW development pipeline over the next five years.
The expansion comes as the Philippines seeks to increase renewable energy’s share in the power mix and attract more investment into clean generation.
For CREC, the numbers suggest that growth is increasingly translating into profitability. Rising capacity is expanding the revenue base, while contracted projects and improving margins are strengthening the quality of earnings.
The challenge will be sustaining that performance as the company moves deeper into a capital-intensive expansion phase. For now, however, CREC’s stronger profitability and growing contracted portfolio provide a solid platform for its next stage of renewable energy growth.
