Insider Spotlight
The Ayala Group’s listed renewable energy company posted P3.9 billion in net income, up 411 percent year on year, as electricity generated from its wind, solar and other renewable projects increased 21 percent.
Earnings before interest, taxes, depreciation and amortization rose 40 percent to P14.7 billion, showing that the improvement extended beyond the headline profit figure.
“ACEN’s performance in the first half of 2026 underscores our recovery from the challenges of the previous year while reflecting the company’s transition into a phase of measured growth,” ACEN president and CEO Eric Francia said in a statement on Tuesday.
“Amid a continually uncertain environment, our priorities remain clear - protecting our balance sheet, growing our contracted energy sales, and expanding our energy storage asset base,” he added.
More power to sell
ACEN generated 4,024 gigawatt-hours of renewable electricity during the first half, with its Philippine output rising 17 percent as wind farms in Ilocos Norte performed better.
Its Philippine business generated P23.6 billion in attributable revenue, up 41 percent, helped by higher electricity sales under contracts, expansion of its retail power business and wholesale electricity prices that were 29 percent higher.
The company’s retail electricity portfolio reached 587 megawatts, up nearly 22 percent from end-2025, while its 160-megawatt supply agreement with Meralco also contributed for the full period.
Global portfolio delivers
ACEN also has a substantial overseas portfolio, with Australia, India, Southeast Asia and other international markets contributing to its 7,517 megawatts of attributable renewable energy capacity worldwide.
Australia led the increase with generation up 56 percent, while output from its Mekong operations rose 19 percent and India remained broadly stable, showing a more mixed but generally improving performance across its international assets.
About 57 percent of ACEN’s renewable portfolio is already operating, leaving a sizable pipeline of projects that could contribute additional generation as they are completed.
What’s next?
ACEN is continuing to invest for growth, including breaking ground on 775 megawatts of battery storage projects in the Philippines, which can store electricity for use when the grid needs it.
That expansion is also adding leverage: net debt rose to P168.4 billion and net debt-to-equity increased to 1.03 from 0.90 at end-2025, while ACEN retained P20.2 billion in cash.
Beyond the Philippines, ACEN has projects under construction in Australia, India and Indonesia, including new solar, wind, hybrid and battery facilities scheduled to come online through 2028.
—Edited by Miguel R. Camus
