ACEN full-year profit falls 60% on outages, weak power prices

Insider Spotlight

• Net income dropped 60 percent to P3.8 billion in 2025 as outages, weaker solar irradiation, and softer electricity prices weighed on earnings.
• Revenues slid 14 percent to P32 billion amid lower spot market prices in the Philippines and Australia.
• Core attributable earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17 percent to P22.5 billion as new plants boosted renewable generation.
• Renewable energy output climbed 24 percent to 7,009 gigawatt-hours, supported by new projects in Australia and Lao PDR.
  
  

ACEN Corp. reported a sharp decline in full-year profits as asset outages and weaker electricity prices dragged on earnings, even as the Ayala-led renewable energy platform expanded generation from new projects.

The company posted consolidated net income of P3.8 billion in 2025, down 60 percent from the previous year. Profitability was weighed down by reduced solar irradiation, weaker wholesale power prices, and generation losses from wind assets in Northern Luzon that were offline for repairs.

Excluding nonrecurring items, mainly a P2.5 billion impairment tied to a Vietnam asset, recurring net income increased 4 percent to P6.3 billion, signaling resilient underlying operations despite market pressures.

Eric Francia 

President and CEO, ACEN 

Why it matters

ACEN’s results highlight the volatility facing renewable energy operators, where weather conditions, electricity market prices, and asset availability can significantly affect earnings even as capacity expands.

Lower spot market prices particularly hit the Philippine and Australian portfolios, offsetting gains from new operating plants and international expansion.

By the numbers

Statutory revenues declined 14 percent to P32 billion in 2025 due to softer electricity prices and reduced output in key markets.

However, core attributable EBITDA rose 17 percent to P22.5 billion as additional generation from newly operational assets supported operating performance.

Renewable generation reached 7,009 gigawatt-hours, up 24 percent year-on-year, driven mainly by the Stubbo Solar project in Australia and the Monsoon Wind project in Lao PDR.

Regional performance

In the Philippines, renewable output rose 2 percent to 1,866 gigawatt-hours, helped by the completion of turbine repairs in Ilocos Norte. Still, revenues declined as Wholesale Electricity Spot Market prices fell 28 percent to an average of P3.6 per kilowatt-hour.

Internationally, generation surged 34 percent to 5,143 gigawatt-hours, with Australia, India, and the Mekong platform contributing stronger output.

Balance sheet

Total assets grew 10 percent to P361.8 billion as ACEN continued investing in renewable projects. Net debt rose to P144.4 billion, pushing the net debt-to-equity ratio to 0.90 from 0.69 a year earlier.

What they’re saying

“ACEN faced numerous macro and sectoral headwinds in 2025, reflecting the complexities of today’s energy landscape and the long-term energy transition,” Eric Francia, president and CEO of ACEN, said in a press statement on March 9, 2026.

Looking ahead, the company plans to expand contracted capacity and accelerate investments in energy storage while pushing forward with its renewable project pipeline. —Vanessa Hidalgo | Ed: Corrie S. Narisma