Net income fell 88 percent year-on-year to P763 million, dragged by a P2.7 billion impairment loss in Vietnam and a sluggish domestic market.
“ACEN continues to face macro and sectoral headwinds in 2025, underscoring the challenges of energy transition,” Eric Francia, ACEN president and CEO, said in a stock exchange filing on Tuesday.
“The company’s underlying health and long-term prospects remain robust, and we have been leveraging opportunities to increase contracted capacities and expand investments in energy storage,” he added.
Resilient renewables push
Despite the downturn, core renewable output rose 9 percent to 3,228 GWh, fueled by strong international contributions from Indonesia, Vietnam, and India.
Margins held steady, with plant-level earnings before interest, taxes, depreciation and amortization (Ebitda) at over 70 percent, and core Ebitda flat at P10.5 billion year-on-year despite depreciation and price pressures.
Vietnam hit, Philippines lags
The sharp profit drop stemmed mainly from a non-cash impairment tied to Vietnam wind farms that received retroactively lower tariffs.
In the Philippines, lower spot prices and turbine issues at Pagudpud and Capa wind farms further weighed on performance.
ACEN closed the period with P339.4 billion in assets and is actively building 2.4 GW of capacity, while 3.6 GW is already online.
—Edited by Miguel R. Camus
