The Ayala Group’s ACEN grew first quarter net income by 50 percent to P2.9 billion as stronger renewable energy output from Australia, Lao PDR and recovering Philippine wind farms boosted results amid volatile global energy markets.
Renewable generation climbed 32 percent to 2,230 gigawatt-hours, supported by newly operational international assets and the recovery of wind operations in Ilocos Norte.
But excluding one-off gains, core net income fell 27 percent to P1.4 billion as higher depreciation and financing costs weighed on earnings amid ACEN’s aggressive expansion pipeline.
ACEN shares fell 2.4 percent to P3.31 on Tuesday, although the stock remains up nearly 20 percent since the start of 2026 amid optimism over its expanding global renewables portfolio.
One-off gains lift earnings
The quarter included a net P1.5 billion gain from non-recurring items across the Philippines, India and Vietnam, including a recovery tied to ACEN’s previous Meralco power contract.
Core attributable earnings before interest, taxes, depreciation and amortization (ebitda) still rose 20 percent to P6.7 billion as generation expanded across both Philippine and overseas operations.
“The current geopolitical crisis has only reinforced our core belief that energy security and the renewables transition are inseparable. This volatility creates both urgency and opportunity,” president and CEO Eric John Francia said in a statement on Tuesday.
Australia and Lao drive growth
Australian generation surged 87 percent during the quarter, boosted by improved solar conditions and Stubbo Solar’s first full quarter contribution.
Output from ACEN’s Mekong platform also rose 20 percent following the startup of Monsoon Wind in Lao PDR and stronger regional solar irradiance.
The Philippine business posted a 29 percent increase in generation as the Pagudpud and Capa wind farms returned near full operations.
Expansion pipeline intact
“Our capital program remains intact, our pipeline continues to advance and our focus on execution will help ensure delivery of long-term, sustainable returns for our shareholders,” Francia said.
—Edited by Miguel R. Camus
