• Net income steady at P1.43 billion on contracted leases
• EBITDA at P1.85 billion reflects near-full margin capture
• Dividend at P0.203 per share, 106 percent payout ratio
• 100 percent occupancy with 19.44-year lease profile
Tycoon Edgar Saavedra-backed Citicore Energy REIT Corp. delivered P1.88 billion in 2025 revenue, keeping earnings flat and dividends elevated as its long-term solar lease model continued to generate predictable cash flows.
Big picture
Profit held at P1.43 billion while earnings before interest, taxes, depreciation, and amortization reached P1.85 billion, translating to an EBITDA margin of about 98 percent. The spread underscores CREIT’s low-cost structure, where most revenues flow directly to the bottom line.
Management’s view
“Our 2025 performance reflects the strength and resilience of CREIT’s business model, anchored on stability, consistency, and long-term value creation,” said president and CEO Oliver Tan.
“As a REIT backed by essential infrastructure to the country’s energy targets, we are inherently positioned to navigate volatility better than traditional REITs, enabling us to deliver reliable and sustainable returns to our investors,” he added.
Revenue quality
Guaranteed base lease income accounted for P1.67 billion, forming the backbone of earnings stability. Variable lease revenue added P50.29 million, tied to upside from solar generation exceeding agreed thresholds.
This mix reinforces CREIT’s hybrid structure, combining fixed income visibility with limited growth participation.
Dividend focus sharpens
CREIT declared P0.203 per share in annual dividends worth about P1.3 billion. This is equivalent to a 6.3 percent yield based on its March 24 closing price of P3.22.
More notably, the company paid out 106 percent of distributable income for the fourth straight year, exceeding the 90 percent regulatory minimum.
Between the lines
The company maintained full occupancy across its 7.1 million square meters of solar-linked land assets, with a weighted average lease expiry of 19.44 years.
This long-dated visibility supports dividend sustainability, particularly as assets are tied to operating and pipeline renewable energy projects under its sponsor’s expansion plan.
Balance sheet and credibility
CREIT retained its PRS Aa+ issuer and bond ratings with stable outlooks, signaling strong credit quality and low default risk.
It also secured back-to-back Golden Arrow Awards, highlighting adherence to regional governance standards.
—Edited by Miguel R. Camus
