ACEN Corp., the Ayala group’s renewable energy arm, sustained a 28 percent drop in consolidated net income to P1.95 billion in the first quarter of the year, hit by lower Philippine generation, weak spot market prices, and rising costs from newly operational plants.

Despite the dip in the bottom line, the company said Thursday that core attributable EBITDA—excluding non-recurring income from asset sales—rose 7 percent to P5.6 billion, driven by improved output from international plants and a higher economic stake in overseas platforms.

Attributable renewables output grew 3 percent year-on-year to 1,680 gigawatt-hours (GWh), supported by new plants energized last year and increased stakes in international operations.

In the Philippines, renewable generation fell 14 percent to 489 GWh due to the impact of Typhoon Marce, which damaged turbines at the Pagudpud and Caparispisan wind farms.

Weaker solar resource was partly offset by the full energization of the 60-megawatt (MW) Pangasinan Solar project.

Internationally, ACEN’s portfolio generated 1,191 GWh of renewable energy, up 13 percent year-on-year. Output rose 22 percent in India and 29 percent in Vietnam, helping to lift attributable EBITDA in both markets. In contrast, Australia saw EBITDA fall 31 percent due to reduced generation and certificate prices.

As of March, 3.6 gigawatts (GW) of ACEN’s 7 GW renewables portfolio became operational. Another 2.6 GW is under construction, with 823 MW in committed capacity awaiting development.

ACEN closed the quarter with P333.3 billion in total assets and P22.6 billion in cash. Attributable net debt rose to P166.8 billion, with the net debt-to-equity ratio inching up to 0.72 from 0.69 at the end of 2024.