ACEN Corp., the listed energy platform of the Ayala Group, sustained an 88 percent drop in consolidated net income to P763 million in the first half of the year, from P6.3 billion a year ago due to a P2.7 billion impairment loss related to its wind projects in Vietnam.

In a stock exchange report on Tuesday,  the company said the impairment stemmed from the Lac Hoa and Hoa Dong wind farms, which have been operating under a lower permanent tariff since June, after prolonged delays and commercial operations under provisional rates.

The combined attributable capacity of the projects is 48 megawatt (MW).

Excluding this one-off loss and a P1.35 billion valuation gain booked in 2024, ACEN’s net income still fell 24 percent year-on-year, weighed down by depressed spot market prices and increased depreciation.

“ACEN continues to face macro and sectoral headwinds in 2025, underscoring the challenges of energy transition. 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,” ACEN President and CEO Eric Francia said. 

In the Philippines, WESM prices dropped 32 percent year-on-year to P3.8 per kilowatt-hour (kWh) due to cooler weather, slower demand, and higher capacity, pressuring margins from ACEN’s net selling position of 1,122 gigawatt-hour (GWh).

Plant-related costs and turbine repairs also dragged performance, alongside weaker solar irradiance in both the Philippines and Australia.

Despite this, attributable renewable energy output rose 9 percent to 3,228 GWh, driven by new international plants. Core attributable EBITDA held steady at P10.5 billion, with plant-level margins above 70 percent.

Philippine renewables generation fell 9 percent to 928 GWh. Most affected capacity from Pagudpud and Capa wind farms is expected to be restored by the last quarter of the year. ACEN is progressing on the first 345 megawatts (MW) phase of the Quezon North Wind project

ACEN Renewable Energy Solutions grew its customer base to 427 MW across 679 customers, keeping its 53 percent lead in the Green Energy Option Program.

In Australia, revenues slipped 2 percent to P1.3 billion and EBITDA fell 10 percent to P940 million due to lower irradiance and weaker certificate prices. Early commissioning of Stubbo Solar partly offset the decline.

In India, generation rose 7 percent to 413 GWh, revenues climbed 10 percent to P766 million, and EBITDA improved 5 percent to P585 million. ACEN’s Sheo 2 Hybrid project also received a notice to proceed.

Vietnam saw a 25 percent rise in output and 6 percent growth in attributable EBITDA to P3.4 billion. The 600 MW Monsoon Wind project remains on track for second-half commercial operations.

Other international markets contributed 514 GWh, up 8 percent, from plants in Indonesia and the US.

ACEN closed the period with P339.4 billion in assets, P24.1 billion in cash, and P122.3 billion in net debt. The net debt-to-equity ratio rose to 0.79 from 0.69 as project funding continued.