ACEN Corp., the listed energy platform of the Ayala Group, suffered a 78 percent drop in consolidated net income to P1.8 billion in the first nine months of the year. 

Based on the company’s latest financial data released on Friday, the slump was dragged by one-time losses and softer market conditions, even as new renewable projects boosted power generation.

Excluding non-recurring items, earnings slid 18 percent to P4.3 billion, hurt by lower spot prices in the Philippines and Australia, weaker solar irradiance, and temporary wind turbine outages in Northern Luzon. 

The company also booked a P2.7-billion impairment on two operating wind projects in Vietnam in the first half.

Revenues also fell 18 percent to P23.0 billion, but core attributable EBITDA grew 9 percent to P15.6 billion on added capacity from new renewables plants. 

ACEN CFO and Chief Strategy Officer Jonathan Back acknowledged the operating challenges but underscored execution discipline.

“We remain focused on optimizing margins, strengthening our balance sheet, and ensuring that our operational cadence supports long-term value creation,” Back said. 

“The fundamentals of our business remain sound, and we are well-positioned to deliver on our commitments.”

Attributable clean energy output climbed 16 percent to 4,843 gigawatt-hours (GWh), fueled by Stubbo Solar in Australia and Monsoon Wind in Laos.

In the Philippines, renewable generation dipped 6 percent to 1,305 GWh, while Wholesale Electricity Spot Market prices averaged P3.3 per kilowatt-hour (kWh), down 35 percent year-on-year.

Retail arm ACEN RES expanded to 456 megawatts of contracted capacity across 708 customers and maintained market leadership under the Green Energy Option Program with a 56 percent share.

Overseas, Laos delivered a 26 percent jump in output, lifting attributable EBITDA 22 percent to P5.8 billion. Australia saw 54 percent generation growth, while India’s output rose 3 percent year-on-year.

Despite the headwinds, ACEN President and CEO Eric Francia said the company will “continue to build on the momentum across our various markets, with new capacity coming online and a robust pipeline driving future growth.

“We remain focused on scaling our renewables portfolio and accelerating investments in energy storage… anchored on disciplined expansion, strong partnerships, and delivering sustainable value,” he added. 

ACEN ended September with P343.1 billion in assets and P16.6 billion in cash, with its net debt-to-equity ratio rising to 0.84 from 0.69 at end-2024.