ACEN pressed for growth despite profit drop

ACEN Corp., the listed energy platform of the Ayala Group, is pressing ahead with plans to expand its contracted capacity and accelerate investments in energy storage, even as its 2025 net income fell 60 percent to P3.8 billion.

In a stock exchange report on Monday, the company said profitability was weighed down by softer spot prices in the Philippines and Australia, weaker solar irradiation in key markets, and lost generation from wind assets in Northern Luzon that were temporarily offline but have mostly resumed operations, as well as a P2.7 billion impairment in two operating wind projects in Vietnam.

Excluding P2.5 billion in one-off items, primarily linked to the Vietnam asset, recurring net income rose 4 percent to P6.3 billion, reflecting resilient core operations.

“ACEN faced numerous macro and sectoral headwinds in 2025, reflecting the complexities of today’s energy landscape and the long-term energy transition,” ACEN President and CEO Eric Francia said. 

“Despite these headwinds, our core business and long-term outlook remain resilient. As we look ahead, we will continue to prioritize increasing our contracted capacity and accelerating investments in energy storage, while ensuring steady, continued progress on our pipeline projects,” he added.

Renewable energy generation grew strongly, with 7,009 gigawatt-hour (GWh) of attributable output in 2025, up 24 percent year-on-year, driven by new operating assets including Stubbo Solar in Australia and Monsoon Wind in Lao PDR.

Statutory revenues fell 14 percent to P32 billion, weighed down by lower spot prices and reduced output in the Philippines and Australia. 

Core attributable EBITDA—which excludes non-recurring items and includes ACEN’s share in non-consolidated projects—rose 17 percent to P22.5 billion, supported by newly commissioned plants.

In the Philippines, renewable output increased 2 percent to 1,866 GWh, aided by completion of wind turbine repairs in Ilocos Norte. 

Revenues, however, dropped 7 percent to P36 billion as Wholesale Electricity Spot Market rates fell 28 percent to an average of P3.6/kWh. ACEN’s retail arm, ACEN Renewable Energy Solutions, expanded to 482 MW across 753 customers, capturing 57 percent market share of the Green Energy Option Program.

Internationally, generation rose 34 percent to 5,143 GWh. Australia surged 84 percent to 1,440 GWh following the 520 MW Stubbo Solar commissioning, while Mekong output climbed 29 percent to 1,866 GWh, driven by Monsoon Wind in Lao PDR. India contributed 769 GWh, up 7 percent.

ACEN Group CFO and Chief Strategy Officer Jonathan Back noted that despite weaker financial results in 2025, the company continued to deliver solid generation growth. 

This year, he said ACEN will focus on precise execution, emphasizing operational efficiency, balance sheet strength, and timely project delivery. 

“This continued, disciplined approach will help us navigate market and macro uncertainties while sustaining our long-term growth trajectory,” he said. 

ACEN ended 2025 with total assets of P361.8 billion, up 10 percent, and net debt-to-equity at 0.90, up from 0.69, reflecting continued investment in its renewable pipeline.