Aboitiz Power Corp. delivered a sharp jump in first-half earnings as stronger electricity prices and the ramp-up of new renewable energy projects fueled record operating performance, more than offsetting weaker coal plant availability.

In a disclosure on Wednesday, the listed power company said net income climbed 45 percent to P18.4 billion in the first six months from P12.7 billion a year earlier, while core net income rose 41 percent to P18.0 billion.

Earnings growth

The earnings growth came as beneficial EBITDA expanded 27 percent to P43.3 billion from January to June, driven by higher margins in its generation business, increased contracted capacity and the full first-half contribution of Chromite Gas Holdings Inc. (CGHI), additional output from the Caliraya-Botocan-Kalayaan Hydroelectric Power Plant Complex, and the commissioning of new solar facilities.

“The strong EBITDA performance translated to a core net income of P18.0 billion for the first half of 2026, up 41 percent from P12.8 billion in the first half of 2025,” the company said.

Second-quarter results also accelerated, with net income rising 31 percent to P10.5 billion from P8.1 billion a year earlier, while EBITDA increased 21 percent to P23.0 billion.

Higher energy prices

AboitizPower said higher energy market prices, coupled with fresh renewable capacity from the 221-megawatt-peak (MWP) Olongapo, 47-MWp Armenia, and 93-MWp San Manuel solar plants, helped lift generation earnings and more than offset lower availability from its coal-fired facilities.

Its generation and retail electricity supply business sold 22,764 gigawatt-hours (GWh) in the first half, up 17 percent from a year ago, driving segment EBITDA up 29 percent to P39.8 billion.

Meanwhile, the distribution business posted a 6 percent increase in energy sales to 3,606 GWh, although EBITDA slipped 3 percent to P4.3 billion as expansion-related expenses outpaced revenue growth.

Consolidated assets

As of the end of June, AboitizPower had P624.1 billion in consolidated assets and P62.7 billion in cash and cash equivalents.

Interest-bearing liabilities fell to P325.6 billion from P332.5 billion at end-2025 following the partial repayment of bridge financing used for its acquisition of CGHI.