ACEN Corp. saw its first-half net income rise more than fivefold to P3.9 billion as stronger renewable energy generation, higher contracted power sales, and favorable domestic electricity prices drove a recovery in earnings.

The Ayala group’s listed energy platform said Tuesday that consolidated net income in the first six months surged 411 percent from a year earlier, while attributable renewable energy generation grew 21 percent to 4,024 gigawatt-hours (GWh).

Attributable earnings before interest, taxes, depreciation and amortization (EBITDA), excluding non-cash one-off items, likewise increased 40 percent to P14.7 billion.

“ACEN’s performance in the first half of 2026 underscores our recovery from the challenges of the previous year while reflecting the company’s transition into a phase of measured growth.

Amid a continually uncertain environment, our priorities remain clear - protecting our balance sheet, growing our contracted energy sales, and expanding our energy storage asset base,” ACEN President and CEO Eric Francia said.

The Philippines was a key driver of the improvement, with renewable energy generation rising 17 percent to 1,091 gigawatt-hours (GWh) on better availability of ACEN’s Pagudpud and Capa 2 wind assets in Ilocos Norte.

Attributable revenues jumped 41 percent to P23.6 billion, while EBITDA climbed 48 percent to P6.6 billion.

The gains were also supported by higher contracted energy sales, including the expansion of ACEN’s retail electricity supply business.

ACEN RES grew its portfolio by nearly 22 percent from end-2025 to 587 megawatts (MW), while the full effectivity of the company’s 160-MW mid-merit contract with Manila Electric Co. provided an additional boost.

Favorable domestic market conditions further lifted results, with Wholesale Electricity Spot Market prices rising 29 percent to P4.90 per kilowatt-hour amid recovering demand, peak summer conditions, higher fossil fuel prices and tighter supply due to forced baseload plant outages.

ACEN also recorded stronger performance across most of its overseas markets.

In Australia, attributable generation surged 56 percent to 862 GWh on the full operational contribution of Stubbo Solar and reduced grid curtailment at New England Solar 1, lifting revenues by 59 percent to P2.2 billion and EBITDA by 35 percent to P1.2 billion.

Mekong operations generated 996 GWh, up 19 percent, on the first full half-year contribution of Monsoon Wind in Lao PDR and improved solar conditions, pushing EBITDA 35 percent higher to P4.2 billion.

Output from ACEN’s other international markets rose 69 percent to 196 GWh, while generation from its Salak and Darajat geothermal plants in Indonesia increased 6 percent.

In India, attributable generation was steady at 476 GWh, with contributions from the newly commissioned 153-MW Maharashtra hybrid project. EBITDA nonetheless rose 31 percent to P764.4 million on lower operating costs.

Alongside the earnings recovery, ACEN continued to build out its renewable energy and storage pipeline, with its attributable renewables portfolio reaching 7,517 MW, of which 57 percent is operational.

During the period, the company broke ground on 775 MW, or 1,660 megawatt-hours, of battery storage projects in the Philippines. The additions were partly offset by lower capacity in India after ACEN reduced its equity stakes in select projects under construction.

Overseas, ACEN is advancing the 200-MW/400-MWh New England Solar battery storage project in Australia for full operations by year-end, while the 102-MWdc Jinbi Solar Phase 1 is targeted for completion in late 2028.

In India, four solar, wind and hybrid projects totaling 1,258 MW are under construction and targeted for substantial completion by end-2027. In Indonesia, the 40-MW Salak Unit 7 expansion was 67 percent complete and is expected to start operations in 2027.

The continued deployment of capital into projects under construction also expanded ACEN’s balance sheet. The company ended June with total assets of P395 billion, up 9 percent from end-2025, and a cash position of P20.2 billion.