Alternergy Holdings Corp. kept its consolidated net income steady at P168.2 million in fiscal year 2026 as heavy investments in two major wind projects have yet to translate into operating revenues.

In a regulatory filing on Thursday, the renewable energy developer said profit inched up from P165 million a year earlier, even as consolidated revenues jumped 31 percent to P471.8 million and earnings before interest, taxes, depreciation and amortization rose 39 percent to P553.8 million.

Alternergy follows a different financial cycle from companies using the calendar year, with its fiscal year running from 1 July to 30 June.

Gross profit climbed 44 percent to P272.6 million, while gross margin widened to 58 percent from 53 percent as existing renewable energy assets delivered stronger operating results.

The newly commissioned Balsik Solar Project in Bataan generated P96.4 million in revenues and P71.2 million in gross profit, accounting for about 20 percent of Alternergy’s consolidated revenues.

Its Kirahon and Palau solar projects also continued to contribute substantially, while the Pililla Wind Project benefited from a higher tariff under the Feed-in-Tariff program.

“FY2026 marks an important stage in Alternergy’s growth. We are beginning to realize the returns on our portfolio investments as we build the financial and operational foundation for the next phase of our development,” Alternergy President Gerry Magbanua said.

Alternergy is banking on another earnings boost as its two largest projects move closer to commercial operations.

Its total asset base swelled 38 percent to P24.6 billion from P17.9 billion, largely reflecting investments in the 128-megawatt (MW) Tanay Wind and 64-MW Alabat Wind projects.

Tanay Wind is now 90 percent complete while Alabat Wind is 85 percent finished, with both expected to begin commercial operations within months.

“As both projects are nearing commercial operations in a matter of months, we are approaching an important inflection point when these investments will begin contributing substantially to our operating revenues,” Magbanua said.

At the parent-company level, Alternergy’s net income more than doubled to P181.4 million from P89.1 million. Revenues rose 56 percent to P548.9 million, while EBITDA increased 65 percent to P517.3 million.

Alternergy currently has 119 MW of operating capacity across the Philippines and Palau. This is expected to jump to about 311 MW by the end of 2026 once Tanay Wind and Alabat Wind come online.

The company has about 762 MW of capacity in its committed development pipeline under the government’s fourth Green Energy Auction, covering Liberty Solar, Kalandagan Solar, Alegria Wind and Tayabas North Wind.a