AboitizPower profit climbs 13% despite coal woes

Aboitiz Power Corp. (AboitizPower) grew its net income by 13 percent to P26.2 billion in the first nine months of the year, as stronger electricity prices and contributions from new power plants offset weaker coal plant availability.

In a regulatory disclosure on Thursday, the company said its net income climbed from P23.3 billion a year earlier, supported by higher contracted capacity, improved generation margins and additional capacity from the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plant Complex, and new solar facilities.

Core net income, which excludes foreign exchange gains and losses and other non-recurring items, increased 11 percent to P25.5 billion from P23.1 billion.

Meanwhile, beneficial earnings before interest, taxes, depreciation and amortization (EBITDA) rose 13 percent to P63.7 billion from P56.3 billion, reflecting stronger performance from its power generation business.

“The increase was primarily driven by higher margins in the Company’s Generation segment, attributable to stronger energy market prices, higher contracted capacity, additional capacity from the CBK Hydroelectric Power Plant Complex, and the delivery of new solar power plants, which more than offset lower coal plant availability during the period,” AboitizPower said.

Despite the stronger nine-month performance, coal plant availability continued to weigh on earnings, with third-quarter net income plunging 26 percent to P7.8 billion from P10.6 billion a year earlier.

The figure was also below the P10.5 billion recorded in the second quarter, indicating that the company’s earnings momentum weakened toward the end of September.

Third-quarter EBITDA likewise declined eight percent to P20.4 billion from P22.2 billion a year earlier, primarily due to lower coal plant availability. It also fell 11 percent from P23 billion in the preceding quarter.

The quarterly decline highlights the continued exposure of AboitizPower’s earnings to coal plant operations, even as its expanding hydroelectric and solar portfolio helps cushion the impact on its overall profitability.

For the nine-month period, the company’s generation and retail electricity supply businesses remained its biggest earnings contributors, with EBITDA rising 14 percent to P58 billion from P50.9 billion.

Energy sales across these businesses grew nine percent to 35,105 gigawatt-hours (GWh) from 32,138 GWh, providing additional support to earnings.

Its distribution business also benefited from higher electricity demand, although profit growth was more modest.

Distribution EBITDA edged up one percent to P7.1 billion from P7 billion, while electricity sales increased eight percent to 5,576 GWh from 5,167 GWh.

AboitizPower’s consolidated assets, meanwhile, expanded four percent to P647.8 billion as of end-September from P622.8 billion at the close of 2025.