ACEN Corp., the listed energy platform of the Ayala Group, saw its consolidated net income in the first quarter jump 50 percent to P2.9 billion, lifted by stronger renewable energy output, recovering wind assets, and gains from one-off transactions.
The company reported on Tuesday that attributable renewable energy generation climbed 32 percent year-on-year to 2,230 gigawatt-hour (GWh) as newly operational international projects boosted output while wind farms in Ilocos Norte returned to near-full operations after previous disruptions.
The sharp rise in earnings was further fueled by non-recurring gains totaling a net positive impact of P1.5 billion. These included a P1.75 billion recovery linked to ACEN’s previous fixed-price supply contract with Meralco and a P1.4 billion gain from consolidating the UPC joint venture platform in India.
The gains, however, were partly tempered by a P1.2 billion provision tied to ACEN’s Vietnam investments due to ongoing discussions over possible tariff reductions.
Without the one-off items, ACEN’s core net income fell 27 percent to P1.4 billion as higher depreciation and financing costs weighed on earnings despite improved renewable energy generation.
Even so, the company’s core attributable EBITDA, excluding exceptional items, rose 20 percent year-on-year to P6.7 billion, supported by stronger domestic and international operations and continued expansion of its retail electricity supply business.
“While the first quarter of 2026 carried several one-time transactions, their net effec, together with the continued expansion of our renewables generation base, further strengthens our financial foundation.
Looking ahead, our priorities remain clear – maximizing output from operating assets, maintaining momentum across our construction pipeline, and managing costs with discipline,” said ACEN Group CFO and Chief Strategy Officer Jonathan Back.
Locally, renewable energy generation rose 29 percent to 636 GWh, driven mainly by the recovery of the Pagudpud and Capa wind farms in Ilocos Norte and improved wind resources in the region.
Australian operations also delivered strong growth, with generation surging 87 percent to 528 GWh on better solar irradiance, lower grid curtailment, and the first full-quarter contribution of Stubbo Solar.
Amid ongoing geopolitical volatility, ACEN President and CEO Eric Francia said the company will continue pushing its renewable energy expansion.
“Our capital program remains intact, our pipeline continues to advance, and our focus on execution will help ensure delivery of long-term, sustainable returns for our shareholders,” he added.