ACEN Corp., the listed energy platform of the Ayala group, reported that consolidated net income attributable to equity holders of the parent company amounted to P1.79 billion for the first nine months, a 78 percent drop from P8.14 billion year-over-year.
In a disclosure to the Philippine Stock Exchange, ACEN reported a total net income of P2.2 billion during the period, down from P8.97 billion in 2024.
The company said the sharp decline was primarily driven by a non-cash impairment provision made for two Vietnam wind projects, Lac Hoa and Hoa Dong, and various operational challenges across regions. Financial performance was also affected by lower spot prices in the Philippines and Australia, weaker solar irradiance in key markets and offline wind turbines in Northern Luzon, which have since been mostly repaired and brought back online.
Despite the earnings dip, ACEN’s attributable renewables output rose 16 percent year-over-year to 4,843 gigawatt-hours (GWh), fueled by new contributions from Stubbo Solar in Australia and Monsoon Wind in Lao PDR.
“We continue to build on the momentum across our various markets, with new capacity coming online and a robust pipeline driving future growth,” said Eric Francia, ACEN president and chief executive. “We remain focused on scaling our renewables portfolio and accelerating investments in energy storage.”
International assets generated 3,539 GWh, a 26 percent increase year-over-year, due to additional operating capacity and strong contributions from all markets. Stubbo Solar in Australia reached full operations in late October, and Monsoon Wind in Lao PDR achieved full commissioning in August. This expansion increased ACEN’s operating capacity to approximately 4.3 GW, or 61 percent of its global portfolio.
Philippine renewables output reached 1,305 GWh in the first nine months, a 6 percent decline year-over-year, largely due to the wind turbine outages in Ilocos Norte.
Jonathan Back, ACEN chief finance officer and chief strategy officer, noted that the quarter “reflects the realities of operating in this dynamic energy landscape.” He added, “The fundamentals of our business remain sound, and we are well-positioned to deliver on our commitments.”
Revenues declined 18 percent to P23 billion, driven by lower spot market prices and reduced output in the Philippines and Australia, which were partially offset by growth in other international markets and Philippine retail electricity supply. Attributable revenue decreased by 11 percent year-over-year to P25.5 billion, reflecting the impact of lower Wholesale Electricity Spot Market prices, which fell around 35 percent year-over-year to an average of P3.30 per kilowatt-hour (kWh).
ACEN closed the third quarter with total assets of P343.1 billion, up 4 percent from year-end 2024. Cash reserves declined to P16.6 billion as the company continues to invest in developing its pipeline of renewable energy projects.
ACEN currently has around 7 gigawatts of attributable renewable energy capacity spanning operational, under-construction and committed projects.
