ACEN Corp. reported Monday a consolidated net income of P3.8 billion for 2025, a 60 percent decline from the previous year caused by offline wind assets, reduced irradiation, and weaker spot market prices.
The company said in a statement that profitability was weighed down by softer spot prices in the Philippines and Australia, weaker solar irradiation in key geographies, and generation losses from offline wind assets in Northern Luzon. Most of those assets have since resumed operations.
“ACEN faced numerous macro and sectoral headwinds in 2025, reflecting the complexities of today’s energy landscape and the long-term energy transition,” ACEN president and chief executive Eric Francia said. “Despite these headwinds, our core business and long-term outlook remain resilient.”
Francia added that the company will prioritize increasing contracted capacity and accelerating energy storage investments.
Excluding net one-off items — primarily a P2.5 billion impairment related to a Vietnam asset — recurring net income increased 4 percent to P6.3 billion.
ACEN delivered 7,009 gigawatt-hours in attributable renewable energy output last year, up 24 percent year-over-year. The growth was supported by new operating assets: Stubbo Solar in Australia and Monsoon Wind in Lao PDR.
Statutory revenues fell 14 percent to P32 billion due to lower spot market prices and reduced output in the Philippines and Australia. The company said this was partially offset by stronger financial performances in other international markets and growth in its Philippine retail electricity supply business.
Consolidated net income after tax attributable to the parent fell to P3.8 billion, largely due to a P2.7 billion impairment recognized in the first half of 2025 for two wind projects in Vietnam.
Philippine renewables output remained relatively flat, increasing 2 percent to 1,866 GWh. This was supported by the completion of wind turbine repairs in Ilocos Norte during the fourth quarter. International market generation grew 34 percent to 5,143 GWh.
“Notwithstanding softer financial performance, we continued to deliver solid generation growth,” ACEN group chief financial officer Jonathan Back said.
Back said the company’s 2026 focus will remain on operational efficiency, balance sheet strength, and project delivery.
ACEN currently has about 7 gigawatts of attributable renewable energy capacity across its operational, under-construction, and committed projects.
