Citicore Renewable Energy Corp. (CREC) on Friday reported a 58 percent jump in net income to P364 million in the first quarter of 2026, up from P230 million in the same period last year, as its growing portfolio delivered stronger profitability.
CREC disclosed to the Philippine Stock Exchange that electricity sales remained the biggest contributor to its top line, accounting for 85 percent of its P1.14 billion in revenue for the period.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 53 percent to P593 million for the period from P388 million in 2025. This growth reflects the positive contribution of the company’s expanding renewable energy portfolio and resulting margin improvements.
“CREC’s profitability has improved greatly as evidenced by our EBITDA, as we make way for our newly energized solar facilities attributed to our GEAP [Green Energy Auction Program] commitment, among others,” said CREC president and chief executive Oliver Tan.
“Our Binalonan, Bolbok, and Pagbilao solar plants are scheduled for energization in the second quarter, and when those facilities come online, our revenues and earnings will reflect the full scale of what we have built,” Tan said.
CREC recently achieved key milestones by bringing additional capacity online. The company energized solar facilities in Pangasinan (125 megawatt-peak) and Negros Occidental (69 MWp), bringing its gross total renewable energy capacity to P791 MWp
With these new projects injected into the national grid, CREC is advancing toward its “5 gigawatts in 5 years” target. The company plans to energize more solar facilities in Pangasinan, Batangas, and Quezon in the coming quarters, with testing and commissioning activities already underway.
“These recent energizations form part of our delivery of GEA-2 projects, showing our unwavering commitment in helping the government and the Filipino people move toward a truly renewable energy future,” Tan said.
