ACEN Corp. said Tuesday it posted a 50-percent increase in consolidated net income to P2.9 billion in the first quarter of 2026, boosted by nonrecurring transactions and expanded renewable energy output.
The Ayala group’s energy platform disclosed to the Philippine Stock Exchange that total attributable renewable energy output rose 32 percent to 2,230 gigawatt-hours.
The growth reflects contributions from international assets started in 2025 and the restoration of wind farms in Ilocos Norte.
Despite the jump in bottom-line, ACEN’s core net income fell 27 percent to P1.4 billion when excluding P1.5 billion in net positive one-off items.
The company said higher depreciation and net financing costs offset the recovery in renewable energy production.
“While the first quarter of 2026 carried several one-time transactions, their net effect — together with the continued expansion of our renewables generation base — further strengthens our financial foundation,” ACEN Group chief finance officer and chief strategy officer Jonathan Back said.
The company reported a P1.75 billion recovery from a claim involving a Manila Electric Co. contract and a P1.4-billion gain from consolidating a joint venture in India. Those gains were tempered by a P1.2-billion provision for Vietnam investments amid tariff discussions with EVN.
ACEN president and chief executive Eric Francia said the current geopolitical crisis reinforces the link between energy security and the renewables transition. Francia said capital program remains intact to ensure long-term returns.
In the Philippines, renewable plants generated 636 GWh, a 29-percent year-on-year increase. The domestic business delivered P9.8 billion in revenue and P2.9 billion in EBITDA.
Performance was supported by the ACEN RES retail business, which now holds a 57 percent market share of the Green Energy Option Program.
Operations in India saw flat attributable output at 231 GWh, but construction continues on the Tejorupa Solar and Sheo 2 Hybrid projects slated for completion by late 2027.
Output from the Mekong portfolio climbed 20 percent to 556 GWh following the startup of Monsoon Wind in Lao PDR.
Other overseas markets produced 279 GWh of attributable generation, up 18 percent. This included a 6-percent rise from Indonesian geothermal assets.
ACEN’s total assets reached P381.5 billion at the end of the quarter, up 5 percent from the previous year. The company holds P16 billion in cash reserves and maintains more than 7 GW of attributable renewable energy capacity.
