Aboitiz Power’s net income down 25% in H1

Depreciation and interest expenses for GNPower Dinginin affected core earnings in H1.

Aboitiz Power Corporation has reported a net income of $229m (PHP 12.7b) in the first half (H1) of 2025, down 25.73% from the previous year.

In a bourse filing, the company reported a core net income of $230m (PHP 12.8b) in the first six months, from $308m (PHP 17.1b) in the same period last year. This “reflects the full impact of depreciation and interest expenses for GNPower Dinginin Ltd. Co., which the company began recognising in March 2024.”

Aboitiz Power said it generated $614m (PHP 34.1b) in beneficial earnings before interest, taxes, depreciation, and amortisation (EBITDA), 6% lower than last year.

"Increases due to contributions from Chromite Gas and new solar plants—Laoag (159 MWp), Armenia (45 MWp), and Calatrava (173 MWp) — were offset by lower spot market prices,” the company said.

Energy sold increased 9% to 19,440 gigawatt-hours (GWh) in the first six months. Despite this, EBITDA from the generation and retail supply business declined by 6% to $554m (PHP 30.8b) due to lower spot market prices

The distribution business, meanwhile, posted $81m (PHP 4.5b) in EBITDA in H1, reflecting 3% increase from last year, driven by higher volumes. Energy sales reached 3,386 GWh, increasing 4% from last year.

PHP1 = $0.018