ACEN profit surges on renewables, core earnings slide

This was driven by asset recovery and overseas expansion despite uneven profit quality.

ACEN’s consolidated net income jumped 50% to $47.1m (PHP2.9b) in the first quarter of 2026, supported by higher renewable energy (RE) generation and one-off gains.

The company said in a press release that total attributable RE output reached 2,230 gigawatt-hours (GWh), up 32% year on year (YoY), reflecting contributions from newly operational international assets and the restoration of wind assets in Ilocos Norte.

Core attributable earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 20% to $108.9m (PHP6.7b), whilst core net income declined 27% to $22.8m (PHP1.4b).

The quarter included $24.4m (PHP1.5b) in net one-off gains.

These included a $28.5m (PHP1.75b) recovery from a Change in Circumstance claim linked to a prior Meralco fixed-price contract and a $22.7m (PHP1.4b) net remeasurement gain from the consolidation of the UPC joint venture in India.

These were offset by a $19.5m (PHP1.2b) provision related to ACEN’s Vietnam investments tied to tariff discussions with EVN.

In the Philippines, attributable renewable generation rose 29% to 636 GWh, whilst revenue increased 14% to $159.3m (PHP9.8b), and EBITDA rose 28% to $47.1m (PHP2.9b).

ACEN said wind farms in Ilocos Norte, including Pagudpud and Capa, returned to near-full operation.

ACEN RES expanded its retail electricity supply book to 508 megawatts (MW) and held a 57% share of the Green Energy Option Program, with new clients including the Makati City local government, Lawson, and Serenitea.

In Australia, generation increased 87% to 528 GWh, with revenue rising 76% to $23.6m (PHP1.45b) and EBITDA lifting 59% to $16.3m (PHP1b).

New England Solar recorded reduced grid curtailment, whilst Stubbo Solar contributed a full quarter of operations.

The 200-MW New England Energy Storage project entered commissioning in February 2026, whilst construction of the 102-MW Jinbi Solar project started in March 2026.

In India, attributable output remained flat at 231 GWh, with EBITDA standing at $5.0m (PHP309.7m).

ACEN continued construction on the 420-MW Tejorupa Solar, 399-MW Sheo 2 Hybrid, 389-MW Sheo 1 Hybrid, and 120-MW Bijapur Wind projects.

In the Mekong portfolio, attributable output rose 20% to 556 GWh as EBITDA increased 19% to $37.5m (PHP2.3b). The company cited the start-up of Monsoon Wind in Lao PDR and higher solar irradiance.

Other international markets generated 279-GWh, up 18%. Output from Salak and Darajat Geothermal in Indonesia rose 6%. The 40-MW Salak Unit 7 project stood at 47% completion.

Total assets reached $6.20b (PHP381.5b), up 5% YoY. Cash stood at $260.1m (PHP16b). Net debt reached $2.57b (PHP158.3b) with a net debt-to-equity ratio of 0.95.

ACEN said it is repurposing about 33,000 solar panels from SaCaSol for reuse and recycling, including donations to off-grid communities, schools, and barangay halls in Negros Occidental.

Eric Francia, President and CEO of ACEN, said energy security and the renewables transition remain linked amidst geopolitical crisis.

Jonathan Back, Group Chief Financial Officer and Chief Strategy Officer of ACEN, said operating assets, construction pipelines, and cost control remain priorities.

(US$1 = PHP61.54)