ACEN’s FY2025 net income fell 60% YoY to PHP 3.8 billion, affected by lower spot prices in the Philippines and Australia, lower solar irradiance, and temporary wind asset outages
Its statutory revenues dropped 14% YoY to PHP 32 billion, partially offset by better international market performance and retail electricity growth in the Philippines
The company’s total renewable generation reached 7,009 GWh, a 24% increase internationally and 2% improvement in the Philippines
ACEN, the Philippines-headquartered listed renewable energy platform of Ayala Group, has reported a consolidated net income of PHP 3.8 billion for 2025, a 60% drop from 2024, despite a 24% increase in renewable energy output.
The management attributes net income decline to lower spot prices in the Philippines and Australia, weaker solar irradiance in key geographies, and temporary wind asset outages in Northern Luzon. These wind assets are now back online.
Its statutory revenues for the year at PHP 32 billion also declined 14% year-on-year (YoY). ACEN said the decline was partially offset by stronger financial performances from the other international markets. Continued growth in the Philippines’ retail electricity supply business helped, too, it added.
Core attributable EBITDA (CAE) rose by 17% YoY to PHP 22.5 billion, backed by fresh generation from new plants. This includes PHP 9.8 billion for the Philippines business.
ACEN’s full-year renewable energy generation was 7,009 GWh, representing a 2% YoY improvement in generation in the Philippines as wind turbine repair was completed.
The remaining 5,143 GWh generation was reported from other international markets, improving 34% YoY, driven by strong wind and solar resources and new capacity additions. In Australia alone, the commissioning of the 520 MW Stubbo Solar Power Plant increased output by 84% to 1,440 GWh.
In India, it reported an output increase of 7% YoY to 769 GWh as attributable revenue from this market grew by 12% to PHP 1.5 billion. It has several solar, wind, and hybrid projects under construction in this market that are scheduled for commissioning between 2026 and 2027. Recently, ACEN consolidated its joint venture with UPC Renewables in India, becoming the sole owner of a GW-scale renewable energy portfolio (see India Solar PV News Snippets).
Meanwhile, ACEN Renewable Energy Solutions (ACEN RES), the company’s retail electricity business in the Philippines, expanded its contracted capacity to 482 MW across 753 customers. It claims to hold a 57% market share of the Green Energy Option Program (GEOP) in the country.
“ACEN faced numerous macro and sectoral headwinds in 2025, reflecting the complexities of today’s energy landscape and the long-term energy transition. Despite these headwinds, our core business and long-term outlook remain resilient,” said ACEN President and CEO Eric Francia. “As we look ahead, we will continue to prioritize increasing our contracted capacity and accelerating investments in energy storage, while ensuring steady, continued progress on our pipeline projects.”
ACEN Group CFO and Chief Strategy Officer Jonathan Back added, “In 2026 our focus will remain on precise execution – operational efficiency, balance sheet strength, and project delivery. This continued, disciplined approach will help us navigate market and macro uncertainties while sustaining our long-term growth trajectory.”
