Aboitiz Power Corporation nets P23 Billion in 9M 2025

Aboitiz Power Corporation (AboitizPower or the “Company”) reported a beneficial EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) of P22.2 billion in the third quarter of 2025, representing a 16% increase from the P19.1 billion in the second quarter of 2025, and 12% higher than the P19.8 billion reported in the same period last year. 

Quarter-on-quarter growth was driven by: (1) an increase in margins from the Generation segment, which was attributable to the Company’s reduced exposure to the spot market; and (2) higher water inflow at the Company’s hydro plants. 

As a result, net income after minority interests rose to P10.6 billion in the third quarter of 2025, 32% higher on a quarter-on-quarter basis, and 5% higher vs the same period last year.

During the first nine months of 2025, AboitizPower generated P56.3 billion in beneficial EBITDA, which is flat from the P56.1 billion recorded during the same period in 2024, as the fresh contributions from Chromite Gas Holdings, Inc., and new solar plants - Laoag (159 megawatt-peak (“MWp”)), Armenia (45MWp), and Calatrava (173MWp) - were offset by lower spot market prices during the first nine months of 2025.  

Core net income amounted to P23.1 billion, compared to P27.2 billion in the same period in 2024. The core net income for the first nine months of 2025 reflects the full impact of depreciation and interest expenses for GNPower Dinginin Ltd. Co. (GNPD), which AboitizPower began recognizing only in March 2024.  

Including forex and derivative gains, the Company’s net income for the first nine months of 2025 was P23.3 billion.

Results of Operations

Generation and Retail Electricity Supply 

Energy sold totalled 32,138 gigawatt-hours (GWh) for the first nine months of 2025, a 19% increase from 26,910 GWh in the same period in 2024. Nevertheless, due to lower spot market prices, the EBITDA of AboitizPower’s generation and retail supply business rose by only 1% to P50.9 billion in the first nine months of 2025, from P50.6 billion in the same period in 2024. 

Distribution 

The Distribution segment posted P7.0 billion in EBITDA in the first nine months of 2025, a 2% increase from the P6.8 billion posted in the same period of 2024 driven by higher volume. Energy sales increased by 5% year-on-year to 5,166 GWh, compared to 4,939 GWh in the same period in 2024.

Financial Condition

As of September 30, 2025, AboitizPower’s total consolidated assets stood at P584.3 billion, which is 13% higher compared to P517.6 billion as of December 31, 2024. Total cash and cash equivalents (including short-term investments) stood at P62.6 billion, while total consolidated interest-bearing liabilities amounted to P304.0 billion.  

​Equity attributable to holders of the parent totaled P210.2 billion. The Company’s current ratio was 1.1x as of September 30, 2025 versus 1.6x as of December 31, 2024, while its net-debt-to-equity ratio was at 1.1x, versus year-end 2024’s 0.8x.