Aboitiz Power Corporation Posts P4.6 Billion Net Income in 1Q 2025

Aboitiz Power Corporation’s beneficial Earnings Before Interest, Taxes and Depreciation, and Amortization (EBITDA) for the first quarter of 2025 benefitted from the fresh contributions of Chromite Gas Holdings, Inc., and its Laoag (159 megawatt-peak (MWp), Armenia (45MWp), and Calatrava (173MWp) solar plants. However, lower spot market prices and the upfront scheduled outages of the Pagbilao, Therma Visayas, Inc. (TVI) and GNPower Mariveles Energy Center (GMEC) plants tempered the Company’s beneficial EBITDA to P15.0 billion (bn), which is 8% lower than the P16.4 bn recorded during the same period in 2024. Excluding the impact of our scheduled outages, beneficial EBITDA would have been P15.9 bn.

The Company recorded net income of P4.6 bn for the first quarter of 2025, compared to P7.9 bn in the same period in 2024. Excluding forex and derivative gains, the Company’s core net income for the same period in 2025 was P4.7 bn, compared to P7.8 bn in 2024. The net income for the first quarter 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. On a like-for-like basis and excluding the impact of the scheduled outages, AboitizPower’s net income for the first quarter of 2025 would have been P7.7 bn.

Results of Operations

Generation and Retail Electricity Supply

The EBITDA of AboitizPower’s generation and retail supply business reached P13.1 bn in the first quarter of 2025, 10% lower than the P14.6 bn recorded in the same period in 2024. Energy sold totalled 8,650 gigawatt-hours (GWh) for the first quarter of 2025, compared to 8,812 GWh in the same period in 2024. Excluding the impact of scheduled outages, the generation and retail supply business EBITDA would have reached P14.0 bn.

Distribution

AboitizPower’s distribution business reported EBITDA of P2.0 billion for the first quarter of 2025, representing a 4% decline compared to the P2.1 billion posted in the same period of 2024. The decrease was primarily driven by a non-recurring refund of regulatory reset fees.

Financial Condition

As of March 31, 2025, AboitizPower’s total consolidated assets stood at P549.4 bn, which is 6% higher compared to the year-end 2024 amount of P517.6 bn. Total cash and cash equivalents was P43.5 bn, while total consolidated interest-bearing liabilities amounted to P287.6 bn. Equity attributable to holders of the parent was P189.6 bn. As of March 31, 2025, the Company’s current ratio was 0.8x versus year-end 2024’s 1.6x, while its net-debt-to-equity ratio was at 1.2x, versus year-end 2024’s 0.8x.