ACEN’s H1 2025 net income at P763 million

​ACEN’s consolidated net income for the first half of 2025 declined to P763.0 million, 88 percent lower year-on-year, largely due to a P2.7 billion impairment relating to the Lac Hoa and Hoa Dong wind farms in Vietnam. Excluding this one-off booking and the P1.35 billion valuation gain in 2024, net income fell 24 percent over the same period, impacted by depressed WESM prices and increased depreciation effects. Despite these headwinds, attributable renewables output grew 9 percent YoY to 3,228 GWh, driven by new contributions from international plants.

​Financial Highlights

H1 2025 vs H1 2024

ACEN’s first half results reflect challenges in key markets, particularly in the Philippines and Australia. In the Philippines, lower year-on-year prices in the Wholesale Electricity Spot Market (WESM) coincided with the Company’s increased net seller position. Both markets also experienced lower solar irradiance and higher plant-related costs including depreciation and, in the Philippines, ongoing wind turbine repairs.

ACEN also booked a one-time non-cash impairment, in the second quarter, of $ 50.2 million (P2.7 billion) relating to the Lac Hoa and Hoa Dong wind farms in Vietnam, which contribute a combined attributable capacity of 48 MW. Due to COVID-19 related restrictions, the project experienced extended construction delays and has been operating under a provisional tariff since reaching commercial operations in Q1 2024. In June 2025, the project companies reached an agreement with EVN on a final, permanent tariff, lower than the project’s original investment case, applied retroactively and moving forward. ACEN has accordingly provided for these new economic assumptions.

Nevertheless, core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA) – which excludes all non-recurring items – remained essentially flat at P10.5 billion year-over-year. This reflects the company’s underlying financial resilience, underpinned by fresh generation from new plants that began operating in 2025. Across ACEN’s global portfolio, plant-level EBITDA margins remain robust, standing at over 70 percent.

Operating Highlights

Despite lower generation from the Philippines and Australia, ACEN’s total attributable renewables output grew by 9 percent year-on-year to 3,228 GWh. The Company’s international portfolio delivered 2,300 GWh of renewable energy, marking a 19 percent increase over the second quarter of 2024, driven by strong contributions from Indonesia, Vietnam, and other international projects.

3.6 GW of ACEN’s 7 GW renewables portfolio is now fully operational. Including plants in the commissioning stage, ACEN’s operational capacity has reached approximately 4.1 GW. Meanwhile, 2.4 GW of projects are under construction globally, with an additional 514 MW of committed capacity, composed of projects with signed tenders or agreements.
 
ACEN (PSE:ACEN), the Ayala group’s listed energy platform, is one of the fastest-growing renewable energy platforms in Asia Pacific, with the Philippines as its core and largest market, accounting for 35 percent of its capacity. It also has a significant presence in Australia, Vietnam, India, and Lao PDR, along with strategic investments in Indonesia and other markets. The company currently has ~7 GW of attributable renewable energy capacity spanning operational, under-construction, and committed projects.

As a developer, builder, and operator, ACEN leverages its agility and collaborative approach to accelerate the energy transition. Committed to unlocking access to clean, reliable, and affordable renewable energy, the company is on track to achieve 100 percent renewable energy generation by 2025 and reach Net Zero greenhouse gas emissions by 2050—turning bold ambitions into real impact for businesses, communities, and indigenous groups.