Vivant Corporation (PSE: VVT) posted a 24% year-on-year increase in consolidated core net income to PHP 2.0 billion for the first nine months of 2025, driven by robust performance from its power generation segment.

Accounting for non-recurring items such as foreign exchange gains, insurance proceeds, and cost reimbursements, the company’s net income attributable to equity holders reached PHP 1.9 billion, up 12% from the same period last year.

“Vivant continued to show strong results despite the slower than expected GDP growth in the first nine months of the year. I am proud of the resilience of our teams as we navigated market challenges and saw positive results from our power generation, energy distribution, and wastewater treatment operations,” said Vivant CEO Arlo G. Sarmiento.

Vivant’s energy business contributed a total of PHP 2.5 billion to the company’s income, with power generation accounting for 63% or PHP 1.7 billion. 

This was followed by its 35%-owned distribution utility, Visayan Electric Company (VECO), which contributed PHP 879 million, a slight increase from PHP 871 million in 2024 amid higher sales volumes across all customer classes.

The power generation business benefited from higher trading activity in the Reserve Market (RM) and Wholesale Electricity Spot Market (WESM), as well as revenue from Ancillary Services Procurement Agreements (ASPA). RM nominations across four conventional plants surged by 192% from a low base in 2024, with 1590 Energy Corporation recording the highest volume at 865 GWh.

Meanwhile, Cebu Energy Development Corporation and North Bukidnon Power Corporation posted the biggest year-on-year growth in spot market sales, up 36% and 102% respectively.

Vivant’s water segment also turned around from a PHP 11-million loss in 2024 to a PHP 184-million profit this year, following the start of finance income recognition from the 25-year joint venture between its subsidiary Isla Mactan Cordova Corporation and the Metropolitan Cebu Water District.

Income contribution from 45%-owned Faith Lived Out Visions 2 Ventures Holdings, Inc. rose 13% to PHP 8 million, driven by improved operations of its Puerto Princesa wastewater treatment facility.

Consolidated revenues were steady at PHP 8.9 billion as lower power sales were offset by the recognition of concession assets and higher interest income. Operating expenses rose 26% to PHP 1.2 billion, reflecting higher headcount, professional fees, and depreciation from recent asset acquisitions.

As of September 2025, Vivant reported total assets of PHP 33.3 billion and total equity of PHP 21.3 billion. Its debt-to-equity ratio improved to 0.44x from 0.49x at end-2024.

“As we head to the fourth quarter of 2025, we expect to close the year strong. The recent acquisition of a minority stake in Samal Solar Renewable Energy Corporation (SSREC) which operates a solar power plant in Bataan will bring immediate value to the bottom-line while we expect the upcoming completion of our other business development initiatives to spur future growth,” Sarmiento said.

The 40% acquisition of SSREC in September added 53.14 MW of solar capacity to Vivant’s portfolio—49.19 MW of which began operations in August—with full completion expected in 2026. This brings Vivant Energy Corporation’s total attributable generation capacity to 471 MW.

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Vivant’s steady growth highlights continued investor confidence in the country’s power generation and utility sectors. How do you see its renewable expansion shaping competition in the Philippine energy market? Join the discussion.

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