Power operations contributed over a quarter of earnings as Filinvest Development Corporation (FDC) posted a record PHP 15.0 billion net income attributable to equity holders in 2025, up 24% year-on-year.

FDC’s power subsidiary, FDC Utilities, Inc. (FDCUI), generated PHP 4.9 billion in net income for the group, accounting for 28% of total earnings and rising 14% from 2024, based on the company’s disclosure today. The contribution puts power alongside banking and property as a core earnings pillar for the conglomerate.

Despite the profit growth, the energy unit’s top line softened with revenues and other income from power and utilities falling 27% to PHP 17.9 billion due to “reduced spot market activity and lower coal cost pass-through rates,” the company said, with cost controls cushioning the impact.

At the group level, FDC reported consolidated net income of PHP 18.9 billion, up 20% year-on-year, while total revenues and other income rose 6% to PHP 120.6 billion.

“FDC delivered another year of strong results. As we commemorate our 70th anniversary in 2025, this record performance underscores our capacity to adapt to changing environments and capitalize on opportunities as they arise,” said FDC President and CEO Rhoda A. Huang.

Banking remained the largest earnings driver for the group, contributing PHP 7.0 billion or 40% of total, while real estate and hospitality matched the power segment with a combined PHP 4.9 billion, also at 28%.

FDC’s balance sheet remained stable, with total assets expanding 7% to PHP 872 billion and net debt-to-equity at 0.36:1, giving the group room to sustain investments across its portfolio, including energy.

How sustainable are power sector margins as spot market activity softens? Join the discussion. 

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