Energy firm Aboitiz Power Corporation posted a sharp jump in first-quarter 2026 earnings, driven by stronger generation margins, improved plant availability, and the contribution of newly operational solar assets.

The company recorded a net income of PHP 7.9 billion for the quarter, up 71% from PHP 4.6 billion in the same period last year, supported by higher EBITDA and more efficient operations across its generation portfolio. 

EBITDA rose 35% year-on-year to PHP 20.3 billion, as the company benefited from “higher margins in AboitizPower’s Generation segment, primarily attributable to increased contracted capacity, higher availability of its coal plants, and the delivery of new solar power plants,” according to a company disclosure.

These included the 221 megawatt-peak (MWp) Olongapo, 47 MWp Armenia, and 93 MWp San Manuel solar facilities, which added incremental capacity during the period and supported the company’s growing renewable energy mix. 

Stronger earnings from its generation business lifted core net income to PHP 7.6 billion, which, together with forex and non-recurring items, translated into the reported net income of PHP 7.9 billion. AboitizPower contributed PHP 4.4 billion to parent Aboitiz Equity Ventures Inc. during the quarter. 

At the group level, AEV posted consolidated net income of PHP 6.3 billion, nearly double the PHP 3.2 billion recorded a year earlier, with power accounting for 56% of total contributions from its strategic business units. 

The results highlight the continued dominance of contracted generation and hybrid capacity expansion in driving earnings stability, even as the company integrates new renewable assets into its portfolio. 

The strong showing from AboitizPower comes as it accelerates its longer-term capacity buildout. The firm has earmarked PHP 62 billion in capital expenditures for 2026 to expand its renewable energy and battery storage portfolio, with a pipeline of about 639 MW of projects secured under the latest auction round and additional capacity already under construction. 

The push is part of a broader strategy to grow its attributable renewable capacity to 2.3 GW while integrating battery energy storage systems to support grid stability.

Does AboitizPower’s performance signal a sustainable earnings model for hybrid portfolios in the Philippines’ evolving energy mix?  Share your insights.

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