Aboitiz Power Corp.’s reported net income fell 43% to PHP 19.5 billion in 2025, dragged by an impairment tied to its GNPower Mariveles coal plant acquisition. The company, however, posted stronger operating performance and higher electricity sales during the year.

In a regulatory filing on Thursday, the company said the decline came after recognizing foreign exchange and derivative gains as well as a partial impairment of goodwill related to its acquisition of GNPower Mariveles Energy Center Ltd. Co. 

Excluding non-recurring items, core net income reached PHP 33.1 billion, which the company said would have been 2% higher year-on-year if not for the depreciation and interest expenses from GNPower Dinginin Ltd. Co. that it began recognizing in March 2024.

Despite the drop in reported profit, AboitizPower’s operating performance improved in 2025, with EBITDA rising 9% to PHP 79.6 billion in 2025 from PHP 73.3 billion in 2024. 

The company said growth was supported by new capacity and fresh contributions from Chromite Gas Holdings, Inc., along with newly delivered solar plants in Laoag (159 megawatt-peak), Armenia (45 MWp), and Calatrava (173 MWp). These additions helped offset weaker spot market prices during the year. 

Total energy sold climbed 21% to 43,718 gigawatt-hours (GWh) in 2025, up from 36,004 GWh in 2024, boosting the company’s generation and retail electricity supply business. 

EBITDA from the generation and retail supply segment rose 11% to PHP 73.7 billion, while electricity sales in the*distribution segment increased 4% to 6,927 GWh, with EBITDA contribution from the segment reaching PHP 8.9 billion, excluding one-off items. 

In the fourth quarter alone, AboitizPower posted a net loss of PHP 3.9 billion, reversing the PHP 6.6 billion net income recorded in the same period in 2024, after recognizing PHP 13.9 billion in non-recurring losses, mostly related to the partial impairment of goodwill from the GNPower Mariveles acquisition. 

As of end-2025, the company’s total consolidated assets rose 20% to PHP 622.8 billion, while interest-bearing liabilities reached PHP 332.5 billion, reflecting investments in Chromite Gas Holdings and the Caliraya-Botocan-Kalayaan hydroelectric complex. 

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