Aboitiz Power Corporation posted a net income of PHP 12.7 billion in the first half of 2025, down from PHP 17.1 billion a year earlier, as lower spot market prices offset gains from new renewable projects and its recent gas acquisition. Core net income stood at PHP 12.8 billion, also lower than the PHP 17.1 billion posted in the same period last year.

Second-quarter results were stronger, with profit climbing 74% quarter-on-quarter to PHP 8.1 billion and beneficial EBITDA rising 27% to PHP 19.1 billion from PHP 15.0 billion. The company said the increase was driven by the full three-month contribution of Chromite Gas Holdings and improved generation margins.

For the first half, beneficial EBITDA totaled PHP 34.1 billion, down 6% from a year earlier. New solar facilities in Laoag (159 MWp), Armenia (45 MWp), and Calatrava (173 MWp) helped lift total energy sold by 9% to 19,440 gigawatt-hours. Generation and retail supply EBITDA fell 6% to PHP 30.8 billion due to weaker wholesale electricity spot market prices, while distribution EBITDA grew 3% to PHP 4.5 billion as sales volumes increased to 3,386 GWh from 3,256 GWh.

As of June 30, consolidated assets reached PHP 560.0 billion, up 8% from year-end 2024. Cash and cash equivalents stood at PHP 46.9 billion, while consolidated interest-bearing liabilities climbed to PHP 291.1 billion. Equity attributable to parent holders was PHP 196.0 billion. The current ratio fell to 0.8x from 1.6x at end-2024, and net-debt-to-equity rose to 1.2x from 0.8x, reflecting short-term debt for the Chromite Gas acquisition.

How do you see AboitizPower balancing its expansion through acquisitions and new renewable capacity with the pressures of leverage and spot market exposure?

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Photo credit: AboitizPower