ACEN Corporation (PSE:ACEN) saw its consolidated net income tumble 60% to PHP 3.8 billion in 2025, weighed down by offline wind assets in Northern Luzon, weaker solar irradiance, and softer spot market prices in the Philippines and abroad.

“ACEN faced numerous macro and sectoral headwinds in 2025, reflecting the complexities of today’s energy landscape and the long-term energy transition,” said Eric Francia, ACEN President and CEO. “Despite these headwinds, our core business and long-term outlook remain resilient. As we look ahead, we will continue to prioritize increasing our contracted capacity and accelerating investments in energy storage, while ensuring steady, continued progress on our pipeline projects.”

The decline in net income came despite underlying renewable energy performance remaining strong. Excluding one-offs, including a PHP 2.5 billion impairment on a Vietnam asset, recurring net income rose 4% to PHP 6.3 billion. 

The company’s attributable renewable generation hit 7,009 GWh, up 24% from 2024, driven by new international assets such as Stubbo Solar in Australia and Monsoon Wind in Lao PDR. Core attributable EBITDA also grew 17% to PHP 22.5 billion, signaling resilience in ACEN’s operating performance. 

Renewable output in the Philippines edged up 2%to 1,866 GWh as repairs to the Ilocos Norte wind farm were completed in Q4. But lower Wholesale Electricity Spot Market (WESM) prices—averaging PHP 3.6/kWh, down 28% year-on-year—helped push domestic revenues down 7% to PHP 36 billion.

ACEN’s retail electricity unit, ACEN Renewable Energy Solutions (ACEN RES), expanded its contracted capacity to 482 MW across 753 customers, now holding a 57% market share of the Green Energy Option Program (GEOP). Recent additions included San Beda College Alabang, Avida Towers Asten, and Eastwood Excelsior Condominium.

International renewable generation surged 34% to 5,143 GWh, driven by new operational plants and existing assets performing strongly. Stubbo Solar in Australia accounted for an 84% jump in output to 1,440 GWh, although EBITDA fell 7% due to lower spot prices and capitalization of operational costs. 

ACEN’s operations in India saw output rise 7% to 769 GWh, supported by full-year contributions from Masaya Solar and partial commissioning of Maharashtra Hybrid, with attributable EBITDA up 22% to PHP 1.2 billion.

A strategic milestone in February 2026 saw ACEN consolidate its ACEN-UPC Renewables joint venture, gaining full ownership of over 1,059 MW of operating and under-construction assets and nearly 7 GW of development pipeline. Meanwhile, the Mekong platform delivered 1,866 GWh in output, up 29 percent, driven by Monsoon Wind in Lao PDR and improved wind speeds.

ACEN closed 2025 with PHP 361.8 billion in total assets, a 10% increase from 2024, and cash reserves of PHP 18.4 billion. Statutory net debt rose to PHP 144.4 billion, lifting the net debt-to-equity ratio to 0.90 from 0.69.

“Notwithstanding softer financial performance, we continued to deliver solid generation growth,” said Jonathan Back, ACEN Group CFO and Chief Strategy Officer. “In 2026 our focus will remain on precise execution—operational efficiency, balance sheet strength, and project delivery.”

ACEN has ~7 GW of attributable renewable capacity across Asia-Pacific and a commitment to net-zero emissions by 2050.

How will ACEN’s 2025 performance influence investment and policy decisions in the Philippine renewable energy sector? Share your insights below.

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