Vivant Corporation (PSE: VVT) posted a Consolidated Core Net Income (CCNI) of PHP 962 million in the first half of 2025, up 11% year-on-year, on the back of strong performance in the power generation segment. Net Income Attributable to Equity Holders of the Parent reached PHP 959 million, 9% higher than the same period in 2024.

“The performance of Vivant Energy Corporation (Vivant Energy), spurred by its participation in the reserve market primarily drove our earnings for the semester. Despite the lower WESM prices in the first half of the year, the team’s collective effort secured strong returns,” said CEO Arlo G. Sarmiento.

Power generation contributed PHP 908 million, or 63% of total energy business income, as reserve market nominations surged over six times year-on-year. Four plants—Cebu Energy Development Corporation, Therma Visayas, Inc., 1590 Energy Corporation, and Meridian Power, Inc.—participated in the reserve market for the full six months of 2025, compared to just one month in 2024 due to a temporary market suspension.

Distribution utility Visayan Electric Company’s (VECO) income contribution was steady at PHP 589 million, with higher operating costs and an ERC-mandated one-time refund offsetting a 3% growth in energy sales.

Vivant’s water unit, Vivant Hydrocore Holdings, Inc., delivered PHP 93 million in net income—a turnaround from a PHP 10 million loss last year—boosted by improved wastewater operations in Puerto Princesa and finance income from the Isla Mactan Cordova Corporation seawater desalination concession. Income from the 45%-owned FLOWS also rose 13% due to higher sewage volumes and a service fee adjustment. The desalination plant is in its final testing phase and expected to be completed this year.

Consolidated revenues for the first half fell 3% to PHP 5.4 billion due to lower power sales volumes, despite gains from finance income in the water business. Operating expenses rose 33% to PHP 860 million, driven by business expansion, higher headcount, professional fees, and depreciation from new assets.

Sarmiento said Vivant is gearing up for the Department of Energy’s Green Energy Auction 4 as part of its “30% by 30” renewable energy target. The company is developing a 22 MW solar facility in San Ildefonso, Bulacan, scheduled for commercial operations in the fourth quarter of 2025.

Do you see Vivant’s growing reserve market presence and renewable push as key to sustaining earnings growth in the coming years?

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