ACEN, the energy platform of the Ayala Group, announced its financial and operating results for the first half of 2025, demonstrating robust growth in renewable energy output and underlying operational resilience despite challenging market conditions and a significant one-off impairment charge.
While consolidated net income for H1 2025 declined to Php763.0 million, an 88 percent decrease year-on-year, this was primarily due to a Php2.7 billion non-cash impairment related to the Lac Hoa and Hoa Dong wind farms in Vietnam. Excluding this one-off booking and a Php1.35 billion valuation gain in 2024, net income saw a more moderate decline of 24 percent, impacted by depressed Wholesale Electricity Spot Market (WESM) prices in the Philippines and increased depreciation effects.
Financial Highlights:
ACEN’s first-half financial performance reflects a complex operating environment, particularly in the Philippines and Australia. Lower WESM prices in the Philippines, coupled with ACEN’s increased net seller position, affected profitability. Both markets also experienced reduced solar irradiance and higher plant-related costs, including depreciation and ongoing wind turbine repairs in the Philippines.
The Php2.7 billion ($50.2 million) non-cash impairment charge in Q2 2025 pertained to the Lac Hoa and Hoa Dong wind farms in Vietnam (48 MW attributable capacity). This was a result of extended construction delays due to COVID-19 restrictions and a recently finalized permanent tariff with EVN that was lower than the project’s original investment case, applied retroactively and prospectively.
Despite these factors, ACEN’s core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA) – a measure that excludes all non-recurring items – remained largely stable at Php10.5 billion year-over-year. This stability underscores the company’s fundamental financial strength, bolstered by fresh generation from new plants that commenced operations in 2025. Across ACEN’s global portfolio, plant-level EBITDA margins remain robust, standing at over 70 percent, reflecting efficient operations.
Operating Highlights:
Operationally, ACEN continued its strong growth trajectory in renewable energy generation. Total attributable renewables output grew by a significant 9 percent year-on-year to 3,228 GWh in H1 2025. This growth was primarily driven by the strong performance of ACEN’s international portfolio, which delivered 2,300 GWh of renewable energy, marking a 19 percent increase over Q2 2024, with notable contributions from projects in Indonesia, Vietnam, and other international markets.
ACEN’s commitment to expanding its clean energy footprint remains on track, with 3.6 GW of its 7 GW renewables portfolio now fully operational. Including plants in the commissioning stage, ACEN’s operational capacity has reached approximately 4.1 GW. Furthermore, 2.4 GW of projects are currently under construction globally, with an additional 514 MW of committed capacity from projects with signed tenders or agreements, signaling continued expansion in the coming years.
