ACEN Corporation, the listed energy platform of the Ayala group, announced its financial and operating results for the first quarter of 2026, delivering a consolidated net income of ₱2.9 billion.
This represents a 50% increase compared to the same period last year, underpinned by a 32% growth in total attributable renewable energy output to 2,230 GWh.
The surge in generation reflects robust contributions from newly operationalized international assets and the substantial restoration of the company’s wind assets in Ilocos Norte.
While Q1 2026 results included several non-recurring transactions with a net positive impact of ₱1.5 billion, ACEN’s underlying business performance remained strong. Core attributable EBITDA—which excludes all one-off items—rose 20% year-over-year to ₱6.7 billion, driven by increased generation across domestic and international operations and a expanding retail electricity business.
Excluding the one-off items, core net income declined 27% to ₱1.4 billion, as the recovery in renewable energy output was offset by increased depreciation and net financing costs from ongoing capacity buildouts.
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₱1.4 billion net remeasurement gain from the consolidation of the UPC joint venture platform in India.
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₱1.2 billion provision for Vietnam investments, reflecting a conservative estimate amid ongoing tariff reduction discussions with EVN.
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Eric Francia, ACEN President and CEO, commented: “The current geopolitical crisis has only reinforced our core belief that energy security and the renewables transition are inseparable. This volatility creates both urgency and opportunity. Our capital program remains intact, our pipeline continues to advance, and our focus on execution will help ensure delivery of long-term, sustainable returns for our shareholders.”
Regional operational performance
🇵🇭 Philippines: Asset recovery and retail expansion
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Generation: Renewables output grew 29% to 636 GWh, driven by higher wind resources and the return to near-full operation of the Pagudpud and Capa wind farms in Ilocos Norte.
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Financials: Attributable revenue rose 14% to ₱9.8 billion, while EBITDA expanded 28% to ₱2.9 billion. The brief suspension of Wholesale Electricity Spot Market (WESM) prices starting March 26 had minimal financial impact on the quarter.
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Retail Leadership: ACEN RES expanded its portfolio to 508 MW, securing a 57% market share in the Green Energy Option Program (GEOP). New high-profile clients include the Makati City local government, Lawson, and Serenitea.
🇦🇺 Australia: Exceptional scaling and new capacity
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Generation & Financials: Output surged 87% to 528 GWh, powered by strong solar irradiance and reduced grid curtailment at New England Solar, alongside a full quarter of contributions from Stubbo Solar. Attributable revenues and EBITDA jumped 76% and 59%, to ₱1.45 billion and ₱1.0 billion, respectively.
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Project Pipeline: The 200 MW New England Energy Storage entered commissioning in February 2026. Construction also commenced in March 2026 for the 102 MW Jinbi Solar, the maiden project under the Yindjibarndi joint venture in Western Australia.
🌏 Other international markets: Steady development
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Mekong Portfolio (Vietnam & Lao PDR): Attributable output rose 20% to 556 GWh, boosted by the commercial start-up of the Monsoon Wind project in Lao PDR and favorable solar conditions, yielding a 19% EBITDA increase to ₱2.3 billion.
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India: Output remained stable at 231 GWh, supported by initial commissioning phases of the 153 MW Maharashtra hybrid project. Over 1.3 GW of key projects (Tejorupa Solar, Sheo 1 & 2 Hybrids, and Bijapur Wind) are progressing toward substantial completion by end-2027.
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Indonesia & Beyond: Other overseas markets generated 279 GWh (up 18%). The Salak and Darajat Geothermal plants grew 6%, while the 40 MW Salak Unit 7 expansion is 47% complete and on track for a 2027 launch.
As of March 31, 2026, ACEN’s total assets stood at ₱381.5 billion, up 5% year-on-year. Cash reserves remained healthy at ₱16.0 billion, reflecting aggressive capital deployment into the development pipeline. Statutory net debt was reported at ₱158.3 billion, maintaining a disciplined net debt-to-equity ratio of 0.95.
Demonstrating its commitment to the circular economy, ACEN launched a sustainability milestone initiative to repurpose and recycle 33,000 photovoltaic (PV) panels from its SaCaSol facility. These panels are being given a second life through donations to off-grid communities, schools, and barangay halls in Negros Occidental, expanding clean energy access while minimizing electronic waste.
Jonathan Back, ACEN Group CFO and Chief Strategy Officer, added: “While the first quarter of 2026 carried several one-time transactions, their net effect—together with the continued expansion of our renewables generation base—further strengthens our financial foundation. Looking ahead, our priorities remain clear: maximizing output from operating assets, maintaining momentum across our construction pipeline, and managing costs with discipline.”
