AYALA-LED ACEN Corp. posted an attributable net loss of P1.19 billion for the second quarter, reversing the P3.57-billion net income recorded last year, citing a large impairment from its wind farms in Vietnam.
Revenues declined by 15.8% to P7.95 billion, while costs and expenses slightly fell by 0.3% to P5.95 billion, according to the company’s financial report released on Tuesday.
ACEN President and Chief Executive Officer Eric T. Francia cited macro and sectoral headwinds this year as challenges the company continues to face in its energy transition.
“The company’s underlying health and long-term prospects remain robust, and we have been leveraging opportunities to increase contracted capacities and expand investments in energy storage,” he said in a statement.
For the six months ending June, the company’s attributable net income dropped by 87.8% to P763 million, mainly because of a P2.7-billion impairment tied to its Lac Hoa and Hoa Dong wind farms in Vietnam.
“Excluding this one-off booking and the P1.35-billion valuation gain in 2024, net income fell 24% over the same period, impacted by depressed WESM (Wholesale Electricity Spot Market) prices and increased depreciation effects,” the company said.
ACEN said the wind project experienced extended delays in construction due to COVID-19-related restrictions and has been operating under a provisional tariff since reaching commercial operations in the first quarter of 2024.
In June, the project companies and state-owned electric utility Vietnam Electricity (EVN) agreed on a final tariff that was lower than the project’s original investment, impacting both past and future sales.
Nevertheless, core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA), which excludes all non-recurring items, remained flat at P10.5 billion year over year.
“This reflects the company’s underlying financial resilience, underpinned by fresh generation from new plants that began operating in 2025,” the company said.
Despite lower generation from the Philippines and Australia, ACEN’s total attributable renewables output for the first half increased by 9% to 3,228 gigawatt-hours.
“Our teams are actively addressing the various challenges encountered during the quarter, with a relentless focus on execution. We expect to operationalize ACEN’s capacity at a more calibrated pace, ensuring that margins remain optimal at all levels,” said ACEN Chief Financial Officer and Chief Strategy Officer Jonathan Back.
ACEN, the listed energy platform of the Ayala group, boasts a total of 7 gigawatts (GW) of attributable renewable energy capacity across operational, under-construction, and committed projects.
The company’s portfolio spans the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States. ACEN is targeting to expand its capacity to 20 GW by 2030. — Sheldeen Joy Talavera
