- Growth in financial performance year-on-year driven by higher output across ACEN’s markets, retail business expansion, and increase in contracted energy volumes
- Attributable RE generation reached 4,024 GWh, up 21 percent year-over-year
- Attributable renewables capacity now at 7,517 MW
- Core attributable EBITDA[1] increased 40 percent to ₱14.7 billion
11 August 2026 – ACEN, the listed energy platform of the Ayala group, delivered consolidated net income of ₱3.9 billion in the first half of 2026, a 411 percent increase year-on-year. Attributable generation from the company’s renewable energy portfolio grew 21 percent to 4,024 GWh, driven by contributions from newly operational assets across the company’s markets.
Financial and Operating Highlights
H1 2026 vs H1 2025
ACEN’s first half financial results were propelled by strong generation growth across the company’s markets, favorable market conditions in the Philippines, and increasing contracted energy sales, through both retail electricity supply and bilateral agreements. In parallel, attributable earnings before interest, taxes, depreciation, and amortization (EBITDA) – which excludes all non-cash one-off items – increased by 40 percent over the first six months of the year to ₱14.7 billion.
ACEN’s attributable renewables portfolio has now reached 7,517 MW, following the groundbreaking in the period on 775 MW/1,660 MWh of battery storage assets in the Philippines. This was partially tempered by a reduction in Indian capacity, where the company reduced its equity stakes in select projects under construction and offset the capacity gains recorded in the first quarter from the consolidation of the UPC joint venture in that market. With these portfolio movements, ACEN’s portfolio is now 57 percent operational.
Philippines
In the first half of 2026, ACEN’s Philippine renewable energy portfolio generated 1,091 GWh, representing a 17 percent increase year-on-year, largely from the better availability of its Pagudpud and Capa 2 wind assets in Ilocos Norte.
The Philippine business recorded ₱23.6 billion in attributable revenues, up 41 percent year-on-year, and attributable EBITDA of ₱6.6 billion, an increase of 48 percent. Results were bolstered by higher contracted energy sales, driven by the sustained expansion of the retail electricity supply business (ACEN RES), which grew its portfolio to 587 MW, an increase of nearly 22 percent from end-2025, and the full effectivity of the company’s 160 MW Meralco mid-merit contract.
Performance was further supported by favorable market conditions in the first half of 2026. Wholesale Electricity Spot Market (WESM) prices increased 29 percent year-on-year to ₱4.90/kWh, largely attributable to recovering demand, peak summer effects, fossil fuel price increases and tighter supply from forced baseload plant outages.
Australia
ACEN Australia delivered 862 GWh during the period, up 56 percent from the previous year, led by the full operational contributions from Stubbo Solar and reduced grid curtailment at New England Solar (NES) 1. As a result, attributable revenues and EBITDA increased 59 percent and 35 percent, to ₱2.2 billion and ₱1.2 billion, respectively.
Work continued to progress on the 200 MW/400 MWh New England Solar Battery Energy Storage System (NE BESS), set for full operationalization by the end of the year, while the 102 MWdc Jinbi Solar Phase 1 also broke ground during the period and is expected to be completed in late 2028.
India
In India, attributable output remained stable at 476 GWh, reflecting contributions from the commissioning of the 153 MW Maharashtra hybrid project. Amid stable generation, attributable EBITDA rose 31 percent to ₱764.4 million on the back of lower operating costs. ACEN also continued to advance its growth pipeline with the 350 MW Tejorupa Solar, 120 MW Bijapur Wind, 389 MW Sheo 1 Hybrid, and 399 MW Sheo 2 Hybrid projects all under construction and targeted for substantial completion by end-2027.
Other International Markets
ACEN’s Mekong operations delivered 996 GWh of attributable output, up 19 percent year-on-year, underpinned by the first full half-year contribution of Monsoon Wind in Lao PDR and improved solar resource conditions. This translated to a 35 percent increase in attributable EBITDA to ₱4.2 billion.
Attributable output from the rest of ACEN’s international markets reached 196 GWh in the first half of 2026, representing a 69 percent increase from the same period last year. In Indonesia, generation from the Salak and Darajat Geothermal plant grew 6 percent year-on-year, while the 40 MW Salak Unit 7 expansion reached 67 percent completion and is expected to be operational in 2027.
Balance Sheet Highlights
ACEN ended the first half of 2026 with total assets of ₱395.0 billion, up 9 percent from year-end 2025, with a cash position of ₱20.2 billion. As funding continued to be deployed to projects under construction, statutory net debt rose to ₱168.4 billion, resulting in a net debt to equity ratio of 1.03, up from 0.90 at the end of last year.
Sustainability Highlights
In June 2026, ACEN entered into a three-year partnership with BPI Foundation to strengthen financial literacy across ACEN’s host communities. Through BPI’s flagship financial education program, FinEd Unboxed, the initiative aims to empower 3,000 beneficiaries over the next three years with practical financial management skills to strengthen long-term economic resilience.
In July 2026, the company further expanded its financial inclusion efforts through a partnership with BDO Network Bank, providing financial literacy training and access to digital banking services to more than 300 farmers and seedling producers supporting ACEN’s Conservation Estate. The program enables beneficiaries to receive digital payments, build savings, and improve financial management – supporting more sustainable livelihoods.
Alongside these initiatives, ACEN’s NorthWind wind farm in Ilocos Norte also completed a comprehensive repair and refurbishment program. The project improves long-term asset performance and renewable energy output, supporting reliable clean power generation while optimizing the use of existing infrastructure.
Eric Francia, ACEN President and CEO, said, “ACEN’s performance in the first half of 2026 underscores our recovery from the challenges of the previous year while reflecting the company’s transition into a phase of measured growth. Amid a continually uncertain environment, our priorities remain clear – protecting our balance sheet, growing our contracted energy sales, and expanding our energy storage asset base.”
Jonathan Back, ACEN CFO and Chief Strategy Officer, said, “The growing global emphasis on indigenous renewable energy presents significant opportunities for ACEN. We intend to benefit from this growth while maintaining a prudent, financially disciplined path forward, including continued focus on cost management across all our businesses.”
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[1] Includes the impact of the Meralco Change in Circumstance (CIC) price adjustment.
