Dear fellow shareholders,
ACEN’s performance in 2025 reflects a deliberate shift in focus – from rapid expansion to disciplined execution.
As our portfolio continues to scale, our priority has been clear: to convert our pipeline into operating assets and deliver projects on time, on budget, and with safety as a non-negotiable. This is how we turn growth into long-term value.
During the year, we reached a key milestone of over 7 GW in attributable renewable capacity, with our portfolio now fully transitioned to 100 percent renewable energy. This marks a significant step in our journey to lead the energy transition across the region.
Across our markets, our teams delivered strong execution despite increasingly complex operating conditions.
In Australia, Stubbo Solar was completed on time and on budget, becoming one of the largest operating solar farms in the country. Strategically located in the Central-West Orana Renewable Energy Zone in New South Wales, Stubbo marks ACEN’s entry into one of Australia’s most important clean energy hubs.
In Southeast Asia, the Monsoon Wind project in Lao PDR was also completed ahead of schedule and within budget. As the region’s first large-scale cross-border renewable development, it demonstrates our ability to execute complex projects across multiple jurisdictions while maintaining strong operational discipline.
In our home market, the Philippines, we remained focused on strengthening operational resilience and advancing our pipeline. As of end-2025, our total attributable renewable capacity
In 2025, the 600 MW Monsoon Wind project was delivered ahead of schedule and within budget, overcoming complex, multi-stakeholder coordination during construction.
in the country reached over 2,400 MW, with 57 percent operational, reflecting continued growth in our operating portfolio.
Our retail arm, ACEN Renewable Energy Solutions (ACEN RES), also continued to expand its customer base in the Philippines. Its portfolio grew by 29 percent to 482 MW across 753 customers. ACEN RES maintained its market leadership under the Green Energy Option Program, accounting for 65 percent of total energy supplied. This strengthens our contracted revenue base while helping more commercial and industrial customers transition to renewable energy.
At the core of our execution strategy is safety. As construction activities intensified across our portfolio, we reinforced our safety systems, strengthened oversight, and deepened accountability at every level of the organization. Our objective remains unchanged: every project delivered safely, every day.
Financially, 2025 presented a more challenging operating environment. Weather-related disruptions, including typhoons in the Philippines, affected asset availability. Lower irradiance in key markets and softer spot market conditions also weighed on generation and revenues. Accounting provisions further impacted reported earnings.
Despite these headwinds, ACEN delivered resilient core performance. Core net income after tax reached ₱6.3 billion, up 4 percent year-on-year, while core attributable EBITDA increased by 17 percent to ₱22.5 billion.
These results reflect the growing contribution of newly operational assets, as well as the strength of our contracted and diversified portfolio.
Our expanding base of operating assets, together with our geographically diversified footprint and increased contracting, helped mitigate volatility and improve the quality of our earnings.
ACEN’s balance sheet also remains strong. Total assets reached ₱361.8 billion, up 10 percent from 2024. We closed the year with a net debt-to-equity ratio of 0.90, within both our internal and external thresholds. As we navigate a more complex market environment, we continue to take a prudent and disciplined approach to capital deployment.
In summary, ACEN’s focus is clear. As we scale, execution becomes even more critical. Our ability to deliver projects reliably—on time, on budget, and safely—will define the strength and sustainability of our growth.
We remain committed to advancing the energy transition in the Philippines and across the region, guided by discipline, resilience, and a clear sense of purpose.
On behalf of the management team, I thank our shareholders, partners, and our people across the organization for your continued trust, commitment, and support as we pursue our long-term vision with confidence.
ERIC FRANCIA
President & CEO