Business Performance
In 2025, we sharpened our focus from rapid expansion to disciplined execution. 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.
As our portfolio scaled, we prioritized the timely and cost-efficient conversion of projects under construction into operating assets—delivering on time, on budget, and with safety as a non-negotiable.
This shift reflects a stronger emphasis on execution discipline, operational rigor, and financial resilience in a more challenging external environment.
Operational execution: Delivering at scale
Delivering projects on time and within budget is a core measure of execution discipline. In 2025, we demonstrated this capability through the delivery of key assets across our portfolio, reinforcing our ability to execute at scale under varying market conditions.
In December 2025, our 520 MW Stubbo Solar project in Australia was completed on schedule and within approved budget, reflecting strong project management and disciplined supply chain execution.
Beyond delivery, Stubbo Solar marks our entry into the Central-West Orana Renewable Energy Zone (REZ), strengthening our position in one of Australia’s priority renewable energy regions. It demonstrates our ability to execute large-scale infrastructure in developed markets while maintaining rigorous cost and schedule control.
In August 2025, the 600 MW Monsoon Wind project in Lao PDR, where we hold a 25 percent economic interest, was delivered ahead of schedule and within budget.
As the region’s first cross-border renewable energy project, Monsoon Wind required complex coordination across regulatory frameworks, transmission infrastructure, and multiple stakeholders. Its successful delivery reinforces our capability to execute beyond domestic markets while maintaining disciplined execution across jurisdictions.
Converting construction to operations
Beyond project delivery, a key priority in 2025 was accelerating the transition of assets under construction into commercial operations. As our pipeline matured, execution discipline extended to ensuring a seamless shift from construction to steady-state operations.
We focused on minimizing commissioning delays, strengthening operations and maintenance readiness, and improving coordination across engineering, procurement, and operations teams.
These efforts contributed to a more efficient construction-to-COD cycle, with commissioning timelines improving across key projects. In 2025, we brought approximately 780 MW of capacity into commercial operation, reflecting stronger execution across project delivery and transition.
Safety as a core execution metric
Safety is a core component of execution discipline. In 2025, we recorded zero work-related fatalities and achieved 15.9 million safe man-hours. We also recorded a Total Recordable Injury Rate (TRIR) of 1.57, significantly lower than the national average of 22.41, reflecting continued improvement in our safety performance across operations and construction sites.
600 MW Monsoon Wind, the first cross-border wind farm located in Lao PDR, delivers clean electricity to Vietnam.
Our approach is clear: growth must not come at the expense of workforce safety. Health and safety performance is embedded across our operations and contractor base, reinforcing a zero-harm culture in every geography.
7 GW
Attributable renewables capacity
2025 Financial performance
Core attributable EBITDA
₱22.5 billion
17% increase YOY
Core net income after tax (NIAT)
₱6.3 billion
4% increase YOY
2025 tested our operational resilience amid a more complex external environment. Weather-related disruptions, including typhoon impacts in the Philippines, affected asset availability.
Lower irradiance in the Philippines and Australia tempered generation, while softer spot market conditions, price volatility, and broader macroeconomic pressures weighed on revenues.
These factors, alongside a non-recurring impairment related to an asset in Vietnam, influenced reported earnings for the year.
Despite these headwinds, we maintained disciplined financial and operational management. Cost controls were strengthened, operational efficiency improved, and our portfolio was actively balanced across markets.
The contribution of newly operational assets, together with our diversified geographic footprint, helped mitigate volatility.
As a publicly listed company in the Philippines, we hold our analyst and investor briefing quarterly to share key updates on our business, financial performance, and strategic priorities.
At the same time, we strengthened our revenue profile through increased contracting and the continued growth of our retail supply business.
Core earnings remained stable despite these external pressures—reflecting the increasing contribution of operating assets delivered with disciplined execution.
Recurring income, which excludes non-recurring items such as impairment charges and value realization proceeds, grew by 4 percent year-on-year to ₱6.3 billion. Attributable EBITDA increased by 4 percent, while core attributable EBITDA—excluding value realization gains and interest income—rose by 17 percent to ₱22.5 billion, reflecting the expanding contribution of new operating assets, including Stubbo Solar and Monsoon Wind.
Net income after taxes (NIAT) totaled ₱3.8 billion, reflecting the impact of external conditions and non-recurring items during the year.
Our balance sheet remained strong, with total assets reaching ₱361.8 billion, up 10 percent from 2024. We closed the year with a net debt-to-equity ratio of 0.90, within internal and external thresholds.
We further strengthened our financial position through key funding initiatives, including AU$750 million in portfolio debt financing for ACEN Australia and up to ₱34.4 billion in senior secured green term loans for the first phase of the Quezon North Wind project. These actions reinforce our financial flexibility and support continued disciplined execution.
“In a year shaped by external volatility, our focus remained clear: keep a strong balance sheet, strengthen recurring revenues, and deliver disciplined execution. The result is a more resilient earnings profile and a platform well-positioned for sustained growth.”
JONATHAN BACK
Group Chief Finance Officer
& Group Chief Strategy Officer
Strategic business highlights
The global energy transition continued to accelerate in 2025, with renewable energy outpacing coal in power generation for the first time. Solar and wind accounted for the majority of new capacity additions globally, with solar PV comprising around 80 percent of installations.
In the Philippines, policy momentum continued to support the energy transition, with competitive auctions and market reforms advancing renewable energy deployment and investment.
Philippines
In our home market, we focused on strengthening operational resilience and advancing our pipeline. Our total attributable renewable capacity in the Philippines reached 2,519 MW as of March 2026, reflecting continued growth in our operating portfolio.
Following Typhoon Marce in late 2024,
we prioritized the restoration of our 160 MW Pagudpud Wind and 70 MW Capa Wind projects, with most turbines restored in time for the fourth-quarter wind season, supporting a recovery in output.
The Ayala Museum has transitioned to 100 percent renewable energy through ACEN RES, demonstrating strong synergy within the Ayala group. Ayala Foundation Chairman Fernando Zobel de Ayala (center) received the “Powered by Renewable Energy” badge alongside ACEN CEO Eric Francia and key ACEN executives.
We also advanced key developments for additional capacity secured under the Green Energy Auction Program (GEAP), including the 69 MW Sual Solar and 230 MW Laguna East Wind projects.
At the same time, we expanded into offshore wind in Camarines Sur through our partnership with Copenhagen Infrastructure Partners (CIP), positioning ACEN in one of the Philippines’ first large-scale offshore wind developments.
Our retail arm, ACEN Renewable Energy Solutions (RES), continued to expand its customer base, increasing its portfolio by 29 percent year-on-year to 482 MW across 753 customers.
ACEN RES maintained market leadership under the Green Energy Option Program (GEOP) in 2025 according to a Philippine Electricity Market Corp (PEMC) report, accounting for 65 percent of total energy supplied—strengthening our contracted revenue base and supporting the decarbonization of commercial and industrial customers.
Across our Philippine portfolio, projects under construction progressed in line with schedule, with several assets advancing toward commercial operations between 2026 and 2027.
Retail electricity supply performance
65%
Market share in the GEOP
ACEN RES customer growth
Customer profile
“At ACEN Australia, we focus on the fundamentals — integrated development, project delivery, grid integration, and asset performance. As the portfolio continues to scale and storage expands, we are strengthening our ability to deliver reliable, dispatchable renewable energy.”
JOSE MARIA ZABALETA
Group Chief Operating Officer
& Group Chief Development Officer
Australia
In Australia, we continued to strengthen one of our core markets, with total attributable renewable capacity reaching 1,242 MW as of March 2026.
The completion of the 520 MW* Stubbo Solar project marked a defining milestone for our platform. Delivered on time and within budget, Stubbo Solar is now one of the largest operating solar farms in Australia and represents our entry into the Central-West Orana Renewable Energy Zone (REZ)—one of the country’s most strategically important renewable energy hubs.
Stubbo Solar also became the first solar generator supported by a Long-Term Energy Service Agreement
(LTESA) with the New South Wales government to achieve full commercial operations, reinforcing the project’s alignment with Australia’s energy transition framework. The project drove an 84 percent year-on-year increase in output for our Australian platform.
The REZ is expected to host 7-8 GW of renewable energy and storage capacity, supported by new transmission infrastructure to be developed by an independent network provider. Positioned at the heart of this region, Stubbo Solar establishes ACEN’s foothold in what is set to become a major center of clean energy generation in New South Wales.
Building on this foundation, we are advancing a pipeline of projects within the Central-West Orana region,
including Birriwa Solar and BESS, Valley of the Winds, and the Phoenix Pumped Hydro project—collectively representing approximately 3 GW of potential capacity. Together, these developments position ACEN as one of the leading players in the REZ, supporting the large-scale integration of renewable energy into the grid.
Alongside solar development, we are advancing investments in energy storage, with construction now underway for the 200 MW/2-hour New England Battery Energy Storage System (BESS). This initiative is expected to enhance dispatchability, improve system reliability, and reduce exposure to spot market volatility.
ACEN Australia Managing Director David Pollington, President & CEO Eric Francia, and Group Chief Development Officer Jose Maria Zabaleta with NSW Energy Minister Hon. Penny Sharpe, MLC during the opening of the 520 MW Stubbo Solar in New South Wales on October 31, 2025.
*Solar capacity is presented in MWdc in the Philippines. In Australia, solar capacity is typically reported in MWac.
India
In India, we continued to strengthen one of our core markets, with total attributable renewable capacity reaching 1,797 MW as of March 2026, supported by a growing operating portfolio and a robust development pipeline.
In 2025, projects under construction expanded to over 1,200 MW of attributable capacity, with several assets progressing steadily toward completion. This includes the Maharashtra Solar-Wind Hybrid project, which has begun partial commissioning, with approximately 50 MW already operational and full completion targeted in the first quarter of 2026.
Operating performance remained stable, with output increasing by 7 percent year-on-year to 769 GWh, supported by full-year contributions from the 420 MW Masaya Solar project and the phased commissioning of new capacity.
We also strengthened our platform through the consolidation of our joint venture with UPC Renewables in February 2026, resulting in full ownership of ACEN’s India platform. Following the transaction, we now hold a 1,059 MW portfolio across operating, under construction, and advanced development assets in Rajasthan and Karnataka, alongside a development pipeline of nearly 7 GW.
Construction continues to progress across
key projects, including Tejorupa Solar, Sheo 1 and 2 Hybrid, and Bijapur Wind, all targeted for substantial completion between 2026 and 2027—reinforcing the scale and visibility of our growth in India.
Vietnam and Lao PDR
In Vietnam and Lao PDR, we continued to strengthen our presence in the Mekong region, with total attributable renewable capacity reaching 1,015 MW as of March 2026.
The completion of the 600 MW Monsoon Wind project in Lao PDR marked a major milestone for our regional platform. As Southeast Asia’s first cross-border renewable energy project delivering clean electricity to Vietnam, Monsoon Wind demonstrates the viability of large-scale renewable energy integration across borders.
We hold a 25 percent economic interest in the project, which reflects our long-term commitment to developing cross-border renewable energy solutions in the region.
By delivering utility-scale wind power from Lao PDR into Vietnam, the project supports regional energy security, enables more efficient use of renewable resources,
and advances ASEAN’s long-term vision for greater grid interconnection.
The project also reflects over a decade of wind resource development and close coordination across regulatory frameworks, transmission infrastructure, and multiple stakeholders—highlighting our ability to execute complex cross-border projects.
In 2025, the contribution of Monsoon Wind, together with improved wind resources and the acquisition of BIM Group’s renewable energy platform, drove strong operating performance across the platform, with output reaching 1,866 GWh, up 29 percent year-on-year.
We continue to monitor market developments in Vietnam while maintaining a disciplined approach to capital deployment, as we build on our presence in the region and assess future growth opportunities.
A proud moment with partners and leaders across Southeast Asia as we celebrated the commercial operations of the 600 MW Monsoon Wind, the first wind farm in Lao PDR and the largest in the region.
“Operating across multiple markets requires consistency in execution and discipline in capital deployment. By advancing projects on schedule and managing cross-border complexity, we are building international platforms that can deliver reliable performance at scale.”
PATRICE CLAUSSE
Group Chief Investment Officer
Other markets
In our other markets, we continued to expand our presence selectively, with total attributable renewable capacity reaching 428 MW as of March 2026.
In Indonesia, construction of Unit 7 of the Salak Geothermal project in Java progressed to 38 percent completion. The project, where we hold a 15 percent economic interest, is expected to generate approximately 320 GWh annually upon commercial operations in 2027, supporting our participation in baseload renewable energy and diversifying our technology mix.
Across other markets, we strengthened
our footprint through selected investments, including new solar assets in Malaysia and operating wind assets in the United States. These investments broaden our geographic and technological exposure while supporting overall portfolio resilience.
We continue to take a disciplined approach to expansion in these markets, focusing on opportunities that complement our core portfolio and deliver long-term value.
ACEN Australia’s 200 MW/2 New England Battery Energy Storage System (BESS) began construction in 2025. It is the first large-scale battery storage project to be built in New England.
Outlook
The events of 2025 underscored both the opportunities and complexities of the energy transition. While external conditions remain dynamic, our core business continues to demonstrate resilience, supported by a growing operating portfolio and a more disciplined approach to execution.
As we move into 2026, we are continuing our shift from growth acceleration to optimizing returns. We will prioritize operational excellence, strengthen cost governance, and maintain balance sheet discipline as projects scale in size and complexity.
We will take a measured approach to growth, deploying capital selectively toward opportunities that deliver strong risk-adjusted returns while protecting overall portfolio performance. We have allocated approximately ₱80 billion in capital expenditure for 2026 to support our continued growth.
At the same time, we will further strengthen our revenue profile through increased contracting across retail supply, wholesale agreements, and government auctions, alongside targeted investments in battery storage to enhance reliability and manage market exposure.
Safety remains non-negotiable. As activity continues across our sites, we will reinforce governance, oversight, and accountability to ensure that execution is delivered responsibly and without compromise to workforce well-being.
Looking ahead, we remain focused on our core markets—the Philippines, Australia, and India—where we expect the majority of growth in capacity, generation, and financial returns. In parallel, we will continue to advance opportunities in selected markets, including Vietnam and Indonesia, supporting further diversification of our portfolio.
Our direction is clear: to convert scale
into sustained value. Through disciplined execution, stronger cost control, and a continued focus on operational excellence, we are positioning ACEN to deliver resilient, long-term returns in an increasingly complex energy landscape.
~₱80 billion
2026 capital expenditure allocation