Dear fellow shareholders,
2025 marked a year of consolidation for ACEN, as the Company strengthened the foundations required to support its continued growth.
Following a period of rapid expansion, the Board and management have focused on reinforcing two critical areas: balance sheet strength and organizational capability. These are essential to ensuring that ACEN’s growth remains sustainable in an increasingly complex and evolving market environment.
The Company maintained a sound financial position, supported by a continued emphasis on disciplined capital allocation, prudent leverage management, and maintaining financial flexibility. In the current environment—characterized by elevated interest rates and market volatility—these principles are more important than ever.
Ongoing shifts in the global energy landscape have underscored a fundamental point: the importance of energy security and indigenous energy sources. This has reinforced the strategic relevance of renewable energy, particularly in markets such as the Philippines, where reducing dependence on imported fuels remains a national priority.
Encouragingly, advances in technology, particularly the continued decline in battery storage costs, are improving the reliability and competitiveness of renewable energy.
This creates new opportunities to address intermittency and enhance the quality and dispatchability of clean power, further strengthening the investment case for the sector.
These developments have underscored the strategic importance of renewable energy—not only as a climate solution, but as a critical pillar of energy security. This reinforces the case for sustained, disciplined investment in the sector.
Against this backdrop, ACEN is well-positioned to benefit from these emerging tailwinds. The Company exited the year with positive momentum, supported by improving operating conditions and a growing base of operational assets. While we remain mindful of external risks, early indicators point to a more constructive outlook in the periods ahead.
Equally important has been the strengthening of the organization.
As ACEN expands across multiple markets, scale brings greater complexity. The Company has therefore continued to invest in building a more robust organization—enhancing governance frameworks, strengthening risk management systems, and deepening leadership and technical capabilities across the business.
The Board has remained actively engaged in overseeing these efforts, with a focus on ensuring that the Company’s systems, processes, and culture evolve in step with its growth. This includes continued attention to governance standards, financial oversight, and enterprise risk management.
The ACEN Board of Directors and some members of the Leadership Team at the 2025 Annual Stockholders’ Meeting
On behalf of the Board, I would like to express our appreciation to the ACEN management team and all employees for their discipline and commitment during this period. Their efforts have been instrumental in strengthening the Company’s foundation.
As we move forward, our focus remains clear: to ensure that ACEN’s growth is underpinned by financial strength, sound governance, and a capable organization.
With these in place, we are confident that ACEN will continue to create long-term value for our shareholders while contributing meaningfully to the global energy transition.
CEZAR CONSING
Chairman