ACEN Posts P3.9 Billion Profit as Renewable Output Climbs Across Four Markets

Earnings Jump on Asset Recovery and Retail Expansion

ACEN Corp. posted attributable net income of P3.9 billion in the first half of 2026, up 411% from P763 million a year earlier, according to the company. Revenue climbed 47% to P23.13 billion from P15.72 billion, reflecting contributions from newly operational renewable assets and growth in its retail electricity supply business.

The Manila-based renewable energy arm of the Zobel family credited the turnaround to the resumption of wind operations in Ilocos Norte and higher spot electricity prices. President and CEO Eric Francia described the period as a recovery from earlier operational challenges, with the firm now entering what he termed a phase of measured growth.

The company's attributable renewables portfolio reached 7,517 megawatts by mid-year, bolstered by the start of construction on 1,660 megawatt-hours of battery energy storage projects in the Philippines. ACEN is the largest renewable power retailer in the country, and its retail customer base expanded to 587 MW by the end of June.

Philippine Output Rises 17% as Wind Assets Return

Power generation from ACEN's Philippine portfolio grew 17% to 1,091 gigawatt-hours in the six months through June. The increase came as wind farms in Ilocos Norte, which had been offline, returned to full operation. Higher spot market prices and stronger electricity demand during the period further supported revenue growth.

The firm's retail electricity supply arm added new commercial and industrial customers, contributing to the revenue gain. ACEN has positioned itself to capture a larger share of the corporate power purchase agreement market, where long-term contracts offer more predictable cash flows than spot sales.

Australia, India Deliver Steady International Contributions

Outside the Philippines, ACEN generated 862 gigawatt-hours of renewable power in Australia, its largest international market. In India, attributable output held steady at 476 gigawatt-hours, with the newly commissioned 153-MW Maharashtra hybrid project adding capacity during the period.

Renewable generation across ACEN's other international markets rose 69% to 196 gigawatt-hours. The company operates assets in Vietnam and Indonesia, where grid integration timelines and regulatory frameworks have varied.

Chief Financial Officer and Chief Strategy Officer Jonathan Back said ACEN intends to pursue growth opportunities tied to what he described as a global shift toward indigenous renewable energy, while maintaining financial discipline and cost management across its portfolio.

Storage and Contracted Sales Take Priority

ACEN's strategy centers on expanding battery energy storage capacity and increasing the share of energy sold under long-term contracts. The firm has begun construction on four battery projects in the Philippines, with a combined capacity of 1,660 megawatt-hours. These systems are designed to store excess solar and wind output and release it during peak demand hours, when grid prices are highest.

Francia said the company's priorities include protecting its balance sheet, growing contracted energy sales, and expanding its storage asset base. The remarks signal a shift away from merchant exposure, where revenue depends on volatile spot prices, toward more stable contracted arrangements.

ACEN's first-half performance marks a contrast to 2025, when the firm faced headwinds from lower wind speeds and delays in bringing new projects online. The company has not provided full-year guidance, but the mid-year results suggest it is on track to exceed 2025 earnings.

The firm's parent, Ayala Corporation, has committed capital to ACEN's expansion in Southeast Asia and Australia, where renewable energy targets are tightening and coal retirements are accelerating. ACEN's ability to deliver returns on that capital will hinge on execution in battery storage, where competition is intensifying, and on securing long-term offtake agreements with corporate buyers and utilities.

Battery projects in the Philippines face regulatory uncertainty around grid access and ancillary service payments, which could affect project economics. ACEN has not disclosed the contracted portion of its storage pipeline, leaving open questions about revenue visibility for those assets once they come online.

The company's international portfolio, while growing, remains exposed to currency risk and regulatory shifts in markets where renewable subsidies are being scaled back. ACEN's ability to navigate those variables will determine whether the first-half surge translates into sustained profitability.