October 30, 2025 | 12:00am
MANILA, Philippines — Aboitiz Power Corp. saw its earnings decline in the first nine months amid flattish growth in its generation and distribution businesses.
The company reported a core net income of P23.1 billion from January to September, down 15 percent from the P27.2 billion earned a year ago.
“The core net income for the first nine months of 2025 reflects the full impact of depreciation and interest expenses for GNPower Dinginin Ltd. Co. (GNPD), which AboitizPower began recognizing only in March 2024,” it said.
GNPD operates a 1,336-megawatt (MW) coal-fired power plant in Mariveles, Bataan.
In the nine-month period, beneficial earnings before interest, taxes, depreciation and amortization (EBITDA) were flat at P56.3 billion from P56.1 billion as lower spot market prices offset the contributions from new investments.
AboitizPower sealed in January a $3.3-billion deal with Meralco PowerGen Corp. and San Miguel Global Power Holdings Corp. to launch the country’s first and most expansive liquefied natural gas facility.
The company also recently activated its 173-MW-peak Calatrava Solar in Negros Occidental, 159-MWp Laoag Solar in Pangasinan and 45-MWp Armenia Solar in Tarlac.
Backed by these projects, AboitizPower posted an uptick in EBITDA for its generation and retail supply business to P50.9 billion from P50.6 billion, even amid softer energy prices.
Energy sales in this segment climbed by 19 percent to 32,138 gigawatt-hours from 26,910 GWh.
As for the distribution business, the company’s EBITDA marginally increased to P7 billion from P6.8 billion, driven by higher energy sales volume.
Electricity sales were said to have grown by five percent year-on-year to 5,166 GWh.
As of Sept. 30, AboitizPower’s consolidated assets stood at P584.3 billion.
As the Aboitiz Group’s energy arm, AboitizPower operated the largest portfolio of power generation assets in the Philippines as of July, according to the Energy Regulatory Commission.