ACEN Corp. reported an attributable net loss of P609.25 million in the third quarter, reversing from a P1.03-billion profit a year earlier, as charges tied to damaged wind and solar facilities weighed on earnings despite stronger electricity sales.

According to the Ayala-led renewable energy company's financial report released on Wednesday, revenues for the July-to-September period rose 60.1% to P11.65 billion from P7.27 billion in the same quarter last year.

The company attributed the quarterly loss in part to provisions and dismantling costs associated with a wind turbine at its Pagudpud Wind project in Ilocos Norte, along with impairment charges stemming from cabling faults at New England Solar 1 in Australia. Total costs and expenses climbed 64% to P11.83 billion from P7.22 billion a year earlier. The swing to a loss despite 60% revenue growth highlights how damage-related charges can outweigh strong operational gains in a single quarter.

Even so, attributable electricity generation increased 19% to 1,926 gigawatt-hours (GWh), supported by contributions from newly operational renewable energy projects, while core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 23% to P6.3 billion during the quarter.

Nine-Month Results

For the first nine months of 2026, ACEN's attributable net income surged 83.9% to P3.29 billion from P1.79 billion a year earlier, and consolidated net income increased to P3.64 billion from P2.23 billion. Revenues for the January-to-September period climbed 51.2% to P34.77 billion from P22.99 billion, driven mainly by higher electricity sales.

Attributable renewable energy generation rose 23% to 5,950 GWh over the period, while core attributable EBITDA increased 35% to P21 billion. The nine-month results also included a P1.8-billion remeasurement gain arising from ACEN's acquisition of control over a joint venture in India during the first quarter. The nine-month growth therefore came with one-off items on both sides of the ledger: the India remeasurement gain lifting income, and the third-quarter asset charges weighing against it.

Philippine Operations

In the Philippines, renewable energy generation increased 13% to 1,502 GWh during the first nine months, supported by improved availability across the company's Northern Luzon wind portfolio. The domestic business generated P37.1 billion in attributable revenues, up 51% year on year, while attributable EBITDA rose 35% to P8.8 billion.

ACEN credited the growth to higher contracted electricity sales, including contributions from its supply agreements with Manila Electric Co., and the expansion of its retail electricity supply business.

"While most turbines at Pagudpud Wind and Capa Wind have returned to service, assessment and repair of the residual typhoon-related damage remained under way at the end of the quarter," ACEN said.

Australia and India

Attributable electricity generation in Australia rose 48% to 1,303 GWh, aided by lower grid curtailment, stronger solar irradiance at New England Solar 1, and contributions from Stubbo Solar. The Australian business reported a 73% increase in attributable revenues to P3.1 billion.

Earnings, however, were affected by lower merchant electricity prices, cabling faults at New England Solar 1, and depreciation and interest expenses following the start of commercial operations at Stubbo Solar. ACEN said repairs to the cables at New England Solar 1 were targeted for completion by December 2026. Together with the continued assessment of typhoon-related damage at Pagudpud Wind and Capa Wind, the completion of those repairs will be an operational item to watch as ACEN works through the issues behind the third-quarter charges.

In India, attributable electricity generation increased 22% to 672 GWh, supported by contributions from a newly commissioned hybrid project, while attributable revenues from the Indian operations rose 22% to P1.3 billion.

Portfolio Expansion

ACEN President and Chief Executive Officer Eric T. Francia said the company continued to expand its renewable energy portfolio as more projects entered operation.

"As we build on this growth, our focus is increasingly on execution, operational excellence, and profitability. Our priority is to realize the full potential of our platform and deliver sustainable long-term value," Mr. Francia said.

The company's attributable renewable energy portfolio stood at approximately 7.48 GW, spanning operational, under-construction, and committed projects. ACEN has operations and investments in the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States. With operations across seven markets, quarterly results fold together country-specific factors — typhoon damage, cabling faults, grid curtailment, and merchant electricity prices among them — all of which featured in this report.

At the local bourse on Wednesday, ACEN shares fell 2.61% to close at P2.61 apiece. — Sheldeen Joy Talavera