ABOITIZ Power Corp. (AboitizPower) on Thursday reported a slightly lower core net income of P33.1 billion in 2025 from P33.7 billion in 2024, which it attributed to financing costs and depreciation related to unit GNPower Dinginin Ltd. Co.
In a disclosure, AboitizPower said core net income in 2025 would have been two percent higher year-on-year “if we exclude the impact of the depreciation and interest expense of GNPower Dinginin Ltd. Co., which the company only started recognizing in March 2024.”
Including foreign exchange and derivative gains and the partial impairment of GNPower Mariveles Energy Center Ltd. Co. (GMEC), AboitizPower said reported net income for 2025 was P19.5 billion, down 43 percent from the P33.9 billion reported in 2024.
Operational performance for the year remained strong, however, with earnings before interest, taxes, depreciation, and amortization (Ebitda) rising nine percent to P79.6 billion from P73.3 billion the year before.
AboitizPower said fresh contributions from Chromite Gas Holdings, Inc., the commissioning of new solar plants — the 159-megawatt peak Laoag, 45-MWp Armenia, and 173-MWp Calatrava facilities — and higher contracted capacity in the second half of the year more than offset the impact of weaker spot market prices.
Generation and retail electricity sales totaled 43,718 gigawatt-hours (GWh), up 21 percent from 36,004 GWh in 2024, leading to an 11-percent increase in Ebitda from this business to P73.7 billion.
Distribution sales grew four percent to 6,972 GWh in 2025, up from 6,631 GWh in 2024. Excluding the impact of one-offs, Ebitda contribution from this segment rose 2 percent year-on-year to P8.9 billion.
AboitizPower reported total consolidated assets of P622.8 billion as of end-2025, up 20 percent from the prior year, while cash and cash equivalents stood at P58.9 billion.
Interest-bearing liabilities totaled P332.5 billion, and equity attributable to parent shareholders stood at P200.7 billion.
The company’s net debt-to-equity ratio rose to 1.2x from 0.8x, attributed to bridge financing for investments in Chromite Gas Holdings Inc. and the Caliraya-Botocan-Kalayaan Hydroelectric Power Plant Complex.
For the fourth quarter alone, AboitizPower posted beneficial Ebitda of P23.3 billion, up five percent from the preceding quarter and 35 percent higher year-on-year, driven by higher margins in the generation segment amid increased contracted capacity.
This translated to a core net income of P10 billion for the period, higher by 54 percent compared to the same period in 2024.
However, due the recognition of nonrecurring losses and impairments, the company incurred a net loss of P3.9 billion during the quarter, reversing from the P6.6-billion profit booked a year earlier.
AboitizPower shares on Thursday rose P0.45, or 1.04 percent, to close at P43.75 each.
