CITICORE Renewable Energy Corp. (CREC) on Friday said its net income in the first quarter of 2026 reached P364.364 million, up 58 percent from the previous year’s P230.340 million, driven by the improved profitability of its growing renewable energy (RE) portfolio.
In its quarterly report, CREC said electricity sales remained the biggest contributor to revenues, making up 85 percent of the first three months’ total revenue of P1.14 billion.
By value, however, power sales, were down 18.7 percent year on year. Earnings before interest, taxes, depreciation, and amortization (Ebitda) grew 53 percent to P593 million from P388 million a year earlier. The solid Ebitda performance, CREC said, reflected the positive contribution of its expanding renewable energy portfolio and the resulting improvement in margins.
“CREC’s profitability has improved greatly as evidenced by our Ebitda, as we make way for our newly energized solar facilities attributed to our GEAP (Green Energy Auction Program) commitment, among others,” CREC President and CEO Oliver Tan said.
“Our Binalonan, Bolbok, and Pagbilao solar plants are scheduled for energization in the second quarter, and when those facilities come online, our revenues and earnings will reflect the full scale of what we have built,” he added.
The company plans to gradually reduce and unwind energy trading activities as additional solar plants are completed and energized. During the quarter, CREC energized its 125-megawatt (MW) Pangasinan solar project and 69-MW Negros Occidental solar project, bringing the company’s gross total renewable energy capacity to 791 megawatt-peaks (MWp) by end-March 2026.
The company added it is also set to energize more solar facilities in Pangasinan, Batangas, and Quezon in the coming quarters, with testing and commissioning activities currently under way.
“These recent energizations form part of our delivery of Green Energy Auction Program-Round 2 projects, showing our unwavering commitment in helping the government and the Filipino people move toward a truly renewable energy future. We remain determined to deliver our commitment to developing five gigawatts in five years,” Tan said.
