VIVANT Corp. on Thursday said first-quarter earnings were relatively flat year-on-year as its off-grid power business incurred losses, offsetting gains booked by its on-grid generation, and expanding water businesses.
In a disclosure, the Cebu-based power producer, distribution utility (DU), and retail electricity supplier (RES), said consolidated core net income (CCNI) stood at P313 million, while net income attributable to equity holders of the parent slipped six percent to P267 million. This was after accounting for noncore items, including losses from the unplanned outage of a subsidiary’s generating unit and foreign exchange gains.
Arlo Sarmiento, CEO of Vivant, said the CCNI of P313 million “was supported by the steady contribution of our DU business, reliable performance of our on-grid generation assets, improving results from our RES arm, and the positive contribution of our growing water business.”
The company said consolidated revenues rose 9 percent from a year ago to P2.6 billion, driven by higher electricity sales and finance income from water concession businesses.
The energy business contributed P476 million to earnings, with power distribution accounting for the largest share at 56 percent or P267 million.
Vivant’s 35-percent owned utility Visayan Electric Co. sold 975 gigawatt-hours (GWh) of electricity during the quarter, although its contribution was down 6 percent from the previous year due to a high base effect from prior-period back charges booked in 2025.
Meanwhile, the power generation business contributed P233 million, down 16 percent year-on-year, as gains from on-grid facilities were offset by losses from off-grid assets.
Vivant said its portfolio of coal, oil, and solar plants delivered 886 GWh during the quarter, with on-grid assets accounting for 827 GWh.
Among its key generating assets, 40-percent owned Abovant Holdings Inc. contributed P114 million, supported by a 108-percent increase in volume sales to the Wholesale Electricity Spot Market (WESM).
Meanwhile, 40-percent owned Minergy Power Corp. posted a 69-percent increase in revenue contribution to P79 million thanks to higher spot market sales.
Wholly owned subsidiary Meridian Power Inc. also recorded improved earnings as higher WESM margins boosted contribution by 14 percent to P46 million.
Vivant’s renewable energy venture, Samal Solar Renewable Energy Corporation, contributed P9 million during the quarter from its 49.2-megawatt solar facility in Samal, Bataan.
However, revenue from off-grid operations dropped because of lower electricity sales, higher generation costs, and preventive maintenance activities. Subsidiary Delta P Inc. posted a loss after one of its engines suffered downtime.
The company’s retail electricity supply arm, Corenergy, sold 91 GWh to contestable customers during the quarter, up 43 percent from a year ago, as its customer base expanded.
Vivant’s water business contributed P75 million to earnings, reversing a P12-million loss recorded in the same period last year, driven by finance income from concessions of wholly owned Isla Mactan Cordova Corp. and majority-owned Puerto Princesa Wastewater Reclamation and Learning Center Inc.
Vivant said it also increased its stake in Faith Lived Out Visions 2 Ventures Holdings Inc. to 90 percent in March as part of efforts to strengthen its wastewater treatment business.
As of end-March 2026, Vivant’s consolidated assets stood at P36 billion, while total equity attributable to the parent reached P22.5 billion. Its debt-to-equity ratio was at 0.49 times.
The company’s shares on Thursday were unchanged at P21.00 each.
