Alternergy Holdings Corp. reported a slight decline in first-half profit as the renewable energy developer accelerated its project rollout, even as new solar capacity began contributing to the top line.

In a disclosure to the Philippine Stock Exchange on Friday, Feb. 13, Alternergy reported that its net income for the six months through December 2025 fell to ₱84.1 million, compared with ₱88.59 million a year earlier.

The modest earnings dip came despite a four percent rise in operating revenues during the October to December period, which reached ₱188 million from ₱181 million in the same quarter of the previous fiscal year.

The revenue growth was driven by the 28-megawatt-peak Balsik Solar Power Plant in Hermosa, Bataan. The facility, which commenced full operations in January, generated ₱13 million in test revenues during its commissioning phase, accounting for seven percent of the company’s total intake. These gains helped offset a slowdown in production at the 54-megawatt Pililla wind farm, which saw lower output during the period.

Alternergy’s portfolio continues to rely on a mix of operating assets, including the 12.5-megawatt Kirahon solar project and its solar rooftop installations for CityMall. The company is also integrating more complex technologies, such as the 15.3-megawatt-peak Palau solar project and its 12.9-megawatt-hour battery energy storage system.

The company is currently in a capital-intensive phase as it moves toward a series of project completions.

Alternergy President Gerry P. Magbanua said the financial results reflect the initial stages of a broader strategy to scale up. The firm expects a significant shift in its financial profile in 2026 as it inaugurates four major projects across its “triple play” portfolio of solar, wind, and run-of-river hydro technologies.

Expansion is being fueled by a ₱5.8 billion equity infusion, which is earmarked for the completion of the Tanay and Alabat wind farms along with the Balsik solar site.

To further bolster its balance sheet, Alternergy has approved a public offering of green perpetual preferred shares scheduled for later this year. The company aims to raise up to ₱3 billion through the sale of 30 million shares, with an oversubscription option for an additional 20 million shares.