Aboitiz Power Corp. reported a slight decline in core profit as the company grappled with higher financing costs and depreciation linked to its flagship coal project.

In a disclosure to the Philippine Stock Exchange on Thursday, Mar. 5, Aboitiz Power said its core net income slipped to ₱33.1 billion in 2025 from ₱33.7 billion a year earlier.

The company said the results were weighed down by expenses from the GNPower Dinginin facility, which AboitizPower began fully accounting for in March 2024. Without the Dinginin impact, core earnings would have trended higher.

The bottom line faced a sharper contraction when accounting for non-recurring items. Reported net income plummeted 43 percent to ₱19.5 billion from ₱33.9 billion in 2024. The drop was primarily driven by a partial impairment of the GNPower Mariveles Energy Center and fluctuations in foreign exchange and derivative gains.

Despite the decline in net profit, the company’s operational performance remained robust. Earnings before interest, taxes, depreciation, and amortization rose nine percent to ₱79.6 billion, supported by a diversified mix of new revenue streams.

AboitizPower benefited from the contribution of Chromite Gas Holdings Inc. and the activation of three major solar projects: the 159-megawatt-peak Laoag plant, the 45-megawatt-peak Armenia facility, and the 173-megawatt-peak Calatrava site.

Higher contracted capacity during the second half of 2025 also helped insulate the firm from softening prices in the Wholesale Electricity Spot Market. Total energy sales surged 21 percent to 43,718 gigawatt-hours, pushing generation and retail supply Ebitda up 11 percent to ₱73.7 billion.

The distribution business posted a more modest four percent increase in sales volume to 6,927 gigawatt-hours.

The utility is aggressively expanding its renewable energy footprint to balance its coal-heavy portfolio. A centerpiece of this strategy was the ₱36.3-billion acquisition of the 797-megawatt Caliraya-Botocan-Kalayaan hydropower complex in Laguna.

AboitizPower secured the asset through a competitive privatization process held by the Power Sector Assets and Liabilities Management Corp. (PSALM).

The government officially turned over the hydropower plants to the company in February 2026. The facility, one of the largest of its kind in the Philippines, is expected to be a contributor to the company’s cash flow moving forward while providing critical grid stability for the Luzon region.