Cebu-based Vivant Corp. reported a 19-percent decline in consolidated core net income (CCNI) in the first half of 2026 as unplanned power plant outages and the prolonged war in the Middle East weighed on earnings.

In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, Aug. 12, Vivant said its first-half CCNI amounted to ₱784 million, lower than the ₱962 million recorded during the same period last year.

“Externally, the ongoing conflict in the Middle East, slower than expected economic growth prospects, and potential changes in industry regulations will continue to shape today’s business environment. Internally, the company also faced operational challenges with the unplanned downtimes of a couple of our conventional plants which affected our earnings in the first half of the year,” said Arlo G. Sarmiento, Vivant chief executive officer (CEO).

“Resources have been dedicated to ensure commitments are met, operational processes are strengthened and restoration of these capacities at the soonest possible time.”

Despite the recent challenges, its consolidated revenues jumped from ₱5.4 billion to ₱7.6 billion, with its power sales accounting for the majority of the earnings after six of its subsidiaries improved their performances.

Despite softer energy results, Sarmiento cited strong performances across its diversified portfolio, highlighting steady power generation, gains from its maiden solar plant, and expanding bulk water and wastewater operations.

Operating expenses (opex) increased by 16 percent to ₱994 million as of end-June, following workforce expansion, professional fees, and higher taxes and licenses that would help complete some of the company’s projects.

Its energy business had a ₱1.3-billion share in the overall net income, the majority of which was in power generation.

Total sales in its power plants grew by seven percent to 2,132 gigawatt-hours (GWh), while its recent power plant portfolio reached 1,176 megawatts (MW).

Among oil assets, which collectively brought in ₱531 million, Meridian Power Inc. (MPI) stood out as a primary driver, generating ₱293 million on a 139-percent surge in volume sold via the spot market.

On the coal side, overall contributions dropped 27 percent year-on-year to ₱311 million, with heavy-hitters Abovant Holdings Inc. (AHI) and Minergy Power Corp. (MPC) leading the gains. AHI generated ₱472 million behind strong Wholesale Electricity Spot Market (WESM) and reserve market participation, while MPC added ₱197 million through expanded WESM and retail electricity supply (RES) sales.

However, these gains were heavily diluted by unplanned downtime across two units at Therma Visayas Inc. (TVI), which recorded losses that significantly tempered the coal unit’s net earnings.

Its distribution utility (DU), Visayan Electric Co. (VECO), saw a six-percent decline in its net income contribution despite the slight energy volume growth to 2,049 GWh.

Its water business, on the other hand, improved its profit contribution to ₱174 million after surging 86 percent year-on-year, driven by the financial recognition of its water concession agreements in Cebu province and Puerto Princesa City, Palawan province.

Vivant Energy expanded its renewable portfolio by acquiring 100 percent of Samar Philippines Renewable Corp. (SPRC)—which is developing a 200-MW wind farm in Northern Samar province targeted for completion in 2028—and starting testing and commissioning for its wholly owned 22-MW solar plant in Bulacan province under San Ildefonso Alternative Energy Corp. (SIAEC) in July 2026. - Gabriell Christel Galang