AboitizPower Turns Earnings Surge and Chromite Capital Return Into Debt Reduction

Philippine power producer posts 32% revenue growth as stronger electricity prices, new generating capacity and a gas investment lift first-half results.

Aboitiz Power Corp. converted a sharp rise in first-half earnings and a multibillion-peso return of capital from Chromite Gas Holdings Inc. into an opportunity to reduce debt accumulated during a period of acquisitions and expansion.

The power producer reported ₱121.19 billion in operating revenue for the six months ended June 30, 2026, up 32% from ₱92.06 billion a year earlier. Operating profit increased 50% to ₱21.89 billion from ₱14.57 billion, as revenue growth outpaced the increase in operating expenses.

Net income attributable to AboitizPower shareholders climbed 45% to ₱18.42 billion, from ₱12.67 billion in the year-earlier period. Earnings per share advanced to ₱2.56 from ₱1.76. Consolidated net income, including earnings attributable to minority shareholders, rose to ₱20.14 billion from ₱14.04 billion.

The results reflect a business benefiting from stronger electricity-market prices while bringing recently acquired and newly completed assets into its earnings base.

AboitizPower said the ₱29.13 billion revenue increase was driven by stronger energy prices, higher contracted capacity, new solar plants, and the first contribution from the Caliraya-Botocan-Kalayaan hydroelectric complex, which was turned over in February. Energy sold by the generation and retail-supply businesses rose 17% to 22,764 gigawatt-hours, while the segment’s earnings before interest, taxes, depreciation and amortization increased 29% to ₱39.9 billion.

The company also benefited from a full six months of earnings from Chromite Gas Holdings, or CGHI. AboitizPower owns 40% of CGHI, which holds interests in the Ilijan gas-fired power plant, a 1,320-megawatt combined-cycle facility and an associated liquefied-natural-gas import and regasification terminal. AboitizPower completed the CGHI acquisition in January 2025 for a total acquisition price of ₱54.62 billion, including ₱8.02 billion of contingent consideration and transaction-related costs.

Earnings from associates and joint ventures increased 11% to ₱10.32 billion, from ₱9.31 billion. The company attributed the increase partly to CGHI’s full first-half contribution, along with improved earnings from Cebu Energy Development Corp. and dividends from Abaqa International Pte. Ltd.

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