ACEN Corp. First Take: Core NIAT dips 27% y/y on subdued spot prices, higher interest expense

Research evidence excerpt

ACEN Corp. First Take: Core NIAT dips 27% y/y on subdued spot prices, higher interest expense

J P M O R G A N Asia Pacific Equity Research

12 May 2026

ACEN Corp. Neutral

ACEN.PS, ACEN PM

First Take: Core NIAT dips 27% y/y on subdued spot Price (11 May 26):Php3.39

prices, higher interest expense Price Target (Dec-26):Php2.90

Our First Take: ACEN’s core NIAT dropped 27% y/y and 21% q/q to Php1.43bn,

delivering a miss, contributing only 23%/16% of JPM/Street’s FY26E vs. the usual

30-35% 1Q contribution during high wind season. Soft spot prices and a higher

interest expense, more than offset contained opex costs and steady generation

output delivery. One-off items in the quarter included a Php1.86bn impairment for

Vietnam operations on tariff uncertainty, a Php1.81bn revaluation gain from a step-

up acquisition in the India platform and a Php1.51bn one-time Meralco claim Power

ACwindfall, among others (Table 2). On a headline basis, net income reached Jelline Gaza, CFA

Php2.92bn in 1Q26, up 50% y/y and 47% q/q. Attributable energy output rose 31% (63-2) 8878-1131

y/y in 1Q26 (27% of FY26E) led by first full-quarter contributions from Stubbo jelline.gaza@jpmchase.com

Solar (Australia), Monsoon Wind (Lao-PDR) and the repaired Northern Luzon J.P. Morgan Securities Philippines, Inc.

Wind (PH), partially offset by weaker wind resources and solar irradiance at select Jeanette Yutan

assets. Subdued PH spot prices (-10% y/y to Php3.2/kWh) due to solarization and (63-2) 8878-1188

jeanette.g.yutan@jpmorgan.com

soft demand remained a drag, while Australia also saw lower merchant prices on J.P. Morgan Securities Philippines, Inc.

high coal availability and mild weather. Contracted capacity stood at 66%/33% for

Sumedh Samant, CFA

PH/Australia in the quarter. (66-2) 684 2682