Vivant Strengthens Growth Outlook with Solar Acquisition as Core Income Climbs to PHP 2 Billion

Vivant Corporation reported a 24% year-on-year increase in consolidated core net income, reaching PHP 2.0 billion for the first nine months of 2025, supported by strong performance in its power generation business.

Including non-recurring items such as foreign exchange gains, insurance payouts, and cost reimbursements, the company’s net income attributable to equity holders rose 12% to PHP 1.9 billion compared to the same period last year.

“Vivant continued to show strong results despite the slower-than-expected GDP growth in the first nine months of the year. I am proud of the resilience of our teams as we navigated market challenges and saw positive results from our power generation, energy distribution, and wastewater treatment operations,” said Vivant CEO Arlo G. Sarmiento.

The company’s energy segment contributed PHP 2.5 billion to income, with power generation making up 63% or PHP 1.7 billion. Its 35%-owned Visayan Electric Company (VECO) contributed PHP 879 million, slightly higher than the PHP 871 million recorded in 2024, supported by increased sales across all customer categories.

Power generation revenues grew on the back of heightened activity in the Reserve Market (RM) and the Wholesale Electricity Spot Market (WESM), as well as income from Ancillary Services Procurement Agreements (ASPA). RM nominations across four conventional plants surged 192% from 2024 levels, led by 1590 Energy Corporation with 865 GWh.

Cebu Energy Development Corporation and North Bukidnon Power Corporation posted significant year-on-year increases in spot market sales, up 36% and 102% respectively.

Vivant’s water business also returned to profitability, recovering from a PHP 11-million loss in 2024 to post a PHP 184-million profit. The turnaround follows the start of finance income recognition from a 25-year joint venture between subsidiary Isla Mactan Cordova Corporation and the Metropolitan Cebu Water District.

Meanwhile, its 45%-owned Faith Lived Out Visions 2 Ventures Holdings, Inc. saw income contributions rise 13% to PHP 8 million, driven by improved operations at its Puerto Princesa wastewater treatment facility.

Consolidated revenues remained stable at PHP 8.9 billion, with reduced power sales offset by recognition of concession assets and higher interest income. Operating expenses increased 26% to PHP 1.2 billion, reflecting higher staffing costs, professional fees, and depreciation linked to recent asset acquisitions.

As of September 2025, Vivant reported total assets of PHP 33.3 billion and total equity of PHP 21.3 billion, with its debt-to-equity ratio improving to 0.44x from 0.49x at end-2024.

Sarmiento said the company is positioned to close the year on a strong note. The recent acquisition of a 40% stake in Samal Solar Renewable Energy Corporation (SSREC)—operator of a solar plant in Bataan—is expected to contribute immediately to earnings, with other development projects slated to support longer-term growth.

The SSREC acquisition adds 53.14 MW of solar capacity to Vivant’s portfolio, including 49.19 MW already operational since August. Full completion is expected in 2026, bringing Vivant Energy Corporation’s total attributable generation capacity to 471 MW.