Vivant Corporation (Vivant or “the Company”) (PSE: VVT) today reported Consolidated Core Net Income (CCNI) of Php 1.9 bn in 9M2025, reflecting a 24% increase from the same period in 2024.
Accounting for non-recurring items, which includes a foreign exchange gain (net) of the Parent Company, insurance proceeds and a cost reimbursement of certain power subsidiaries, Net Income Attributable to Equity Holders of the Parent Company stood at Php 1.9 bn, 12% higher than 9M2024.
“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 Arlo G. Sarmiento, Vivant Corporation CEO.
Vivant’s energy business contributed a total of Php 2.5 bn to the Company’s income. Power generation represented 63% of the total, contributing Php 1.7 bn. This was followed by the DU business which recorded Php 879 mn in contribution. However, the retail energy segment had a Php 79 mn loss contribution primarily due to a lower average selling price from the retail electricity supply (RES) sales in 9M2025.
Vivant’s portfolio of conventional plants delivered a total of 3,211 GWh in the first nine months of 2025. On-grid volumes totaled 3,015 GWh while off-grid assets sold 196 GWh of energy to its customers. Overall energy volumes sold saw a 15% decline during the period. Nonetheless, the net income contribution of the power generation business grew by 12% to Php 1.7 mn driven by trading gains from the participation of certain plants in the Reserve Market (RM) and Wholesale Electricity Spot Market (WESM), as well as revenue from Ancillary Services Procurement Agreement (ASPA) contracts.
Notably, RM nominations across four participating plants increased 192%, augmented by the low base effect of the temporary suspension of the RM in 2024. 1590 Energy Corporation (1590 EC) has the highest volume of RM nominations at 865 GWh.
Meanwhile, North Bukidnon Power Corporation (NBPC) and Cebu Energy Development Corporation (CEDC) recorded the highest YOY increase in spot market energy sales at 102% and 36% respectively. Total volume sold through ASPA contracts was also 9% higher due to the energy dispatched by Therma Visayas, Inc. (TVI) and Meridian Power, Inc. (MPI).
Net income contribution from VECO was at 879 mn, slightly up from Php 871 mn the prior year, driven by the 3% growth in DU sales volumes. Residential customers recorded the highest increase in volume sold at 4%, followed by industrial at 3% and commercial at 2%.
Vivant’s water business recorded a positive Php 184 mn income contribution in 9M2025 compared with the Php 11 mn loss recorded in the same period the prior year. In June 2025, the company began recognition of finance income from the concession of 100%-owned Isla Mactan Cordova Corporation (IMCC) as a result of the signed 25-year joint venture agreement between VHHI and Metropolitan Cebu Water District (MWCD) to supply Metro Cebu with water clean and potable water.
Furthermore, income contribution from the 45%-owned Faith Lived Out Visions 2 Ventures Holdings, Inc. (FLOWS) increased by 13% to Php 8 mn due to improved sewage operations of Puerto Princesa Water Reclamation and Learning Center, Inc. (PPWRLC) as a result of higher volumes and an upward adjustment in service fee per cubic meter as provided by its service contract.
Consolidated revenues stood at Php 8.9 bn, largely flat compared with last year. The drop in revenues from the sale of power and equity in net earnings from joint ventures and associates was offset by the positive effect of the concession asset recognition and increase in interest income. Sale of power accounts for majority of the revenues representing 77% of total.
Operating expenses increased by 26% to Php 1.2 bn driven by increased employee headcount, higher professional fees and outside services, and higher depreciation and amortization costs due to asset acquisitions since late 2024.
Vivant’s consolidated assets stood at Php 33.3 bn while total equity attributable to parent was at Php
21.3 bn. Total consolidated interest-bearing notes amounted to Php 6.9 bn.
Vivant’s current ratio as of the end of June 2025 stood at 2.10x versus 2.40x at year-end 2024, while debt-to-equity ratio was at 0.44x compared with 0.49x at year-end 2024.
Outlook
“As we head to the fourth quarter of 2025, we expect to close the year strong. The recent acquisition of a minority stake in Samal Solar Renewable Energy Corporation (SSREC) which operates a solar power plant in Bataan will bring immediate value to the bottom-line while we expect the upcoming completion of our other business development initiatives to spur future growth,” added Mr. Sarmiento.
In September 2025, Vivant Energy acquired a 40% equity stake in SSREC, developer and operator of a 53.14 MW solar plant in Samal, Bataan. 49.19 MW of the plant’s capacity began commercial operations in August this year while the remaining 3.95 MW expansion is targeted to be completed in 2026. The acquisition effectively increased the total attributable operating generation capacity of Vivant to 471 MW.