Vivant Corp. reported consolidated core net income of ₱784 million in the first half of 2026, with its water business posting an 86% increase in earnings even as the company’s overall core income declined by 19% year over year.
The diversified utility and infrastructure company said power generation remained its largest earnings contributor at ₱853 million, while its water business contributed ₱174 million to net income during the six-month period that ended June 30.
Vivant’s net income attributable to equity holders of the parent stood at ₱757 million, down 21% from the same period in 2025 after accounting for non-core items, including losses from unplanned plant downtime, foreign exchange gains and insurance proceeds.
“Vivant recognizes that uncertainties continue to persist. 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,” Vivant President and CEO Arlo G. Sarmiento said.
“Resources have been dedicated to ensure commitments are met, operational processes are strengthened, and restoration of these capacities at the soonest possible time,” he added.
Despite the lower earnings, consolidated revenues rose by 41% to ₱7.6 billion from ₱5.4 billion a year earlier, driven largely by higher power sales.
Power sales generated ₱6.3 billion, or 83% of consolidated revenues, increasing by 53% as six subsidiaries posted higher revenues.
Power generation remains largest contributo
Power generation accounted for 66% of the energy business’ earnings, contributing ₱853 million to Vivant’s net income.Oil plants generated ₱531 million, led by Meridian Power Inc. (MPI) and 1590 Energy Corp.
MPI, which operates a 70-megawatt facility in Cebu City, contributed ₱293 million as its energy sales volume increased by 139% year over year, mainly due to higher spot market sales.
1590 Energy, which operates a 225-megawatt plant in Bauang, La Union, contributed ₱204 million on stronger revenues from bilateral contracts, the Reserve Market and the Wholesale Electricity Spot Market (WESM).
However, wholly owned Delta P Inc., which operates a 31-megawatt off-grid facility in Puerto Princesa, recorded a ₱93 million loss after one of its engines went offline.
The company said the loss offset the positive performances of its other wholly owned off-grid plants, Calamian Islands Power Corp. and Isla Norte Power Corp.
Coal plants contributed ₱311 million, down 27% from the same period last year.
Abovant Holdings Inc., in which Vivant owns a 40% stake, contributed ₱472 million from its participation in the WESM and Reserve Market. Spot market volumes increased by 131%, while Reserve Market nominations rose by 25%.
Another 40%-owned subsidiary, Minergy Power Corp., contributed ₱197 million due to higher margins from the WESM and sales to retail electricity suppliers. Its WESM and retail sales volumes increased by 400% and 56%, respectively.
The performance of the coal portfolio was tempered by unplanned downtime involving two units of Therma Visayas Inc., which operates a 340-megawatt plant in Toledo City, Cebu.
Vivant’s first on-grid renewable energy facility, the 40%-owned Samal Solar Renewable Energy Corp., contributed ₱23 million to the power generation business. The 49.2-megawatt solar facility in Samal, Bataan, generated 40 gigawatt-hours during the first half.
Water business posts 86% earnings growth
Vivant’s water business emerged as one of the company’s stronger growth areas, contributing ₱174 million to net income, up from ₱93 million in the first half of 2025.
The increase was largely attributed to the recognition of concession assets operated by wholly owned Isla Mactan Cordova Corp. (IMCC) and 81%-owned Puerto Princesa Wastewater Reclamation and Learning Center Inc. (PPWRLC).
Vivant began recognizing finance income from IMCC following the signing in April 2025 of a joint venture agreement between Vivant Hydrocore Holdings Inc. and the Metropolitan Cebu Water District.
For PPWRLC, the service agreement with the Puerto Princesa city government took effect in July 2023, while the concession was recognized and consolidated in January 2026.
PPWRLC posted ₱15 million in net income from wastewater treatment services after handling 380 million liters during the first half.
IMCC recorded an earnings contribution of ₱181 million following the start of its water supply contract in April 2026.
Vivant’s water distribution businesses contributed nearly ₱1 million from less than three months of operations following the full acquisition of Bantayan Resource Management and Development Corp. and the start of commercial operations by Bantayan Island Water Solutions Corp. in April.
In early July, Vivant said its utility-scale desalination facility also began supplying the Metropolitan Cebu Water District with 5 million liters of potable water daily.
“Despite softer overall results from our energy business, we see bright spots across our businesses. The diversified nature of the Vivant portfolio cushioned the earnings impact in 1H2026,” Sarmiento said.
“Meanwhile, contributions from Vivant Water have been improving as we solidify our presence in bulk water, water distribution, and wastewater treatment,” he added.
Vivant expands renewable energy portfolio
Vivant also continued to expand its renewable energy portfolio as it works toward having renewable sources account for 30% of its total attributable capacity by 2030.
In June, Vivant Energy, through wholly owned Vivant Renewable Energy Corp., acquired 100% of Samar Philippines Renewable Corp., which is developing a 200-megawatt wind farm in Northern Samar targeted for completion in 2028.
Meanwhile, San Ildefonso Alternative Energy Corp., a wholly owned Vivant Energy subsidiary developing a 22-megawatt solar facility in San Ildefonso, Bulacan, began testing and commissioning in July.
Vivant’s portfolio of coal, oil, and solar facilities has a total gross installed capacity of about 1,176 megawatts, of which 471 megawatts is attributable to the company. Combined sales from these facilities reached 2,132 gigawatt-hours during the first half, up 7% year over year.
Vivant said its consolidated assets stood at ₱37.4 billion, while equity attributable to the parent amounted to ₱22.2 billion. Consolidated interest-bearing notes totaled ₱8.6 billion.
The company’s current ratio improved to 2.73 times as of June 2026 from 1.70 times at the end of 2025, while its debt-to-equity ratio rose to 0.55 from 0.48.
“Cognizant of existing and prospective headwinds, Vivant continues to implement cost optimization measures to protect our bottomline. Furthermore, the company remains to have a strong balance sheet that enables us to support current operations as well as invest in expansion projects,” Vivant Chief Finance Officer and Chief Risk Officer Minuel Carmela N. Franco said.
“Consequently, we further diversify our portfolio and ensure our medium and long-term profitability,” she added.
