Vivant Corporation (Vivant or “the Company”) (PSE: VVT) today reported Consolidated Core Net Income (CCNI) of Php 318 mn in 1Q2025, recording a significant 42% increase from the prior year.

Considering non-recurring income, which includes a one-time customer refund by the company’s DU due to unutilized regulatory-related costs and an adjustment in its distribution wheeling service charges, net income attributable to equity holders of the parent company stood at Php 284 mn, 26% higher than the level in 1Q 2024.

“The first quarter of 2025 saw healthy growth in our bottom line driven by the strong performance of our power generation and electricity distribution businesses. Furthermore, we are proud that earlier this year, our energy and water subsidiaries, namely Calamian Island Power Corporation (CIPC) and VHHI, signed new long-term agreements with their respective partners, affirming our commitment to delivering impactful projects that improve everyday living,” said Arlo G. Sarmiento, Vivant Corporation CEO.

Vivant’s energy business contributed a total of Php 505 mn to the company’s income. The distribution business was the biggest contributor, with Php 281 mn accounting for 56% of the total energy business

contribution. Power generation followed, contributing Php 277 mn. The retail energy segment had a loss contribution of Php 54 mn as the increase in solar rooftop revenues was offset by the retail electricity supply (RES) business due to the expiry of some of its customer contracts.

Power generation net income contribution grew by 94%, driven by the participation of four (4) of Vivant’s conventional plants in the Reserve Market (RM). Volumes nominated through the RM reached 346 GWh, over five times higher than the same period in 2024. Among them, 1590 Energy Corporation (1590 EC) recorded the largest jump in volume nominations with a 508% increase year-on-year (YOY).

Meanwhile, net income contribution from VECO increased by 4% as energy sales reached 934 GWh, also 4% higher. Residential sales led the growth with an 8% increase YOY, driven by warmer temperatures during the quarter. Commercial and industrial volumes followed, growing by 3% and 2%, respectively.

Vivant’s water business, which is still in its investment phase, had a loss contribution of Php 9 mn during the period.

Consolidated revenues reached Php 2.4 bn, 24% higher than the Php 1.9 bn recorded in 1Q 2024, primarily due to the combined effect of higher sales volumes from certain power generation assets and solar rooftop businesses, offset by lower sales from RES and engineering services.

Operating expenses increased by 19% to Php 355 mn, largely driven by increased headcount and higher professional fees brought about by business expansion initiatives and higher depreciation and amortization costs due to asset acquisitions in the latter part of 2024.

Vivant’s consolidated assets stood at Php 32.8 bn, while total equity attributable to parent was at Php
20.3 bn. Total consolidated interest-bearing notes amounted to Php 7.3 bn.

Vivant’s current ratio as of the end of March 2025 stood at 1.80x versus 2.40x at year-end 2024, while the debt-to-equity ratio was at 0.50x compared with 0.49x at year-end 2024.

The company recently achieved milestones on its pipeline of new projects under the energy and water SBUs.

In March, CIPC signed a 15-year power supply agreement (PSA) with Busuanga Island Electric Cooperative (BISELCO) for an additional 24 MW supply, signaling the start of the expansion project to increase the plant’s capacity to 33.8 MW in order to address the energy needs in Palawan.

In April, VHHI signed a 25-year JVA with MCWD, solidifying their partnership that will augment the bulk water supply of Metro Cebu with up to 20,000 cubic meters per day of treated and potable water. Testing and commissioning of the first utility-scale seawater desalination facility in the country is underway.

“Apart from these two projects, Vivant continues to look for opportunities to invest in the energy and water value chains. We expect marked progress in our renewable energy (RE) initiatives within the year as we move closer to our goal of achieving 30% RE by 2030 (30 by 30). Additionally, we intend to expand our wastewater treatment capabilities while we look forward to the success of the company’s first seawater desalination facility,” added Mr. Sarmiento