Vívant Corporation (Vívant or “the Company”) (PSE: VVT) reported a 2025 Consolidated Core Net Income (CCNI) of Php 2.7 billion, recording a 21% increase from the previous year.
Accounting for non-core items, which includes a gain from a share purchase transaction and the losses incurred due to an unplanned downtime of a subsidiary’s generating unit, Net Income Attributable to Equity Holders of the Parent Company (NIAT) also stood at Php 2.7 billion, 15% better than 2024.
“Vívant Corporation recorded a double-digit expansion in earnings in 2025 with our CCNI reaching Php 2.7 bn, 21% higher than the prior year. This was driven by the strong performance of Vívant Energy’s portfolio of generation assets, particularly our oil plants, and the steady contribution of our electricity distribution business. Meanwhile, Vívant Water is slowly pivoting from an investment-heavy phase to a revenue-generating one, as it starts to recognize the value of our concessions.” said Arlo G. Sarmiento, VVT CEO.
Vívant Energy contributed Php 3.4 bn to the Company’s net income. Power generation represented 73% of the total energy business profits, contributing Php 2.5 bn. This was followed by the DU business which recorded Php 1.1 bn in contribution. However, the retail energy segment had a Php 160 mn loss contribution primarily due to the higher cost of power during the year.
Vívant’s portfolio of plants, which includes oil, coal and solar assets, delivered a total of 4,441 GWh. On grid volumes totaled 4,171 GWh while off grid assets sold 270 GWh of energy to its customers. Overall energy volumes sold saw an 11% YoY decline. Despite the decline in volumes, the power generation earnings were sustained by Reserve Market (RM) profits.
RM nominations across four participating conventional plants increased over 1.7 times to 1,647 GWh, translating to combined revenues of Php 2.5 bn. This amount more than doubled compared to the prior year, primarily due to the low base effect of the temporary suspension of the RM in 2024.
Notably, SSREC, which owns and operates a 49.2 MW solar facility in Bataan, also contributed Php 3 mn to the Company’s bottomline as a result of three months of operations. Recall that in September 2025, Vívant Energy acquired a 40% stake in SSREC, effectively increasing the total attributable capacity of Vívant to 471 MW and diversifying its portfolio of generation assets to include RE.
Net income contribution from VECO was at Php 1.1 bn, 13% lower YoY. An Energy Regulatory Commission (ERC)-mandated one-time refund to customers for unutilized regulatory costs and a loss recorded due to the impact of Typhoon Tinio offset the positive contribution of the 3% growth in volumes to 4,033 GWh.
Vívant’s water business recorded a positive Php 218 mn income contribution in 2025, a reversal of the Php 9 mn loss recorded in the prior year.
In April 2025, a 25-year Joint Venture Agreement (JVA) was signed between Vívant Hydrocore Holdings, Inc. (VHHI) and Metropolitan Cebu Water District (MWCD) to supply Metro Cebu with potable water from the 20 megaliter per day (MLD) seawater desalination plant of Isla Mactan Cordova Corporation (IMCC). As a result, while the plant was not yet fully operational, finance income from the concession asset was recognized in the Company’s books beginning the second quarter of 2025.
Furthermore, income contribution from Faith Lived Out Visions 2 Ventures Holdings, Inc. (FLOWS) was steady at Php 10 mn as total volume of treated wastewater reached 816 mn liters in 2025, marginally higher compared with 2024.
Vívant’s consolidated revenues stood at Php 12.4 bn, higher by 2% compared with 2024. This increase was due to higher revenues from the sale of power and the finance income recognized from the concession asset of IMCC. Revenues from the Sale of Power increased by 4% due to the combined effect of higher revenues from the participation of two subsidiaries in the RM, higher volumes from majority owned conventional plants in Bukidnon, and increased energy sales from Corenergy.
Operating expenses increased by 10% to Php 1.8 bn driven by increased employee headcount, higher professional fees and outside services, and higher depreciation and amortization costs due to fixed asset acquisitions since late 2024 and major capital expenditures during the year.
Vívant’s consolidated assets stood at Php 35.3 bn while total equity attributable to parent was at Php 22.2 bn. Total consolidated interest-bearing notes amounted to Php 7.5 bn.
Vívant’s current ratio as of the end 2025 stood at 1.70x versus 2.40x at year-end 2024, while debt-to-equity ratio was at 0.48x compared with 0.49x at year-end 2024.
Company Milestones
Several milestones were achieved by VVT’s business segments since the last quarter of 2025 until early 2026. These moved the Company closer to its goals and prepared itself for upcoming industry developments.
In November 2025, the Department of Energy (DOE) issued the Notice of Award (NOA) for the 17.5 MW solar project in Bohol, which has a delivery date of December 2028. This followed the successful conduct of the fourth round of the Green Energy Auction Program (GEA-4), to which Vívant Energy participated and won through wholly owned subsidiary Isla Este Renewables Corporation (formerly Bohol Renewable Power Corporation).
Also in November, Corenergy relaunched its brand, in preparation for the lowering of the eligibility threshold for the Retail Competition and Open Access (RCOA) and Retail Aggregation Program (RAP) to an average peak demand of 100 kW, effective June 26, 2026. In line with this, the RES business built its teams and developed a technology platform envisioned to improve the overall customer experience.
In December, Vívant Energy signed a 15-year PSA with the Province of Siquijor Electric Cooperative (PROSIELCO) totaling 11 MW of capacity. Under the deal, Vívant Energy, through a wholly owned subsidiary, will start delivering energy to various municipalities in Siquijor within the second half of 2026.
In March 2026, Vívant Hydrocore Holdings, Inc. (“VHHI”), a subsidiary of Vívant Water, strengthened its position in the wastewater treatment sector by increasing its equity stake in FLOWs to 90%. FLOWs serves as the private sector partner of the local government of Puerto Princesa in the Puerto Princesa Wastewater Reclamation and Learning Center, Inc. (PPWRLC), the city’s sole wastewater and septage treatment facility.
Outlook
“In 2025, alongside our positive results, we continued to develop to be a more resilient and agile organization. I am proud of the rigorous work that our Bais (employees) are doing to strengthen our systems and processes in preparation for existing and potential headwinds. These initiatives have become more crucial, especially in light of recent geopolitical developments in the Middle East. Looking ahead, we remain committed to achieving our aspirational goals considering the strides we have made thus far. We are focused on reaching our 2030 targets through four key pillars: expanding our retail energy footprint, reinforcing our leadership in small power utilities groups (SPUGs), scaling our renewable generation capacity, and providing essential water services in the areas we have a presence in.” concluded Mr. Sarmiento.
