Alternergy repositions retail electricity supply business with new RES company; reports positive 1st quarter FY2026 financials

• ALTER Power RES, Inc. as new retail electricity supplier, opens new growth opportunity

• ALTER records positive 1^st quarter FY2026 financials as it awaits steady stream of revenues from new power plants

• ALTER focused on completing existing projects with Hermosa Solar Power Plant undergoing testing and commissioning

Renewable power pioneer Alternergy Holdings Corporation (ALTER) announced it is repositioning its retail electricity supply business as it eyes to capture a new growth opportunity.

ALTER has received the approval by the Securities and Exchange Commission (SEC) to create ALTER Power RES, Inc. (ALTER Power) as a new ALTER company focused on supplying renewable and sustainable power to the competitive retail electricity market.

“The creation of ALTER Power is part of Alternergy’s overall expansion plans. We aim to be a supplier of choice by end-users that place considerable value to sustainability,” Gerry P. Magbanua, president of ALTER and ALTER Power said.

Mr. Magbanua noted that the retail electricity market has seen steady growth the past years with demand at approximately 6,500 MW as of August 2025, which is about 45% of the total system peak demand of the country. However, existing RES companies that dominate the industry are vertically integrated companies which are in the generation, distribution, supply sectors.

“With ALTER Power, we hope to create and stimulate greater competition and supplier diversity in the retail electricity market,” Mr. Magbanua said.

Following the SEC approval, ALTER Power will subsequently register with the Energy Regulatory Commission (ERC) for a license as a retail electricity supplier (RES).

1^st quarter FY 2026 financials steady

In another development, ALTER reported 26% increase in net income to P22 Million for the first quarter of fiscal year 2026 driven by the stable performance of Kirahon Solar. This growth was achieved despite lower-than-expected operating revenues from the Palau Solar PV + Battery Energy Storage System, which was impacted by reduced solar irradiation.

“ALTER continues to exercise strict financial management as we await the start of commercial operations of our projects that would bring steady revenue generation,” Carmen G. Diaz, ALTER chief finance officer, said.

ALTER’s consolidated assets as of September 2025 is up by 9% to P19.4 billion during the period. Significant investments, amounting to almost P4 billion were recorded over the period for the construction of the wind and solar projects. Despite these capital expenditures, ALTER maintained a strong cash position of ₱4 billion. Retained earnings stood at a solid ₱134 million, even after a ₱39 million dividend payout to common shareholders in September 2025.

Meanwhile, consolidated interest, taxes, depreciation and amortization (“EBITDA”) retained earnings interest, taxes, depreciation and amortization (“EBITDA”) increased by 17% to P89 million from P76 million in FY 2025.

“ALTER is focused on completing the construction of our projects. We have started the testing and commissioning of our Hermosa Solar Power Project and is expected to be in commercial operations very soon. We are almost complete in the construction of our Dupinga Run-of-River Power Project while the Tanay and Alabat Wind Power Projects have started installation of the first wind turbines,” Ms. Diaz said. “It is only a matter of time now, these projects are expected to boost ALTER’s financial standing,” she added.