Citicore Renewable Energy Reports Significant Profit Growth in Q2 2026

CITICORE Renewable Energy Corp. (CREC) has announced a substantial increase in its financial performance for the second quarter of 2026, with net income more than doubling to approximately P754.95 million (around $13.5 million) from P305.47 million ($5.5 million) in the same period last year. This impressive growth has been primarily driven by the commissioning of new solar farms, which have significantly bolstered electricity sales, as reported by BusinessWorld.

According to the company’s financial report, revenues for the second quarter rose by 29.4% to P1.63 billion (approximately $29.1 million). The increase in revenue is attributed to higher electricity sales, although this was partially offset by a decline in service fees. For the first half of the year, CREC's net income surged 92% to P1.03 billion ($21.5 million), compared to P629.7 million ($11.3 million) in the same period the previous year, as detailed by The Manila Times.

“The significant improvement in our margins demonstrates the strength and scalability of our growing operating portfolio.”Oliver Y. Tan, President and CEO, CREC

CREC has reported that electricity sales accounted for 87% of total revenues, highlighting the company's strategic pivot towards long-term, government-backed renewable energy contracts. Notably, sales under the Green Energy Auction (GEA) and Feed-in Tariff (FiT) programs now represent 51% of revenues, a significant increase from just 13% a year prior. The company stated that this shift is part of its strategy to establish a more stable and predictable revenue base.

Oliver Y. Tan, President and CEO of CREC, emphasized the importance of these developments, stating that the significant improvement in their margins demonstrates the strength and scalability of their growing operating portfolio. He further noted that reaching 1.2 GW in installed capacity is an important milestone for CREC, and acknowledged that there is significant room to grow. The company is working toward its 5 GW target, with its total installed solar capacity now standing at 1.2 gigawatts (GW).

“Reaching 1.2 GW in installed capacity is an important milestone for CREC, and we acknowledge that there is significant room to grow.”Oliver Y. Tan, President and CEO, CREC

In addition to the financial achievements, CREC's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose 63% year-on-year to P1.5 billion ($26.8 million), while the gross margin expanded to 51% from 32%. This reflects the company's effective management and operational efficiency as it continues to scale its renewable energy portfolio.

As part of its growth strategy, CREC is focused on advancing new projects and enhancing existing installations to meet its ambitious capacity targets. The company stated that its commitment to contributing to the Philippines' clean energy transition remains a central tenet of its operational philosophy.