CREIT H1 earnings slip to P686M

MANILA, Philippines — Citicore Energy REIT Corp. (CREIT) recorded a slight drop in first-half income to P686 million despite built-in lease escalation that kept revenues stable.

On Wednesday, the company said its net income slipped from P687 million in the same period last year.

READ: CREIT poised to acquire new solar energy assets

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CREIT said revenues reached P916 million in the first six months of 2026, broadly in line with the year-ago level. Earnings before interest, taxes, depreciation and amortization (Ebitda) stood at P895 million.

The company attributed its resilient performance to built-in lease escalations across its solar land portfolio, which helped sustain high-margin earnings.

“Our first-half performance highlights the resilience of our portfolio, anchored on stability, consistency, and long-term value creation,” CREIT president and CEO Oliver Tan said.

Contrary to traditional REITs, he added that the company’s renewable energy assets shielded them from market volatility.

Moreover, CREIT is also banking on the continued expansion of its parent, Citicore Renewable Energy Corp. (CREC), to support future growth.

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In addition, CREC reached its first gigawatt of installed capacity this year as it works toward its target of five gigawatts in five years.

CREIT said this expansion places it in a position to capture value from upcoming and potential additional pipeline asset infusions from its sponsor.

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The REIT’s portfolio remained fully occupied, with a 100-percent occupancy rate and a weighted average lease expiry of 19 years. /pai