Semirara Mining and Power (SCC) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was Php 3.82 billion, down 12% year-over-year due to reduced power generation and lower coal shipments, with EPS at Php 0.90/share.

• Revenues declined 7% to Php 15.4 billion, mainly from lower electricity sales and coal shipment volumes, partially offset by stable coal prices and a favorable sales mix.

• Core EBITDA was Php 6.32 billion, 6% lower year-over-year, with margin steady at 41%.

• Cash and cash equivalents rose 143% to Php 10.59 billion, driven by a Php 5 billion long-term loan and operating inflows.

• Coal segment contributed 62% of group earnings, offsetting weaker power segment performance.

Financial highlights

• Net income margin declined to 25% from 26% due to higher depreciation, lower other income, and reduced finance income.

• Depreciation and amortization increased 9% to Php 2.18 billion.

• Book value per share increased 7% to Php 14.02.

• Cash costs decreased 7% in line with revenues.

• Return on equity for the quarter was 7%, down from 8% last year.

Outlook and guidance

• Coal production target for 2026 is 12–13 MMT, with shipments of 14–15 MMT; 54% domestic, 46% export.

• Power segment targets 88% plant availability, with 49% of 860 MW capacity contracted as of March 31, 2026.

• Coal prices are expected to remain supported by seasonal demand and fuel switching, with benchmark prices projected at US$130/MT (NEWC) and US$55/MT (ICI4).

• Spot electricity prices are forecast to rise, with WESM prices projected at Php 5.38/kWh for 2026, up 44% from 2025.

• Flexible contracting and operational efficiency prioritized amid evolving market and regulatory conditions.