SMPC Earnings Drop 12% to ₱3.8 Billion in Q1 2026 as Power Output Decreases

Semirara Mining and Power Corporation (SMPC), one of the biggest energy companies in the Philippines, announced that it earned ₱3.8 billion during the first three months of 2026. This is 12% less than what they earned during the same period last year, when they made ₱4.4 billion. The company explained that they produced less electricity and shipped less coal, which affected their earnings.

What Happened with SMPC’s Coal Business?

Think of SMPC as a company that digs up coal from the ground and then uses or sells it. During the first quarter of 2026, they actually dug up more coal than before – their production went up by 4% to 5.9 million metric tons (MMT) compared to 5.7 MMT last year.

The company said they were able to dig up more coal because they got better access to coal deposits at their Narra mine. However, this mine is running out of coal and is expected to be depleted (completely used up) this year.

Even though they dug up more coal, SMPC shipped out less coal overall – their shipments dropped by 4% to 4.5 MMT from 4.7 MMT. This happened mainly because they sent less coal to other countries (exports), while sales within the Philippines stayed about the same.

Coal Prices Stayed Almost the Same

The average price SMPC received for their coal barely changed – it went from ₱2,481 per metric ton to ₱2,479 per metric ton. This happened because they shipped more lower-quality coal, which balanced out the effect of rising global coal prices.

What Happened with SMPC’s Power Business?

SMPC doesn’t just dig up coal – they also burn it to generate electricity. This is what “vertically integrated” means: they control the whole process from mining the coal to producing power.

During the first quarter of 2026, the amount of electricity SMPC sold dropped significantly by 22%, going from 1,427 gigawatt-hours (GWh) to 1,120 GWh. The company said this was mainly because their power plants didn’t perform as well as before.

How SMPC Sells Its Electricity

SMPC sells electricity in two ways:

Contracted sales (61%): These are agreements made ahead of time with buyers who promise to purchase a certain amount of electricity at agreed prices
Spot market sales (39%): This is like selling electricity on the open market where prices change based on supply and demand

The average price SMPC received for electricity increased slightly by 3%, from ₱4.42 per kilowatt-hour to ₱4.54 per kilowatt-hour. This increase happened because a larger portion of their sales came from contracted agreements, which typically offer better prices.

SMPC’s Power Plant Capacity

As of March 31, 2026, SMPC has power plants that can reliably produce 860 megawatts (MW) of electricity. About half of this capacity (49% or around 420 MW) is already committed to contracted buyers. After setting aside power for running the plants themselves (called station service), they have 363.3 MW available to sell in the spot market.

About Semirara Mining and Power Corporation

SMPC is the largest and most modern coal producer in the Philippines. The company operates a unique business model where it mines its own coal and then uses that coal to generate electricity. This makes them a “vertically integrated” energy company.

The company generates power through two subsidiaries: Sem-Calaca Power Corporation (SCPC) and Southwest Luzon Power Generation Corporation (SLPGC). These plants provide baseload power – which means steady, reliable electricity – to the national grid through both contracted agreements and the spot market.

This report is based on SMPC’s SEC Form 17-C disclosure filed on April 30, 2026.

Source Note:

This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.