DMCI 2025 earnings drop 20% as energy, cement losses bite

Insider Spotlight

• DMCI Holdings’ 2025 net income fell to P15.1 billion as Semirara’s earnings normalized and the cement unit stayed in the red.
• Real estate, water, nickel mining, construction and off-grid power partly cushioned the decline.
• The group set a bigger 2026 capital spending plan of P24.6 billion, led by DMCI Homes and DMCI Power.
  
  
  

DMCI Holdings said its 2025 consolidated net income fell 20 percent to P15.1 billion from P19 billion a year earlier, as weaker contributions from its integrated energy business and losses from its cement operations weighed on the diversified conglomerate’s bottom line.

The decline came even as the group booked stronger results from its real estate, construction, water, nickel mining and off-grid power businesses, helping soften the impact of softer coal and power prices and ongoing pressure at Concreat Holdings Philippines.

Maynilad IPO

For the fourth quarter, DMCI posted P3.3 billion in consolidated net income, down 14 percent from P3.8 billion.

The figures, detailed in a company disclosure, also reflected the dilution of the group’s effective attributable ownership in Maynilad after the water utility’s initial public offering in November.

Isidro A. Consunji

Chair and president, DMCI

By the numbers

Semirara Mining and Power Corp. remained the biggest earnings driver, but its contribution fell 33 percent to P7.3 billion from P11.1 billion as softer energy prices, reduced shipments and higher production costs offset record coal output, power generation and energy sales.

Maynilad contributed P3.7 billion, up 11 percent from P3.3 billion, buoyed by tariff adjustments, stable billed connections and better network efficiencies. 

DMCI Homes added P3.3 billion, up 14 percent from P2.7 billion, helped by stronger residential revenues, higher rental and finance income, and a one-off gain from the settlement of a claim tied to a previous investment.

DMCI Power posted a record P1.3 billion contribution, up 1 percent, while DMCI Mining’s share surged 276 percent to P924 million on firmer nickel prices, higher Zambales output and initial production from the Long Point mine. 

D.M. Consunji Inc. contributed P284 million, slightly above P247 million. Concreat, however, posted a P1.9 billion net loss on higher financing costs and weaker selling prices.

2026 capex set

For 2026, DMCI earmarked P24.6 billion in capital expenditures, up 11 percent from P22.2 billion in 2025.  

DMCI Homes will take up 65 percent, or as much as P15.5 billion, followed by DMCI Power with P3.3 billion, Concreat with P2.9 billion and Semirara with P1.9 billion. —Princess Daisy C. Ominga | Ed: Corrie S. Narisma