• Core net income rises 15 percent to P27.1 billion in 2025
• Operations contribution increases 13 percent to P32.1 billion
• Power remains largest earnings driver with 69 percent of NOI
• Maynilad tariff increase lifts water profits 19 percent
• Tollways revenue climbs 17 percent while core earnings increase
Infrastructure Metro Pacific Investments Corp.’s consolidated core net income rose 15 percent to P27.1 billion in 2025, driven by stronger power, water and toll roads earnings as the infrastructure group warned of growing global uncertainty.
“The global environment remains uncertain, with ongoing geopolitical conflict in the Middle East and other external pressures affecting energy markets and investor sentiment,” said Metro Pacific chair and CEO Manuel V. Pangilinan.
“In times like this, our approach is to stay disciplined—manage our balance sheet carefully, focus on operational efficiency, and continue investing where the country needs infrastructure the most,” he added.
Across the portfolio
Contribution from operations rose 13 percent to P32.1 billion, reflecting improved performance from Manila Electric Co. (Meralco), Maynilad Water Services and Metro Pacific Tollways Corp.
Reported net income grew 5 percent as the previous year included a one off gain from a subsidiary.
MVP highlights financial discipline
“Looking ahead, our task remains straightforward: to grow responsibly while maintaining financial discipline,” Pangilinan said.
“If we stay focused on execution and on serving the needs of the communities that depend on us, we believe the group will remain resilient. At the end of the day, our businesses exist to serve the country. If we do that well—quietly and consistently—the results will follow,” he added.
Power remains dominant
Power continued to anchor the group’s earnings, generating P22.1 billion or 69 percent of net operating income.
Meralco’s consolidated core net income rose 12 percent to P50.6 billion as stronger power generation revenues and higher electricity sales lifted results.
Revenue increased 6 percent, reflecting higher pass through charges, stronger retail electricity sales and improved reserve market revenues, although generation costs rose due to elevated liquefied natural gas prices.
Water delivers fastest growth
Newly listed Maynilad Water Services recorded revenue growth of 9 percent to P36.6 billion following an 8 percent tariff adjustment implemented in January 2025 and stable billed connections.
Core net income rose 19 percent to P15.2 billion as higher revenues and improved network efficiency boosted profitability. Average non revenue water improved to 34.9 percent from 39.9 percent, helping recover about 256 million liters per day of treated water through intensified leak repair programs and satellite and artificial intelligence based leak detection.
Tollways mixed but improving
Metro Pacific Tollways Corp. reported net income of P6.2 billion, down 4 percent, as the previous year included a one time gain linked to the Jakarta Cikampek Elevated Toll Road acquisition.
But core net income increased 8 percent as toll rate increases, traffic growth in Philippine tollways and the company’s higher shareholding in the North Luzon Expressway supported earnings.
Toll revenues rose 17 percent to P36.9 billion. Average daily vehicle entries rose 2 percent in the Philippines and 1 percent in Indonesia but declined 7 percent in Vietnam.
Metro Pacific also operates the largest private hospital network in the Philippines.. The network spans 29 hospitals nationwide, including Makati Medical Center, Cardinal Santos Medical Center and Asian Hospital and Medical Center.
—Edited by Miguel R. Camus
