• Core income hits P23.6 billion up 14 percent
• Power provides nearly two thirds of operating earnings
• Water lifted by tariff hike and efficiency gains
• Toll roads pressured by higher financing costs
Tycoon Manuel V. Pangilinan-backed Metro Pacific Investments Corp. kept its growth track in the first nine months of 2025 with core income rising 14 percent to P23.6 billion from P20.80 billion.
Stronger contributions from power, water, and hospitals pushed operations income up 12 percent to P27.2 billion.
Power stayed dominant with P17.6 billion or around 65 percent of net operating income.
Water and toll roads added P5.8 billion and P4.4 billion.
Reported income rose 7 percent as last year had a one off gain.
Management’s view
“Our performance in the first nine months of the year underscores the resilience of our core businesses. Power and water continued to post strong results, while toll roads managed near-term challenges stemming from higher financing costs and are expected to regain momentum as the newer roads mature,” said Pangilinan, the chair, president, and CEO of Metro Pacific.
“The listing of Maynilad presents an opportunity to unlock greater value and reinvest in improving water supply and access,” Pangilinan said.
“As we move forward, we remain committed to creating long-term value across our portfolio—particularly in areas critical to national progress such as energy, water, and food security,” he added.
How the units moved
Meralco revenue increased five percent on higher pass through charges, stronger retail sales, and better generation output.
Consolidated core net income climbed 14 percent to P40 billion as plant availability improved even with elevated natural gas and LNG costs.
Maynilad revenue grew 10 percent to P27.7 billion after the eight percent tariff hike in January.
Core net income rose 18 percent to P11.4 billion as expenses expanded more slowly.
Non-revenue water dropped to 32.8 percent from 39.3 percent allowing recovery of roughly 231 million liters per day through intensified leak repairs and satellite and AI assisted detection.
Lower toll road earnings
Toll roads posted a 17 percent revenue rise to P27.00 billion due to rate increases and traffic gains in the Philippines.
Indonesia was flat and Vietnam slipped 5 percent.
Core net income eased 2 percent to P4.8 billion as financing costs rose after the JTT move and the end of interest capitalization.
Balance sheet strength
MPIC parent held P4.8 billion in cash and short term investments down from P11.5 billion at end 2024.
Net debt improved to P48.50 billion from P61.5 billion giving added flexibility.
—Edited by Miguel R. Camus
