Meralco nets record P50.6 billion

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February 26, 2026 | 12:00am

MANILA, Philippines — Manila Electric Co. (Meralco) finished strong in 2025 with profit reaching an all-time high of P50.6 billion, supported by the growth in power generation sales and steady performance in the distribution business.

In a press briefing yesterday, Meralco chief finance officer Betty Siy-Yap said the company’s consolidated core net income (CCNI) rose by 12 percent to P50.6 billion in 2025 from P45.1 billion in 2024.

“Meralco had another record year in 2025 – marked by a double-digit growth in our CCNI and full-year profit that surpassed our target,” Meralco chairman and CEO Manuel V. Pangilinan said.

Meralco was aiming to grow its profit to at least P50 billion in 2025.

“These results were driven by the steady performance of the core distribution business and solid growth of the power generation business, supported by disciplined financial management,” Pangilinan said.

“Our strategy of maintaining a balanced mix of regulated and unregulated operations has served us well,” he said.

The distribution utility (DU) business continued to account for the bulk or 58 percent, amounting to P29.6 billion of last year’s earnings. This was followed by the power generation business with a 33 percent share or P16.8 billion.

Retail electricity supply and non-electricity businesses had a nine percent share, accounting for P4.2 billion of last year’s earnings.

Revenues rose by six percent to P497.3 billion in 2025 from P470.4 billion in 2024 due to higher DU pass-through charges, as well as higher power generation and retail business volumes.

Meralco’s capital spending jumped by 144 percent to P108.9 billion in 2025 from a year ago.

The bulk of the capital expenditures was used to support the development of solar power and distribution network projects.

For this year, Pangilinan said the company would have a better idea on its profit guidance after its first quarter financial results are released.