Meralco on track to record P56.6 billion core profit

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October 29, 2026 | 12:00am

MANILA, Philippines — Manila Electric Co. (Meralco) is looking to post a record consolidated core earnings of P56.6 billion this year.

“For full-year 2026, we are on track to achieve a consolidated core net income of approximately P56.6 billion, barring any significant unforeseen developments,” Meralco chairman Manuel V. Pangilinan said in a press briefing yesterday.

If realized, Meralco’s 2026 consolidated core earnings will be 12 percent higher than last year’s record P50.6 billion.

Meralco chief finance officer Betty Siy-Yap said the consolidated core net income from January to September grew by 12 percent to P44.8 billion  from P40.02 billion in the same period last year.

The increase was supported by the firm’s distribution and power generation business.

The distribution business had the biggest contribution to consolidated core income at 45 percent amounting to P20.1 billion.

Power generation contributed 41 percent or P18.2 billion.

Meanwhile, retail electricity supply and non-electricity business accounted for 14 percent or P6.5 billion.

Revenue rose by 19 percent P443.04 billion as of end-September from P332.26 billion in the same period last year.

Meralco’s consolidated capital expenditures reached P76 billion as of end-September as it continued to spend for network reliability and the energy transition.

Of the amount, P54.6 billion was allocated to Meralco PowerGen Corp.’s renewable energy and battery energy storage projects.

Meanwhile, P21.2 billion was spent for the distribution utility network modernization, new connections and other infrastructure initiatives.

Pangilinan said the nine-month period showed the importance of vigilance and adaptability amid challenges such as persistent geopolitical tensions and the El Niño.

“Despite these headwinds, Meralco has remained focused on ensuring reliable service to our customers, strengthening energy security and supporting communities within and beyond our franchise area,” he said.

As Meralco pursues investments to address present requirements, Pangilinan said the company is also positioning businesses for long-term growth.

“The ERC’s (Energy Regulatory Commission’s) approval of our long-delayed rate reset marks an important milestone, providing greater regulatory certainty to advance critical investments in network reliability, modernization and digitalization,” he said.