Metro Pacific core income expands 5% in Q1

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May 8, 2026 | 12:00am

MANILA, Philippines — Conglomerate Metro Pacific Investments Corp. (MPIC) demonstrated resilience amid high energy prices and a volatile global environment, sustaining growth in its core income during the first quarter.

MPIC reported a five percent increase in core net income to P6.9 billion during the three-month period from P6.6 billion in the same period in 2025.

Power remained the largest contributor, accounting for P5.1 billion, or 62 percent of net operating income, while water and toll roads contributed P1.5 billion and P1.4 billion, respectively.

MPIC said its reported net income for the quarter saw a year-on-year decline as the prior year included a one-off gain from the disposal of Philippine Coastal Storage and Pipeline Corp.

“Even in a more challenging environment, demand for essential services remains steady. Our priority is to keep our operations running reliably and continue serving the communities that depend on us,” MPIC chairman, president and CEO Manuel V. Pangilinan said.

“We remain disciplined, managing our costs carefully, and making sure we deliver where it matters most. If we stay focused on execution and service, we are confident our businesses will remain resilient,” he said.

Among its core operating companies, Meralco delivered a core net income increase of two percent to P11.4 billion during the quarter, supported by stronger contributions from power generation and other businesses.

Revenues improved by five percent, powered by higher pass-through charges, improved retail electricity. sales and stronger generation revenues.

Maynilad’s core net income rose by 10 percent to P4 billion, buoyed by higher revenues and improved network efficiency.

Revenues grew by six percent to P9.1 billion, reflecting a three percent tariff adjustment implemented in January 2026 and two percent growth in both connections and billed volume.

For Metro Pacific Tollways Corp., core and reported net income were flat, as higher borrowing costs and depreciation offset the earnings uplift from increased ownership in NLEX.

Toll revenue, however, accelerated by 14 percent to P9.9 billion, driven by tariff adjustments and traffic growth across the network.