The Manila Electric Company (Meralco) is on track to achieve a historic full-year profit exceeding ₱56 billion, driven by robust energy demand, stellar performance from its power generation segment, and warmer temperatures brought on by El Nino.
According to its financial report released on Wednesday, October 28, Meralco posted a 12 percent increase in consolidated net income to ₱44.83 billion for the first nine months of the year, up from ₱40.02 billion during the same period in 2025. Meanwhile, core net income—which excludes one-off items—jumped 21 percent to ₱44.68 billion from ₱36.88 billion a year earlier.
Meralco Chief Finance Officer Betty Siy-Yap reported that the core distribution utility business anchored these solid results, contributing ₱20.1 billion or 45 percent of the company’s total earnings. Although its percentage share dropped from 55 percent last year, energy sales from distribution climbed to 41,054 gigawatt-hours, boosted by hotter weather conditions and an expanding customer base that reached 8.4 million by the end of September.
The power generation segment also played a major role in driving growth, lifting its profit share to 41 percent or ₱18.2 billion. The remaining 14 percent came from the retail electricity supply business and non-electricity units, bringing in a combined contribution of ₱6.5 billion.
Driven largely by higher sales in power generation and retail electricity supply, Meralco’s consolidated revenues for the nine-month period rose 19 percent to ₱443.04 billion from ₱371.77 billion.
”While global uncertainties continue to put pressure on fuel supply and prices, Meralco’s diversified portfolio gives us the strength and flexibility to navigate these challenges,” Meralco Chairman and Chief Executive Officer Manny V. Pangilinan said.
Buoyed by the strong nine-month performance, Pangilinan stated that the utility is projected to surpass last year’s record profit of ₱50.6 billion.
”Consolidated core income for the Meralco Group [this year] is expected to be around ₱56 billion—₱56.6 billion, to be more precise,” he said.
However, Pangilinan cautioned that the depreciation of the Philippine peso could present headwinds for the power generation business due to its reliance on imported gas, highlighting the necessity of developing domestic energy sources.
Looking ahead, Meralco Chief Operating Officer Ronnie Aperocho noted that electricity consumption is anticipated to climb further as El Nino intensifies.
”El Niño will give us an uplift in sales because of higher demand for cooling,” Aperocho said.
To support this growth, Meralco continues to push forward with grid reliability and modernization efforts, bolstered by improved regulatory clarity following the Energy Regulatory Commission’s approval of its long-pending rate reset.
Capital expenditures reached ₱76 billion by the end of September, primarily channeled toward grid expansion, renewable energy integration, and battery energy storage projects.