Manila Water Co., Inc. posted a 15 percent increase in net income for the first half of 2025, reaching nearly ₱8 billion, underscoring sustained operational gains and robust top line growth in both its East Zone and nationwide businesses.
The company also reported a 15 percent rise in EBITDA to ₱14.6 billion, improving EBITDA margin by four percentage points to 73 percent, highlighting improved operating efficiency and productivity.
The East Zone Concession, Manila Water’s core franchise, drove much of the performance with revenues up 11 percent to ₱16 billion, buoyed by the third tranche of its rate rebasing tariff implemented in January 2025. Despite a slight 1 percent dip in billed volume, mainly due to lower residential and cross-border consumption, disciplined cost management kept total costs growth to just 1 percent. This supported an 11 percent growth in EBITDA to ₱5.7 billion, with margin climbing to 75 percent.
Outside the East Zone, the company’s non-East Zone Philippines (NEZ PH) businesses contributed strongly, with revenue rising 11 percent to ₱4.7 billion and net income climbing 12 percent to ₱852 million. Key contributors included Clark Water, Boracay Water, Cebu Water, and Estate Water, benefiting from tariff adjustments and an 8 percent rise in total billed volume. Meanwhile, Manila Water International recorded a 15 percent increase in equity share in net income to ₱46 million, driven by improved performance in its Vietnam and Saudi Arabia ventures.
Capital expenditures hit ₱11 billion in H1 2025, 86 percent of which was directed to the East Zone Concession, reflecting Manila Water’s continued infrastructure investment to meet regulatory and service obligations.
In a strategic move to enhance water security and operational integration, Manila Water signed a Term Sheet on June 30 to acquire 100 percent of Wawa JVCo from Prime Infrastructure, Inc. and minority shareholders. The JVCo operates a bulk water supply project with a capacity of up to 712 million liters per day. The acquisition is expected to deliver financial benefits, optimize water distribution, and bolster the East Zone’s resilience against future supply risks.
President and CEO Jocot de Dios emphasized the corporate significance of the acquisition, stating:
“Our acquisition of Wawa JVCo aligns squarely with our objective of ensuring a credible, consistent and stable source of water… resulting in better levels of efficiency and reliability in our operations.”
The deal marks a significant step in Manila Water’s long-term strategy to vertically integrate its supply chain and solidify its commitment to sustainable and resilient water services.
