Manila Water reported strong financial results for 2025, driven by tariff adjustments, steady volume growth, and tight cost control.
The company’s consolidated operating revenues rose 10 percent to P40.2 billion from P36.6 billion in 2024. The increase was mainly due to approved tariff adjustments in its East Zone Concession and several Non-East Zone Philippines (NEZ PH) business units. Improved customer mix in the East Zone and higher billed water volumes across provincial operations also supported growth.
Despite higher revenues, operating expenses remained largely flat, allowing earnings before interest, taxes, depreciation and amortization (EBITDA) to grow 12 percent to nearly P29 billion. EBITDA margin improved to 72 percent, up from 71 percent the previous year.
Revenues from the East Zone Concession climbed 11 percent to P32 billion, helped by the full-year impact of the third tranche of tariff adjustments implemented in January 2025. Costs were contained at P8.1 billion, pushing East Zone EBITDA up 15 percent to nearly P24 billion. EBITDA margin expanded to 75 percent, while net income increased 9 percent to P13.5 billion, equivalent to a 42 percent net income margin.
Outside the East Zone, domestic businesses grew 6 percent, supported by tariff adjustments in Clark, Boracay, and Estate Water operations. Higher consumption in LARC, Metro Ilagan, and Cebu led to a 5 percent rise in total billed volume. The NEZ PH portfolio delivered P1.6 billion in net income for the year.
The company’s international business posted a turnaround, ending 2025 with a net income of P803 million. The improvement was attributed to gains from the divestment of East Water shares and lower interest expenses, reversing losses recorded in the previous year.
Capital expenditures reached P28.2 billion in 2025, with nearly P24 billion allocated to the East Zone to support water security, network expansion, and service reliability.
During the year, Manila Water completed its acquisition of Wawa JVCo, strengthening long-term water supply and operational resilience in the East Zone. It also expanded overseas through Agua de Puebla in Mexico, marking its entry into Latin America.
President and CEO Roberto Locsin said the company’s results reflect strong core operations and disciplined execution of its growth strategy. He added that Manila Water will continue to strengthen its East Zone business, expand domestically, and grow its international portfolio.
Manila Water is one of the Philippines’ leading water utilities, providing water supply, wastewater management, and sanitation services.
