Maynilad Water Services Inc. expects sustained growth in 2026 as it ramps up infrastructure spending and service improvements, after posting stronger first-quarter results driven by higher demand and operational gains.
Net income rose 10 percent to P4.0 billion in the first quarter from P3.6 billion a year earlier, while revenues increased 6.2 percent to P9.1 billion on higher billed volume and a growing customer base. EBITDA climbed 7.6 percent to P6.5 billion, lifting margins to 71 percent as efficiency gains continued to offset rising costs.
Operating performance showed steady improvement. Total billed connections grew 1.5 percent to 1.58 million, while billed volume rose 2.3 percent to 136.1 million cubic meters, supported by a 3.0 percent increase in domestic consumption.
“Our first quarter results reflect steady execution across both our operations and investment programs. We continue to see improvements in service reliability and water availability, while sustaining strong financial performance. As we move forward, our focus remains on strengthening the system, reducing losses, and ensuring that our investments translate into better service for our customers,” said Ramoncito S. Fernandez, Maynilad president and chief executive officer.
Service reliability indicators also improved, with coverage reaching 95 percent and 24-hour water availability rising to 98 percent. Supply at minimum pressure increased to 92 percent, reflecting ongoing network upgrades.
Non-revenue water declined further to 31 percent at period-end from 36.2 percent a year earlier, as leak detection, pipe replacement, and system optimization efforts continued to deliver results.
Wastewater and sanitation services expanded, with sewerage coverage increasing to 26 percent and sanitation coverage to 58 percent. Septic tank services surged 48 percent to 1.3 million units, supporting environmental compliance targets.
Capital expenditures rose 12 percent to P5.4 billion, with spending focused on wastewater treatment, water source development, and system upgrades. These investments continue to expand the company’s regulatory asset base and support long-term service reliability.
Maynilad estimates its interim cash position at P183.0 billion, reflecting accelerated capital deployment under the current rate rebasing period.
