The Manila Electric Co. (Meralco) reported a modest 2 percent increase in core net income for the first quarter of 2026, reaching P11.4 billion from P11.17 billion in the same period last year.
The company said the growth was supported by strategic initiatives and careful financial management. Chairman Manuel Pangilinan noted that global events, including the Iran conflict that began in late February, affected fuel supply and power prices. He said Meralco managed to limit the impact by tapping solar energy sources and securing reasonably priced coal supply.
Revenues rose 5 percent to P120.78 billion, up from P114.5 billion a year ago.
However, total energy sales declined by 2 percent to 12,273 gigawatt hours (GWh), mainly due to cooler weather.
Commercial sales fell 1 percent on weaker office demand and lower activity in retail and hotels.
Residential sales dropped 3 percent, partly due to reduced consumption and increased use of rooftop solar.
Industrial sales slipped 1 percent amid operational and economic challenges in some sectors.
Despite lower sales, Meralco’s customer base grew by 2.5 percent, reaching 8.3 million as of the end of March 2026.
