The Manila Electric Company, or Meralco, reported a 3.8 percent increase in its consolidated core net income for the first six months of 2026, reaching P26.5 billion from the P25.5 billion recorded in the same period last year. The company shared these figures at a briefing held on Wednesday, noting the growth came even as overall energy sales saw a slight decline.
Consolidated revenues for the period went up 15.7 percent to P283.71 billion from the previous year’s P245.22 billion. Meanwhile, total consolidated energy sales dipped 0.5 percent to 26,967 gigawatt hours from 27,091 GWh in the first half of 2025. Meralco said the drop was largely due to more customers adopting rooftop solar systems, which generated an estimated 372 GWh of electricity for personal use in the first six months of the year.
Breaking down sales by segment, commercial sales which make up 38 percent of total volume stayed flat, while residential sales accounting for 36 percent fell by 0.7 percent. Industrial sales representing the remaining 26 percent dropped by 0.6 percent, with the company citing tough market conditions facing the steel and plastic industries as key reasons for the slowdown. On a positive note, the total number of customers served by Meralco’s distribution business grew 2.5 percent to 8.3 million from 8.1 million a year earlier.
Meralco chairman Manuel Pangilinan acknowledged that ongoing tensions in the Middle East continue to put pressure on global fuel supplies, prices and eventually local electricity rates. He noted that while many of these factors are outside the firm’s control, the company is focusing on what it can manage, including working closely with fuel suppliers, adopting careful purchasing practices, upgrading its power network and improving operational efficiency to keep costs down.
Pangilinan added that while the core distribution business remains the biggest source of earnings, steady growth in the company’s power generation and retail electricity services arms has helped provide more stable income. This mix of businesses strengthens Meralco’s ability to keep investing in both its distribution network and clean energy projects, while delivering lasting value over time. Looking ahead, he said the industry will likely keep facing uncertainty from geopolitical shifts and volatile fuel markets, and expressed support for efforts by the Department of Energy, Energy Regulatory Commission and the national government to ease impacts on the broader economy. Meralco pledged to continue backing programs that benefit consumers both now and in the years to come.
