The Manila Electric Co., or Meralco, posted a 12‑percent jump in consolidated core net income for the first nine months of 2026, reaching P44.8 billion versus P40.02 billion recorded in the same stretch of 2025, the country’s largest power distributor announced Wednesday. The stronger bottom line came as earnings picked up across its power generation and retail electricity arms, alongside steady results from its core distribution utility segment.
Company leadership now projects full‑year net income to hit P56.6 billion for 2026, an 11.9‑percent rise from the P50.57 billion booked in 2025, assuming no major unexpected events disrupt operations. Top‑line growth also moved ahead sharply, with consolidated revenues climbing 19 percent to P443 billion from P371.7 billion a year earlier.
Overall energy sales edged up a modest 0.8 percent to 41,054 gigawatt‑hours in the nine‑month period, supported by hotter weather and new customer connections. Commercial and residential volumes, which make up 38 percent and 36 percent of total sales respectively, each rose by 1 percent, while the industrial segment — accounting for the remaining 26 percent — stayed mostly flat. Meralco said weaker demand from steel and plastic makers due to operational hiccups and tough market conditions was balanced out by higher usage from semiconductor as well as food and beverage businesses. The distributor’s total customer base expanded 2 percent to 8.4 million from 8.2 million in the first nine months of 2025.
Chairman and chief executive officer Manuel Pangilinan noted that even as global uncertainties keep fuel supply and prices under pressure, Meralco’s mix of business lines gives it more resilience and room to adjust to shifting conditions. He added that returns from earlier investments — particularly its power generation arm MGen, which has been contributing more earnings over time, plus growth in its retail electricity supply operations — formed a solid base that helped the business deliver steady nine‑month growth amid market swings. The results signal that Meralco’s push to expand beyond its traditional distribution work is starting to pay off, with diversified earnings helping offset soft spots in certain industrial customer groups and external cost risks.
