The Manila Electric Co. (Meralco) reported a 14 percent increase in its core net income for the first nine months of 2025, reaching P40.02 billion from P35.1 billion in the same period last year.
In a statement on Monday, Meralco said consolidated revenues also grew 5 percent to P371.77 billion from P335.42 billion. The company attributed the rise mainly to higher contributions from its power generation business despite nearly flat energy sales.
Meralco PowerGen Corp., the company’s power generation arm, posted a 63 percent increase in its contribution to overall earnings, though specific figures were not disclosed.
Total energy sales slipped 0.4 percent to 40,719 gigawatt hours (GWh) from 40,872 GWh in 2024, as prolonged bad weather dampened demand from households and businesses. Residential sales fell 1.6 percent to 14,520 GWh, while commercial volumes dipped 0.2 percent to 15,237 GWh. The company cited cooler temperatures, real estate vacancies, fewer foreign tourists, and frequent class and work suspensions as factors behind the lower demand.
The industrial segment was the only bright spot, with sales rising 1.01 percent to 10,852 GWh, driven by stronger demand from semiconductor and construction-related sectors.
The commercial segment accounted for 37 percent of total sales, followed by residential at 36 percent and industrial at 27 percent. Meralco’s customer base also expanded to 8.2 million, up 2 percent from last year.
“Based on the growth of our power generation business and the steady performance of our core distribution business in the past months, we stay positive that we will achieve our full-year core profit guidance of P50 billion,” Meralco chairman and CEO Manuel Pangilinan said.
Last year, Meralco’s net income rose 20 percent to a record P46.47 billion from P38.68 billion.
