The Manila Electric Co. (Meralco) reported a record net income of P50.57 billion in 2025, up 9 percent from P46.47 billion in 2024, driven by stronger contributions from its power distribution and generation businesses.
In a briefing, Meralco said the higher profit came despite a slight 0.6 percent dip in total energy sales of its distribution unit to 53,997 gigawatt-hours (GWh), from 54,325 GWh a year earlier.
Chairman and chief executive officer Manuel Pangilinan said the results reflect the steady performance of the company’s core distribution operations and robust growth in power generation, supported by disciplined financial management and a balanced mix of regulated and unregulated businesses.
By customer segment, commercial sales, which account for 37 percent of total energy sales, slipped 0.4 percent due to office and hotel vacancies, despite expansion in retail and restaurants. Residential sales, making up 36 percent of the total, fell 2 percent amid cooler temperatures and extreme weather. The industrial segment, with a 26 percent share, rose 1 percent on the back of resilient semiconductor, steel, and construction-related activities.
Meralco’s distribution customer base grew 2 percent to 8.2 million in 2025, from 8.04 million in 2024.
The company’s power generation arm posted strong gains, with sales volume surging 78 percent to 27,289 GWh from about 15,300 GWh the previous year. Its retail electricity supply unit also recorded an 11 percent increase in sales to 7,510 GWh from roughly 6,750 GWh.
Consolidated revenues rose 6 percent to P497.33 billion, up from P470.36 billion in 2024.
Despite the record earnings, Pangilinan said the company is not issuing profit guidance for 2026 due to uncertainties, including the phased rollout of the Terra Solar project.
Meralco subsidiary Meralco Power Gen Corp. earlier said 250 megawatts (MW) of solar capacity and 112.5 megawatt-hours of battery storage under the Terra Solar project are expected to be completed within the quarter.
The full Terra Solar development, spanning Nueva Ecija and Bulacan, is designed to deliver up to 2,500 MW of solar capacity with integrated battery storage. Once completed, it is projected to be the world’s largest integrated solar and battery facility, capable of supplying electricity to about 2.4 million households and cutting an estimated 4.3 million tons of carbon emissions annually.
Meralco remains the country’s largest power distributor, serving millions of customers and playing a key role in ensuring energy security and supporting economic growth.
