MANILA Water Co. Inc. on Friday said net income in 2025 grew 51 percent to P15.8 billion from P10.5 billion in 2024, supported mainly by a tariff increase in January and sustained billed volume growth in a portion of its portfolio.
The East Zone water concessionaire said revenues in 2025 rose 10 percent to P40.181 billion from P36.647 billion a year earlier.
Manila Water attributed the improved results to the increase in average tariff, a favorable shift in its customer mix and sustained billed volume growth across its non-East Zone Philippines (NEZ PH) portfolio.
“Our strong 2025 results reflect the solid foundation of our core businesses and the disciplined execution of our growth strategy,” Manila Water President and CEO Roberto Locsin said.
Manila Water said East Zone concession net income grew by 9 percent to P13.50 billion, supported by the full-year impact of the third tranche of the approved rate rebasing tariff adjustment along with the favorable changes in customer mix.
Businesses outside the East Zone reported a net income of P1.60 billion, driven by positive tariff adjustments in Clark, Boracay, and Estate Water. Higher consumption from Laguna Water District Aquatech Resources Corp., Metro Ilagan, and its Cebu businesses also contributed to the positive topline result.
Its international business, meanwhile, ended 2025 with a net income of P803 million, thanks to gains from the divestment of East Water shares and lower interest expense, in contrast to significant impairment-related losses booked in the previous year.
Manila Water said it continued to invest heavily in infrastructure to meet its regulatory and service obligations. Group-wide capital expenditures reached P28.20 billion in 2025, with the East Zone concession accounting for 84 percent or nearly P24 billion.
The company reported completing several significant milestones last year, including completion of its acquisition of Wawa JVCo and getting a new international opportunity via Agua de Puebla in Mexico.
“With these milestones and in the coming years, we will continue strengthening our East Zone operations, accelerate domestic expansion, and fully realize the potential of our growing international portfolio,” Locsin said.
Manila Water shares on Friday dropped 4.73 percent, or P2.00, to close at P40.30 apiece.