MANILA Electric Co. (Meralco) on Wednesday reported a consolidated core net income of P50.57 billion for 2025, up 12 percent from P45.142 billion a year earlier and led by higher contributions from power generation and steady distribution sales.
Gross revenues reached P497.325 billion, up 6 percent from P470.362 billion in 2024, the company said in a statement.
“Meralco had another record year in 2025, marked by a double-digit growth in our consolidated core net income and full-year profit that surpassed our target,” Meralco Chairman and CEO Manuel Pangilinan said.
“These results were driven by the steady performance of the core distribution business and solid growth of the power generation business. Our strategy of maintaining a balanced mix of regulated and unregulated operations has served us well.”
Meralco said its distribution utility business posted consolidated energy sales of 53,997 gigawatt-hours (GWh) in 2025, slightly lower than the previous year’s 54,325 GWh, as organic electricity demand contracted due to extreme weather shifts, increased solar rooftop adoption and slower economic growth.
It said energy sales of Clark Electric Distribution Corp. grew 3 percent while those of Shin Clark Power Corp. rose 18 percent, adding nearly 20 GWh and 0.7 GWh, respectively, to their year-on-year performances.
Overall commercial volumes, on the other hand, dipped to 20,326 GWh from 20,406 GWh as expansions in retail and restaurants were tempered by office and hotel vacancies.
Residential volumes fell to 19,060 GWh in 2025 from 19,455 GWh as household consumption declined, while industrial sales edged up by 1 percent to 14,465 GWh from 14,318 GWh on resilient demand in the semiconductor and construction-related sectors.
Meralco said its consolidated customer count was 8.2 million as of end-2025, up 2 percent from the previous year.
In power generation, Meralco PowerGen Corp. (MGen) posted a 52-percent increase in consolidated core net income contribution of P16.80 billion, with revenues edging up to P29 billion and energy deliveries surging 78 percent year on year to 27,289 GW.
As for retail electricity, Meralco said combined energy delivered by the segment grew 11 percent to 7,510 GWh, driven by continuing customer acquisition.
Capital expenditures (capex) during the year reached P108.875 billion, more than double the previous year’s P44.705 billion, with most of the funds allocated to the ongoing development of the MTerra Solar project and the balance for its distribution projects.
Asked to provide a profit guidance for 2026, Pangilinan said growth would depend on how soon the first phase of the 3,500-megawatt MTerra Solar project would go online.
“We were actually discussing on whether we should provide profit guidance as of the moment ... The sooner it generates power and sells to the grid, the better; and the better the prospects for 2026 would look like for Meralco, he said during a briefing.
“Hopefully, we can give you a better idea when we announce our results sometime in May.”
Meralco shares on Wednesday dropped P12.00, or 1.9 percent, to close at P620.00 apiece amid a 1.10-percent rise for the benchmark Philippine Stock Exchange index.