MANILA Electric Co. (Meralco) on Monday reported a consolidated core net income of P11.2 billion for the first quarter, up 2 percent from P11.4 billion a year earlier.
In a statement, Meralco said gross revenues rose to P120.8 billion from P114.5 billion on the solid performance of its generation and retail electricity supplier businesses.
Meralco Chairman and CEO Manuel Pangilinan said the company’s strategic initiatives and responsible financial management helped boost core earnings despite current global uncertainties.
“[W]hat occupied Meralco the most was the Iran war, which broke [out] on February 28, with serious consequences on our fuel supply chain and on power prices," he said.
"We were fortunate to have certain of our solar facilities starting to supply indigenous and clean energy, in March 2026, at very reasonable prices,” he added.
Pangilinan said the company's ability to source contractually committed and reasonably priced coal also “helped dampen the spike in power prices.”
By segment, the distribution utility business reported consolidated energy sales of 12,273 gigawatt-hours (GWh), down 2 percent from 12,493 GWh.
Consolidated customer count increased to 8.3 million as of end-March amid continued efforts to expand the company’s customer base.
Customers enrolled in its net metering program, meanwhile, climbed more than 36 percent to over 20,000 customers, Meralco said.
The power generation business, meanwhile, posted a consolidated core net income contribution of P5.10 billion, up 51 percent, thanks to full-capacity operations and the full three months’ contribution of LNGPH, a $3.3 billion integrated liquefied natural gas facility in Batangas.
By volume, the segment delivered 6,626 GWh of energy in the period, up 25 percent from a year ago, with retail electricity supply delivering 1,827 GWh, up 9 percent amid continuing customer acquisitions.
Capital expenditures for the period stood at P19.516 billion, down from last year’s P25.40 billion, and went mainly to the continued construction of the MTerra Solar project and upgrades in the services of the distribution business.
Meralco shares on Monday shed P2.50, or 0.38 percent, to close at P649.50 apiece while the benchmark Philippine Stock Exchange index rose 1.86 percent.
