Maynilad eyes fresh fundraising after November IPO

Maynilad Water Services, Inc. realized its “best year yet” after recording a 19-percent profit growth in 2025 thanks to robust revenues and operating efficiency gains.

Although this was a big success, the firm is already eyeing fresh fundraising activities to further beef up its investments, according to Maynilad chief financial officer Ricardo de los Reyes.

Maynilad went public last November, with a total of 12 cornerstone investors backing its market debut. It was able to raise about P34.3 billion from the initial public offering (IPO).

“The IPO is not enough to cover all of our spending, even for one year. That’s how big our investment is in the concession,” De los Reyes said in a press briefing.

“All options are open to us. As you can imagine, we’re a very strong, credit-worthy organization. And so we have loans available to us, we have bonds available to us, we even have equity markets available,” he added.

Maynilad is the water and wastewater services provider for the West Zone service area of the Metropolitan Waterworks and Sewerage System. It covers 17 cities and towns in Metro Manila and Cavite.

The group said on Tuesday its consolidated net income reached P15.2 billion from P12.8 billion a year earlier.

Consolidated revenues rose 9.4 percent to P36.6 billion from P33.5 billion on tariff adjustments and stable billed connections.

Earnings before interest, taxes, depreciation and amortization (Ebitda) improved by 14.9 percent to P25.3 billion.

Christopher Jaime Lichauco, chief operating officer of Maynilad, said in a media briefing that 2025 was marked by strong consolidated financial performance as well as record investments.

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“We remain focused on disciplined capital allocation, operational efficiency and long-term value creation while fulfilling our service obligations,” added Ramoncito Fernandez, president and CEO of Maynilad.

Cash operating expenses inched up by 1.5 percent. Maynilad said this reflected the group’s “improved network efficiency and NRW (non-revenue water) reduction initiatives.”

Meanwhile, the group said it spent P26.9 billion last year, Maynilad’s highest capital spending as it boosted its water supply facilities and sewerage infrastructure and launched network upgrades.

For this year’s capital spending, Lichauco said Maynilad had earmarked P30 billion.