Meralco delivered P11.43-B core earnings in first quarter
The aggressive investment of Manila Electric Co. (Meralco) in its power generation business has started to pay off, with the Pangilinan-led utility operator flexing its muscles in the first quarter amid a weaker distribution segment.
At a media briefing on Monday, Betty Siy-Yap, Meralco chief finance officer, said the group’s consolidated core net income—excluding nonrecurring items to reflect underlying performance—had inched up by just 2 percent to P11.43 billion in the first quarter.
Meralco’s revenues climbed by 5 percent to P120.78 billion.
The distribution unit continued to provide the largest share at 46 percent or P5.3 billion of the consolidated profit. Power generation, meanwhile, was already showing off, pitching in 45 percent or P5.1 billion.
The group’s retail electricity supply and nonpower businesses covered the remaining 9 percent.
Meralco’s reported income, representing total profit including one-time gains and losses, went up by 4 percent to P10.833 billion.
During the January to March period, sales volume of its distribution unit dipped by 2 percent to 12,273 gigawatt hours (GWh) due to cooler temperatures. The unit, however, was able to expand its customer base to 8.3 million.
Its power generation business, led by Meralco PowerGen Corp. (MGEN), recorded a 25-percent improvement in energy sales to 6,626 GWh.
MGEN, with interests in solar, thermal and natural gas assets, is leading the development of the MTerra Solar in Luzon, which could be the world’s largest solar facility.
Since March, a portion of the MTerra Solar asset has injected an initial 250 megawatts (MW) of solar capacity to the grid.
“The first quarter of 2026 marks MGEN’s shift from building capacity to delivering tangible impact to the grid,” MGEN president and CEO Emmanuel Rubio said.
“With MTerra Solar now energized, we are not only strengthening today’s energy supply but also demonstrating the Filipino’s ability not only to build big, but also to build fast,” he added.
Rubio also said the group was “actively managing” MGEN’s exposure to the global fuel market amid the war in the Middle East.
Its chair Manuel Pangilinan also said the power distribution business would “continue to pursue prudent sourcing strategies to manage our exposure to price volatility.”
