Power generation lifts Meralco’s 2025 profit by 12%

Manila Electric Co. (Meralco) still saw a “record year” in 2025 as its power generation business provided the needed lift amid the muted energy sales of its flagship distribution unit.

In a media briefing on Wednesday, Betty Siy-Yap, Meralco chief finance officer, said the group’s consolidated core net income (CCNI) hit P50.57 billion. That meant a 12-percent jump from last year’s P45.14 billion.

Meralco’s full-year profit guidance was set at P50 billion for 2025.

The company’s reported net income also rose by 11 percent to P51.13 billion against the previous P45.85 billion.

Gross revenues increased by 6 percent to P497.32 billion from P470.36 billion.

“Meralco had another record year in 2025—marked by a double-digit growth in our CCNI and full-year profit that surpassed our target,” Meralco chair Manuel Pangilinan said.

“These results were driven by the steady performance of the core distribution business and solid growth of the power generation business, supported by disciplined financial management,” he added.

Meralco’s distribution business provided 58 percent of the core profit, which reached P29.6 billion.

The group booked 53,997 gigawatt-hours (GWh) in consolidated energy sales volumes.

This was a 0.06-percent decrease from 54,325 GWh in 2024 when there was an occurrence of the El Niño climate phenomenon.

Meralco blamed the decline on the “extreme weather shifts, increasing solar rooftop adoption and economic slowdown.”

See Also

Unclear US tariffs complicate business for PH exporters

The group delivers electricity to Metro Manila, Bulacan, Cavite, Rizal and some parts of Pampanga, Laguna, Batangas and Quezon.

Meralco’s power generation unit, meanwhile, continued to perform well with a P16.8-billion contribution. Its share in the bottom line swelled by 52 percent to 33 percent of the total.

Led by Meralco PowerGen Corp. (MGEN), the group has solar, thermal and natural gas assets.

MGEN delivered a total of 27,289 GWh of energy last year, a 78-percent surge from 2024.

The firm is leading the construction of the MTerra Solar farm, set to be the biggest solar facility in the world once it becomes fully operational by 2027. Currently, phase one is 75-percent complete as of January.