The Manila Electric Co. (Meralco) is optimistic about its performance in 2026, driven by higher electricity sales, growing contributions from its power generation business, and continued expansion of its retail electricity supply (RES) operations.
Chairman and Chief Executive Officer Manuel V. Pangilinan stated that the company expects its full-year earnings to surpass last year's record core net income of P50.6 billion.
The company's distribution business has seen higher energy sales volumes, while its power generation segment is benefiting from the rollout of the P200-billion MTerra Solar Project and the continued growth of its RES business.
Pangilinan noted that all three of Meralco's businesses are performing well, and the company is on track to meet or exceed its profit target.
The company's core net income rose 14% to a record P50.6 billion in 2025, driven by higher earnings from its power generation business and sustained contributions from its electricity distribution operations.
Consolidated revenues increased 6% to P497.3 billion, supported by higher distribution charges, stronger power generation revenues, and increased electricity sales under its RES business.
Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho stated that the company has invested a record P28.5 billion in capital expenditures in 2025 to strengthen and modernize its electricity distribution network.
The company has built four new substations, expanded seven existing substations, upgraded four sub-transmission lines, hardened facilities against storms and other calamities, and continued modernizing its distribution infrastructure.
Meralco is the country's largest private electric distribution utility, serving more than 8.2 million customers in Metro Manila and nearby provinces.
