MANILA ELECTRIC CO. (Meralco) Chairman and Chief Executive Officer Manuel V. Pangilinan described the corporate’s 2025 performance as “good,” citing growth in its distribution operations and renewable energy initiatives as key contributors.
“All we will say is sweet,” he told reporters last week when asked concerning the company’s 2025 financial performance.
Meralco has set a full-year profit guidance of P50 billion, after surpassing its 2024 goal of P45.1 billion.
For the primary nine months of 2025, the ability distributor reported a core net income of P40.02 billion, a 14% increase in comparison with the previous yr, driven by revenue growth and stronger results from its distribution utility segment.
Consolidated revenues rose 4.6% to P371.77 billion for the January-to-September period from P355.42 billion a yr earlier, mainly attributable to electricity sales.
Asked if Meralco was capable of hit its goal, Mr. Pangilinan said: “Well, we aim accurately, don’t we?”
Meralco is scheduled to announce its full-year 2025 financial and operating results on Feb. 25, Wednesday.
Mr. Pangilinan said he wishes the corporate “to grow in profitability” and “to develop into the very best power company within the Philippines.”
Apart from distribution, the corporate can also be specializing in its power generation business for growth.
To lift additional capital, Meralco is evaluating a possible public offering for MGEN Renewable Energy, Inc. (MGEN Renewables), the renewable energy unit of Meralco PowerGen Corp. (MGEN).
This involves injecting assets into MGEN’s already-listed affiliate, SP Recent Energy Corp. (SPNEC), in exchange for shares.
“Perhaps in 2027, we are going to re-IPO (initial public offering) to lift a little bit of money for SPNEC and MGreen because it can be a much larger company by then,” Mr. Pangilinan said.
Last month, SPNEC filed an application with the Securities and Exchange Commission (SEC) to vary its corporate name to MGEN Renewable Energy Holdings, Inc., which analysts consider is an element of the planned backdoor infusion of the renewable energy business.
Meralco can also be aligning the planned listing with the expected completion of the MTerra Solar project, which is about to develop into the world’s largest integrated solar and storage facility.
Spanning Nueva Ecija and Bulacan, MTerra Solar is developing a 3,500-megawatt-peak solar energy plant and a 4,500-megawatt-hour energy storage system.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Helpful Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera