MAYNILAD WATER Services, Inc. reported net income of P15.2 billion for 2025, up 19% from a yr earlier, supported by higher revenues from increased tariffs and stable billed water connections.
Revenues rose 9.4% to P36.6 billion from P33.5 billion within the previous yr, on the back of upper tariffs and stable billed connections, the corporate said in a press release on Tuesday. The corporate has yet to release its full report for the period.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 14.9% to P25.3 billion from P22 billion, with the margin improving to 69%.
Maynilad President and Chief Executive Officer Ramoncito S. Fernandez said that 2025 was the corporate’s best yr, marked by strong consolidated financial performance and repair improvements.
“We remain focused on disciplined capital allocation, operational efficiency, and long-term value creation while fulfilling our service obligations,” he said.
Mr. Fernandez said the water utility is counting on billed volume growth, higher tariffs, and continued efficiency efforts to support its operations this yr.
Beyond financial performance, Maynilad can also be focused on service, with non-revenue water (NRW) averaging 34.9%, a 5-percentage-point improvement from 2024. This enabled the recovery of roughly 256 million liters per day of water, in accordance with the corporate.
NRW refers to water that’s produced but not billed as a result of leaks, theft, or other losses.
Mr. Fernandez said during a briefing that the corporate plans to spend as much as P6 billion a yr until NRW reaches 20%, the international standard.
“Our marketing strategy is directed towards achieving the extent of 20%,” he said.
For 2026, the corporate has earmarked P30 billion for capital expenditure on water and wastewater projects.
Maynilad made its stock market debut in November last yr, raising P34.34 billion from the offering — the second-largest initial public offering (IPO) within the Philippine Stock Exchange’s history.
While it has already raised capital, the corporate said that funding from the IPO continues to be insufficient to cover all planned spending.
“That’s how big our investment is within the concession,” Maynilad Chief Finance Officer Ricardo F. Delos Reyes said.
Maynilad serves as the first provider of water and wastewater services within the West Zone, covering 11 cities in Metro Manila, three with partial coverage, in addition to parts of Cavite province.
Shares in the corporate rose 5.31% to shut at P21.80 apiece.
Metro Pacific Investments Corp., Maynilad’s majority shareholder, is considered one of three Philippine subsidiaries of Hong Kong-based First Pacific Co. Ltd., together with Philex Mining Corp. and PLDT Inc.
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