Meralco targets record ₱56.6 billion core earnings for 2026

Manila Electric Co. (Meralco) expects consolidated core net income to reach approximately ₱56.6 billion in 2026, chairman Manuel V. Pangilinan said. The forecast would represent a record for the Philippine electricity company, but remains subject to any significant unforeseen developments.

Chief finance officer Betty Siy-Yap said core net income for January–September reached ₱44.8 billion, up 12 per cent from ₱40.02 billion a year earlier. Electricity distribution and power generation supported the increase.

Distribution accounted for the largest share of core income, contributing ₱20.1 billion, or 45 per cent. Power generation provided ₱18.2 billion, or 41 per cent, while retail electricity supply and non-electricity operations together contributed ₱6.5 billion, or 14 per cent.

Capital expenditure totalled ₱76 billion through September as Meralco invested in network reliability and the energy transition. It allocated ₱54.6 billion to renewable energy and battery storage projects at Meralco PowerGen Corp. Another ₱21.2 billion was spent on distribution network modernisation, new connections and other infrastructure.

Pangilinan said geopolitical tensions and El Niño had presented challenges during the nine-month period. He also said the Energy Regulatory Commission’s approval of Meralco’s delayed rate reset provided greater regulatory certainty for investments in network reliability, modernisation and digitalisation.