Meralco Q1 core income rises to P11.4 billion

MANILA ELECTRIC Co. (Meralco) reported a 2% increase in consolidated core net income (CCNI) to P11.4 billion for the first quarter (Q1), supported by higher contributions from its power generation business.

Earnings grew despite lower energy sales in the distribution segment, said Betty C. Siy-Yap, Meralco senior vice-president and chief finance officer, during a briefing on Monday.

Consolidated revenues rose 5% to P120.8 billion from P114.5 billion, driven by higher revenues from power generation and increased contributions from its distribution utility, according to the company.

Ms. Siy-Yap said overall sales volume grew 2% to 15,621 gigawatt-hours (GWh), with gains from the power generation and retail electricity supply businesses offsetting the decline in the distribution utility segment.

Meralco PowerGen Corp., the company’s power generation arm, accounted for 45% of CCNI or P5.1 billion, while the distribution utility contributed 46% or P5.3 billion.

“The 2% growth in our CCNI was backed by our strategic initiatives and responsible financial management,” Meralco Chairman Manuel V. Pangilinan said.

He said the company faced “serious consequences” on fuel supply chains and power prices following the Iran war on Feb. 28.

“We were fortunate to have certain of our solar facilities starting to supply indigenous and clean energy, in March 2026, at very reasonable prices, and our ability to source contractually committed and reasonably priced coal helped dampen the spike in power prices,” he said.

Amid the ongoing conflict, Mr. Pangilinan said the power generation business is managing its portfolio and accelerating projects such as MTerra Solar.

“Looking forward, Meralco will continue to actively explore emerging technologies such as nuclear and expanding distributed energy resources,” he said.

“We will not cease in strengthening our capabilities and future-ready infrastructure to better serve our customers, empower our employees, support the communities we serve,” he added.

Meralco is the country’s largest private electric distribution utility, serving more than 8.1 million customers in Metro Manila and nearby provinces, including Bulacan, Cavite, Rizal, and parts of Laguna, Batangas, Pampanga, and Quezon.

Its controlling shareholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

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