Meralco chairman signals steady 2025 performance ahead of results

MANILA ELECTRIC CO. (Meralco) Chairman and Chief Executive Officer Manuel V. Pangilinan described the company’s 2025 performance as “good,” citing growth in its distribution operations and renewable energy initiatives as key contributors.

“All we can say is good,” he told reporters last week when asked about the company’s 2025 financial performance.

Meralco has set a full-year profit guidance of P50 billion, after surpassing its 2024 target of P45.1 billion.

For the first nine months of 2025, the power distributor reported a core net income of P40.02 billion, a 14% increase compared to the previous year, 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 year earlier, mainly due to electricity sales.

Asked if Meralco was able to hit its target, 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 company “to grow in profitability” and “to become the best power company in the Philippines.”

Aside from distribution, the company is also focusing on its power generation business for growth.

To raise additional capital, Meralco is evaluating a potential 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 New Energy Corp. (SPNEC), in exchange for shares.

“Perhaps in 2027, we will re-IPO (initial public offering) to raise a bit of money for SPNEC and MGreen because it will be a much bigger company by then,” Mr. Pangilinan said.

Last month, SPNEC filed an application with the Securities and Exchange Commission (SEC) to change its corporate name to MGEN Renewable Energy Holdings, Inc., which analysts believe is part of the planned backdoor infusion of the renewable energy business.

Meralco is also aligning the planned listing with the expected completion of the MTerra Solar project, which is set to become the world’s largest integrated solar and storage facility.

Spanning Nueva Ecija and Bulacan, MTerra Solar is developing a 3,500-megawatt-peak solar power 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 Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera