Manila Electric Company (PSE:MER)

Manila Electric Company Income Statement

Financials in millions PHP. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	497,325	470,362	443,612	426,529	318,547
Revenue Growth (YoY)	5.73%	6.03%	4.00%	33.90%	15.71%
Fuel & Purchased Power	-	358,239	344,381	345,222	233,708
Operations & Maintenance	-	2,225	1,881	1,906	1,103
Selling, General & Admin	-	418	337	278	200
Depreciation & Amortization	-	17,529	16,625	16,031	12,499
Provision for Bad Debts	-	849	998	2,498	506
Other Operating Expenses	448,852	39,668	36,209	34,582	31,017
Total Operating Expenses	448,852	418,928	400,431	400,517	279,033
Operating Income	48,473	51,434	43,181	26,012	39,514
Interest Expense	-	-4,474	-4,549	-3,968	-3,524
Interest Income	-	3,738	3,170	1,915	1,831
Net Interest Expense	-	-736	-1,379	-2,053	-1,693
Income (Loss) on Equity Investments	16,731	10,267	11,479	12,035	3,127
Currency Exchange Gain (Loss)	-	185	-44	1,011	487
Other Non-Operating Income (Expenses)	-1,612	-4,466	-6,448	-1,769	-8,440
EBT Excluding Unusual Items	63,592	56,684	46,789	35,236	32,995
Pretax Income	63,592	56,684	46,789	35,236	32,995
Income Tax Expense	12,750	10,214	8,111	6,648	8,912
Earnings From Continuing Ops.	50,842	46,470	38,678	28,588	24,083
Minority Interest in Earnings	288	-611	-655	-157	-585
Net Income	51,130	45,859	38,023	28,431	23,498
Net Income to Common	51,130	45,859	38,023	28,431	23,498
Net Income Growth	11.49%	20.61%	33.74%	20.99%	44.02%
Shares Outstanding (Basic)	1,127	1,127	1,127	1,127	1,127
Shares Outstanding (Diluted)	1,127	1,127	1,127	1,127	1,127
Shares Change (YoY)	0.01%	-	-	-	-
EPS (Basic)	45.37	40.69	33.74	25.23	20.85
EPS (Diluted)	45.37	40.69	33.74	25.23	20.85
EPS Growth	11.49%	20.61%	33.74%	20.99%	44.02%
Free Cash Flow	-	2,860	33,174	-8,481	16,921
Free Cash Flow Per Share	-	2.54	29.44	-7.53	15.01
Dividend Per Share	28.000	24.031	19.760	16.840	15.290
Dividend Growth	16.52%	21.61%	17.34%	10.14%	22.13%
Profit Margin	10.28%	9.75%	8.57%	6.67%	7.38%
Free Cash Flow Margin	-	0.61%	7.48%	-1.99%	5.31%
EBITDA	64,968	68,491	59,382	41,625	52,013
EBITDA Margin	13.06%	14.56%	13.39%	9.76%	16.33%
D&A For EBITDA	16,495	17,057	16,201	15,613	12,499
EBIT	48,473	51,434	43,181	26,012	39,514
EBIT Margin	9.75%	10.94%	9.73%	6.10%	12.40%
Effective Tax Rate	20.05%	18.02%	17.34%	18.87%	27.01%
Revenue as Reported	497,325	470,362	443,612	426,529	318,547

Source: S&P Global Market Intelligence. Utility template. Financial Sources.