Manila Electric Company (PSE:MER)

Manila Electric Company Cash Flow Statement

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

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	53,791	51,130	45,859	38,023	28,431	23,498
Depreciation & Amortization	16,664	16,644	17,057	16,625	15,613	12,499
Other Amortization	760	522	558	-	418	-
Loss (Gain) on Equity Investments	-17,957	-16,731	-10,267	-11,479	-12,035	-3,127
Asset Writedown	1,200	1,200	-117	-1,179	2,601	-
Change in Accounts Receivable	-5,181	6,825	-25,335	9,138	-15,083	11,127
Change in Inventory	-96	439	-293	-753	-812	-2,136
Change in Accounts Payable	12,810	4,374	10,565	-2,961	18,253	-12,832
Change in Other Net Operating Assets	-2,822	5,214	203	7,259	-4,317	1,506
Other Operating Activities	324	1,452	2,931	2,303	-10,435	12,089
Operating Cash Flow	60,985	72,077	42,010	57,974	25,182	43,181
Operating Cash Flow Growth	46.11%	71.57%	-27.54%	130.22%	-41.68%	44.55%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-97,681	-106,520	-39,150	-24,800	-33,663	-26,260
Sale of Property, Plant & Equipment	57	105	194	7	914	161
Cash Acquisitions	-	-	-	-5,853	-	-17,840
Divestitures	-3,170	-	881	454	4,164	-
Sale (Purchase) of Intangibles	-1,103	-645	-5,361	-4,137	-8,533	-976
Investment in Securities	40,570	-64,894	5,798	19,909	8,968	-8,513
Other Investing Activities	13,404	12,802	18,875	15,991	6,072	3,962
Investing Cash Flow	-47,923	-159,152	-18,763	1,569	-22,081	-49,467

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-Term Debt Issued	-	20,389	7,742	1,331	2,920	22,880
Long-Term Debt Issued	-	143,597	6,523	2,803	32,507	24,513
Total Debt Issued	66,573	163,986	14,265	4,134	35,427	47,393
Short-Term Debt Repaid	-	-18,309	-1,038	-3,239	-2,263	-17,419
Long-Term Debt Repaid	-	-9,103	-8,133	-8,500	-18,679	-7,388
Total Debt Repaid	-23,729	-27,412	-9,171	-11,739	-20,942	-24,807
Net Debt Issued (Repaid)	42,844	136,574	5,094	-7,605	14,485	22,586
Common Dividends Paid	-31,422	-27,416	-23,823	-21,691	-16,890	-13,748
Other Financing Activities	3,224	3,362	-2,862	-3,309	129	2,023
Financing Cash Flow	14,646	112,520	-21,591	-32,605	-2,276	10,861

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	-483	-608	35	19	-	-480
Net Cash Flow	27,225	24,837	1,691	26,957	825	4,095

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	-36,696	-34,443	2,860	33,174	-8,481	16,921
Free Cash Flow Growth	-	-	-91.38%	-	-	65.73%
Free Cash Flow Margin	-6.85%	-6.93%	0.61%	7.48%	-1.99%	5.31%
Free Cash Flow Per Share	-32.56	-30.56	2.54	29.44	-7.53	15.01
Levered Free Cash Flow	-59,852	-71,493	-9,276	43,848	19,270	17,993
Unlevered Free Cash Flow	-54,562	-66,131	-6,508	46,550	21,750	20,195

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	8,919	9,447	2,608	4,564	4,310	4,098
Cash Income Tax Paid	12,223	13,558	11,712	9,067	3,317	6,902
Change in Working Capital	4,711	16,852	-14,860	12,683	-1,959	-2,335

Data Source: S&P Global Market Intelligence Last updated: Jun 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Aug 20, 2026

Data Sources Report a data error