Philippines · Delayed Price · Currency is PHP Manila Electric Company Earnings Call Transcripts
Fiscal Year 2026
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First half 2026 saw 3.8% CC&I and 11% net income growth, with power generation and RES segments expanding their share. Regulatory risks and tariff reset delays pose uncertainties, but strong financial flexibility and major renewable investments support positive outlook.
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Core net income grew 2% to PHP 11.4B, with power generation's share rising sharply as renewables and LNGPH ramped up. DU sales volume dipped due to cooler weather, but system reliability and customer base improved. Regulatory changes and market volatility remain key risks.
Fiscal Year 2025
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CCNI grew 12% to PHP 50.6B, with power generation's share rising to 33% amid flat DU sales. Revenues increased 6% to PHP 497.3B, and core EBITDA rose 15%. Major solar and LNG investments drove growth, while regulatory resets and solarization present ongoing challenges.
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Core net income rose 14% to PHP 40B, led by strong power generation and steady distribution. Revenues grew 5%, while capex focused on solar and network upgrades. Outlook remains cautious for Q4, with Terra Solar on track and spot prices expected to stay low.
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Strong first half 2025 results were driven by robust distribution and surging power generation, with CCNI up 10% and significant growth in renewables and LNG capacity. Full-year energy sales growth is now projected at 1–2%, with industrial and construction segments expected to drive recovery.
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Core net income rose 11% year-over-year to PHP 11.2 billion, with strong growth in power generation and renewables. Terra Solar financing and franchise renewal were key milestones, while double-digit profit growth and robust CapEx are targeted for 2025.
Fiscal Year 2024
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Record core net income rose 22% to PHP 45.1B, driven by strong distribution and power generation growth, with all-time high energy sales and customer base. CapEx reached PHP 44.7B, and major renewable projects advanced, while regulatory and market shifts remain key risks.
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Record nine-month CCNI of PHP 35.1B (+17% YoY) and net income of PHP 33.8B (+19% YoY) were driven by strong sales growth, higher power generation, and robust RES margins. S&P upgraded the credit rating to BBB, and full-year net income is expected to exceed PHP 43B.
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Core net income rose 21% year-over-year in H1 2024, driven by higher distribution and generation volumes, with consolidated revenues up 6%. Full-year guidance was raised to PHP 43 billion, supported by strong segment performance and major CapEx projects. Distribution sales grew 9%, and regulatory and market reforms remain key focus areas.