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 remain, but strong financial flexibility and major investments in renewables and storage support positive outlook.
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Q1 2026 saw 2% core net income growth to PHP 11.4B, with power generation's share rising to 45% of CCNI. Revenues increased 5% to PHP 120.8B, while DU volumes fell due to cooler weather and conservation. Major solar and battery projects advanced, and regulatory changes impacted cash flows.
Fiscal Year 2025
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Core net income rose 12% to PHP 50.6B, with power generation's share surging to 33% on strong LNG and renewables growth. Distribution volumes were flat, but operational reliability and customer count improved. Cautious demand outlook persists, but major solar and LNG projects are set to drive future growth.
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Core net income rose 14% to PHP 40B, driven by strong power generation and steady distribution. Power generation's share of earnings surged, while DU sales dipped slightly due to weather and vacancies. Capex focused on solar and network upgrades, with robust liquidity and improved reliability metrics.
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First-half 2025 saw 10% CCNI growth to PHP 25.5B, driven by strong distribution and power generation. Capex focused on solar, with MTerra Solar progressing rapidly. Full-year energy sales growth revised to 1–2% amid macro headwinds, with power generation set to drive second-half profits.
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Strong Q1 2025 results with 11% CCNI growth and robust performance across distribution and power generation. Major investments in LNG and renewables, franchise renewal, and PHP 120B CapEx guidance support double-digit profit growth for the year.
Fiscal Year 2024
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Record 2024 results featured a 22% rise in core net income, robust growth in distribution and power generation, and major investments in renewables and infrastructure. CapEx and dividend guidance remain strong, with continued focus on grid modernization and regulatory compliance.
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Record nine-month CCNI of PHP 35.1B (+17% YoY) and revenue of PHP 355.4B (+6%) were driven by strong growth in all segments, especially distribution and power generation. S&P upgraded the credit rating to BBB, and full-year net income is guided above PHP 43B.
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Core net income rose 21% YoY to PHP 23.2B in H1 2024, with revenues up 6% and EBITDA up 20%. Distribution and power generation segments both posted strong growth, while CapEx reached PHP 20B and Terra Solar advanced toward key milestones. Full-year guidance was raised to PHP 43B.