MANILA — Power distribution company Manila Electric Company (Meralco) reported a double-digit increase in its consolidated core net income (CCNI) for 2025.

At a briefing in Makati City on Wednesday, Meralco executives, led by Chairman and CEO Manuel Pangilinan, said the company booked a CCNI of P50.6 billion, up 12% from P45.1 billion in 2024.

Meralco’s distribution utility business contributed the largest share, accounting for 58% or P29.6 billion, while the power generation segment added P16.8 billion. Retail electricity supply and non-electricity operations combined for P4.2 billion, representing 9% of total CCNI.

“Meralco had another record year in 2025—marked by double-digit growth in our CCNI and a full-year profit that surpassed our target,” Pangilinan said. “These results were driven by the steady performance of the core distribution business and solid growth in power generation, supported by disciplined financial management.”

Pangilinan noted that the company’s strategy of maintaining a balanced mix of regulated and unregulated operations had “served (it) well.”

In 2025, Meralco’s capital expenditures reached P108.9 billion, with 73% or P80 billion allocated to MGen’s 3,500-megawatt MTerra Solar and other renewable energy projects. Meanwhile, P38.5 billion was spent on distribution, covering new connections, asset renewal, load growth, and pole relocation to support government infrastructure projects.

By the end of 2025, Meralco’s consolidated customer base rose to 8.2 million, marking a 2% increase from the previous year.