MPIC core profit climbs 15% to P27B on power, water, toll contributions

METRO PACIFIC Investments Corp. (MPIC) recorded a 15% increase in consolidated core net income to P27.1 billion for 2025, as its power, water, toll road, and healthcare businesses delivered higher contributions.

Contributions from operations reached P32.1 billion, an increase of 13%, the infrastructure conglomerate said in a statement on Wednesday.

Manila Electric Co.’s (Meralco) higher power generation, Maynilad Water Services, Inc.’s higher water tariffs, increased traffic and toll rates, and patient volumes across the Metro Pacific Hospitals network drove the growth.

Power remained the group’s largest contributor, accounting for P22.1 billion or 69% of total net operating income (NOI).

Meralco core net income rose 12% to P50.6 billion. Revenue increased 6% following retail electricity sales and power generation availability.

The water segment, led by Maynilad, recorded a 19% increase in core net income to P15.2 billion. Revenue reached P36.6 billion, an increase of 9%, following an 8% tariff increase in January 2025. Non-revenue water reached 34.9%, compared to 39.9% in 2024.

Metro Pacific Tollways Corp. (MPTC) toll revenues reached P36.9 billion, an increase of 17%. Core net income for the segment increased 8%. Reported net income was P6.2 billion, a decrease of 4%, following a 2024 reversal of contingent considerations related to an acquisition.

While core net income rose 15%, reported net income increased at a slower pace of 5%.

Management said the 2024 results included a “one-time gain from a subsidiary,” which created a higher base for comparison despite the “strong underlying performance” in 2025. At the parent level, MPIC reduced its net debt to P52.5 billion from P61.5 billion at the end of 2024, while maintaining P7.9 billion in cash and cash equivalents.

MPIC Chairman, President, and Chief Executive Officer Manuel V. Pangilinan said the group’s results reflect steady demand for essential infrastructure services.

“Our results in 2025 reflect the steady demand for reliable infrastructure and the consistent work of our teams across the group. Power, water, mobility and healthcare are essential services, and our focus has always been on improving how we deliver them to the communities we serve.”

He also cited external pressures affecting global markets.

“The global environment remains uncertain… In times like this, our approach is to stay disciplined — manage our balance sheet carefully, focus on operational efficiency, and continue investing where the country needs infrastructure the most. Looking ahead, our task remains straightforward: to grow responsibly while maintaining financial discipline. If we stay focused on execution and on serving the needs of the communities that depend on us, we believe the Group will remain resilient. At the end of the day, our businesses exist to serve the country.”

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

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