Financial and Operating Highlights
Meralco’s Core Consolidated Net Income (CCNI) rose 2% year-on-year to ₱11.4 billion in 1Q2026, reflecting steady earnings growth despite a shift in segment contributions.
The regulated business saw a decline to ₱5.3 billion from ₱6.7 billion in the same period last year, primarily due to normalization of distribution-related earnings. This was more than offset by strong performance from the unregulated segment, which increased to ₱6.1 billion from ₱4.4 billion, driven by higher contributions from power generation and non-utility businesses. As a result, the earnings mix continues to evolve, with unregulated operations now accounting for a larger share of total CCNI.
Meralco’s total gross revenues grew to ₱120.8 billion in 1Q2026 from ₱114.5billion last year, driven mainly by higher contributions from generation, transmission, and other pass-through charges.
Distribution revenues declined slightly due to lower volumes and tariff adjustments, while energy fees increased on stronger WESM-related revenues. Non-electric revenues were broadly stable, reflecting continued contributions from Radius, MIESCOR, and MSERV.
Out of the consolidated core EBITDA of ₱19.6 billion, DU contribution amounted to ₱10.4 billion and accounted for 53% of the total. Power Generation core EBITDA contribution was at ₱7.7 billion and comprised 39% of the total while RES and other non-power subsidiaries and affiliates accounted for the remaining ₱1.5 billion or 8% of the consolidated amount.
Core EPS rose to ₱10.137 in Q1 2026,up 2% year-on-year, reflecting steadyearnings growth supported by thecontinued strength of the powergeneration portfolio and resilientdistribution utility performance.