Financial and Operating Highlights
H1 2026 Financial Highlights
One Meralco’s CCNI increased 3.8% year-on-year to ₱26.5 billion, reflecting the resilience of Meralco’s diversified business portfolio.
The regulated Distribution Utility (DU) business remained the Group’s largest earnings contributor at ₱12.7 billion, representing 48% of total CCNI. While energy sales remained relatively flat at 27.0 TWh, the DU business continued to provide a stable earnings base.
Meanwhile, the Group’s unregulated businesses increased their CCNI contribution to ₱13.8 billion, surpassing the regulated business for the period. This was driven by higher earnings from the Power Generation business, supported by the full six-month contribution of LNGPH, sustained high plant availability, and higher energy sales from both thermal and renewable facilities, as well as continued growth in the Retail Electricity Supply (RES) and non-electric businesses.
Consolidated revenues increased 16% year-on-year to ₱283.7 billion, driven primarily by higher pass-through generation and transmission charges, as well as stronger revenues from the Power Generation and Retail Electricity Supply (RES) businesses. Electric revenues of ₱279.0 billion accounted for 98% of consolidated revenues.
Generation, transmission and other pass-through revenues increased 19% to ₱226.0 billion, reflecting higher generation and transmission charges that were substantially passed through to customers. Distribution revenues grew 2% despite relatively flat energy sales, while Energy Fee revenues increased 30% on higher generation sales volumes and increased Feed-in Tariff (FIT)-related revenues. Non-electric revenues amounted to ₱4.7 billion.
Meralco’s diversified portfolio continued to underpin earnings growth, with consolidated core EBITDA reaching ₱44.8 billion in 1H2026, up 3.9% year-on-year. While the DU business remained the largest contributor at 52% of total core EBITDA, the unregulated businesses increased their contribution to 46%, reflecting continued growth across the Group’s power generation, RES, and other non-power businesses. Retail Supply and other businesses also continued to provide meaningful support to consolidated earnings.
Meralco continues to deliver sustainable dividend growth, supported by resilient core earnings and its consistent 50% core earnings payout policy. For 1H2026, the Board declared an interim cash dividend of ₱11.758 per share, representing an implied annualized dividend yield of approximately 4.1% based on the June 30, 2026 closing share price. Payable on September 23,2026 to shareholders of record as of August 28, 2026.
