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Thank you for your interest in instituting good governance practice in Meralco

If you are aware of any violation of the following corporate governance rules, committed by any our directors, officers or employees, related to the following:

Violation of the Corporate Governance Rules
Violation of the Code of Ethics and Company Code of Employee Discipline or other similar codes
Financial Malfeasance including those relating to financial fraud and questionable accounting and auditing matters

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Meralco values your privacy.

We collect your name, address, employee number, job title/position, company/office, contact number, email address, and signature solely to facilitate action on the Violation of Corporate Governance Rules and/or Retaliation Protection report you have submitted. These are accessed by Corporate Governance Office who hold such information under strict confidentiality. These are retained while any of the involved parties is employed in Meralco and shall be disposed of accordingly thereafter.

To know more about how we protect your data, visit Privacy. To exercise your data subject rights, contact cdpo@meralco.com.ph

eReport Mo Form Anti-Retaliation Form

Financial and Operating Highlights

9M 2025 Financial Highlights

Meralco’s consolidated revenues rose 5% year-on-year to ₱371.8 billion in 9M 2025 from ₱355.4 billion in 2024, lifted by higher pass-through charges, stronger MGEN revenues from the Reserve Market, and increased RES sales volume.

Generation, transmission, and others grew 6% to ₱288.4 billion on higher fuel costs for LNG and Malampaya gas plants and greater ancillary service charges from NGCP.

Distribution revenues declined 2% to ₱53.9 billion due to the start of Regulatory Reset Fee Adjustments in February 2025.

Energy fees climbed 7% to ₱19.8 billion, reflecting higher Reserve Market revenues. Non-electric revenues were steady at ₱9.5 billion, as lower MIDC contributions were offset by higher earnings from MIESCOR and Bayad.

9M 2025 vs. 2024 Segment Highlights at 100%

Amounts in Million Php Meralco’s consolidated CAPEX surged 203% to ₱78.8 billion in 9M 2025 from ₱26.0 billion in 2024, reflecting accelerated investments in solar projects and distribution network upgrades.

Of the total, ₱58.8 billion (75%) was allocated to power generation including development of MTerra Solar (3,500 MWdc), Greenergy (52.7 MWac), and Greentech Bongabon (19.8 MWac) while ₱19.8 billion (25%) supported distribution projects for new connections, asset renewals, load growth, and pole relocation works.

Meanwhile, Core EBITDA grew 14% to ₱67.2 billion, underpinned by strong generation performance and sustained contribution from the regulated distribution business.

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