Meralco has reported a strong financial and operational performance for the first nine months of 2026, supported by growth across its electricity distribution, power generation, and retail electricity supply businesses. For the period ending September 30, 2026, the company recorded a consolidated core net income (CCNI) of PhP 44.8 billion, representing a 12% increase compared to the corresponding period in 2025. Reported income rose 21% to PhP 44.6 billion, while core earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 13% to PhP 75.8 billion.
The company’s earnings per share also recorded growth during the reporting period. Core earnings per share (EPS) increased 12% to PhP 39.774, while reported EPS rose 21% to PhP 39.642, reflecting improved financial performance across its business segments.
Meralco’s distribution utility business remained a major contributor, generating PhP 20.1 billion in CCNI, equivalent to 45% of the group’s total core net income. System-wide power sales volume increased 2% to 52,017 GWh, supported by continued customer additions and higher electricity demand. The company’s customer base expanded to 8.357 million accounts, registering a 2.2% increase compared to the previous year.
Consolidated energy sales grew 0.8% to 41,054 GWh during the nine-month period. The growth was supported by new customer connections, warmer weather conditions, and continued commercial activity, particularly in the retail and restaurant sectors. Meralco also reported improvements in distribution network reliability, with both the System Average Interruption Frequency Index (SAIFI) and System Average Interruption Duration Index (SAIDI) improving by 8%.
The power generation business recorded significant growth, with its CCNI contribution increasing 24% to PhP 18.2 billion. This segment accounted for 41% of Meralco’s total core net income. Energy delivered by the generation business increased 7% to 21,419 GWh, supported by higher thermal generation, full-period operations of natural gas facilities, and the commencement of operations at MTerra Solar Phase 1.
MTerra Solar achieved commercial operations on August 26, 2026, after receiving its Final Certificate to Connect for 950 MW. Since commissioning, the project has delivered 623 GWh of mid-merit power through its combined solar photovoltaic and battery energy storage facilities. Meralco’s renewable energy subsidiary, MGENR, formerly known as SPNEC, also expanded its renewable energy portfolio and expects improved financial performance in 2026, supported by the growing contribution from MTerra Solar.
At the consolidated level, Meralco’s gross revenues increased 19% to PhP 443 billion from PhP 371.7 billion in the corresponding period last year. The growth was primarily driven by higher revenues from power generation and retail electricity supply, along with increased pass-through charges. Total costs and expenses rose 20% to PhP 397.6 billion, mainly due to higher purchased power costs associated with generation and transmission expenses.
The company reported capital expenditure of PhP 76 billion during the first nine months of 2026. Investments were primarily directed towards solar power projects, battery energy storage systems, and improvements to its electricity distribution network, including new customer connections and infrastructure upgrades.
On the regulatory front, the Energy Regulatory Commission released Meralco’s average First Regulatory Period distribution tariff of PhP 1.50 per kWh, establishing the revenue and pricing framework for the upcoming regulatory years. The company also participated in competitive selection processes to secure future baseload electricity supply and implemented regulatory directives concerning flexible payment arrangements and extensions of disconnection moratoriums to support consumers.
Meralco also expanded its international energy investments. Its subsidiary, PacificLight Power, commenced construction of a S$1.2 billion hydrogen-ready power plant integrated with battery storage in Singapore. The development reflects the group’s broader strategy to expand its regional presence while investing in flexible and lower-emission power generation technologies.
The company’s sustainability initiatives also received international recognition, including its participation in the United Nations Private Sector Forum and recognition at the Philippine Financial & Inter-Industry Pride Awards. Overall, Meralco’s nine-month performance highlights continued growth in its core businesses, increasing investments in renewable energy and storage, and efforts to strengthen electricity infrastructure and support the energy transition.
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