Maynilad earnings surge by 19% to P15.2 billion in 2025

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February 25, 2026 | 12:00am

MANILA, Philippines —  West Zone concessionaire Maynilad Water Services Inc. posted a 19 percent increase in net income in 2025, driven by higher revenue and sustained operating efficiencies, while ramping up investments to keep water losses at bay.

The Pangilinan-led company said its consolidated net income reached P15.2 billion last year, up from P12.8 billion in 2024, following its stock market debut in November.

Consolidated revenues expanded by 9.4 percent year on year to P36.6 billion, driven by “approved tariff adjustments and stable billed connections.”

Earnings before interest stood at P25.3 billion, while its margin improved to 69 percent.

“Fiscal year 2025 reflects disciplined execution across both financial and operating fronts,” Maynilad president and CEO Ramoncito Fernandez said.

“We delivered double digit growth in net income and EBITDA  sustained margin improvement, and achieved our highest capital disbursement to date,” he added.

Maynilad chief operating officer Christopher Lichauco said the company allocated P26.9 billion in capital expenditures last year from P25.7 billion in 2024, the highest annual disbursement in the company’s history.

The funds were poured into expanding sewer coverage, improving supply reliability, reducing non-revenue water  (NRW) recovery and developing alternative water resources.

For this year, the capital expenditures is earmarked at P30 billion.

In 2025, Maynilad said it cut NRW to an average of 34.9 percent, with year-end losses at 30.7 percent. The reduction translated into the recovery of 256 million liters of water per day.

Fernandez told a briefing that the company is targeting a reduction in water losses to 20 percent by 2030, in line with global standards.

“Our business plan is directed toward achieving that level of 20 percent. The capex related to that, our own estimation is that we will continue to spend between
P5 billion and P6 billion a year,” he said.

Fernandez said the firm aims to reach its NRW target of 27 percent by 2027 and 20 percent by 2030.

In addition, Fernandez said the company would prioritize boosting water service availability, further reducing NRW, executing its capital program responsibly and expanding wastewater coverage.

He outlined three growth drivers for 2026 — an increase in billed volume, a single-digit tariff reduction under its approved business plan and continued efficiency improvements.