MANILA, Philippines — West Zone concessionaire Maynilad Water Services Inc. reported a 10-percent increase in its net income for the first quarter of 2026, reaching P4 billion compared to P3.6 billion during the same period last year. The Pangilinan-led utility attributed the growth to a combination of a larger customer base and stronger billed water volumes.
The financial results, released on Wednesday, April 29, 2026, indicate a solid start to the year for the company following its record-breaking performance in 2025.
- Net Income: P4 billion, up 10% from P3.6 billion in Q1 2025.
- Consolidated Revenues: P9.1 billion, representing a 6.2% increase from P8.6 billion a year ago.
- EBITDA: Earnings before interest, taxes, depreciation, and amortization stood at P6.5 billion.
Ramoncito Fernandez, President and CEO of Maynilad, stated that the results reflect “steady execution across both our operations and investment programs.” He emphasized that the company is seeing consistent improvements in service reliability and water availability alongside its financial gains.
Maynilad’s growth is currently anchored by several key initiatives:
- Customer Expansion: A steady increase in billed connections across its franchise area, which covers 17 cities and towns in Metro Manila and Cavite.
- Operating Efficiency: Continued efforts to reduce Non-Revenue Water (NRW)—water lost to leaks or theft—which significantly boosted the bottom line in the previous fiscal year.
- Capital Expenditure: For the full year of 2026, Maynilad has earmarked P30 billion for capital spending, the highest in its history, focusing on water supply security, sewerage infrastructure, and network upgrades.
The Q1 report comes at a time when Maynilad is gaining significant traction in the capital markets:
- MSCI Inclusion: In early 2026, Maynilad was included in the MSCI Philippines Small Cap Index, boosting investor attention and trading volume.
- Fundraising Plans: Despite its successful P34.3-billion IPO in November 2025, the company is eyeing fresh fundraising—potentially through bonds or loans—to support its massive multi-year investment program.
- Super El Niño Concerns: Like other water utilities, Maynilad is bracing for the potential impact of a “Super El Niño” later this year, which may necessitate further investments in alternative water sources and climate-resilient infrastructure.
Maynilad’s performance continues to be a cornerstone for its majority shareholder, Metro Pacific Investments Corp. (MPIC), as the utility transitions into its first full year as a publicly listed company.
