Manila Water Co. Inc.’s net income grew 25 percent to nearly P12.6 billion in the first nine months of 2025 on strong growth in its east zone concession and non-east zone Philippines (NEZ PH) businesses.
The water concessionaire’s core net income, excluding one-time gains, rose 15 percent to P11.6 billion, with the core net income margin improving by two percentage points to 39 percent.
The company’s earnings before interest taxes depreciation and amortization (EBITDA) surpassed P21 billion, up 14 percent year-on-year and translating into a 73-percent EBITDA margin. The company recognized a P1.1 billion gain from the sale of its investment in East Water in Thailand.
Manila Water president and chief executive Jocot de Dios expressed encouragement regarding the solid performance.
“We are happy to see that the foundation laid for efficient and responsible operations, both within and outside our Metro Manila concession, is lending towards the resilient performance we are seeing in our businesses. Equally important, our disciplined approach to managing our portfolio is now beginning to bear fruit,” de Dios said.
“We will continue to exercise the same rigor and discipline in running our existing businesses and in identifying new business opportunities. We know full well that the consistency by which we execute our strategy is what will enable us to deliver sustainable value to our shareholders and stakeholders,” he said.
Revenues for the east zone concession also saw double-digit growth, reaching P24 billion for the period, primarily due to the implementation of the third tranche of the approved rate rebasing tariff adjustment in January 2025.
Despite the revenue growth, billed volume saw a 1-percent decline, attributed to lower consumption from residential customers with fewer reading days and lower cross-border volume.
Operating expenses were influenced by technology platform costs but were offset by efficiencies in power and other direct costs, keeping total costs muted at a 1-percent growth to P5.9 billion.
EBITDA for the east zone increased 14 percent to P18.2 billion, with the EBITDA margin improving by two percentage points to 75 percent.
The company’s NEZ PH businesses saw an 11-percent earnings growth, reaching P852 million in net income for the period.
This was led by implemented tariff adjustments and a 5-percent increase in total billed volume from key business units including Clark Water, Estate Water, Boracay Water, Cebu Water and Tagum Water in Davao.
The solid performance pushed revenues up 8 percent to P7 billion, resulting in a 5-percent improvement in net income to P1.1 billion for the NEZ PH segment.
It said that in the international segment, equity share in net income jumped to P1.1 billion fueled by by the gain on the sale of the East Water investment.
Group-wide capital expenditures (CAPEX) reached nearly P18 billion in the first nine months of the year. The east zone concession accounted for 85 percent of total CAPEX at P14.9 billion, demonstrating continued investment in critical infrastructure.
