Maynilad Water Services, Inc. closed 2025 with its strongest financial and operating performance to date, delivering double-digit growth in earnings, sustained margin expansion, and the highest capital spending in its history, underscoring the utility’s capacity to fund long-term infrastructure expansion while rewarding shareholders.
For the year ended December 31, 2025, Maynilad reported consolidated net income of ₱15.2 billion, up 19.1 percent from ₱12.8 billion a year earlier, driven by operating efficiencies, network improvements, and continued investment across its service area. Consolidated revenues rose 9.4 percent to ₱36.6 billion from ₱33.5 billion in 2024, supported by approved tariff adjustments and stable billed connections.
EBITDA climbed 14.8 percent to ₱25.3 billion, lifting the EBITDA margin to 69.0 percent. Cash operating expenses grew by just 1.5 percent year on year, reflecting gains from efficiency programs and aggressive non-revenue water reduction initiatives. Adjusted net income, defined as net income plus depreciation and amortization, reached ₱19.0 billion.
“Our 2025 results reflect disciplined execution across both financial and operating fronts,” said Ramoncito S. Fernandez, president and chief executive officer. “We delivered double-digit growth in net income and EBITDA, sustained margin improvement, and achieved our highest capital disbursement to date, while continuing to improve service reliability and wastewater coverage.”
On the operational side, average non-revenue water improved to 34.9 percent in 2025 from 39.9 percent in 2024, with year-end NRW declining further to 30.7 percent. The company said its NRW programs recovered an estimated 256 million liters per day of water, strengthening supply availability across Metro Manila’s west zone. Around-the-clock water service coverage reached 91.9 percent, while sewer coverage expanded to 26.5 percent.
Capital expenditures totaled a record ₱26.9 billion for the year, marking the highest annual disbursement in the company’s history. Investments were directed toward new water supply facilities, major network upgrades, and sewerage and wastewater infrastructure, aimed at enhancing system resilience and supporting long-term demand growth.
Continued capital deployment also expanded Maynilad’s Regulatory Investment Base. The company’s Interim Cash Position rose to ₱163.9 billion at the start of 2026, up 63 percent from the ₱100.4 billion Opening Cash Position validated by the MWSS Regulatory Office at the beginning of the current rate rebasing period.
The Opening Cash Position serves as the basis for the regulated 12 percent pre-tax nominal rate of return under the Revised Concession Agreement, while the Interim Cash Position reflects management’s internal estimate of investments made between rebasing cycles.
Reflecting its strong cash generation, Maynilad’s board approved a cash dividend of ₱1.14 per share, or approximately ₱8.44 billion in total, payable on March 18, 2026 to shareholders of record as of March 9, 2026. The payout exceeds the company’s amended dividend policy, which commits to distributing at least the higher of 50 percent of prior-year net income or 40 percent of adjusted net income.
Looking ahead, management said the company remains focused on disciplined capital allocation, operational efficiency, and long-term value creation, while continuing to meet its service obligations and infrastructure commitments.
“2025 marked strong consolidated financial performance alongside meaningful service improvements,” Fernandez said. “We are confident in our long-term capital program and our ability to sustain value for both customers and shareholders.”