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Manila Bulletin devider Business devider The Stock Market devider Maynilad net income climbs to ₱15 billion as water losses drop

Maynilad net income climbs to ₱15 billion as water losses drop

Published Feb 24, 2026 11:53 am
From left, Maynilad Water Services Inc. Chief Operating Officer Chris Lichauco, President and Chief Executive Officer Ramoncito S. Fernandez, and Chief Financial Officer Ricardo de los Reyes during a media briefing on Feb. 24. The utility reported a 19 percent increase in 2025 net income to ₱15.2 billion and announced plans to increase capital spending to ₱30 billion this year. (Photo by Gabriell Christel Galang)
From left, Maynilad Water Services Inc. Chief Operating Officer Chris Lichauco, President and Chief Executive Officer Ramoncito S. Fernandez, and Chief Financial Officer Ricardo de los Reyes during a media briefing on Feb. 24. The utility reported a 19 percent increase in 2025 net income to ₱15.2 billion and announced plans to increase capital spending to ₱30 billion this year. (Photo by Gabriell Christel Galang)
Maynilad Water Services Inc., the newly listed utility serving the western half of Metro Manila, reported a 19 percent surge in full-year profit as aggressive infrastructure spending and crackdown on water losses boosted the company’s bottom line.
In a briefing on Tuesday, Feb. 24, Ramoncito S. Fernandez, Maynilad president and chief executive officer, said the utility’s consolidated net income rose to ₱15.2 billion in January to December 2025 from ₱12.8 billion the previous year.
Earnings before interest, taxes, depreciation, and amortization (EBITDA), climbed 14.8 percent to ₱25.3 billion. The company attributed the growth to sustained margin improvements and a record pace of capital disbursement.
“We delivered double-digit growth in net income and EBITDA, sustained margin improvement, and achieved our highest capital disbursement to date,” Fernandez told reporters.
Maynilad spent a record ₱26.9 billion on capital expenditures last year, focusing on service obligations and long-term water supply security.
A key driver of the financial performance was the company’s success in reducing non-revenue water, or water that is lost to leaks or theft. 
Chris Lichauco, Maynilad chief operating officer, said the NRW rate dropped to 30.7 percent from 39.4 percent in 2024, resulting in the recovery of approximately 256 million liters per day.
Lichauco said this efficiency gain allowed Maynilad to keep operational expense growth at a modest 1.5 percent, even as it expanded its wastewater projects.
“We expect that trend will continue as we further implement our NRW reduction program,” Lichauco noted.
The company plans to accelerate spending this year, targeting capital expenditures of ₱30 billion. To fund this expansion, Maynilad is considering a return to the capital markets.
Ricardo de los Reyes, Maynilad chief financial officer described the company as “under-leveraged,” suggesting there is significant headroom to take on new debt or explore other financing avenues.
While the specific timing and structure of the fundraising remain under evaluation, De los Reyes noted that the company’s strong credit profile provides a range of options, including bank loans, bond issuances, or secondary equity offerings.
The push for fresh capital comes as the utility enters the next phase of its multi-year investment program, aimed at meeting the growing demand of its franchise area while complying with stricter environmental and service standards.
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