Razon-led Manila Water Co. reported a 51 percent surge in full-year profit as higher tariffs and an expanding customer base offset the sharp decline in total billed water volumes.

Net income climbed to ₱15.8 billion in 2025 from ₱10.5 billion the previous year, according to a company statement on Friday, Feb. 27. Consolidated operating revenues rose 10 percent to ₱40 billion, bolstered by the implementation of the third tranche of a multi-year rate rebasing plan that took effect in January 2025.

While total billed volume plummeted 32 percent to 872.7 million cubic meters, Manila Water managed to grow its customer base by six percent through rate adjustments in its Clark, Boracay, and Estate Water units.

Consumption growth in provincial hubs including Laguna, Metro Ilagan, and Cebu contributed ₱1.6 billion in net income from its non-east zone business.

The company’s international division, Manila Water Asia Pacific, posted a 65 percent drop in billed volume to 220.9 million cubic meters. Despite the lower volume, the unit recorded a net income of ₱803 million, aided by gains from the divestment of shares in East Water and reduced interest expenses. This compared favorably against the prior year, which was weighed down by significant impairment losses.

Total billed connections remained largely unchanged, ending December 2025 at 1.39 million. To support long-term infrastructure, the group deployed ₱28.2 billion in capital expenditures during the year, with ₱24 billion allocated to its primary concession in Metro Manila’s east zone.

The earnings report marks a milestone for Roberto Locsin, Manila Water’s new president and chief executive officer, who attributed the performance to a disciplined growth strategy.

Locsin said the company intends to accelerate domestic expansion and maximize the potential of its international portfolio, which recently grew to include a stake in Mexico’s Agua de Puebla.

The utility is also leaning on strategic acquisitions to bolster its supply chain. The integration of Wawa JVCo, another Razon-led venture, is expected to enhance water security for its service areas once the project’s dam becomes fully operational.