Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) is doubling down on discipline to keep growth steady, even as geopolitical tensions in the Middle East shake energy markets. 

The company reported on Wednesday a 15 percent rise in consolidated core net income to P27.1 billion in 2025 from P23.6 billion in 2024. 

Contribution from operations climbed 13 percent to P32.1 billion, fueled by Manila Electric Co.'s (Meralco) power generation, higher tariffs at Maynilad Water, and more patients across Metro Pacific Hospitals.

Power remains the backbone of MPIC’s growth, contributing P22.1 billion—or 69 percent of net operating income. 

“Our results in 2025 reflect the steady demand for reliable infrastructure and the consistent work of our teams across the Group. Power, water, mobility, and healthcare are essential services, and our focus has always been on improving how we deliver them to the communities we serve,” MPIC Chairman, President, and CEO Manuel V. Pangilinan said. 

Pangilinan said MPIC will stay disciplined to navigate uncertainty, while growing responsibly.

“In times like this, our approach is to stay disciplined—manage our balance sheet carefully, focus on operational efficiency, and continue investing where the country needs infrastructure the most,” he said.

Meralco’s revenue rose 6 percent, supported by higher pass-through charges, more retail electricity sales, and stronger generation from the reserve market. Consolidated core net income jumped 12 percent to P50.6 billion.

Water and toll roads also contributed, but disciplined management remained the thread across the portfolio. 

Maynilad Water’s revenues grew 9 percent to P36.6 billion after an 8 percent tariff hike, with core net income climbing 19 percent to P15.2 billion. Smarter leak detection and repair cut non-revenue water to 34.9 percent from 39.9 percent, reclaiming roughly 256 million liters per day of treated water. 

Toll revenues at Metro Pacific Tollways Corp. rose 17 percent to P36.9 billion, while core net income grew 8 percent despite a 4 percent dip in reported net income from prior-year accounting adjustments.