Power, healthcare lift MPIC Q1 profit to P6.9B

Metro Pacific Investments Corp. (MPIC) grew consolidated core net income by 5 percent to P6.9 billion in the first quarter of 2026, driven by stronger contributions from its power and healthcare businesses despite elevated energy costs and global market volatility.

The infrastructure firm said its contribution from operations rose 4 percent year-on-year, supported by higher power generation output and rising patient volumes, partly offset by a lower contribution from its water unit following ownership dilution following its November 2025 listing.

Power remained MPIC’s biggest earnings driver, contributing P5.1 billion, or 62 percent, of net operating income. 

Water and toll roads contributed P1.5 billion and P1.4 billion, respectively. Reported net income declined from a year earlier due to the absence of a one-off gain booked in 2025 from the disposal of Philippine Coastal Storage and Pipeline Corp.

“Even in a more challenging environment, demand for essential services remains steady. Our priority is to keep our operations running reliably and continue serving the communities that depend on us,”  MPIC Chairman, President, and CEO Manuel V. Pangilinan said.

“We remain disciplined, managing our costs carefully, and making sure we deliver where it matters most. If we stay focused on execution and service, we are confident our businesses will remain resilient,” he added.

From January to March, Manila Electric Co. posted a 5 percent increase in revenues, driven by higher pass-through charges, stronger retail electricity sales, and improved generation revenues following a 25 percent increase in energy delivered. Its consolidated core net income rose 2 percent to P11.4 billion, supported by stronger contributions from power generation and other businesses.

Maynilad Water Services grew revenue by 6 percent to P9.1 billion, driven by a 3 percent tariff adjustment implemented in January 2026 and a 2 percent increase in both connections and billed volume. Core net income climbed 10 percent to P4 billion, while non-revenue water improved to 32 percent from 34.9 percent following continued investments in leak detection, pipe replacement, and network optimization.

Metro Pacific Tollways Corp. recorded a 14 percent increase in toll revenues to P9.9 billion as tariff adjustments and traffic growth boosted collections across its network. Average daily vehicle entries increased 2 percent in the Philippines and 3 percent in Indonesia, while Vietnam traffic declined 11 percent. Core and reported net income were flat as higher borrowing costs and depreciation offset gains from increased ownership in NLEX.

At the parent level, MPIC’s cash and cash equivalents and short-term investments rose to P9.4 billion from P7.9 billion at end-2025, while net debt declined to P50 billion from P52.5 billion.