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Financial reports and performance charts are arranged on an Investor Relations workspace.

Latest Results and Reports

Financial results, dividends and shareholder information.

Meralco Investor Relations workbooks of 18 and 25 September 2026

Consolidated income statement

PHP millions. Latest comparative presentation; interim figures are unaudited.

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Consolidated income statement
Line item FY2021 FY2022 FY2023 FY2024 FY2025 1H 2026
Sale of power 309,238 413,950 430,181 456,918 485,547 279,036
Sale of other services 9,309 12,579 13,431 13,444 11,778 4,674
Total revenues 318,547 426,529 443,612 470,362 497,325 283,710
Purchased power 224,915 322,645 328,248 346,534 377,284 220,529
Salaries, wages and employee benefits 15,892 15,836 16,521 17,974 19,745 9,973
Depreciation and amortization 12,499 16,031 16,625 17,529 17,034 8,755
Contracted services 7,074 8,440 10,074 10,037 12,239 6,161
Coal and fuel 8,793 22,577 16,133 11,705 9,022 5,154
Power plant operations and maintenance 1,103 1,906 1,881 2,225 2,260 1,428
Taxes, fees and permits 1,939 2,132 2,325 2,662 2,181 1,413
Provision / (reversal) for claims - net 10,175 5,831 6,848 6,401 -1,449 -15
Provision for impairment losses 0 0 0 0 1,200 0
Provision for expected credit losses - net 506 2,498 998 849 1,008 654
Other expenses 6,312 8,452 7,626 9,530 8,328 3,391
Total costs and expenses 289,208 406,348 407,279 425,446 448,852 257,443
Equity in net earnings of associates and joint ventures 3,127 12,035 11,479 10,267 16,731 9,313
Interest and other financial charges -3,728 -3,754 -5,129 -5,302 -8,892 -4,293
Interest and other financial income 2,197 2,063 3,321 3,884 3,459 1,714
Foreign exchange gains / (losses) 487 1,011 -44 185 43 -305
Others 1,573 3,700 829 2,734 3,778 428
Total other income, net 3,656 15,055 10,456 11,768 15,119 6,857
Income before income tax 32,995 35,236 46,789 56,684 63,592 33,124
Income tax · Current 8,728 4,122 9,153 12,232 12,770 5,299
Income tax · Deferred 184 2,526 -1,042 -2,018 -20 289
Total income tax 8,912 6,648 8,111 10,214 12,750 5,588
Net income 24,083 28,588 38,678 46,470 50,842 27,536
Net income attributable to equity holders of the parent 23,498 28,431 38,023 45,859 51,130 26,296
Non-controlling interests 585 157 655 611 -288 1,240
Core net income 24,608 27,105 37,110 45,142 50,570 26,505

Consolidated balance sheet

PHP millions. Latest comparative presentation; interim figures are unaudited.

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Consolidated balance sheet
Line item 31 Dec 2021 31 Dec 2022 31 Dec 2023 31 Dec 2024 31 Dec 2025 30 Jun 2026
Utility plant, generation plant and others 225,326 243,323 272,441 288,501 378,232 409,261
Investments in associates and joint ventures 23,317 31,888 38,388 47,513 140,440 104,043
Investment properties 1,496 1,495 1,493 1,487 1,483 1,481
Intangible assets 15,054 21,691 53,634 41,559 40,658 40,436
Deferred tax assets - net 27,143 22,657 24,628 26,382 25,706 25,330
Other noncurrent assets 53,125 43,920 35,228 32,900 24,136 33,512
Total noncurrent assets 345,461 364,974 425,812 438,342 610,655 614,063
Cash and cash equivalents 55,007 55,832 82,789 84,480 109,317 118,979
Trade and other receivables 45,013 54,683 48,270 64,697 76,726 76,993
Inventories 9,817 10,629 11,130 11,422 10,983 11,535
Other current assets 28,317 33,143 20,433 19,017 16,198 19,429
Total assets 483,615 519,261 588,434 617,958 823,879 840,999
Common stock 11,273 11,273 11,273 11,273 11,273 11,273
Additional paid-in capital 4,111 4,111 4,111 4,111 4,111 4,111
Equity reserve -116 -111 -111 955 5,953 5,744
Employee stock purchase plan 1,049 1,049 1,049 1,049 1,049 1,049
Hedging reserve 0 0 0 1,277 483 1,433
Unrealized FVOCI gains 502 311 490 801 895 1,245
Remeasurement adjustments on retirement liabilities 2,681 7,282 3,418 942 2,035 2,038
Share in remeasurement adjustments of associates 25 -16 -29 -28 -28 -28
Share in other comprehensive income and translation adjustments of associates 306 -30 307 1,575 1,861 1,863
Cumulative translation adjustments of subsidiaries 40 51 52 -682 -701 -685
Treasury shares -11 -11 -11 -13 -13 -13
Retained earnings 75,394 85,755 101,746 123,339 146,219 153,724
Equity attributable to parent 95,204 109,664 122,295 144,599 173,137 181,754
Non-controlling interests 10,124 14,445 45,808 41,283 50,387 47,871
Total equity 105,328 124,109 168,103 185,882 223,524 229,625
Interest-bearing long-term financial liabilities 52,720 68,757 62,272 54,797 186,531 218,010
Customers' deposits 30,901 31,590 34,128 33,274 39,206 42,170
Long-term employee benefits 10,257 2,893 10,263 16,263 13,565 15,419
Provisions 13,554 12,657 11,350 9,855 12,335 9,645
Refundable service extension costs 5,334 4,653 4,051 3,753 3,371 3,248
Deferred tax liabilities - net 5,959 5,427 9,845 8,769 8,432 8,562
Other noncurrent liabilities 97,981 63,450 54,698 68,991 84,865 71,568
Total noncurrent liabilities 216,706 189,427 186,607 195,702 348,305 368,622
Notes payable 28,834 29,491 27,583 34,287 36,367 22,705
Trade payables and other current liabilities 119,067 163,902 192,154 191,472 199,620 209,178
Customers' refund 2,929 2,905 2,846 2,853 2,851 2,849
Income tax payable 1,637 92 1,550 2,070 1,764 1,419
Current portion of long-term employee benefits 0 3,750 0 0 4,300 0
Current portion of long-term financial liabilities 9,114 5,585 9,591 5,692 7,148 6,601
Total current liabilities 161,581 205,725 233,724 236,374 252,050 242,752
Total liabilities 378,287 395,152 420,331 432,076 600,355 611,374
Total liabilities and equity 483,615 519,261 588,434 617,958 823,879 840,999

Per-share earnings

PHP per common share; interim figures cover six months.

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Per-share earnings
Period Metric Value Unit
1H 2026 Core earnings per share 23.516 PHP/share
1H 2026 Earnings per share 23.330 PHP/share
FY2025 Core earnings per share 44.868 PHP/share
FY2025 Earnings per share 45.360 PHP/share
FY2024 Core earnings per share 40.052 PHP/share
FY2024 Earnings per share 40.690 PHP/share
FY2023 Core earnings per share 32.925 PHP/share
FY2023 Earnings per share 33.740 PHP/share
FY2022 Core earnings per share 24.048 PHP/share
FY2022 Earnings per share 25.230 PHP/share
FY2021 Core earnings per share 21.833 PHP/share
FY2021 Earnings per share 20.850 PHP/share

Interim financial results

Unaudited six-month results; assets are measured at period end.

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Interim financial results
Period Metric Value Unit
1H 2026 Consolidated core net income 26,505 PHP millions
1H 2026 Consolidated revenue 283,710 PHP millions
1H 2026 Core earnings per share 23.516 PHP/share
1H 2026 Depreciation 8,755 PHP millions
1H 2026 Dividends per share 11.758 PHP/share
1H 2026 Earnings per share 23.330 PHP/share
1H 2026 Energy sales 26,967 GWh
1H 2026 Net income attributable to parent 26,296 PHP millions
1H 2026 System-wide energy sales 34,328 GWh
1H 2026 Total assets 840,999 PHP millions

Annual financial performance

Data table

₱ billions
Consolidated Revenue by fiscal year, in ₱ billions, with year-over-year change. Annual figures only; latest SEC comparative basis.
FY Revenue YoY
FY2021 ₱318.5B — Not available
FY2022 ₱426.5B Increase: +33.9%
FY2023 ₱443.6B Increase: +4.0%
FY2024 ₱470.4B Increase: +6.0%
FY2025 ₱497.3B Increase: +5.7%
Source: Meralco SEC Form 17-A and SEC Form 17-Q filings. Figures are based on publicly disclosed financial information and are presented for informational purposes. Please refer to the relevant SEC filings for the complete financial statements and disclosures.

Revenue components

PHP millions, presentation basis. Components reconcile to consolidated revenue.

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Revenue components
Line item FY2021 FY2022 FY2023 FY2024 FY2025 1H 2026
Distribution 63,356 59,108 69,118 73,365 71,916 36,369
Energy fee 14,788 29,113 25,886 24,566 26,800 16,682
Generation, transmission and others 231,094 325,729 335,177 358,987 386,831 225,985
Non-electricity 9,309 12,579 13,431 13,444 11,778 4,674

Distribution energy sales by customer class

GWh, distribution utility only. System-wide sales are a separate measure.

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Distribution energy sales by customer class
Line item FY2021 FY2022 FY2023 FY2024 FY2025 1H 2026
Commercial 15,234 17,403 19,005 20,406 20,326 10,084
Industrial 13,782 14,221 14,113 14,318 14,465 7,097
Residential 16,913 17,148 17,781 19,455 19,060 9,712
Streetlights 144 144 145 146 146 74

Core net income by business segment

Presentation basis. Segment revenue is gross of eliminations.

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Core net income by business segment
Line item FY2024 FY2025 1H 2026
Distribution utility 27,787 29,550 12,700
Power generation 11,101 16,834 10,500
RES and services 6,254 4,186 —

Gross revenue by business segment

Presentation basis. Segment revenue is gross of eliminations.

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Gross revenue by business segment
Line item FY2024 FY2025
Distribution utility 395,098 416,289
Power generation 27,846 29,405
RES and services 54,881 59,624

System-wide sales

GWh. Separate scope from distribution utility customer-class sales.

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System-wide sales
Period Metric Value Unit
1H 2026 System-wide energy sales 34,328 GWh
FY2025 System-wide energy sales 67,630 GWh
FY2024 System-wide energy sales 67,411 GWh
FY2023 System-wide energy sales 64,264 GWh

Share facts · 2026-06-30

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Share facts · 2026-06-30
Fact Value
Shares outstanding 1,127,092,509

Dividends per share

Dividends by earnings year. Interim dividends are shown separately.

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Dividends per share
Period Metric Value Unit
1H 2026 Interim dividends per share 11.758 PHP/share
FY2025 Annual dividends per share 28.000 PHP/share
FY2024 Annual dividends per share 24.031 PHP/share
FY2023 Annual dividends per share 19.755 PHP/share
FY2022 Annual dividends per share 16.834 PHP/share
FY2021 Annual dividends per share 15.283 PHP/share

Selected dividend declarations

Regular and special dividends are shown separately. Payment dates reflect declared schedules.

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Selected dividend declarations
Declared Type PHP/share Record date Scheduled payment
2026-07-29 Regular Interim 11.758 2026-08-28 2026-09-23
2026-02-25 Regular Final 16.672 2026-03-26 2026-04-20
2025-07-28 Regular Interim 11.328 2025-08-27 2025-09-22
2025-02-24 Regular Final 13.736 2025-03-12 2025-04-04
2024-07-29 Regular Interim 10.295 2024-08-28 2024-09-23
2018-02-26 Regular Final 4.478 2018-03-28 2018-04-25
2018-02-26 Special 3.587 2018-03-28 2018-04-25
2017-08-03 Regular Interim 4.489 2017-08-30 2017-09-22
2017-08-03 Special 4.436 2017-08-30 2017-09-22

Top 20 registered stockholders · 2026-06-30

Registered names may include nominees and do not establish beneficial ownership.

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Top 20 registered stockholders · 2026-06-30
Rank Registered holder Shares Ownership
1 BEACON ELECTRIC ASSET HOLDINGS, INC. 394,059,235 34.9625%
2 JG SUMMIT HOLDINGS, INC. 297,189,397 26.3678%
3 METRO PACIFIC INVESTMENTS CORPORATION 140,906,807 12.5018%
4 PCD NOMINEE CORP - FILIPINO 113,452,325 10.0659%
5 PCD NOMINEE CORP - NON FILIPINO 53,514,132 4.7480%
6 SAN MIGUEL GLOBAL POWER HOLDINGS CORPORATION 46,596,596 4.1342%
7 FIRST PHILIPPINE HOLDINGS CORPORATION 44,382,436 3.9378%
8 MANTES CORPORATION 2,486,427 0.2206%
9 LUCIO W. YAN 403,208 0.0358%
10 CHARLOTTE CUA CHENG 314,534 0.0279%
11 ALBERT FERREROS DEL ROSARIO &/OR MARGARET GRETCHEN DE VENECIA DEL ROSARIO 291,140 0.0258%
12 AVESCO MARKETING CORPORATION 284,427 0.0252%
13 B. P. INSURANCE AGENCY, INC. 281,079 0.0249%
14 SERGIO ONG OR SHIRLEY OLANO 245,260 0.0218%
15 MAKATI SUPERMARKET CORPORATION 240,308 0.0213%
16 ALBERT FERREROS DEL ROSARIO AND/OR MARGARET GRETCHEN DE VENECIA DEL ROSARIO 182,500 0.0162%
17 LAARNI NIEMAN ENRIQUEZ 164,388 0.0146%
18 AGIKIK CORPORATION 120,100 0.0107%
19 BP INSURANCE AGENCY, INC. 116,730 0.0104%
20 RAUL JOSEPH CONCEPCION 112,431 0.0100%

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