Manila Electric Co. · PSE:MER
Manila Electric — Q3 2025 Earnings Presentation
48 slides from Manila Electric's earnings presentation, Nov 1, 2025
Slide 1: Financial and Operational Highlights
NINE MONTHS ENDED SEPTEMBER 30, 2025 FINANCIAL AND OPERATIONAL HIGHLIGHTS Media, Investors and Analysts Briefing October 27, 2025
Slide 2: Financial Performance
NINE MONTHS ENDED SEPTEMBER 30, 2025 FINANCIAL PERFORMANCE Media, Investors and Analysts Briefing October 27, 2025
Slide 3: Strong results in 9M 2025
Strong results in 9M 2025, driven by robust growth of the power generation business and steady performance of the core distribution business 14% increase in CCNI • DU CCNI contribution at PhP21.9 billion, 8% higher; 55% of CCNI • Power Generation CCNI contribution at PhP14.7 billion, up 63%; 37% of
Slide 4: 9M 2025 vs. 2024 Financial Summary
9M 2025 vs. 2024 Financial Summary Amounts in Million PhP Reported Income Core EBITDA CAPEX 67,227 78,764 p p p 36,822 p 33,755 58,961 26,011 9M 2024 9M 2025 Cash & Cash Equivalents p 88,220 9M 2024 9M 2025 9M 2024 9M 2025 65,613 Gross Revenues Costs & Expenses p 371,765 p 332,260 9M 2024 9M 2025 35
Slide 5: 9M 2025 vs. 2024 Segment Highlights
9M 2025 vs. 2024 Segment Highlights Amounts in Million PhP Distribution Utility Power Generation RES & Service Subsidiaries CCNI p 20,305 21,943 14,712 9,043 5,747 3,367 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 Revenue [a] 299,248 311,719 20,580 21,475 40,993 42,678 9M 2024 9M 2025 9M 2024 9M
Slide 6: 9M 2025 System-Wide Power Sales Volume
9M 2025 System-Wide Power Sales Volume Amounts in GWh System-wide power sales volume was at 50,880 GWh, slightly higher vs. 50,641 GWh last year * Inclusive of sales volume of PELCO II
Slide 7: 9M 2025 vs. 2024 Revenues
9M 2025 vs. 2024 Revenues Amounts in Million PhP Up by 5% driven by higher pass- 2025 through charges, improved Gross revenues of MGEN from the Reserve Revenues 2024 Market and increase in sales volume of RES Generation, 2025 Up 6% due to higher fuel cost of power plants using Transmission LNG and M
Slide 8: 9M 2025 vs. 2024 Costs and Expenses
9M 2025 vs. 2024 Costs and Expenses Amounts in Million PhP Total Costs 2025 Up 4% due to higher purchased and Expenses 2024 power cost and OPEX Purchased 2025 Increased by 7% due to higher generation and Power Costs 2024 transmission charges Increased by 13%, driven by expenses for repairs and maint
Slide 9: 9M 2025 vs. 2024 Capital Expenditures
9M 2025 vs. 2024 Capital Expenditures Amounts in Million PhP Consolidated CAPEX largely for the development of solar projects and distribution network projects p 203% For new connections (PhP6.4 billion), asset renewals (PhP 4.9 billion), load growth (PhP 5.1 billion), pole relocation works to suppo
Slide 10: 9M 2025 Power Generation Results of Operations
9M 2025 Power Generation Results of Operations Strong performance from Power Generation driven by contribution of Chromite Gas and MThermal’s participation in the Reserve Market Core Net PhP 3.6 Billion PhP 3.6 Billion PhP 63 Million PhP 10.1 Billion PhP 12.6 Billion income p 135% vs. 2024 p 27% vs.
Slide 11: 9M 2025 vs. 2024 Credit and Debt Profile
9M 2025 vs. 2024 Credit and Debt Profile Amounts in Million PhP Sep-25 Sep-24 %△ 2025 Total Debt and Breakdown Cash, cash equivalents & 89,718 74,688 20.1% short-term investments Gross debt 213,430 89,147 139.4% Net debt 123,712 14,459 755.6% 54% Gross debt/EBITDA 2.5 1.2 116.4% Net debt/EBITDA 1.5
Slide 12: 9M 2025 vs. 2024 Earnings per Share
9M 2025 vs. 2024 Earnings per Share Amounts in PhP Core EPS was at Php 35.509, up 14% versus Php 31.138 in 9M2024; reported EPS at Php 32.670 per, up 9% vs. 9M2024 2024 2025 2024 2025
Slide 13: Operational Performance
NINE MONTHS ENDED SEPTEMBER 30, 2025 OPERATIONAL PERFORMANCE Media, Investors and Analysts Briefing October 27, 2025
Slide 14: 9M 2025 Operational Highlights
9M 2025 Operational Highlights DISTRIBUTION Business Drivers Service Performance Electricity Rate per kWh Energy Sales System Loss (12-MMA) Average Retail Rate 40,719 GWh 5.78% PhP 11.63 0.4% vs 40,872 in YTD 2024 0.26 ppt vs 6.04 in Sep 2024 p11.3% vs 10.44 in YTD 2024 DU Net System Input Total S
Slide 15: Customer Report
NINE MONTHS ENDED SEPTEMBER 30, 2025 CUSTOMER REPORT Media, Investors and Analysts Briefing October 27, 2025
Slide 16: 9M 2025 Consolidated Energy Sales
9M 2025 Consolidated Energy Sales in GWh Declined vs. 2024 mainly due to impact of cooler temperatures and typhoons, despite higher customer count 40,872 40,719 38,165 DU Sales Drivers 36,553 34,398 32,539 ◼ Residential 14,758 14,520 13,363 36% Contracted 1.6% mainly due to lower organic 36% 12,92
Slide 17: Network Report
NINE MONTHS ENDED SEPTEMBER 30, 2025 NETWORK REPORT Media, Investors and Analysts Briefing October 27, 2025
Slide 18: Q3 2025 Networks Project Updates
Q3 2025 Networks Project Updates Capacity Addition & Reliability Improvement Supporting load growth and improving Projects from July to September 2025 300 MVA service reliability in the following areas: 1 2 Additional Capacity ▪ Muntinlupa City ▪ Taguig City PhP 281 M Total Capital Expenditures ▪ Pa
Slide 19: Regulatory Report
NINE MONTHS ENDED SEPTEMBER 30, 2025 REGULATORY REPORT Media, Investors and Analysts Briefing October 27, 2025
Slide 20: ERC's Updates on MERALCO Rate Setting 1/2
ERC’s Updates on MERALCO Rate Setting 1/2 ▪ During the October 16, 2025 Open Commission Meeting, the Commission adopted the following actions in relation to the Reset Process: i. APPROVED – Rationalized Rules for Setting Distribution Wheeling Rates for Privately- Owned Electric Distribution Utilitie
Slide 21: ERC's Updates on MERALCO Rate Setting 2/2
ERC’s Updates on MERALCO Rate Setting 2/2 APPROVED – the issuance of a Resolution directing all Private Distribution Utilities (PDU) to file their respective AWAT Applications for the Lapsed Period Note: Total Actual Refunded PhP 52.44 billion as of end September 2025
Slide 22: Rationalized Rules for Setting Distribution Wheeling Rates
Rationalized Rules for Setting Distribution Wheeling Rates for Private Distribution Utilities (RRDWR) ▪ ERC has not released the official resolution/rules to date. ▪ Highlights of the RRDWR: o Decouples the issues on the Lapsed Period, enabling all PDUs to have a fresh start to proceed with a ration
Slide 23: DOE Guidelines for Indigenous Natural Gas 1/2
DOE Department Circular No. DC2025-09-0013 “Guidelines for the Prioritization in the Procurement and Utilization of Indigenous Natural Gas (ING)” 1/2 ▪ Took effect on September 3, 2025, upon publication in 2 newspapers of general circulation ▪ Guidelines on prioritization applies only to procurement
Slide 24: DOE Guidelines for Indigenous Natural Gas 2/2
DOE Department Circular No. DC2025-09-0013 “Guidelines for the Prioritization in the Procurement and Utilization of Indigenous Natural Gas (ING)” 2/2 ▪ Salient provisions of DC2025-09-0013: o (Sec. 2) All users of natural gas (e.g., gas-fired power plants) shall first utilize available quantities of
Slide 25: Extension of Power Purchase Agreement with FGPC
Extension of Power Purchase Agreement (PPA) with FGPC ▪ Term of PPA: 25 years from Commercial Operations Date (COD) of the Santa Rita Plant on August 17, 2000, or until August 17, 2025 (“Initial Term”), which may be extended by reason of an Event of Force Majeure (“EFM”) or by mutual agreement of th
Slide 26: ERC Orders on Baseload PSAs with GNPD and MPCL
ERC Orders granting Interim Relief to Implement Baseload PSAs with GNPD (100 MW) & MPCL (500 MW) Applicable rate and salient provisions are as follows: GN Power Dinginin Ltd. Co. Masinloc Power Co. Ltd Particulars Unit (GNPD) (MPCL) Annual Capacity Fee 17,228.8800 17,568.0000 PhP/kW-year Annual Non-
Slide 27: ERC Decision Approving Mid-Merit PSA with GNPD
ERC Decision Approving Mid-Merit PSA with GNPD (400 MW) Applicable rate and salient provisions are as follows: Particulars Rate Unit Annual Capacity Fee 18,000.0000 PhP/kW-year Annual Escalating 2,661.0433 PhP/kW-year Fixed O&M Fee Escalating 0.0350 PhP/kWh Variable O&M Fee Fuel Cost shall be subjec
Slide 28: ERC Decision Approving Renewable Energy PSAs
ERC Decision Approving Renewable Energy Mid-Merit PSAs ▪ On September 11, 2025, MERALCO received ERC Decisions granting Final Authority to implement the RE MM PSAs with San Roque Hydropower, Inc. (SRHI) (340 MW) and Gigasol3, Inc. (Gigasol3) (139 MW), subject to conditions such as: ▪ Notice to ERC w
Slide 29: Power Generation Operating Results
POWER GENERATION OPERATING RESULTS Media, Investors and Analysts Briefing October 27, 2025
Slide 30: Maintaining strong health and safety
Maintaining strong health and safety performance across all sites 65+ million Safe Man-Hours (Running Total) 0 Lost Time Incidents 13 First Aid Cases 0 Fatality 5 Recordable Case
Slide 31: 9M 2025 Energy Delivered Up
9M 2025 Energy delivered up by 75% versus 9M 2024 Year-to-Date Performance in GWh Business Unit 2024 2025 change Global Business Power 4,281 4,248 ▼0.8% San Buenaventura Power Ltd. Co. 2,493 2,664 ▲7% PacificLight Power 4,299 4,290 ▼0.2% LNGPH 0 8,467 -- MGEN Renewable Energy Inc. 483 557 ▲15% & SPN
Slide 32: MGEN Thermal Introduces Its New Leadership Team
MGEN Thermal introduces its new leadership team and announces updates on the Toledo BESS project Mr. Felino “Lino” Bernardo joined MGEN Thermal as the MGEN unit formally signed an Engineering, Procurement, new President and CEO. and Construction (EPC) Contract with Contemporary Amperex Technology Co
Slide 33: PLP Taps Mitsubishi Power–JEL Consortium
PLP Taps Mitsubishi Power–JEL Consortium to Build Singapore’s Largest High-Efficiency CCGT Plant PacificLight Power Pte Ltd Singapore In October, PacificLight Power Pte. Ltd. (PLP), MGEN’s Singapore-based subsidiary, selected a consortium of Mitsubishi Power and Jurong Engineering Limited (JEL) as t
Slide 34: Steady Progress in MTerra Solar's Construction
Steady Progress in MTerra Solar’s Construction and Site Development Including grid interconnection and land acquisition, conversion and reclassification 65% Phase 1 Overall project completion as of October 15, 2025
Slide 35: MGEN Thermal Cebu Operations Following the Earthquake
MGEN Thermal Cebu Operations Following the Earthquake MGEN Thermal Toledo Power Following the magnitude 6.9 earthquake that struck Northern Cebu on 30 September 2025, MGEN’s thermal plants in Cebu — Cebu Energy Development Corporation (CEDC) and Toledo Power Company (TPC) — tripped as a safety preca
Slide 36: Supporting Recovery in Northern Cebu
Supporting Recovery in Northern Cebu Through MGEN’s Relief Operations MGEN, through CEDC and TPC, has already mobilized ₱1.3 million worth of relief goods to support families affected by the recent earthquakes in northern Cebu. The relief operations distributed almost 2,000 food packs and essential
Slide 37: Sustained Relief and Safety Efforts Under One MGEN
Sustained Relief and Safety Efforts Under One MGEN MGEN Thermal Cebu Energy Beyond the initial relief operations, MGEN’s Head Office is extending further assistance to families in need. Altogether, One MGEN’s efforts are set to reach 2,230 families in Cebu. As safety remains MGEN’s top priority, it
Slide 38: Powering a Better Tomorrow
(Z)/GEN MERALCO Powering a Better Tomorrow
Slide 39: One Meralco Sustainability Updates
One Meralco Sustainability Updates Media, Investors, and Analysts’ Briefing 27 October 2025
Slide 40: What We Will Cover Today
What We Will Cover Today 1 One Meralco Long-term Sustainability Strategy Summit 2 ESG Performance a. FTSE4Good Index b. Bloomberg Gender Equality 3 Sustainability Recognitions a. International Business Awards b. Asia Pacific Stevie Awards c. The Manila Times Sustainability Champions Awards d. Asia I
Slide 41: We Unveiled One Meralco's Long-term Sustainability Strategy
1 We unveiled One Meralco’s Long-term Sustainability Strategy via a Leaders’ Summit in September Overview Key Insights Long-Term Sustainability Strategy “MGEN will lead renewables “We must deliver not landscape while solving the • Our just, orderly, and affordable transition energy trilemma.” just p
Slide 42: Meralco Continues to Deliver Strong ESG Performance
2 Meralco continues to deliver strong ESG performance, reinforcing its commitment to global sustainability standards Meralco improved its Bloomberg Gender Meralco remains a FTSE4Good Index Equality Score through strengthened constituent for the fifth straight year leadership in Diversity and Inclusi
Slide 43: One Meralco Shines on the Global Stage
One Meralco shines on the global stage with all-time best 3a 15 Stevies at the 2025 International Business Awards (1 of 2) 10 of 15 awards recognize our leadership in Sustainability Sustainability-related “The Olympics for the workplace” Celebrates organizational and individual excellence across the
Slide 44: One Meralco Wins Big Anew in 2025 Stevie Awards
One Meralco shines on the global stage with all-time best 3a 15 Stevies at the 2025 International Business Awards (2 of 2) 10 of 15 awards recognize our leadership in Sustainability Sustainability-related SILVER AWARDEES BRONZE AWARDEES Achievement in Environment, Achievement in Diversity Excellence
Slide 45: One Meralco Wins Big Anew in 2025 Asia-Pacific Stevie Awards
3b One Meralco wins big anew in the 2025 Asia-Pacific Stevie Awards, with 9 of 11 awards highlighting ESG excellence Sustainability-related GOLD AWARDEES SILVER AWARDEE Innovation in Energy & Sustainability & Innovation in Sustainability Climate Hero of the Year Sustainability Climate Protection Ser
Slide 46: The Manila Times Recognized Meralco as Sustainability Champion
3c The Manila Times recognized Meralco as Sustainability Champion, and featured in inaugural ESG publication Sustainability Champions Awards Maiden Sustainability Bookazine Envisioning Our Green Urban Green Future Growth– Pathways to Prosperity • Recognized 15 agencies and • Launch: September 25 org
Slide 47: Meralco's Inaugural Integrated Report Earns Top Honors
3d Meralco’s inaugural Integrated Report earns top honors at the 2025 Asia Integrated Reporting Awards Asia's Best Integrated Report (First Time Category) Manila Electric Company (PH) • The Asia Integrated Reporting Platinum Awards (AIRA) recognize the best companies across Asia, the Pacific, and Mi
Slide 48: Cautionary Statements
CAUTIONARY STATEMENTS This presentation is prepared for the parties presently invited for the purpose of discussion. This presentation has consequential limitations and is not a comprehensive discussion about MANILA ELECTRIC COMPANY AND ITS SUBSIDIARIES (Meralco). These materials are restricted to t
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