Manila Water Co. Inc. · PSE:MWC
Manila Water — 9M 2025 Earnings Presentation
22 slides from Manila Water's earnings presentation, Nov 14, 2025
Slide 1: 9M2025 Analysts' Briefing
9M2025 Analysts’ Briefing November 14, 2025
Slide 2: For questions and comments, send us an e-mail
For questions and comments, you may send us an e-mail at: invrel@manilawater.com
Slide 3: 9M 2025 Financial and Operating Highlights
9M 2025 Financial and Operating Highlights Billed Consolidated EBITDA NIAT CAPEX Volume Revenues +14% +25% Php17.5 billion +0.4% +9% EBITDA Margin NIAT margin EZ: Php14.9 billion +3 ppts +5 ppts NEZ PH: Php2.6 billion • Consolidated revenues up by 9% driven by implemented tariff increases across the
Slide 4: Consolidated Financial Performance
Consolidated Financial Performance (in Million Php) 9M 2025 9M 2024 % Change NIAT grows by 25% with strong topline performance Billed Volume 491.2 489.4 0.4% and effective cost management Operating Revenues 30,053 27,547 9% COS and Operating Expenses (8,693) (8,750) (1%) Equity share in NI of Associ
Slide 5: Consolidated Financial Performance: Net Income Contribution per SBU
Consolidated Financial Performance Net Income Contribution per SBU (in Million Php) 12,668 10,578 10,100 9,325 1,136 1,081 1,115 (19) East Zone NEZ PH International Business Conso 9M 2025 9M 2024 • Parent Company: Higher revenues from implemented tariff increases push NIAT up by 13% to Php10.6 billi
Slide 6: Capital Expenditures
Capital Expenditures 9M 2025 9M 2024 CAPEX Highlights 9M 2025 NEZ PH NEZ PH Php1.7Bn East Zone: Php14.9 billion Php2.6Bn (10%) • Wawa-Calawis Phase 2 (Kaysakat) – Php5.1 (15%) billion • East Bay 2 – Php3.7 billion • Manda West – Php1.2 billion Php17.5 billion Php16.7 billion • NIP and SJ Reservoir –
Slide 7: Capital Expenditures: East Zone
Capital Expenditures: East Zone (80 MLD) Wawa-Calawis Ph1 For project close-out and turn-over (25 MLD) San Mateo – Rodriguez System Wastewater Water Treatment Plants 38% Completed Treatment Plants Wawa Ph2 - Kaysakat Wawa Ph2 -Pasig 80% Completed (220 MLD package) On-going pre works (218 MLD package
Slide 8: Capital Expenditures: NEZ PH
Capital Expenditures: NEZ PH DMI Water Treatment Plant, Ilagan Water 100% Completed Wastewater Water Treatment Plants (20 MLD) BNR STP Upgrade, Clark Water Physically Completed Treatment Plants Functionality tests ongoing (9 MLD) Alviera STP, Estate Water Cresendo Estate Commercial Cistern Project,
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights ASSETS LIABILITIES AND EQUITY 241,673 241,673 9M 2025 FY 2024 227,943 227,943 Key Balance Sheet Items 85,943 77,334 (in million Php) Cash & Cash Equivalents 6,120 7,437 208,698 193,770 CAPEX 17,495 26,277 Bank Debt 111,841 106,432 155,730 150,609 Net Debt 105,721 98,995 26,8
Slide 10: Parent Company (East Zone Concession)
Parent Company (East Zone Concession)
Slide 11: Parent Company: Operating Highlights
Parent Company: Operating Highlights • BV declined by 1% with lower consumption from Domestic 9M 2025 9M 2024 % Change (residential) segment and lower cross border volume Billed Volume (in MCM) 393.8 396.1 1% • Average tariff increased by 11% with implementation of 3rd Domestic 259.3 263.1 1% tranch
Slide 12: Parent Company: Financial Highlights
Parent Company: Financial Highlights NIAT at Php10.6 billion driven by sustained (in Million Php) 9M 2025 9M 2024 % Change positive topline performance Operating Revenues 24,053 21,775 10% COS and Operating Expenses (5,940) (5,886) 1% • Higher revenues driven by tariff adjustments Other Income - net
Slide 13: Non-East Zone Businesses
Non-East Zone Businesses
Slide 14: NEZ Businesses: Financial Highlights
NEZ Businesses: Financial Highlights NEZ PH: NIAT grew 5% vs LY with solid contributions (in Million Php) 9M 2025 9M 2024 % Change from business units Operating Revenues 7,005 6,499 8% COS and Operating Expenses (3,499) (3,171) 10% • Revenues up by 8% driven largely by implemented tariff adjustments
Slide 15: Sustainability + ESG Highlights
Sustainability + ESG Highlights Q3 2025 New | Recurring Protect the Environment Help Communities Thrive Build a Culture of Care and Trust Shifting to Renewable Energy Expanding Safe Water Access Pursuing Excellence in Sustainability MWF launched Project Bohè Water System in Basilan to Manila Water e
Slide 16: Summary
Summary • Consolidated revenues up by 9% driven by implemented tariff increases across the enterprise and billed volume expansion in NEZ PH. • EBITDA grew by 14% to Php21.8 billion, supported by disciplined cost management and operational efficiency initiatives offsetting higher expenditures related
Slide 17: Recent Developments
Recent Developments
Slide 18: WawaJVCo Acquisition: Key Updates
WawaJVCo Acquisition: Key Updates • All closing conditions for the acquisition of Prime Infrastructure, Inc.’s interests in WawaJVCo, Inc. (82% of common shares and 100% of preferred shares) were satisfied on 30 September 2025. • The final consideration is Php32.363 billion (subject to final audit o
Slide 19: New Business: Puebla (Mexico)
New Business: Puebla (Mexico) 1. Overview of Target Company and Transaction 2. Transaction Rationale
Slide 20: Overview of Target Company and Transaction
Overview of Target Company and Transaction Company Details Target company Concesiones Integrales S.A. de C.V. (“Agua de Puebla”) Creando Estructuras, S.A. de C.V. (“Hermes”), Grupo Agua de México S.A. de C.V. (“Agua de Shareholders Mexico”), and Xinfra Fibra-E Location State of Puebla, Mexico 10 mun
Slide 21: Transaction Rationale
Transaction Rationale MEXICO Alignment to Through its 74.85% stake, Manila Water will exercise investment operational control to deliver its core operational strategy expertise and capture long-term value creation State of Puebla Mexico City Municipalities: 217 Population: 6,583,278 Agua de Puebla i
Slide 22: Thank you
Thank you For more information, please contact Manila Water Investor Relations via email invrel@manilawater.com Or visit www.manilawater.com/investor