Manila Electric Co. · PSE:MER
Manila Electric — Q4 2025 Earnings Presentation
54 slides from Manila Electric's earnings presentation, Feb 25, 2026
Slide 1: Financial & Operational Highlights
Full Year Ended December 31, 2025 FINANCIAL & OPERATIONAL HIGHLIGHTS Investors and Analysts Briefing
Slide 2: Financial Performance Report
Full Year Ended December 31, 2025 FINANCIAL PERFORMANCE REPORT Media, Investors and Analysts Briefing
Slide 3: 12% CCNI growth driven by core distribution and power generation
12% CCNI growth driven by the steady performance of the core distribution business and solid growth of the power generation business, supported by disciplined financial management Distribution Utility • CCNI contribution of PhP29.6B, 6% higher; 58% of CCNI • Sales volume flattish at 53,997 GWh vs. 5
Slide 4: Power Generation
Power Generation • CCNI contribution at PhP16.8 billion, up 52%; 33% of CCNI • Sales volume at 27,289 GWh, 78% higher than 15,296 GWh in 2024 driven primarily by LNGPH’s volume • Thermal plants generated PhP3.6B CCNI from the Reserve Market • MGreen: o On March 17, Actis acquired a 40% stake in Terr
Slide 5: Retail Electricity Supply, Dividends, Share Price and Credit Rating
Retail Electricity Supply (RES) • Sales volume of 7,510 GWh up by 11%, mainly from new customer accounts Dividends, Share Price and Credit Rating • Dividends declared out of 2025 CCNI, close to 62.5% of Core EPS or a total of PhP28.00 per share; dividend yield at 5%* • On July 21, 2025, S&P Global a
Slide 6: 2025 vs. 2024 Financial Summary
2025 vs. 2024 Financial Summary Amounts in Million PhP Reported Income Core EBITDA CAPEX 51,130 p 15% 86,356 p 144% p 11% 108,875 p 12% 45,859 74,916 44,705 2024 2025 Cash & Cash Equivalents p 29% 109,317 2024 2025 2024 2025 84,480 Gross Revenues Costs & Expenses p 6% 497,325 p 6% Sales volume 448,8
Slide 7: 2025 vs. 2024 Segment Highlights
2025 vs. 2024 Segment Highlights Amounts in Million PhP Distribution Utility Power Generation RES & Service Subsidiaries CCNI Contribution p 12% 27,787 29,550 16,834 11,101 6,254 4,186 2024 2025 2024 2025 2024 2025 Gross Revenues [a] 395,098 416,289 27,846 29,405 54,881 59,624 Sales volume 2024 2025
Slide 8: 2025 System-Wide Power Sales Volume
2025 System-Wide Power Sales Volume Amounts in GWh System-wide power sales volume was at 67,630 GWh, slightly higher vs. 67,411 GWh in 2024 Distribution Utility 54,849 GWh* * Inclusive of sales volume of PELCO II 15,309 33,454 GWh MGEN GWh 27,289 GWh Third Parties 21,600 GWh within PH 11,358 GWh 211
Slide 9: 2025 vs. 2024 Revenues
2025 vs. 2024 Revenues Amounts in Million PhP Rose 6% with the higher pass- 2025 through charges of the DU, increase Gross in Power Generation revenues from Revenues 2024 the Reserve Market and higher volume sold by the RES business Up 8% due to higher fuel cost of gas plants, Generation, 2025 incre
Slide 10: 2025 vs. 2024 Costs and Expenses
2025 vs. 2024 Costs and Expenses Amounts in Million PhP Total Costs 2025 Up 6% due to higher purchased and Expenses 2024 power cost and OPEX Purchased 2025 Increased by 9% due to higher generation and Power Costs 2024 transmission charges Increased by 6%, attributable to higher repair and maintenanc
Slide 11: 2025 vs. 2024 Capital Expenditures
2025 vs. 2024 Capital Expenditures Amounts in Million PhP Consolidated CAPEX largely for the development of solar power plants and distribution network projects p 144% For new connections (PhP8.6 billion), asset renewals (PhP 6.7 billion), load growth (PhP 7.2 billion), pole relocation works to supp
Slide 12: 2025 Power Generation Results of Operations
2025 Power Generation Results of Operations CCNI’s 93.4% CAGR from 2021–2025 is driven by substantial MGas contribution and MThermal’s Reserve Market participation PowerGen CCNI (PhP Bn) 2025 2024 Change Core Income Contribution MThermal 6.5 4.3 50% in PhP Bn GBP 4.8 2.7 78% SBPL 1.7 1.6 3% CAGR of
Slide 13: 2025 vs. 2024 Credit and Debt Profile
2025 vs. 2024 Credit and Debt Profile Amounts in Million PhP Dec-25 Dec-24 %△ 2025 Total Debt and Breakdown Cash, cash equivalents & 109,457 93,306 17.3% short-term investments Gross debt 230,046 94,776 142.7% Net debt 120,589 1,470 8103.3% 49% Gross debt/EBITDA 2.63 1.25 110.4% Net debt/EBITDA 1.38
Slide 14: 2021-2025 Core EPS and Dividends per Share
2021-2025 Core EPS and Dividends per Share Amounts in PhP TOTAL 5 YEARS 2025 Core EPS was at Php 44.868, up 12%; Php 28.00 dividend per 163.726 share representing close to 62.5% of Core EPS (Core EPS) 60% 103.903 (Dividend per Share) 60% 12.5% 60% 10% 16.672 13.736 70% 10% (50%) 70% 11.235 (50%) 20%
Slide 15: S&P Credit Rating
S&P Credit Rating Manila Electric Company outlook revised to positive on improving business integration; 'BBB’ Rating Affirmed BBB positive
Slide 16: 2025 MER Share Price vs. PSEi
2025 MER Share Price vs. PSEi MER tracked ahead of the PSEi, closing the year 18% up at PhP574 per share while the PSEi was at 6,052.92, down 7% vs. year-end 2024 618.00 MER Share PSEi 574.00 488.00 448.00 6,021.59 6,052.92 6,528.79 5,862.59 31-Dec-24 31-Jan-25 28-Feb-25 31-Mar-25 30-Apr-25 31-May-2
Slide 17: Operational Performance Report
Full Year Ended December 31, 2025 OPERATIONAL PERFORMANCE REPORT Media, Investors and Analysts Briefing
Slide 18: FY 2025 Operational Highlights
FY 2025 Operational Highlights DISTRIBUTION UTILITY Business Drivers Service Performance Electricity Rate per kWh Energy Sales System Loss (12-MMA) Average Retail Rate 53,997 GWh 5.85% PhP 11.81 q0.6% vs 54,325 in 2024 q0.14 ppt vs 5.99 in 2024 p12.1% vs 10.54 in YTD 2024 18th Consecutive Time to be
Slide 19: Customer Report
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Slide 20: FY 2025 Consolidated Energy Sales in GWh
FY 2025 Consolidated Energy Sales in GWh Flattish vs. El Nino-leap year 2024, as contribution from new customers tempered impact of extreme weather patterns 54,325 53,997 51,046 48,916 46,073 q 0.6% DU Sales Drivers 43,572 19,455 19,060 17,781 36% ◼ Residential 36% 17,148 Contracted 2.0% due to impa
Slide 21: Network Report
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Slide 22: Q4 2025 Networks Project Updates
Q4 2025 Networks Project Updates Capacity Addition and Reliability Improvement Projects (Q42025) 166 MVA Additional Capacity Replacement of 34.5kV MCS No.1 Construction of CND-Alagao Line Replacement of 34.5kV MCS No. 1 PhP 1.48B Total Capital Expenditures and Construction of Switchgear Building at
Slide 23: Regulatory Report
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Slide 24: First Regulatory Period Reset Application, July 2026 – June 2031
First Regulatory Period (1RP) Reset Application covering July 1, 2026 – June 30, 2031 (RY 2027-2030) Timelines Assets Application filed as ERC Opening RAB as Carry-over CAPEX 4-Yr New CAPEX February 2, 2026 Case No. 2026-016RC of June 30, 20261 (RY 2027-2028) (RY 2027-2030) March 3, 2026 Jurisdictio
Slide 25: Meralco CAPEX Overview and Proposed Rates for the 1RP
Meralco CAPEX Overview CAPEX Program (1RP) Amount Electric Capital Projects (for customer growth, system reliability, power 154 B quality, and customer service improvements) Non-network Assets (expansion of sector offices, business centers, and fleet) 26 B Information Communication Technology Projec
Slide 26: Competitive Selection Process for PSA for RE, 200 MW (1/2)
Competitive Selection Process for Procurement of PSA for RE Contract Capacity of 200 MW (AC, net), effective February 2026 1/2 February 16, 2026: Bid Submission and Opening ▪ Out of the 14 bidders that submitted expressions of interest, only 10 submitted bids. ▪ Out of the 10 bidders that submitted
Slide 27: Competitive Selection Process for PSA for RE, 200 MW (2/2)
Competitive Selection Process for Procurement of PSA for RE Contract Capacity of 200 MW (AC, net), effective February 2026 2/2 Following CSP commenced on December 12, 2025, the Bids and Awards Committee-Power Supply Agreements (BAC-PSA) found the Bid submitted by the following Bidder to be the Best
Slide 28: Change In Circumstance Claims (CIC)
Change In Circumstance Claims (CIC) Status of Recovery for/Rate Impact of ACEN, PEDC, SPPC and SPI CIC On January 27, 2026, MERALCO received various ERC Orders, all dated January 26, 2026, granting Price Adjustments (CIC) in MERALCO’s PSAs with the following suppliers: ACEN, PEDC, SPPC and SPI. MERA
Slide 29: Interim Extension of PPA with First Gas Power Corporation – Updates
Interim Extension of Power Purchase Agreement (PPA) with First Gas Power Corporation – UPDATES January 30, 2026: ERC approved the Second Extension of the First Gas Sta. Rita PPA until June 25, 2026, noting the following: ▪ ERC’s overarching consideration of critical balance between energy security a
Slide 30: PowerGen Highlights
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Slide 31: Maintaining strong health and safety performance across all sites
Maintaining strong health and safety performance across all sites 0 Loss Time Accident >74 million 39 First Aid Cases Safe man-hours* 0 Fatality 22 Recordable Case *Running total
Slide 32: YE 2025 Energy delivered up by 78% versus YE 2024
YE 2025 Energy delivered up by 78% versus YE 2024 Year-end Performance in GWh Business Unit YE 2024 YE 2025 % change Global Business Power 5,652 5,789 ▲ 2% San Buenaventura Power Ltd. Co. 3,205 3,166 ▼ 1% PacificLight Power 5,820 5,689 ▼ 2% LNGPH 0 11,912 -- MGEN Renewable Energy Inc. & SPNEC 619 73
Slide 33: YE 2025 Power Generation Results of Operations
YE 2025 Power Generation Results of Operations Strong performance from Power Generation driven by contribution of LNGPH, MGEN Thermal’s participation in the Reserve Market, and higher plant availability Consolidated Core Net Income Revenue 2024 2025 2024 2025 PhP 11.1 B PhP 16.8 B PhP 28 B PhP 29 B
Slide 34: LNG bridging our transition toward a low-carbon energy future
LNG bridging our transition toward a low-carbon energy future MGEN now holds 40.2% stake in LNGPH – the Philippines’ first and most expansive integrated LNG facility that supplies around 18% of Luzon’s electricity demand.
Slide 35: Expanding our LNG portfolio across the region
Expanding our LNG portfolio across the region MGEN subsidiary PacificLight Power Pte Ltd has completed its 100 MW Fast Start Ancillary Services facility on Jurong Island, Singapore. PLP has also appointed a consortium of Mitsubishi Power and Jurong Engineering Limited (JEL) to develop the largest, h
Slide 36: Leading the energy transition with strategic LNG investments
Leading the energy transition with strategic LNG investments 2025 2028 2029 3,375 MW 3,807 MW 4,447 MW Net saleable capacity Additional capacity Start of operations (as of 2025) from SGT-800 of PLP’s high efficiency CCGT Note: Figures are rounded off to the nearest whole number.
Slide 37: Advancing energy reliability and affordability through a new baseload plant
Advancing energy reliability and affordability through a new baseload plant The Department of Energy (DOE) has reaffirmed the status of Atimonan Energy Power Plant project as a committed project following the agency’s earlier confirmation that the project remains outside the coverage of the 2020 Coa
Slide 38: Expanding Baseload and Storage Capacity in Cebu
Expanding Baseload and Storage Capacity in Cebu MGEN is expanding its capacity in Cebu with an upcoming 49 MWh Battery Energy Storage System (BESS) project and a 74 MW thermal power plant project in Toledo, Cebu. These support the Philippines’ goal of expanding energy capacity and ensuring energy se
Slide 39: Driving energy security through baseload power expansion
Driving energy security through baseload power expansion 2025 2029 2030 1,286 MW 1,356 MW 2,556 MW Net saleable capacity Additional capacity Start of operations (as of 2025) from Toledo Power of the Atimonan expansion power plant Note: Figures are rounded off to the nearest whole number.
Slide 40: MGEN Renewables inaugurates two new solar facilities and one expansion
MGEN Renewables powers up with the inauguration of two (2) new solar facilities and one (1) plant expansion totaling 152.7 MWac Bongabon, Nueva Ecija Cordon, Isabela Baras, Rizal 19.8 MWac 52.7 MWac 80.1 MWac GEA-2 project completed 6 months ahead of schedule GEA-2 project completed 4 months ahead o
Slide 41: MTerra Solar Phase 1 Achieves 75% Construction Progress
MTerra Solar Phase 1 Achieves 75% Construction Progress as of end-January 2026 75% Phase 1 Progress 1,288 MWDC Installed PV Capacity 622 units Installed BESS 20.44M Total Safe Manhours 90% Phase 1 Land Secured • 308ha remaining (83% with Site Entry Agreements) Notes: • Figures as of end-January 2026
Slide 42: MTerra Solar Phase 1 Energized and Synchronized with Luzon Grid
MTerra Solar Phase 1 Now Energized and Synchronized with the Luzon Grid last 12 February 2026
Slide 43: Building a more sustainable future with renewable energy
Building a more sustainable future with renewable energy 2025 2026 2027 409 MWac 2,191 MWac 3,061 MWac Net saleable capacity Additional capacity from MTerra Solar fully operational (as of 2025) MTerra Solar Phase 1 + Solar project in Iloilo + SP Tarlac expansion Note: Figures are rounded off to the
Slide 44: Advocating for Safe and Responsible Nuclear Integration
Advocating for Safe and Responsible Nuclear Integration Through the Filipino Scholars and Interns on MGEN has received a grant from the U.S. Trade and Nuclear Engineering (FISSION) program of Development Agency (USTDA) to conduct a study on the Meralco, we have sent 5 MGEN employees viability for sm
Slide 45: Powering a better tomorrow
Powering a better tomorrow People Power Planet Prosperity 74 MILLION 733 GWh 89K MT P38 MILLION Safe man-hours Coal ash diverted Clean energy ER 1-94 delivered contributions Launched DEIB Policy 436 MT Diversity, equity, inclusion, and belonging in the 27,241 GWh Solid waste diverted 12K JOBS workpl
Slide 46: Global ESG Developer of the Year: MTerra Solar
Een the UGLOBAL ESG DEVELOPER oF THE YEAR GLOBAL Esg DEVELOPER ee OF THE YEAR: MTERRA SOLAR SILVER ANVIL AWARDS b at ROUNDBREARING CEN a Gee y~ SILVER ANVIL AWARDS SILVER ANVIL AWARD: MTERRA SOLAR AVP
Slide 47: One Meralco Sustainability Report
ONE MERALCO SUSTAINABILITY REPORT
Slide 48: What We Will Cover Today
What We Will Cover Today 1 Updates on ESG Performance a. CDP Climate Change and Water Security Assessments b. S&P Global Corporate Sustainability Assessment 2 Recognition for One Meralco 2024 Integrated Report 3 Feature by International Chamber of Commerce
Slide 49: Maintaining scores in CDP Climate Change and Water Security Assessments
1a We stayed in line with the averages, maintaining our scores in CDP’s Climate Change and Water Security Assessments for the fourth consecutive year Climate Change and Performance Highlights Water Security Assessments Risk and Opportunity Disclosure e.g., Climate Risk Assessment 2022- Assessment 20
Slide 50: S&P Global CSA Score above industry average
1b We maintained our S&P Global CSA Score above industry average, reflecting strong and disciplined ESG performance Corporate Sustainability Performance Highlights Assessment Score Meralco Industry Average Transparency and Reporting e.g., Externally-assured sustainability disclosures 45 43 41 41 40
Slide 51: 2024 Integrated Report recognized by Asia Sustainability Reporting Rating
2 Our 2024 Integrated Report was recognized by Asia Sustainability Reporting Rating for the 6th consecutive year One Meralco’s 2024 Integrated Report earned a Silver rank for its strong alignment with the Global Reporting Initiative (GRI) Standards • Organized by National Center for Corporate Report
Slide 52: Long-term Sustainability Strategy featured by International Chamber of Commerce
3 In line with COP30, Meralco’s Long-term Sustainability Strategy (LTSS) was featured in International Chamber of Commerce’s “Opportunity of a Lifetime” campaign • World’s largest business organization representing companies in 170+ countries • Global business community’s voice to intergovernmental
Slide 53: Meralco
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Slide 54: 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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