Maynilad Posts 14% Profit Jump in First Half on Infrastructure Gains

MANILA, Philippines — West Zone concessionaire Maynilad Water Services, Inc. recorded a 14 percent increase in earnings in the first half of 2026, driven by improvements in its water services. The Pangilinan-led water service provider said its net income rose to P8.51 billion in the January to June period from P7.47 billion in the same period last year, due to lower interest expenses and taxes. The company’s consolidated revenues reached P19.11 billion, up by 4.1 percent from P18.35 billion, driven by higher billed volumes and continued customer growth. “We improved water service coverage, reduced water losses, expanded wastewater and sanitation coverage and sustained investments in infrastructure and network reliability,” Maynilad president and CEO Ramoncito Fernandez said in a press briefing. He added that operational gains during the period supported the company’s financial performance and strengthened its ability to continue investments in its concession area. Maynilad’s billed volumes in the first semester grew by 2.9 percent to 280.8 million cubic meters, while billed connections went up by 1.6 percent to 1.59 million. Earnings before interest, taxes, depreciation and amortization increased to P13.7 billion, with EBITDA margins improving to 71.7 percent from 69.4 percent due to lower non-revenue water (NRW) levels and cost-cutting initiatives. As of the first half of 2026, the company’s NRW levels dropped to an all-time low of 29.7 percent from 35.25 percent in the same period last year. “Finally, we have breached the 30 percent mark. NRW is very important to us, as every one percent of reduction translates to more than P70 million in overhead savings,” Maynilad COO Christopher Lichauco said. He added that the company is expecting to reach an NRW level of 27 percent by the end of the year. Lichauco said that the recovered water can also serve as a supply buffer ahead of the El Niño weather event. As part of its El Niño preparedness, Maynilad has also been working to lessen its reliance on Angat Dam. On wastewater services, the company said that coverage rose to 88 percent, while sewerage coverage increased to 26 percent and sanitation coverage improved to 62 percent. Maynilad added that its capital expenditure amounted to P12.89 billion in the first semester, which funded improvements to its water and wastewater infrastructure, network efficiency, network reliability, production facilities and customer service programs.