Manila Water ended 2025 with PHP 129.90 billion of long-term debt, up from PHP 106.18 billion a year earlier. The increase came as earnings rose at the East Zone concessionaire, and before the bank loan that finances its Wawa acquisition was signed.
Earnings driven by tariffs
Consolidated revenue reached PHP 40.18 billion in FY2025, up from PHP 30.71 billion in FY2023, as the sixth rate rebasing tranches took effect. EBITDA was PHP 28.98 billion, a 72% margin as reported. The East Zone's own EBITDA margin was 75%. First-half 2026 net income rose 6% to PHP 8.47 billion.
Spending and a new dam
Group capital expenditure reached PHP 28.23 billion in FY2025, PHP 23.64 billion of it in the East Zone. Manila Water also agreed to pay PHP 31.57 billion for an 82% stake in WawaJVCo, owner of the Upper Wawa Dam. A BDO Unibank term loan of up to PHP 27 billion, signed in January 2026, finances that purchase, so it is not in the end-2025 debt figure.
Looser covenants, tighter rebasing
Lenders to the parent company agreed to drop the debt service coverage covenant effective October 31, 2024. Group debt-to-equity should generally not exceed 3x, and the parent company reported a ratio of 1.09 at end-2025. Cash fell to PHP 6.92 billion from PHP 7.44 billion.
Debt service from 2028 depends on tariffs set in the next rate rebasing, which is also due to consider an indicative 2.12% adjustment for Wawa costs.
The full profile covers what Manila Water's network, wastewater and supply assets look like, how tariffs and customer satisfaction have moved, where its emissions come from and which plants and deadlines come next. The full report, Utility Intelligence Profile: Manila Water Company, Inc., is available for USD 99. For a free overview, read the Manila Water Company, Inc. Utility Snapshot.