Maynilad Water Services reported audited operating revenue of PHP 36,645.1 million for FY2025, up 67% from PHP 21,950.0 million in FY2021. Over the same four years its non-current interest-bearing loans rose about 2.5 times, from PHP 35,305.0 million to PHP 89,914.7 million.
Earnings and margins
Earnings have grown too. EBITDA reached PHP 25,293.0 million in FY2025, a 69.0% margin, and net income rose to PHP 15,219.3 million from PHP 9,011.2 million in FY2023. The first half of 2026 pushed the EBITDA margin to 71.7%. Nine-month 2026 net income was about PHP 12,600 million, up 10.2%.
The listing reset the balance sheet
Total equity rose PHP 34.4 billion in FY2025 to PHP 109,767.4 million, the year Maynilad listed on 7 November 2025. Cash rose to PHP 26,792.8 million from PHP 10,519.5 million. By June 2026 debt service coverage stood at 5.3x against a 1.2x covenant minimum, and debt/equity at 0.9x against a 2.33x covenant.
What the money is for
The capital budget for 2023–2027 totals PHP 163.3 billion, of which PHP 34.6 billion falls in 2026. About PHP 19.5 billion was disbursed in the nine months to September, while management guided in January 2026 to up to PHP 30 billion for the year. Tariff increases are capped by contract: the 2026 Rate Adjustment Limit was 2.85%, taking the Basic Charge to PHP 52.86 per cubic meter.
How Maynilad's tariffs, wastewater obligations, emissions and project pipeline compare with these finances, and which decisions fall due in 2027, are set out in the full profile. The full report, Utility Intelligence Profile: Maynilad Water Services, is available for USD 99. For a free overview, read the Maynilad Water Services Utility Snapshot.