01
Executive overview
Key findings
PHP 36,645.1 million: operating revenue (FY2025, audited), up 67% from PHP 21,950.0 million in FY2021 (calculated)
69.0%: EBITDA margin (FY2025, actual); 71.7% in 1H2026
30.8%: non-revenue water at 31 December 2025 (actual); 29.3% at end-September 2026; target 25.0% by 2027 and 20.0% by 2030
PHP 163.3 billion: capital budget for 2023–2027 (budget); PHP 91.5 billion disbursed to end-June 2026 (actual)
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Buyer relevance
Who the report is for
Analysts and investors covering Philippine utilities
Use the FY2021–FY2025 audited series and the 2026 interim results, including net income of PHP 15,219.3 million for FY2025, as a single reference table.
Suppliers and contractors preparing for Maynilad meetings
Check plant capacities, project progress and the 2026 capital budget of PHP 34.6 billion before a first conversation.
Consultants and public-sector advisers
Cite the concession terms, tariff decisions and the 2037 coverage requirement with dates and sources.
03
Decision scope
Questions answered
How fast has Maynilad's revenue grown?
Audited operating revenue rose 67%, from PHP 21,950.0 million in FY2021 to PHP 36,645.1 million in FY2025.
How much does Maynilad depend on one water source?
Approximately 83.26% of supply capacity came from the Angat Dam at the end of 2025.
What did water tariffs do in 2026?
MWSS approved a 2.85% Rate Adjustment Limit, taking the Basic Charge from PHP 51.40 to PHP 52.86 per cubic meter.
How leveraged is Maynilad?
Debt/EBITDA was 3.8x and debt/equity 0.9x in 1H2026, against a 2.33x debt/equity covenant.
04
Inside the report
Inside the complete report
Executive Overview
1. Utility and Service Mandate
2. Water Resources and Supply
3. Infrastructure and Treatment
4. Networks and Assets
5. Wastewater and Resource Management
6. Financial Position
7. Investment and Major Projects
8. Tariffs and Customer Context
9. Energy and Sustainability
10. Governance and Regulation
11. Climate and Resilience
12. Forward Developments
13. Key Intelligence Summary
Source Register
05
Public preview
What to watch next
8. Tariffs and Customer Context
The 2027 rate decision and quarterly currency adjustments.
7. Investment and Major Projects
Full-year 2026 capital expenditure; confirmed completion of the projects whose estimated dates have passed.
6. Financial Position
Full-year 2026 results and borrowing as the remaining equity and bond proceeds are spent; any further equity raise.
10. Governance and Regulation
The leadership transition on 1 January 2027; how the 30% listing requirement is reported; further penalties; collective bargaining agreements expiring 30 November and 31 December 2026.
Audited financial series FY2021–FY2025 and 2026 interim credit indicators.
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Included
What you receive
The complete PDF report: 13 pages, 15 sections, 18 tables and a register of 32 sources.
This edition
November 2026, First edition.
07
Evidence & method
Evidence and method
The profile draws on Maynilad's audited financial statements for FY2021–FY2025, its SEC annual filing and 1H 2026 investor briefing, integrated, sustainability and greenhouse gas reports, MWSS tariff and penalty disclosures, and dated press reports checked to 5 November 2026.
Sources
32 sources, listed in the report's source register. Evidence current to 5 November 2026. Principal data periods: audited accounts FY2021–FY2025 (years ended 31 December); FY2025 annual filing; 1H2026 (six months to 30 June 2026) investor briefing; nine-month 2026 results as reported on 5 November 2026; tariff decisions for 2025 and 2026; status checked to 5 November 2026. All currency is Philippine pesos (PHP)..
Evidence boundaries
This report uses authoritative source material available at the stated research cutoff. It distinguishes published facts, calculated values and analytical interpretation. No independent modelling is performed. Forward-looking analysis reflects published plans, documented trends and stated uncertainties. It does not constitute legal, financial, investment or engineering advice.
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Lead analyst
Robert C. Brears
Founder, Our Future Water Intelligence
Robert C. Brears is a water-security specialist and author whose work examines utility governance, infrastructure investment, climate resilience and long-term water-system change for executive and policy audiences.
- Decision-focused utility intelligence
- Published water-policy author
- Evidence-grounded system analysis
09
Buyer FAQs
Before you purchase
Who can use the report?
Licensed for internal use within one purchasing organization. The PDF and its contents may be shared with colleagues within that organization. External redistribution, resale and public publication are prohibited without permission.
How is the report delivered?
The PDF is available to download immediately after confirmed payment, through our secure delivery system.
Can my organization buy wider access?
Institutional purchasing: For invoice enquiries, multi-organization licensing or broader access requirements, contact Our Future Water Intelligence.
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Utility Intelligence Profile: Maynilad Water Services
- Format
- Length
- 13 pages
- Edition
- November 2026, First edition
- Price
- USD 99
11
Report details
Publication details
- Publisher
- Our Future Water Intelligence
- Report family
- Utility Intelligence Profile
- Edition
- November 2026, First edition
- Format
- Length
- 13 pages
- Reference
- OFW_EXT_MAYNILAD_WATER_SERVICES_UTILITY_INTELLIGENCE_PROFILE_625bfffbf629
- Evidence current to
- 5 November 2026
14
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