Newly listed West Zone concessionaire Maynilad Water Services, Inc. reported continued operational improvements and strong progress on its capital expenditure (CAPEX) program as of the third quarter of 2025, underscoring the company’s stability and ability to deliver consistent results amidst broader market volatility.
The company’s strong performance comes on the heels of its successful Php34.34-billion initial public offering (IPO) and listing on the Philippine Stock Exchange on November 7, 2025.
Robust Financial Performance
Maynilad reported robust financial growth for the period, with Revenues growing 9.5% to Php27.7 billion. This increase primarily reflects the 8.0% tariff adjustment implemented in January 2025 and the adjustment in the Environmental Charge.
Despite a slight 1.1% decline in billed volume—attributed to government restrictions on Philippine Offshore Gaming Operators (POGO) and the transfer or closure of several large commercial accounts—Core Net Income nonetheless rose 18.1% to Php11.4 billion. This was driven by higher revenues and disciplined cost management, which saw cash operating expenses increase by a modest 2.0%.
The company’s strong financial footing is further supported by its Interim (Opening) Cash Position, which stood at Php162.0 billion as of end-September 2025, up significantly from Php100.4 billion in January 2023. These unrecovered investments form the basis for the company’s regulated 12% pre-tax nominal rate of return under the Revised Concession Agreement.
Operational Excellence and Service Delivery
Maynilad achieved significant gains in operational efficiency, particularly in water loss reduction:
- Non-Revenue Water (NRW) Improvement: NRW improved markedly to 32.8 percent, down from 39.3 percent in the same period last year.
- Water Recovery: This reduction is equivalent to the recovery of approximately 231 million liters of water per day (MLD), comparable to the production capacity of a large water treatment plant.
- Key Drivers: The improvement was driven by intensified pipe replacement and leak repair activities, coupled with the wider use of satellite and AI-based leak-detection technologies.
The company also reaffirmed its commitment to service reliability, reporting that 97.8 percent of customers enjoyed a 24-hour water supply, and the combined sewerage and sanitation coverage reached 90.4 percent.
Accelerated CAPEX Program for Sustainable Infrastructure
Maynilad continued to invest heavily in system upgrades and new facilities under its 2023–2025 CAPEX program.
On the water-supply front, key projects include the 150-MLD Poblacion Water Treatment Plant in Muntinlupa, and new modular treatment plants in Cavite that bolster supply in the southern part of the service area.
On the wastewater side, major environmental undertakings are underway, including:
- The 20-MLD Tunasan and 46-MLD Cupang Water Reclamation Facilities in Muntinlupa.
- The larger 205-MLD CAMANA and 180-MLD Manila North wastewater-treatment projects.
These wastewater projects are designed to expand sewage-treatment capacity, meet stricter effluent standards, and anchor Maynilad’s commitment to sustainable water management and the long-term rehabilitation of Manila Bay.
“We continue to meet our service commitments while investing in the infrastructure that will sustain long-term growth,” said Maynilad President and CEO Ramoncito S. Fernandez. “Our operational gains and disciplined execution show that our fundamentals remain sound, and that we are on track with our 2025 operational and financial objectives.”
Following its public listing, Maynilad reaffirmed its commitment to sustaining investments that strengthen operational efficiency, environmental sustainability, and long-term value for all stakeholders across the West Zone of Metro Manila and Cavite.
