Manila Water's first half of 2026 performance is solid, with double-digit revenue and EBITDA growth

Manila Water Company, Inc. (Manila Water) maintained its strong financial and operational performance in the first half of the year, owing to the positive impact of approved tariff adjustments, stable demand, and continued cost discipline despite investment-cycle headwinds and a more complex operating environment.

Manila Water's consolidated revenues increased by 11% to Php22.2 billion in the first half of 2026, driven by consistent contributions from its core business and tariff adjustments implemented across key operating units. This topline growth was bolstered by effective cost management and operational efficiency initiatives, which resulted in a 13% increase in EBITDA to Php 16.4 billion. EBITDA margin increased to 74%, reflecting the company's ongoing emphasis on efficiency improvements and disciplined cost controls throughout the organization. Net income increased by 6% to Php8.5 billion, demonstrating Manila Water's strong earnings potential despite higher depreciation and interest expenses. This demonstrates the company's ability to balance short-term financial performance with the demands of an ongoing investment cycle.

Manila Water's East Zone Concession's business performance remained strong, with revenues increasing by 12% to Php17.9 billion due to consistent customer demand and tariff adjustments. EBITDA also increased by 13% to Php13.7 billion, resulting in a 9% increase in net income to Php7.8 billion, indicating the continued strength of the core business, despite higher depreciation and interest expenses from strategic infrastructure investments.

Beyond Manila Water's East Zone Concession, Non-East Zone Philippines (NEZ PH) business units demonstrated strong growth. NEZ PH revenues increased by 2%, while EBITDA increased by 7%, primarily due to tariff adjustments in key operations in Clark, South Luzon, and Boracay. This was bolstered by higher supervision fees from projects under the company's Laguna Water and Estate Water businesses, reflecting Manila Water's expanding portfolio beyond its East Zone Concession and its ability to seize growth opportunities.

Manila Water continues to prioritize critical infrastructure that enables capacity expansion, service reliability, and long-term water security. Capital expenditures during the period totaled Php6.8 billion, in line with the company's service obligations.

“Our first half results show that even in uncertain times, our company can still deliver strong performance, provide reliable service, and create lasting value for our stakeholders. While geopolitical concerns and El Niño present real challenges for our sector, we are confident in our ability to navigate these conditions by improving the way we operate, optimizing resources, and strengthening service delivery. In doing so, we can translate operational gains into meaningful financial results, while continuing to provide reliable and essential water service to our customers.” ~Mr. Roberto R. Locsin, Manila Water President and CEO

Manila Water is proactive in managing external risks, including El Niño and market disruptions from the Middle East crisis. The company continues to take a disciplined and deliberate approach to cost management, operational resilience, and water supply augmentation.