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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 amid broader market volatility.
Revenues grew 9.5% to Php27.7 billion, primarily reflecting an 8.0% tariff increase implemented in January 2025 and the adjustment in the Environmental Charge from 20% to 25%. This was partly offset by a 1.1% decline in billed volume, following government restrictions on Philippine Offshore Gaming Operators (POGO) and the transfer or closure of several large commercial accounts in the West Zone. Core Net Income nonetheless rose 18.1% to Php11.4 billion, driven by higher revenues and a modest 2.0% increase in cash operating expenses.
Maynilad’s Interim (Opening) Cash Position stood at Php162.0 billion as of end-September 2025, up from Php100.4 billion in January 2023. This represents the cumulative investments that Maynilad has made in the concession since 2007 that have not yet been recovered. Under the Revised Concession Agreement, these unrecovered investments form the basis for the company’s regulated 12% pre-tax nominal rate of return.
As of end-September 2025, Maynilad’s non-revenue water (NRW) level improved to 32.8 percent, from 39.3 percent in the same period last year. This reduction—equivalent to about 231 million liters of water per day recovered—is comparable to the production capacity of a large water treatment plant. The improvement was driven by intensified pipe replacement and leak-repair activities and the wider use of satellite and AI-based leak-detection technologies.
The company also continued to invest heavily in system upgrades and new water-treatment facilities under its 2023–2025 CAPEX program.
On the water-supply side, key projects include the 150-million-liter-per-day (MLD) Poblacion Water Treatment Plant in Muntinlupa, as well as modular treatment plants in Cavite that bolster supply in the southern part of the service area.
On the wastewater front, major undertakings include the 20-MLD Tunasan and 46-MLD Cupang Water Reclamation Facilities in Muntinlupa, and the larger 205-MLD CAMANA and 180-MLD Manila North wastewater-treatment projects. These projects expand sewage-treatment capacity and anchor Maynilad’s commitment to sustainable water management—helping to improve water quality, protecting natural ecosystems, and supporting the long-term rehabilitation of Manila Bay. They are designed not only to meet stricter effluent standards, but also to advance resource efficiency, strengthen climate resilience, and contribute to healthier, more sustainable communities across the West Zone.
“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.”
As of the third quarter, 97.8 percent of customers enjoyed 24-hour water supply, and the company’s sewerage and sanitation coverage stood at 90.4 percent combined. These achievements demonstrate Maynilad’s consistent delivery of essential services to over 10 million residents in the West Zone of Metro Manila and Cavite. Following its successful Php34.34-billion initial public offering (IPO) and listing on the Philippine Stock Exchange on 7 November 2025, Maynilad reaffirmed its commitment to sustain investments that strengthen operational efficiency, environmental sustainability, and long-term value for all stakeholders.
