Hong Kong-listed First Pacific Company Limited (First Pacific, 00142) has disclosed that its 49.9%-owned associate, Metro Pacific Investments Corporation (MPIC), recorded resilient unaudited results for the three months ended 31 March 2026.
MPIC FINANCIAL HIGHLIGHTS • Consolidated Core Net Income increased 5.0% year-on-year to ₱6.90 billion, underpinned by a 4.0% rise in contribution from operations. • Power assets delivered ₱5.10 billion, contributing 62% of Net Operating Income (NOI). Water and Toll Roads provided ₱1.50 billion and ₱1.40 billion, respectively, for a combined 36% of NOI. • Reported Net Income declined versus 1Q 2025 due to the absence of the prior-year one-off gain from the sale of Philippine Coastal Storage and Pipeline Corporation.
SEGMENT PERFORMANCE
1. Power (MERALCO) – Revenue up 5%, supported by higher pass-through charges and a 25% increase in energy delivered. – Consolidated Core Net Income grew 2.0% to ₱11.40 billion as generation and ancillary businesses strengthened.
2. Water (MAYNILAD) – Revenue rose 6.0% to ₱9.10 billion, reflecting a 3 % tariff hike and 2 % growth in connections and billed volume. – Core Net Income advanced 10.0% to ₱4.00 billion. Non-revenue water improved to 32.0% from 34.9% on continued network upgrades.
3. Toll Roads (MPTC) – Toll revenue expanded 14.0% to ₱9.90 billion, buoyed by tariff increases and higher traffic in the Philippines (+2%) and Indonesia (+3%), partly offset by an 11% decline in Vietnam. – Core and Reported Net Income were broadly unchanged; higher finance costs and depreciation offset top-line growth.
BALANCE SHEET – MPIC Parent • Cash, cash equivalents and short-term investments stood at ₱9.40 billion at 31 March 2026, up from ₱7.90 billion at end-2025. • Net debt reduced to ₱50.00 billion from ₱52.50 billion over the same period, reflecting ongoing deleveraging efforts.
MANAGEMENT COMMENTARY MPIC Chairman, President and CEO Manuel V. Pangilinan highlighted the Group’s stable demand for essential services amid market volatility, emphasising disciplined cost management and a focus on operational reliability.
CORPORATE CONTEXT MPIC was delisted from the Philippine Stock Exchange in October 2023 following a tender offer. The current disclosure responds to Hong Kong listing obligations of First Pacific, which holds a 49.9% economic interest in MPIC.
The reported figures are unaudited and relate solely to MPIC, not to First Pacific’s consolidated results.