MPIC Delivers Resilient Q1 2026 Earnings as Power and Healthcare Offset Energy Volatility

First Pacific Co ( (HK:0142) ) has provided an update.

Metro Pacific Investments Corporation, an infrastructure‑focused affiliate of First Pacific with major operations in power, water, toll roads and healthcare in the Philippines, reported resilient financial performance for the three months ended 31 March 2026. The company’s portfolio continues to be anchored by its power segment, led by MERALCO, alongside meaningful contributions from water and toll road operations.

MPIC posted a 5% year‑on‑year increase in consolidated core net income to ₱6.9 billion in the first quarter, driven by a 4% rise in operational contributions mainly from power and healthcare despite elevated energy prices and global volatility. Power remained the largest earnings contributor with ₱5.1 billion, while water and toll roads generated a combined 36% of net operating income, although reported net income declined due to the absence of a prior‑year one‑off gain and reduced water contribution following the partial dilution in Maynilad after its 2025 listing.

MERALCO’s stand‑alone performance underpinned MPIC’s results, with revenues rising 5% on higher pass‑through charges, stronger retail electricity sales and a 25% increase in energy delivered, while its consolidated core net income grew 2% to ₱11.4 billion. The higher pass‑through charges reflected elevated generation costs tied to fuel cost recoveries and peso depreciation, underscoring both the inflationary pressure in the energy market and MPIC’s ability to sustain core earnings growth in a challenging environment.

More about First Pacific Co

First Pacific Company Limited is a Hong Kong‑listed investment management and holding company incorporated in Bermuda, with significant interests across infrastructure and utilities in Asia. Through its approximately 49.9% economic stake in Metro Pacific Investments Corporation (MPIC), the group is exposed to power, water, toll roads and healthcare assets in the Philippines, positioning it as a key player in essential services and infrastructure development in the region.

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Technical Sentiment Signal: Buy

Current Market Cap: HK$24.35B

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