Maynilad Water Services Inc, a Metro Manila-based water concessionaire, is already eyeing fresh fundraising just months after its landmark stock market debut, underscoring the scale of capital expenditure required under its concession.
“The IPO is not enough to cover all of our spending even for one year. That’s how big our investment is in the concession. And so we plan to do some fundraising,” Maynilad chief finance officer Ricardo Delos Reyes said during the company’s 2025 financial results press briefing on Tuesday.
Delos Reyes did not provide specifics or a timeline but said the company is keeping its options open, including bank loans and bond issuances. He added that Maynilad’s debt profile offers ample room to take on additional borrowings. “Our leverage is very low,” he noted, highlighting the company’s headroom to support its capital expenditure programme in the coming years.
Asked about issuing more blue bonds, following their maiden offering in 2024, Delos Reyes said the company is “not yet” planning to do so but would keep the option open. He also pointed out that the last blue bond issuance was twice oversubscribed.
Maynilad claims to be the operator of the largest water concession in the Philippines and Southeast Asia in terms of active connections and population served for a single concession, covering 11 cities in Metro Manila and parts of Cavite and running 24 water treatment plants through more than 7,000 km of pipelines.
It was officially listed on the Philippine Stock Exchange (PSE) on November 7, 2025. The IPO raised approximately 34.34 billion pesos ($580 million), making it one of the largest listings in the country in recent years. Maynilad drew 12 cornerstone investors, including IFC and the Asian Development Bank (ADB).
Maynilad reported that its capital expenditures reached 26.9 billion pesos in 2025, the highest annual outlay in the company’s history. The investments were focused on water supply facilities, network upgrades, and sewerage infrastructure, aimed at strengthening system reliability and expanding wastewater services.
Maynilad’s leadership also indicated that capital spending is expected to be even higher in 2026.
In a response to DealStreetAsia, the water concessionaire said that of the net IPO proceeds of 25.26 billion pesos, the firm has deployed approximately 2.51 billion pesos as of the end of 2025.
Of the total disbursements, Maynilad said that 1.93 billion pesos was allocated to capital expenditures, including water capex at 1.37 billion pesos, wastewater capex at 354.46 million pesos, customer service and IT capex at 203.58 million pesos, and 584.24 million pesos was for general corporate purposes.
“The remaining balance of approximately 22.75 billion pesos is available for deployment in accordance with the use of proceeds disclosed in our prospectus and approved business plan. With respect to 2026, we are tracking in line with our approved capital expenditure programme,” the firm said in a response.
For 2025, the firm reported a consolidated net income of 15.2 billion pesos, up 19.1% from the 12.8 billion pesos recorded the previous year. Consolidated revenues rose 9.4% to 36.6 billion pesos, from 33.5 billion pesos in 2024. EBITDA grew 14.8% to 25.3 billion pesos, resulting in an improved EBITDA margin of 69%.
On the operational front, Maynilad improved its average Non-Revenue Water (NRW) to 34.9% from 39.9% in 2024, with year-end NRW levels further declining to 30.7%. These reduction initiatives recovered approximately 256 million litre per day (MLD) of water. The company also reported that 24/7 water service coverage reached 91.9% according to regulatory metrics, while sewer coverage expanded to 26.5% of its service area.
“2025 marked strong consolidated financial performance alongside meaningful service improvements,” Maynilad President and CEO Ramoncito Fernandez said. “We remain focused on disciplined capital allocation, operational efficiency, and long-term value creation while fulfilling our service obligations.”
