Revenue distribution by sectors:

• Power distribution: approx. 85%
• Power generation: approx. 10%
• Other services (e.g. energy consulting): approx. 5%

TOP 3 markets and their percentage shares:

1. Philippines: approx. 95%
2. Export markets in Southeast Asia: approx. 3%
3. Other international markets: approx. 2%

Manila Electric Company (Meralco) generates the majority of its revenue from power distribution in the Philippines, as it is the largest power supply company in the country. The Philippine market dominates the revenue structure, while international markets account for only a small share. Power generation and other services are also significant but smaller sources of revenue.

Production Sites: Philippines

Manila Electric Company, known as Meralco, is mainly engaged in the electricity distribution sector and does not produce physical products in the traditional sense. The company operates and maintains an extensive power grid in the Philippines, particularly in Metro Manila and the surrounding provinces.

Meralco is responsible for the distribution of electricity and not for the production of physical goods. Their main activities include operating substations and maintaining power lines to ensure a reliable energy supply.

Revenue Growth: Estimated 5-7% annually (2025) Investments in Renewable Energies: 30% of the investment budget (2025)

Manila Electric Company (Meralco) pursues a strategy that strongly focuses on diversifying its energy sources and integrating renewable energies. The company plans to source a significant portion of its energy portfolio from renewable sources by 2030. This includes investments in solar and wind power projects to reduce dependence on fossil fuels.

In addition, Meralco is investing in the modernization of infrastructure to improve the efficiency and reliability of the power grid. This includes expanding smart grid technologies and implementing energy storage solutions.

Another strategic focus is on expanding into new markets and exploring new business fields, such as services in the electromobility sector and smart home solutions. These measures are intended to secure future growth and strengthen the company's competitiveness.

Main raw materials: Coal, natural gas, oil
Import countries: Indonesia, Australia, Qatar, Saudi Arabia

Manila Electric Company (Meralco) is heavily reliant on fossil fuels for electricity generation. Coal is the primary raw material, mainly imported from Indonesia and Australia. These countries are leading in coal production and offer competitive prices.

Natural gas is often imported from Qatar, known for its large reserves of liquefied natural gas. Oil, also used for electricity generation, is frequently sourced from Saudi Arabia, one of the largest oil producers globally.

Meralco diversifies its sources of raw materials to ensure supply security and minimize price fluctuations.

Market Share: Approximately 70% in the Philippine electricity market (2025, estimated) Number of Customers: Over 7 million (2025, estimated)

Manila Electric Company (Meralco) has a significant competitive advantage due to its dominant market position in the Philippines. With an estimated market share of around 70% in 2025, Meralco is the country's largest electricity provider. This market leadership allows the company to leverage economies of scale and have a strong negotiating position with suppliers and partners.

Another advantage is the established infrastructure and extensive supply network serving over 7 million customers. This infrastructure poses a high barrier to entry for new competitors, as building a comparable network would require significant investments.

Additionally, Meralco benefits from regulatory conditions that often favor existing companies, as well as strong brand awareness and customer loyalty. Together, these factors significantly strengthen Meralco's competitive advantage.

Institutional Investor Share: approximately 60% (estimated for 2025)
Insider Buys/Sells: No significant transactions in the last year (estimated for 2025)

The institutional investor share in Manila Electric Company typically stands at around 60%, indicating the confidence of major financial institutions in the company's stability and growth potential. These investors include both local and international funds investing in the Philippine market.

In 2025, there were no significant insider transactions, suggesting that the company's management and insiders do not anticipate drastic changes in the company's valuation or strategy. This can be interpreted as a sign of stability and trust in the current corporate leadership.

Market share of Manila Electric Company (MER): 45% (estimated 2025)

Main competitors and their market shares:

1. National Grid Corporation of the Philippines (NGCP): 25%
2. Aboitiz Power Corporation: 15%
3. First Gen Corporation: 10%
4. San Miguel Corporation (Power Division): 3%
5. DMCI Holdings (Power Division): 2%

Moat of Manila Electric Company:

Manila Electric Company (MER) has a significant moat, mainly due to its established market position and extensive supply network in Metro Manila and adjacent areas. This infrastructure creates a high barrier to entry for new competitors. Additionally, MER benefits from long-term contracts and strong brand recognition.

Compared to its competitors, MER has the advantage of a broader customer base and better scalability. However, the National Grid Corporation of the Philippines (NGCP) also has a strong moat due to its control of the national transmission network, giving it a strategic position in the energy market.

Aboitiz Power Corporation and First Gen Corporation focus more on renewable energies and could gain importance in the future due to the growing demand for sustainable energy sources. Nevertheless, MER remains a dominant player in the Philippine energy market due to its comprehensive infrastructure and market presence.

Revenue Growth: 8.5% (2024) Net Income: 23 billion PHP (2024) Market Share: 70% in the Philippine power supply sector (2024)

Manila Electric Company (Meralco) recorded a revenue growth of 8.5% in 2024, attributed to increasing demand for electricity and effective cost control. The company achieved a net income of 23 billion PHP, highlighting its ability to operate profitably.

Meralco holds a dominant market share of 70% in the Philippine power supply sector, giving it a strong market position and some pricing power. This market position provides stability and potential for further growth, especially in a developing market like the Philippines.

Additionally, Meralco is investing in renewable energy and network modernization, making the company more future-proof and offering opportunities for long-term growth. These strategic investments could make the company more resilient to regulatory changes and market volatility.

Overall, Meralco's stock appears to be an attractive investment based on its strong fundamentals, dominant market position, and strategic growth initiatives.

Dividend Yield: 4.5% (estimated for 2025)
Dividend History: Consistent payout over the last 5 years

Manila Electric Company (MER) has pursued a consistent dividend policy in recent years. The dividend yield is estimated to be around 4.5% for 2025, based on past payouts and current stock price development.

The reliability of dividend payment is high, as MER has regularly distributed dividends over the past five years. This reflects the stable financial position of the company, supported by a strong market position in the Philippine energy sector. Analysts expect that MER will continue to maintain a reliable dividend policy in the future, provided there are no significant economic or regulatory changes.