Manila Water Co., the utility chaired by billionaire Enrique K. Razon Jr., opened 2026 with the kind of earnings profile investors usually want from a regulated water business: higher tariffs, stable demand, better operating efficiency and stronger contributions from domestic subsidiaries. But beneath the headline profit growth, the quarter also marked a balance-sheet reset, as the company absorbed the financing consequences of its WawaJVCo acquisition. The company’s first-quarter results showed net income attributable to Manila Water shareholders rising 24% to ₱4.42 billion , while consolidated net income climbed 30% to ₱4.84 billion . Total revenues increased 11% to ₱10.63 billion , and EBITDA rose 14% to ₱7.87 billion , lifting EBITDA margin to about 74% . The earnings momentum was led by the East Zone concession and WawaJVCo, now reviewed by management as a combined operating segment after Manila Water completed its acquisition of WawaJVCo in September 2025. The segment’s com...