Maynilad Water Services, Inc. · PSE:MYNLD
Maynilad Water Services — Investor Presentation (September 2026)
32 slides from Maynilad Water Services's investor presentation, September 2026
Slide 1: Maynilad Water Services, Inc. Investor Presentation
Maynilad Water Services, Inc. Investor Presentation September 2026
Slide 2: Notice
NOTICE This presentation is provided for information purposes only. It does not constitute an offer or invitation to purchase or subscribe for any securities of Maynilad Water Services, Inc. (the “Company”) or any of its subsidiaries or other companies it is invested in, and no part of this presenta
Slide 3: Why Maynilad?
Why Maynilad?
Slide 4: Maynilad is a public utility authorized to offer water and wastewater services
Maynilad is a public utility authorized to offer water and wastewater services in the Philippines R.A. 11600 – Maynilad’s Legislative R.A. 11600 Franchise – Maynilad’s Legislative Franchise • Franchise granted by the Philippine Congress to Maynilad to establish, operate and maintain a waterworks sys
Slide 5: Majority-owned by established groups with expertise in regulated utilities
Majority-owned by established groups with expertise in regulated utilities, engineering, and infrastructure development 1 (PSE: DMC) (TSE: 8002) 27.19% 51.27% 21.54% Public Float Effective Maynilad Water Holding Stockholders Ownership3 Company, Inc. 38.42% Others4 Metro Pacific Investments Corporati
Slide 6: Maynilad publicly listed on November 7, 2025 and raised ₱34.3Bn
Maynilad publicly listed on November 7, 2025 and raised ₱34.3Bn The second largest IPO in Philippine history Effective end of market February 27: o MSCI Philippines Small Cap Index – Utilities Sector o MSCI ASEAN Small Cap Index Effective June 22, 2026: o FTSE Global Equity Index Series (Philippines
Slide 7: First company to be granted the Philippine green equity label
First company to be granted the Philippine green equity label(1) S&P climate transition assessment summary assigned medium green on current shade(2) S&P has assessed that Maynilad is aligned with the requirements for the Philippine “Green Equity” label set out in the Guidelines of Philippine Green E
Slide 8: Operates the larger of two concessions in Metro Manila
Operates the larger of two concessions in Metro Manila West Zone East Zone The western service concession area comprises 17 cities and municipalities with: The eastern service concession area covers 24 cities and municipalities in Metro Manila and Rizal including: • 11 cities in Metro Manila, includ
Slide 9: Maynilad operates the largest water concession in Southeast Asia
Maynilad operates the largest water concession in Southeast Asia The largest water concession in Southeast Asia1 in terms of active connections within a single concession area2 Number of active connections (by concession, mn) FY25: ~1.57Mn 1.6 1.4 1.1 1.0 0.7 0.6 0.6 Metro Manila Kuala Lumpur Metro
Slide 10: Operates in stable regulatory framework
Operates in stable regulatory framework Established regulatory framework ◼ Longstanding regulatory regime with >25 years of track record, one of the longest in Southeast Asia ◼ Regulatory framework underpinned by a legislative franchise extending to 2047; thereby providing more stability to concessi
Slide 11: Maynilad earns 12% return on opening cash position (OCP)
Maynilad earns 12% return on opening cash position (OCP) January 1, 2023 January 1, 2024 January 1, 2025 January 1, 2026 January 1, 2027 January 1, 2028 ✓ Est. OCP at beginning of 2028 (start of ✓ ICP at beginning of 2024 = ✓ ICP at beginning of 2025 = ✓ ICP at beginning of 2026 = ✓ ICP at beginning
Slide 12: Tariff is reviewed every five years based on rate rebasing process
Tariff is reviewed every five years based on an established rate rebasing process Step 1 Step 2 Step 3 Step 4 Step 5 • MWSS RO reviews and • MWSS RO determines the • Maynilad submits a proposed • Aided by a third-party consultant, • MWSS RO proposes the Business determines Maynilad’s allowable Openi
Slide 13: Sustained capital investment continues to drive Interim Cash Position growth
Sustained capital investment in the West Zone continues to drive Interim Cash Position (ICP) growth Interim Cash Position (in PHP Bn) (negative in sign) since 2022 2.08x 2.02x 1.71x 1.77x 1.79x 184 164 Under its concession 144 agreement, it is only the 125 Opening Cash Position (OCP) as determined b
Slide 14: Debt profile shows sufficient financing headroom to fund future Capex
Debt profile shows sufficient financing headroom to fund future Capex In PHP Bn Key Debt Analysis 103.9 Stringent Leverage Policy to Ensure Financial Sustainability … 93.2 4% 84.3 5% 6% Debt Metrics / Terms 1H26 FY25 Average Cost of Debt (ex VAT) 6.42% 6.20% 96% 95% 94% Average Remaining Tenor 7.27
Slide 15: Substantial turnaround in operational performance
Substantial turnaround in operational performance Due to CAPEX implementation projects Operational Metric Final Year of Pre-History (2006) 1H26 Results Water coverage Water coverage Water Water coverage Water coverage Water (% of population) (population covered) pipelines (% of population) (populati
Slide 16: Financial performance shows sustained growth and expanding profitability
Financial performance shows sustained growth, expanding profitability, and increasing shareholder returns Revenue EBITDA and EBITDA Margin1 Net Income 36.6 58% 64% 66% 69% 69% 72% 26% 33% 38% 42% 41% 45% 33.5 +4.1% YoY 25.3 27.3 22.0 +7.5% YoY 15.2 22.9 +14.0% YoY 17.5 12.8 18.4 19.1 13.2 12.7 13.7
Slide 17: Aggressive NRW reduction during current rate rebasing period
Aggressive NRW reduction during current rate rebasing period Causes of Non-Revenue Water High NRW before Turnaround (Before 2007) WATER DISTRIBUTION1 ◼ 7,831 km of distribution pipelines ▪ Inherited 4.58 million linear meters compared to Manila ◼ ◼ Physical Loss (i.e., leaks) 3,405 km of pipelines r
Slide 18: Accelerated CAPEX for the current rate rebasing period
Accelerated CAPEX for the current rate rebasing period As per 2022 Approved Business Plan Capital Expenditure 163.3 (PHP Bn) 86.5 57.6 44.7 36.4 4.01 6.81 1997-2002 2003-2007 2008-2012 2013-2017 2018-2022 2023-2027 2028-2032 Water Sources Wastewater Treatment Operations Support NRW Management Custom
Slide 19: Resulting operational & financial transition
Resulting operational & financial transition 2023 2028 2033 2047 Accelerated Investment Sustained Growth ◼ Completion of Teresa Water Treatment Plant + 46km conveyance network (Kaliwa Dam-related ◼ Grow water supply & ensure resiliency projects) ◼ Increase water treatment & distribution capacity ◼ F
Slide 20: PhP8.4Bn dividends paid in 2026 (PhP1.14/sh)
PhP8.4Bn dividends paid in 2026 (PhP1.14/sh) Exceeds the current dividend policy Current Dividend Policy: 61.3% 62.7% 50.1% 55.5% Annual dividend payout of at least the higher of: ▪ 50% of prior year’s Net Income; or ▪ 40% of prior year's Adjusted Net Income1, capped at 100% of prior year Net Income
Slide 21: Strategies outside the concession
Strategies outside the concession Maynilad finds west zone and adjacent areas as possible growth prospects To New Clark City Harbor City Value Added Services to Existing Customers More frequent sanitation services Harbor City is a ground-breaking development project involving the reclamation of 265
Slide 22: Defensive and predictable cash flows and total returns
Maynilad is able to generate defensive and predictable cash flows and provide total returns Predictable cash flow underpinned by: Total return Concession Essential services in the Approved Business Plan 12% nominal pre-tax Improving under legislative captive market in including service return on OCP
Slide 23: Maynilad Water Services, Inc.
Maynilad Water Services, Inc. Maynilad Building, MWSS Compound, Katipunan Ave., Pansol 1108 Quezon City, Philippines (+632) 8981-3310 [email protected] https://www.mayniladwater.com.ph/
Slide 24: 1H26 Overview
Annex 1 1H26 Overview
Slide 25: Billed volume is at an all-time high growing 2.9% YoY
Billed volume is at an all-time high growing 2.9% YoY to 280.8 MCM MCM 51 49.31 47.92 48 47.52 46.18 46.42 47.13 47.39 47.03 46.67 46.65 45 46.11 45.60 43.42 45.65 45.82 45.21 45.39 42 42.14 Growth Q1 Q2 1H Comparison 39 2026 vs 2025 2.3% 3.5% 2.9% 36 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Slide 26: Operations overview
Operations overview Solid operational performance delivered improved services to customers Water Stringent Leverage Policy to Ensure Financial Sustainability … Non-Revenue Water Water Service Coverage Min 7-PSI 24Hrs Water Availability 9 2,893 MLD (average,%) (% of West Zone Population) (% of West Z
Slide 27: Capital expenditure updates
Capital expenditure updates Maynilad continues to invest heavily in the West Zone Concession Capex is 18.9% higher YoY 30,000 P91.5Bn 25,000 Total Capex in the current Rate Rebasing Period as of end June 2026 20,000 15,000 12,894 P Mn 2023 2024 2025 2026 2027 Q1 YTD 3,003 3,514 4,853 5,415 Q2 YTD 8,
Slide 28: Capital expenditure updates
Capital expenditure updates Capex program delivery is on track with projects nearing completion Operations Support Wastewater Treatment Water Sources Program NRW Management Program Program Program 29.7% NRW (as of end-June 2026) Modular Treatment Plants in Molino 5.5 MLD – ETC Nov 2026 – 95.33% Para
Slide 29: Financial overview
Financial overview Net Income up 14.0% despite higher operating costs Operating Revenue EBITDA Net Income Cash Opex Service Concession Assets P19.1Bn P13.7Bn P8.5Bn +8.9% +8.1% +4.1% YoY +7.5% YoY +14.0% YoY Impact of higher costs cushioned by Asset growth to P217 Bn 1H2026 71.7% margin 44.5% margin
Slide 30: Water Security
Annex 2 Water Security
Slide 31: El niño risk mitigation updates
El niño risk mitigation updates Investments in resiliency and significant NRW reduction put Maynilad in a better position to manage El Niño-related water supply risks 220.00 Flood Operation Rule Curve: Angat Elevation 9/17/2026 8:00:00 AM Angat 2026 DEC-APR 212 Meters 208.02 m 210.00 MAY-NOV 210 Met
Slide 32: El niño risk mitigation updates
El niño risk mitigation updates Maynilad is better prepared now compared to the last severe El Niño 31
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