PLDT (PHI) Q1 2025 earnings summary

Executive summary

• Gross service revenues rose 2% year-on-year to PHP 53.4 billion (net service revenues at PHP 49.0 billion), driven by fiber and ICT growth, with Maya turning profitable and contributing PHP 127 million to core income.

• EBITDA increased 2% to PHP 27.9 billion, maintaining a 52% margin, reflecting disciplined cost management.

• Fiber now accounts for 97% of home revenues, with 101,000 new subscribers added, reversing negative net adds from last year.

• Mobile revenues declined slightly due to lower packet Wi-Fi usage, but 5G adoption and data traffic surged 81% year-on-year, with device adoption up 60% quarter-on-quarter.

• Strategic investments in digital infrastructure, including the Vitro Santa Rosa AI-ready hyperscale data center and Asia Direct cable, position the company for future growth.

Financial highlights

• Total revenues reached PHP 55.3 billion, up 2% year-on-year; gross service revenues at PHP 53.4 billion, net service revenues at PHP 49.0 billion.

• EBITDA was PHP 27.9 billion, up 2% year-on-year, with a 52% margin.

• Core income was PHP 8.8 billion, down 6% year-on-year due to higher depreciation and financing costs; reported net income declined 8% to PHP 9.0 billion.

• CapEx for Q1 2025 was PHP 6.3 billion–10.8 billion, with full-year guidance at PHP 68–70 billion and capex intensity at 20%.

• Net debt stood at PHP 270.7 billion; net debt-to-EBITDA ratio improved to 2.48x.

Outlook and guidance

• CapEx guidance for 2025 set at PHP 68–70 billion, prioritizing network and IT upgrades, with bulk of completions expected in H2.

• Targeting positive free cash flow by 2026 and a net debt-to-EBITDA ratio of around 2.0x medium-term.

• Focus remains on steady revenue growth, disciplined expense management, asset monetization, and prudent capital allocation.

• No net income guidance for 2025 due to a fluid environment.

• Long-term strategy emphasizes resilience, innovation, and digital platform growth.