PLDT (PHI) Q3 2025 earnings summary

Executive summary

• Gross service revenues grew 3% year-over-year to ₱158.9B for the first nine months of 2025, with net service revenues up 1% to ₱145.9B, driven by data, fiber, and ICT growth, and strong momentum in enterprise and home fiber segments.

• EBITDA rose 3% to ₱82.8B with a stable 52% margin, reflecting disciplined cost management, operational efficiency, and higher revenues.

• Core income was ₱25.3B, down 5% year-over-year due to higher depreciation and financing costs from network and IT investments; reported net income declined 11% to ₱25.1B.

• Maya, the fintech arm, contributed ₱603M in core net income, with rapid growth in customers, deposits, and loans, and posted ₱1.6B core income, a ₱4.0B turnaround.

• Positive free cash flows were achieved ahead of forecast, and capex intensity dropped to 27% as capex fell to ₱43.0B from ₱52.3B last year.

Financial highlights

• Fiber revenues grew 7% year-over-year; mobile data and fixed wireless up 1%, with fixed wireless revenues surging 18%.

• Corporate data and ICT revenues increased 2%, with ICT alone up 27% year-over-year.

• Home revenues up 4% to ₱45.7B, with fiber accounting for 97% of home revenues and net adds up 67% year-over-year.

• Wireless business revenues at ₱63.2B, with 91% from data; mobile and fixed wireless data revenues up 1% to ₱57.3B.

• Earnings per share (EPS) based on reported net income was ₱115.83, and ₱116.73 based on telco core income.

Outlook and guidance

• Capex guidance for full year 2025 lowered to ₱60B from original ₱68–73B, with completions expected in Q4 2025 and no material delays anticipated.

• Targeting net debt to EBITDA ratio of 2.0x within 3–4 years, supported by asset monetization and lower capex.

• Confident in sustaining positive free cash flow into 2026 due to lower capex and asset monetization.