PLDT (PHI) Q4 2024 earnings summary

Executive summary

• Service revenues reached PHP 194.7B in 2024, up 2% year-on-year, driven by data, fiber, and digital services.

• EBITDA rose 4% to PHP 108.5B with a stable 52% margin; telco core income increased 2% to PHP 35.1B.

• Reported net income surged 21% to PHP 32.3B.

• Maya Bank achieved profitability in late 2024, with customer base up 71% and deposits up 59% year-on-year.

• Strategic focus on network leadership, digital transformation, and sustainability, with industry-leading S&P sustainability score.

Financial highlights

• Gross service revenues reached PHP 208.4B, up 3% year-on-year; total revenues at PHP 216.8B.

• EBITDA margin steady at 52%; capex for 2024 was PHP 78.2B, capex intensity at 38%.

• Dividend payout at 60% of core income; total 2024 dividends at PHP 97/share, 7% yield.

• Net debt/EBITDA at 2.52x; gross debt at PHP 283.6B, 14% USD-denominated, 95% hedged.

• Expenses declined 2% to PHP 166.3B; income before tax up 17% to PHP 42.7B.

Outlook and guidance

• 2025 capex guidance set at PHP 68–73B, focusing on 5G, fiber, AI, and data centers.

• Targeting net debt/EBITDA reduction to 2.0x midterm and positive free cash flow by 2026.

• Continued expansion in 5G, AI-driven marketing, and enterprise digital solutions.

• No specific 2025 income guidance yet; expect revenue and profitability growth, with more clarity after Q1.

• Focus on innovation, AI, and digital transformation to shape future growth.