PLDT (TEL) Q1 2026 earnings summary

Executive summary

• Gross service revenues rose 3% year-on-year to ₱54.9B, with net service revenues stable at ₱48.9B; data and broadband accounted for 86% of service revenues.

• EBITDA improved 2% to ₱28.3B, with a stable margin of 52%, driven by cost control.

• Core income increased 2% to ₱9.1B, aided by Maya's profitability and asset monetization.

• Enterprise segment led growth, offsetting legacy declines with strong ICT and digital infrastructure expansion.

• Home and Wireless segments saw slight revenue declines due to operational migration and consumer wallet pressures, but recovery is underway.

Financial highlights

• Total revenues reached ₱56.5B, up 2% year-on-year; service revenues grew 3% to ₱54.9B.

• EBITDA: ₱28.3B (+2% YoY); EBITDA margin: 52%.

• Net income attributable to equity holders was ₱8.9B, down 2% YoY; telco core income was ₱8.58B, also down 2%.

• Capex for Q1 2026 was ₱10B, down from ₱10.8B YoY; capex intensity at 18%.

• Cash opex, subsidies, and provisions declined 2% to ₱20.6B.

Outlook and guidance

• Capex guidance for 2026 is in the mid-₱50B range, with focus on ROI-driven investments and further capex intensity reduction.

• Targeting positive free cash flow, 60% dividend payout, and net debt/EBITDA of around 2.0x.

• Guidance for 2027 not yet set; continued prudence on capex and debt reduction.