PLDT (TEL) Q3 2026 earnings summary

Executive summary

• 9M 2026 gross service revenue rose 2% to PHP 161.2B; net service revenue increased 1% to PHP 146.9B.

• EBITDA grew 1% to PHP 83.2B, with a 52% margin; 9M capex fell 15% to PHP 36.6B and free cash flow remained positive.

• Core income declined 4% to PHP 24.4B, Telco Core income fell 6% to PHP 23.5B, and reported net income declined 8% to PHP 21.7B.

• Enterprise and Wireless Consumer growth helped offset Home weakness and declines in legacy services.

Financial highlights

• Total revenue rose 2% to PHP 166.2B; service revenue increased 2% to PHP 161.2B, while net service revenue after interconnection costs grew 1% to PHP 146.9B.

• EBITDA ex-MRP increased 1% to PHP 83.2B, with a 52% margin; cash expenses, subsidies and provisions ex-MRP rose 1% to PHP 63.7B.

• Depreciation and amortization rose 8% to PHP 42.5B; net financing costs declined 2% to PHP 12.7B.

• Adjusted core income fell 4% to PHP 24.4B; Telco Core income declined 6% to PHP 23.5B, and reported net income fell 8% to PHP 21.7B.

• Reported EPS was PHP 100.10 versus PHP 109.26 in 9M25; forex and derivatives recorded a PHP 2.5B loss versus PHP 0.1B in 9M25.

Outlook and guidance

• FY 2026 capex guidance remains in the mid-PHP 50B range, with a focus on investment returns, lower capex intensity and positive free cash flow.

• The medium-term net debt/EBITDA target is 2.0x, versus 2.6x at September-end.

• Home recovery priorities include rebuilding postpaid acquisitions, strengthening installation capacity and retention, and expanding prepaid fiber.

• Data center expansions offer more than 80% additional capacity upside; sovereign-data requirements and hyperscaler interest are potential demand drivers.