The Philippine Stock Exchange (PSE) Q1 2025 earnings summary

Executive summary

• Q1 operating revenue rose 82.68% YoY to Php645.49mn, while net income increased 5.07% to Php254.67mn; PDSHC consolidation drove revenue and expense growth.

• Higher trading, listing and depository fees were partly offset by higher costs and lower investment-related income.

Financial highlights

• Operating income reached Php306.35mn, up from Php178.35mn; total costs and expenses rose 93.80% to Php339.14mn.

• Cost of services was Php209.18mn and general and administrative expenses were Php129.96mn; compensation rose 73.8% to Php94.88mn and repairs and maintenance rose 99.8% to Php75.27mn.

• Net income after tax rose to Php254.67mn; income attributable to parent equity holders was Php221.51mn versus Php242.79mn.

• Investment income fell 67.4% to Php37.04mn; other income, net, declined 73.18% to Php32.23mn, including a Php22.44mn FVTPL mark-to-market loss versus a Php56.59mn gain in Q1 2024.

• Basic and diluted EPS were Php2.70 versus Php2.97; trailing-12-month EPS was Php14.47 versus Php9.93.

Outlook and guidance

• Six of 80 LEAP-enrolled companies were considered IPO-ready within the next year; four LEAP clients had listed.

• Product work includes PSEI index futures, expanded ETF rules and market-making rules; draft GPDR rules awaited SEC approval.

• Forthcoming equity listings were estimated at Php122.81bn, including Maynilad at Php45.78bn and ACEN at Php30bn; some filings were pending.