This article first appeared on GuruFocus .
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Gross Service Revenues:PHP212.2 billion, up 2% or PHP3.8 billion.
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Net Service Revenues:PHP196.2 billion, marking a record.
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Cash OpEx Subsidies and Provisions:PHP84.9 billion, down 1%.
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EBITDA (excluding MRP costs):PHP111.2 billion, up 3% with margin steady at 52%.
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Telco Core Income:PHP33.9 billion, down 3% due to higher financing costs and depreciation.
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Core Income:Improved to PHP34.6 billion, up 1%.
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Consolidated Service Revenues:PHP196.2 billion, up 1% or PHP1.5 billion year-on-year.
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Wireless Consumer Revenues:PHP85 billion, steady year-on-year.
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Home Fiber Revenues:Grew 6% to PHP59.4 billion, accounting for 98% of Home revenues.
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Enterprise Revenues:Grew to a record PHP48.4 billion, with corporate data and ICT up 3% to PHP36.3 billion.
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Fourth Quarter Consolidated Service Revenue:PHP50.3 billion, up 3% quarter-on-quarter.
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Wireless Consumer Revenues (Q4):PHP21.8 billion, up 4%.
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Enterprise Revenues (Q4):PHP12.7 billion, up 5%.
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Fiber Net Adds:392,000 in 2025, up 98% year-on-year.
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ARPU:Stable at PHP1,447 for the full year.
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Churn Rate:1.8%.
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Mobile Data Traffic:Grew 7% to 5,914 petabytes in 2025.
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5G Devices:Up 35% to 11.2 million, with 5G data traffic rising 88%.
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Fixed Wireless Revenues:Up 22% year-on-year.
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ICT Revenues:Grew 25% for the full year, with managed IT services up 211%.
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CapEx:PHP60.3 billion for 2025, down from PHP78.2 billion last year.
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Net Debt:PHP284.7 billion, with net debt-to-EBITDA at 2.56 times.
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Gross Debt:PHP296.9 billion.
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Interest Cover:3.3 times.
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Dividends:Total dividends for 2025 amount to PHP94 per share.
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Maya Net Income:PHP1.7 billion for 2025, marking its first full year of profitability.
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Maya Deposit Balances:Approximately PHP68 billion, up 72% year-on-year.
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Maya Total Loans Disbursed:PHP256 billion since 2022.
Release Date: February 26, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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PLDT Inc ( NYSE:PHI ) reported a 2% increase in gross service revenues, reaching PHP212.2 billion.
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EBITDA, excluding MRP costs, rose 3% to PHP111.2 billion with a steady margin of 52%.
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Fiber revenues grew 6% to PHP59.4 billion, accounting for 98% of Home revenues.
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Enterprise revenues reached a record PHP48.4 billion, driven by a 25% growth in ICT services.
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Maya, PLDT's digital financial platform, achieved full-year profitability with a net income of PHP1.7 billion.
Negative Points
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Telco core income decreased by 3% due to higher financing costs and depreciation.
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Reported income was down 7% year-on-year, mainly due to lower ForEx and derivative gains.
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Home revenues were flat quarter-on-quarter due to natural calamities affecting installation activities.
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Interest expenses grew faster than the rise in total debt, driven by higher interest rates and loan balances.
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Legacy services continue to drag growth, with revenues from these services decreasing significantly.
Q & A Highlights
Q: What drove the 5% growth in PLDT's mobile segment, and how does it compare to Globe's performance? A: Lloyd Manaloto, First Vice President Strategy and Corporate Brand at Smart Communications, explained that the growth was driven by high personalization offers that increased ARPUs and subscriber base. Gross activations increased by 10-15%, while churn remained stable, contributing to the growth.
Q: Why was broadband revenue flat quarter-on-quarter, and what influenced ARPU? A: John Palanca, Senior Vice President at PLDT Home, attributed the flat growth to major calamities like typhoons and earthquakes, which affected installations. The ARPU softness was due to a more price-sensitive environment, with growth driven by entry-level tiers, although demand for mid- to high-tier plans remains stable.
Q: Can you provide an update on the Konektadong Pinoy initiative and Maya's potential IPO? A: Joan De Venecia-Fabul, Chief Legal Counsel, stated that the implementing rules for Konektadong Pinoy were released, but the initial access list is pending. Regarding Maya's IPO, Marseille Nograles, Vice President, mentioned that they cannot comment on the IPO news at this time.
Q: What is the status of the data center stake sale and the spectrum management policy? A: Danny Yu, CFO, confirmed that a REIT IPO for the data center is being considered, with proceeds aimed at debt reduction. Joan De Venecia-Fabul noted that the spectrum management policy framework is expected by the end of 2026, focusing on underutilized spectrum.
Q: How did Maya's financial performance change in 2025, and what were the key factors? A: Manuel Pangilinan, Non-Executive Chairman, highlighted that Maya achieved a net income of PHP1.7 billion in 2025, a significant turnaround from a PHP2.5 billion loss in 2024. The improvement was driven by diversified revenues across payments and digital banking, despite some non-operating and one-time items affecting Q4 results.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
