PLDT (PHI) Q2 2025 earnings summary

Executive summary

• Service revenues for the first half of 2025 reached ₱97.1 billion, up slightly year-on-year, with EBITDA up 3% to ₱55.5 billion and a stable 52% margin, driven by fiber and data center growth, cost discipline, and Maya’s turnaround to profitability.

• Maya achieved its first profitable semester, posting ₱406 million in core income and ₱582 million net income in Q2, with deposits up 54% and loan disbursements up 147% year-on-year.

• Home segment fiber revenues grew 7% year-on-year to ₱29.5 billion, now 97% of Home revenues, with ARPU at ₱1,485 and 3.53 million fiber subscribers.

• Enterprise revenues dipped 1% to ₱23.5 billion, with ICT up 15%, data center colocation up 36%, and SDWAN up 19%, offsetting legacy declines and regulatory headwinds.

• Mobile data now accounts for 89% of individual segment revenues, with 5G traffic up 84% year-on-year and 41.6 million active data users.

Financial highlights

• EBITDA reached ₱55.5 billion, up 3% year-on-year, with a 52% margin; EBIT at ₱29.3 billion, down 1%.

• Telco core income at ₱17.2 billion, down 4% year-on-year; consolidated core income at ₱17.6 billion, up 1%.

• Cash OPEX, subsidies, and provisions for the first half were ₱41.6 billion, down 3% year-on-year.

• CAPEX for H1 2025 was ₱27.4 billion, with full-year guidance lowered to ₱63 billion due to favorable vendor terms.

• Net debt stood at ₱282.6 billion, with a net debt/EBITDA ratio of 2.57x and interest cover at 3.52x.

Outlook and guidance

• Capex guidance for 2025 reduced to ₱63 billion (from ₱68–73 billion) due to favorable pricing; bulk of completions expected in H2 2025.

• Positive free cash flow targeted by 2026; net debt/EBITDA to be reduced to 2.0x medium term.

• Expecting delayed enterprise awards to be realized in the second half, with additional upside from new product launches.

• Maya expects continued momentum in financial inclusion and profitability in H2 2025.