PLDT (PHI) Q3 2025 earnings summary

Executive summary

• Gross service revenues for the first nine months of 2025 grew 3% to ₱158.9B, with net service revenues up 1% to ₱145.9B, driven by data, ICT, and fiber growth.

• EBITDA rose 3% to ₱82.8B with a stable 52% margin, reflecting higher revenues, cost discipline, and operational efficiency.

• Maya, the fintech arm, remained profitable for the third consecutive quarter, contributing ₱603M to core net income and showing rapid growth in customers, deposits, and loans.

• Core income was ₱25.3B, down 5% year-on-year due to higher depreciation and financing costs; reported net income declined 11% to ₱25.1B due to non-core and non-recurring charges.

• Positive free cash flow was achieved ahead of forecast, with capex intensity dropping to 27% as capex fell to ₱43.0B from ₱52.3B last year.

Financial highlights

• Fiber revenues grew 7% year-on-year, mobile data and fixed wireless up 1%, and corporate data/ICT up 2%; home revenues grew 4% to ₱45.7B, with fiber accounting for 97%.

• Third quarter consolidated service revenues rose 2% year-on-year to ₱48.8B; excluding legacy, up 4%.

• ARPU for home fiber held at ₱1,470, the highest in the industry, with churn at 1.9%.

• Capex for the first nine months was ₱43.0B, down from ₱52.3B last year; full-year capex guidance lowered to ₱60B.

• Earnings per share (EPS) based on reported net income was ₱115.83, and ₱116.73 based on telco core income.

Outlook and guidance

• Capex guidance for 2025 lowered to ₱60B, below the original ₱68–73B range, with further reduction in capex intensity targeted.

• Net debt to EBITDA targeted to reduce to 2.0x in 3–4 years, supported by asset monetization and lower capex.

• Positive free cash flow achieved as of September 2025, ahead of the 2026 target, with management confident in sustaining it into 2026.

• Completions expected in Q4 2025 with no material delays anticipated.

• Management aims to convert steady profitability into accelerated progress despite market pressures and economic slowdown.