PLDT Inc. Reports Solid 2025 Full Year Results: Key Highlights and Shareholder Insights

Date: 26 February 2026

Company: PLDT Inc. (PSE: TEL) (NYSE: PHI)

Executive Summary

• PLDT reported record Net Service Revenues of ₱196.2 billion, up 1% year-on-year, and up 3% when excluding legacy services drag.
• Consolidated Gross Service Revenues rose 2% to ₱212.2 billion.
• Data and Broadband now account for 85% of Service Revenues, totaling ₱166.5 billion.
• Consolidated EBITDA increased 3% to a record ₱111.2 billion, with a stable margin of 52%.
• Core Income grew 1% to ₱34.6 billion.
• Final cash dividend of ₱46 per share approved; total 2025 dividends at ₱94 per share (60% payout of Telco Core EPS).
• Maya, PLDT’s digital finance arm, achieved its first full year of profitability, contributing ₱1.7 billion in net income.
• Positive Free Cash Flow sustained; 2025 CapEx down to ₱60.3 billion from ₱78.2 billion, reflecting improved capital discipline.
• PLDT secured back-to-back inclusion in the S&P Global Sustainability Yearbook.

Detailed Financial and Operational Performance

Revenue and Income

• Net Service Revenues: ₱196.2 billion (+1%). Excluding legacy drag, growth is 3%.
• Gross Service Revenues: ₱212.2 billion (+2%).
• Data & Broadband Revenues: ₱166.5 billion (+1pp to 85% of total Net Service Revenues vs. 2024).
• Consolidated EBITDA: ₱111.2 billion (+3%), with a margin of 52%.
• Core Income: ₱34.6 billion (+1%).
• Telco Core Income: ₱33.9 billion (-3%), reflecting a decline after excluding Maya’s contributions and tower sales.
• Reported Net Income: ₱30.0 billion (-7%), impacted by lower non-core gains and higher non-recurring charges.
• EPS: ₱139 (Reported), Telco Core EPS at ₱157.

Dividends

• Final dividend: ₱46 per share; total for 2025: ₱94 per share, equivalent to a 60% payout ratio (Telco Core EPS).

Cash Flow and CapEx

• Free Cash Flow: Positive and sustained, ahead of the initial 2026 target.
• 2025 CapEx: ₱60.3 billion (down from ₱78.2 billion in 2024); CapEx intensity reduced to 28%.

Debt Position

• Consolidated Net Debt: ₱284.7 billion.
• Net Debt-to-EBITDA: 2.56x.
• Gross Debt: ₱296.9 billion; 13% in US dollars, 5% unhedged.
• PLDT maintains investment-grade credit ratings from Moody’s and S&P Global.

Segment Performance

Wireless Consumer

• Wireless Consumer Revenues: ₱85.0 billion (+1%).
• Wireless Consumer Data: ₱77.2 billion (+1%), now 91% of segment revenue.
• FWA (Fixed Wireless Access): Revenues up 22%, with strong 5G migration.
• Data Traffic: 5,914 petabytes (+7%).
• 5G Devices: 11.2 million (+35%), now 19% of total handsets.
• Smart’s core modernization program is enhancing analytics and personalized offers.

Home Broadband

• Total Home Revenues: ₱61.0 billion (+3%).
• Fiber Revenues: ₱59.4 billion (+6%), now 98% of Home segment.
• Fiber Net Adds: 392,000 (+98%), total subscribers now 3.76 million.
• Churn Rate: 1.8% (down from 1.9% in 3Q2025).
• Strong uptake of premium bundles and launch of new products (Prepaid Fiber, entertainment bundles, smart home kits).

Enterprise

• Enterprise Revenues: ₱48.4 billion (+1%).
• Corporate Data/ICT Revenues: ₱36.3 billion (+3%).
• ICT Revenues: +25% surge.
• Key milestones include the Unified 911 rollout and cybersecurity advancements.
• ePLDT (tech services arm) and VITRO Inc. (data centers) posted combined revenues of ₱6.5 billion (+22%).
• Launch of VITRO Santa Rosa, the country’s first AI-ready hyperscale data center.
• Pilipinas AI, the first sovereign AI stack, launched for enterprise clients.

Maya (Digital Finance)

• Net Income: ₱1.7 billion (first full year of profitability).
• Deposit Balance: ₱68 billion (+72%).
• Total Loans Disbursed Since 2022: ₱256 billion.
• Gross NPL Ratio: 6.1%.
• Strong growth in credit and deposit products, expanded merchant acquiring, and partnerships with major companies and government agencies.

ESG and Sustainability

• Back-to-back inclusion in the S&P Global Sustainability Yearbook.
• CSA Score of 77, placing PLDT in the top 15% of the global telco industry.
• Received “B” CDP ratings for Climate and Water.
• Initiatives include formal energy management and water conservation policies, expanded e-waste recovery (over 39.9 metric tons), and support for climate action.
• Blocked over 2 million URLs linked to child abuse and exploitation, enhanced digital and cybersecurity education.
• Launched AI initiatives such as ERICA (Enterprise Risk Intelligent Companion Agent) and EVE (Emergency Vital Essentials) platform.

Guidance and Outlook for 2026

• 2026 CapEx expected in the mid-₱50 billion range, reflecting continued capital discipline.
• PLDT intends to sustain positive free cash flow and maintain a 60% dividend payout.

Key Shareholder Considerations / Potential Price Movers

• Record Results & Dividend Payout: Sustained growth in core business, stable margins, and a robust dividend (₱94/share) underline strong shareholder returns.
• Maya Profitability: Maya’s first full year in the black signals successful digital transformation, which could be value-accretive.
• CapEx Discipline & Improved Cash Flow: Lower capital intensity and improved free cash flow de-risk the balance sheet and support continued dividend payouts.
• Sustainability & ESG Recognition: Continued inclusion in the S&P Global Sustainability Yearbook and improved CDP scores may attract ESG-focused investors.
• Debt & Credit Ratings: Leverage remains manageable and investment-grade ratings were maintained.
• Innovation & AI Leadership: The launch of the country’s first AI-ready hyperscale data center and sovereign AI stack positions PLDT as a leader in digital transformation.
• Risks: Slightly lower reported net income due to higher non-recurring expenses and declining legacy services, but these are being offset by growth areas.

Conclusion

PLDT’s 2025 results confirm the company is delivering on its strategic pillars: growing core data/broadband, expanding digital finance via Maya, optimizing capital allocation, and advancing sustainability and AI-led innovation. The robust dividend payout, improved cash flow, and continued segment growth are likely to be viewed positively by shareholders and may support share price appreciation.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy, sell, or hold any security. Investors should conduct their own due diligence and consult their financial advisor before making investment decisions. The article is based on information provided in PLDT Inc.’s 2025 full year report and may contain forward-looking statements subject to risks and uncertainties.

View FIRST PACIFIC Historical chart here