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01/11 03:39
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents a mixed picture. Financial performance shows some positive aspects, like EBITDA growth and Maya's profitability, but core income decline and lack of net income guidance are concerning. The Q&A highlights uncertainties in mobile segment and reluctance to disclose certain financial metrics. While there are positive developments in 5G and enterprise solutions, the absence of net income guidance and ongoing challenges in mobile revenue temper enthusiasm. The market's reaction is likely to be neutral, as positives are balanced by uncertainties and lack of guidance.
Revenue PHP 53.4 billion, up 2% year-on-year, driven by strength in fiber and ICT segments, coupled with prudent cost management.
EBITDA PHP 27.9 billion, up 2% year-on-year, demonstrating ongoing cost management while maintaining a resilient revenue base.
Telco Core Income PHP 8.8 billion, down 6% year-on-year, reflecting increased depreciation linked to strategic investments in network infrastructure and related financing costs.
Core Income PHP 8.8 billion, steady year-on-year, supported by Maya's positive contribution as it turned profitable this quarter.
Home Revenue PHP 15.2 billion, up 4% year-on-year, driven by continued fiber demand, with fiber now accounting for 97% of Home revenues, up from 92% in 2024.
Enterprise Revenue PHP 11.9 billion, steady year-on-year, with a slight 1% uptick in corporate data and ICT revenues, and ICT growing 16% year-on-year to PHP 2.2 billion.
Mobile Revenue PHP 21.3 billion, down slightly by 1% year-on-year, due to lower packet Wi-Fi usage as customers shifted to smartphones or fixed data access.
CapEx PHP 10.8 billion, lower compared to last year, resulting in a reduced CapEx intensity of 20%, partly due to timing of project completions.
Net Debt PHP 270.7 billion, with a net debt-to-EBITDA ratio of 2.48x, slightly improved from 2.52x at the end of 2024.
Maya Net Income PHP 127 million, marking its first profitable quarter, driven by robust loan growth, strong momentum in deposits, and increased payment volume.
Consumer Deposits (Maya) PHP 44 billion, representing a 49% year-on-year increase, indicating user trust and consistent engagement.
Loans Disbursed (Maya) PHP 28 billion in Q1 2025, bringing total disbursed since inception to PHP 120 billion.
NPL Ratio (Maya) 3.8%, below both digital banking and broader industry averages, indicating solid loan book quality.
Maya's Performance: Maya achieved positive net income, marking its first full profitable quarter, with 6.8 million bank customers (up 88% year-on-year) and PHP 44 billion in total deposits (49% year-on-year increase).
VITRO Santa Rosa Data Center: PLDT inaugurated the Philippines' first AI-ready hyperscale data center, VITRO Santa Rosa, with 50 megawatts of power capacity, enhancing digital infrastructure.
Asia Direct Cable Launch: PLDT launched the Asia Direct Cable, a 9,400 km subsea cable with 27 terabits per second capacity, enhancing international connectivity and positioning PLDT as a market leader.
Operational Efficiency: PLDT's EBITDA increased by 2% to PHP 27.9 billion, with OpEx declining by PHP 300 million to PHP 86.1 billion, demonstrating effective cost management.
Strategic Focus on Digital Transformation: PLDT is focusing on innovation and digital leadership through investments in VITRO and Maya, aiming to capture long-term value in the fintech and data center sectors.
Competitive Pressures: PLDT is navigating a transitional phase in its connectivity business, facing challenges from customers shifting away from packet Wi-Fi to smartphone-based data usage, which has impacted mobile revenues.
Regulatory Issues: PLDT emphasizes the importance of complying with environmental regulations as part of its sustainability initiatives, particularly in relation to biodiversity policies.
Supply Chain Challenges: The company is committed to strengthening negotiations with contractors and suppliers to improve capital efficiency amid ongoing project completions.
Economic Factors: Increased depreciation linked to strategic investments in network infrastructure and related financing costs have negatively impacted core income.
Debt Management: PLDT's net debt stands at PHP 270.7 billion, with a net debt-to-EBITDA ratio of 2.48x, indicating a need for continued focus on reducing leverage.
CapEx Guidance: CapEx for 2025 is adjusted slightly to PHP 68 to PHP 70 billion to improve quality of service.
Debt Management: Targeting a net debt-to-EBITDA ratio of around 2.0x over the medium term.
Maya's Growth: Maya achieved positive net income, marking its first full profitable quarter, with significant growth in deposits and loans.
VITRO Santa Rosa: Inaugurated a state-of-the-art AI-ready hyperscale data center, enhancing PLDT's digital infrastructure.
Asia Direct Cable: Launched a new subsea cable enhancing international connectivity with a capacity of 27 terabits per second.
Revenue Growth Outlook: PLDT aims for steady revenue growth driven by mobile data, fiber, corporate data, and ICT.
EBITDA Margin: EBITDA margin remains strong at 52%.
Core Income: Core income is expected to stabilize, supported by Maya's contributions.
5G Adoption: Expect increased 5G adoption to stabilize revenues and drive future growth.
Operational Discipline: Continued focus on disciplined expense management and asset monetization.
Share Buyback Program: None
The earnings call highlights robust growth in key areas such as 5G adoption, enterprise and ICT revenues, and Maya's financial performance. Despite some concerns about Maya's net income drop and mobile business performance, the overall outlook remains positive with strong financial metrics, improved cash flow, and strategic investments in AI and digital infrastructure. The Q&A session revealed optimism about government projects and potential partnerships, though some regulatory uncertainties persist. Overall, the company's strategic initiatives and financial health suggest a positive stock price movement over the next two weeks.
The earnings call shows mixed signals. Basic financial performance is stable, with fiber and fixed wireless revenues growing, but overall revenue is down. Product development and market strategies are promising, with 5G and AI services expanding. However, there are concerns about wireless revenue softness and unclear management guidance. The Q&A highlights potential legal challenges and refinancing concerns, but also growth in Maya and 5G. Without clear guidance and given mixed financial results, the stock is likely to remain neutral in the short term.
The earnings call presents a mixed picture. Financial performance shows stable core income and revenue growth in fiber and ICT, but a decline in telco core income and mobile revenue. The Q&A reveals ongoing challenges, such as POGO revenue pressures and a lack of guidance for 2025 net income. However, there are positive aspects like the signing of a large hyperscale customer for VITRO and sustainable subscriber growth. The lack of guidance and ongoing depreciation costs offset some positives, resulting in a neutral sentiment.
The earnings call presents a mixed picture. Financial performance shows some positive aspects, like EBITDA growth and Maya's profitability, but core income decline and lack of net income guidance are concerning. The Q&A highlights uncertainties in mobile segment and reluctance to disclose certain financial metrics. While there are positive developments in 5G and enterprise solutions, the absence of net income guidance and ongoing challenges in mobile revenue temper enthusiasm. The market's reaction is likely to be neutral, as positives are balanced by uncertainties and lack of guidance.
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