Loading...
01/11 03:36
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
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.
Service Revenues PHP 145.9 billion, up 1% year-on-year, driven by steady demand across fiber, data, and ICT.
Cash OpEx, Subsidies, and Provisions Down 2%, showing focus on spending control while supporting growth areas.
EBITDA PHP 82.8 billion, up 3% year-on-year, with margin steady at 52%, amidst higher revenues and lower OpEx.
Telco Core Income PHP 25.3 billion, down 5%, mainly due to higher depreciation and financing costs from network and IT investments.
Core Income Stable at PHP 25.8 billion, supported by Maya's sustained profitability.
Maya's Core Net Income PHP 603 million, a PHP 1.5 billion turnaround from last year's loss.
Fiber Revenues Grew 7%, reflecting solid demand for reliable connectivity.
Mobile Data and Fixed Wireless Revenues Up 1%, with usage and 5G adoption continuing to rise.
Enterprise Corporate Data and ICT Revenues Grew 2%, returning to growth in the third quarter as government and public sector projects ramped up after election-related delays.
ICT Revenues Grew 27%, driven by strong demand for managed IT services, data center colocation, and cybersecurity services.
Wireless Consumer Revenues Up 1%, with mobile data and fixed wireless delivering 3% growth year-on-year.
Home Revenues Grew 4% year-on-year to PHP 45.7 billion, driven mainly by continued fiber demand.
Prepaid Fiber Subscriptions Grew 15x since end of 2024, targeting quality subscribers with high probability of regular top-ups.
ARPU (Average Revenue Per User) Held steady at PHP 1,470, the highest in the industry, driven by value-based bundles such as video and gaming.
Churn Rate Remained low at 1.9%, reflecting strong customer loyalty and consistent network quality.
Fixed Wireless Revenues Up 18% year-on-year, driven by expanding 5G base and stronger network coverage.
5G Device Adoption Up 39% year-on-year to 10.5 million, driving higher data usage and improved customer experience.
Total Cash OpEx, Subsidies, and Provisions PHP 63.1 billion, down PHP 1.1 billion or 2% versus last year, with significant savings in compensation, benefits, and marketing costs.
Repairs and Maintenance Rose 4% to PHP 23.6 billion, reflecting ongoing network expansion and site rollouts.
Contract-Specific Services Up 25%, tied to the ramp-up of key enterprise and ICT projects.
CapEx PHP 43 billion, down from PHP 52.3 billion for the same period last year, with CapEx intensity improving to 27% from 33%.
Net Debt PHP 289 billion, translating to a net debt-to-EBITDA ratio of 2.61x, slightly higher than the prior quarter but within target range.
Gross Debt PHP 299 billion, with 60% of maturities falling beyond 2030, providing a long runway and minimal near-term refinancing pressure.
Interest Cost Average interest cost was 5.49%, up slightly from last year's 5.08%.
Free Cash Flow Turned positive as of September 2025, ahead of the forecasted 2026 target.
Maya Deposits Reached PHP 57 billion, up 59% year-on-year.
Maya Loans Disbursed Total loans disbursed since inception hit PHP 187 billion, with PHP 36 billion disbursed in Q3 alone.
Maya Loan Book Stands at PHP 27 billion, with a loan-to-deposit ratio of 48%.
Maya Net Interest Margin Rose to 18.9% for the first 9 months, while maintaining a healthy portfolio with an NPL ratio of 6.3%.
Fiber revenues: Grew 7% year-on-year, reflecting solid demand for reliable connectivity.
Prepaid fiber: Introduced in growth markets targeting quality subscribers with high probability of regular top-ups.
Air Fiber and Laser Internet: Launched to provide fiber-like speeds in hard-to-reach areas at lower cost.
Pilipinas AI: Launched as the country's first sovereign AI platform hosted at VITRO Santa Rosa, enabling enterprises to build and deploy AI models locally.
Maya Black credit card: Launched in Q3 with strong customer response, with 40% of cardholders being first-time credit users.
Personal loans product: Introduced to incentivize periodic savings habits by offering higher rates.
5G adoption: Expanded with 5G devices up 39% year-on-year to 10.5 million, driving higher data usage and improved customer experience.
ICT services: Grew 27% year-on-year, driven by managed IT services (up 115%), data center colocation (up 25%), and cybersecurity services (up 12%).
Maya fintech ecosystem: Continued growth with deposits up 59% year-on-year to PHP 57 billion and total loans disbursed reaching PHP 187 billion since inception.
Cash OpEx, subsidies, and provisions: Reduced by 2% year-on-year, reflecting spending control.
EBITDA: Increased by 3% to PHP 82.8 billion with a steady margin of 52%.
CapEx: Lowered to PHP 60 billion for 2025, down from the original guidance of PHP 68-73 billion, due to favorable pricing and terms.
Shift to growth areas: Continued focus on fiber, data, fixed wireless, and ICT to offset legacy revenue declines.
Sustainability initiatives: Secured PHP 2 billion green loan to accelerate 5G rollout and participated in global sustainability discussions.
Telco Core Income Decline: Telco core income decreased by 5% year-on-year due to higher depreciation and financing costs from network and IT investments.
Legacy Revenue Decline: Legacy services continue to decline, impacting overall revenue growth despite gains in growth areas like fiber and ICT.
Higher Depreciation and Noncash Charges: PHP 2.6 billion in accelerated depreciation and noncash charges were incurred due to modernization of core and IT systems and retirement of legacy assets.
Debt Levels and Financing Costs: Net debt stood at PHP 289 billion with a net debt-to-EBITDA ratio of 2.61x, slightly higher than the prior quarter. Average interest cost increased to 5.49%.
Economic and Regulatory Risks: Government and public sector projects experienced delays earlier in the year, impacting enterprise revenue growth.
Supply Chain and Cost Pressures: Repairs and maintenance costs rose 4% due to ongoing network expansion and site rollouts. Contract-specific services increased by 25% tied to enterprise and ICT projects.
Market Competition: The competitive environment remains intense, requiring disciplined monetization and cost management to maintain profitability.
5G and Technology Adoption Risks: While 5G adoption is growing, it requires significant investment in infrastructure and customer acquisition, which could strain resources.
Revenue Growth: PLDT expects continued revenue growth driven by fiber, data, fixed wireless, and ICT services. Fiber revenues are projected to grow further, supported by strong demand and the introduction of prepaid fiber in growth markets.
Capital Expenditures (CapEx): CapEx guidance for 2025 has been lowered to PHP 60 billion, down from the original PHP 68-73 billion, due to favorable pricing and terms. Investments will focus on new cell sites, LTE and 5G upgrades, home fiber ports, data center development, and submarine cables.
Debt Management: PLDT aims to reduce leverage to around 2.0x net-debt-to-EBITDA, supported by asset monetization and lower CapEx.
Enterprise Growth: Enterprise revenues are expected to grow, driven by ICT services, including managed IT services, data center colocation, and cybersecurity services. The launch of Pilipinas AI positions PLDT as a leader in AI and digital transformation.
Wireless Business: Wireless revenues are projected to grow, supported by increasing 5G adoption, higher data usage, and disciplined monetization strategies. Fixed wireless revenues are expected to sustain strong momentum.
Maya Fintech Platform: Maya is expected to continue its growth trajectory, with strong performance in deposits, loans, and payments. The platform aims to expand its ecosystem through product innovation and partnerships, targeting underserved segments and younger users.
Dividend Payment: PLDT completed a PHP 20.5 billion final dividend payment for 2024 during the period.
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.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
