PhilWeb Corp. swung back to profit in the first quarter of 2026 as its pivot to scalable e-gaming platforms began to deliver.
Net income reached P13.9 million, reversing a P25.5 million loss a year earlier and a P16.7 million loss in the previous quarter, as revenue climbed 30 percent year on year and 33 percent sequentially to P233.1 million.
The shift in revenue mix is now evident. Online e-gaming solutions contributed P79.3 million, or 34 percent of total revenue, from zero a year ago, lifting gross margin to about 30 percent and turning earnings before interest, taxes, depreciation and amortization to P23.5 million from a negative P3 million.
Management’s view
The pivot also comes after a change in ownership, with control shifting from the Araneta group to new management, marking a strategic reset for the company.
“The company’s return to profitability in Q1 2026 reflects the continued execution of our strategy to scale our e-Gaming Solutions platform,” said Brian Ng, president of PhilWeb.
The stock is also among the best performing on the Philippine Stock Exchange, gaining about 87 percent this year and over 520 percent over the last 12 months. It’s now trading at P11.60 each for a market value of P16.7 billion.
Casino deals provide early boost
PhilWeb entered 2026 with legacy drag largely cleared after booking P211.2 million in full-year 2025 losses tied to non-recurring impairments, allowing first-quarter results to reflect core operations.
At the same time, the company moved quickly to scale partnerships.
A January 15 deal with Hann Casino Resort positioned PhilWeb as a backend provider for regulated online gaming infrastructure, followed in February by an agreement with FBM Philippines to expand online capabilities across its network.
Momentum carried into March with a tie-up with Tiger Resort, Leisure and Entertainment, Inc. for the “OKADA PLAY” platform, alongside fresh accreditation from the Philippine Amusement and Gaming Corporation to expand its role within the regulated ecosystem.
By month-end, PhilWeb had also entered content aggregation, launching with PT Gaming and NUSTAR Online to build a unified distribution layer.
—Edited by Miguel R. Camus
