• Core income rises 1 percent to P34.6 billion, slower than 2 percent growth last year
• Net service revenues reach record P196.2 billion, up 1 percent
• Data and broadband now 85 percent of revenues
• Earnings before interest, taxes, depreciation, and amortization up 3 percent to P111.2 billion
• Capital spending cut to P60.3 billion, free cash flow positive
• Final dividend declared at P46 per share
PLDT Inc. posted modest gains in 2025, with core income inching up 1 percent to P34.60 billion as its fast-growing fintech arm helped offset softer telco earnings in a competitive market.
The increase marks a slowdown from the 2 percent core income growth recorded last year, underscoring a year of consolidation rather than breakout expansion.
Telco core income slipped 3 percent to P33.9 billion, reflecting persistent legacy declines and pricing pressure, even as data demand held firm, while net service revenues rose 1 percent to a record P196.2 billion.
Management’s view
“The first half of the year was tough, but we regained momentum in the second half, with our third quarter gains carrying us through to the end of 2025,” said Manuel V Pangilinan, PLDT and Smart chairman and CEO.
“Our core business has remained stable, especially considering the challenges in the wider economy. We likewise saw our disciplined and focused investments strengthen our free cash flow,” he added.
Maya turns profitable
Maya Innovations Holdings posted P1.7 billion in net income for 2025, marking its first full year in the black and a milestone for the group’s diversification push.
The fintech and digital bank unit contributed to P681 million to PLDT, which owns nearly 40 percent, versus a P1 billion loss in 2024.
This implies the firm earned P100 million in the fourth quarter of 2025, which was slower than previous quarters.
Maya loans drive growth
Maya’s deposit balance surged 72 percent to P68 billion by end-December, while total loans disbursed since 2022 reached P256 billion.
Credit portfolio quality remained stable, with a gross non-performing loan ratio of 6.1 percent.
The digital bank also expanded its credit products and merchant services during the year, scaling operating leverage from its in-house technology platform.
Data and broadband anchor performance
Data and broadband revenues reached P166.5 billion and now account for 85 percent of total service revenues, highlighting the continued pivot away from traditional voice and messaging.
Earnings before interest, taxes, depreciation, and amortization increased 3 percent to P111.2 billion, with margins steady at 52 percent as cost discipline and vendor negotiations tempered inflationary pressures.
PLDT lowers 2026 spending target
Capital expenditures fell to P60.3 billion from P78.2 billion, lowering capex intensity to 28 percent and sustaining positive free cash flow ahead of its 2026 target.
PLDT expects capital spending to land in the mid-P50 billion range, signaling continued disciplined investments, while aiming to keep free cash flow positive and maintain a 60 percent dividend payout ratio.
Wireless and fiber show resilience
Wireless consumer revenues totaled P85 billion, up 1 percent year on year, with fourth quarter revenues rising 4 percent from the previous quarter as 5G adoption accelerated.
Home revenues rose 3 percent to P61 billion, driven by fiber revenues that climbed 6 percent to P59.40 billion.
Fiber now makes up 98 percent of home revenues. Net additions nearly doubled to 392,000, while churn improved to 1.8 percent for the full year.
Enterprise revenues hit a record P48.40 billion, supported by a 3 percent rise in corporate data and information and communications technology revenues to P36.3 billion.
Dividends
The he board of directors of PLDT Inc. declared a regular cash dividend of P46 per common share, payable on April 16, 2026 to shareholders of record as of March 26, 2026, to be paid out of audited unrestricted retained earnings as of Dec. 31, 2025.
—Edited by Miguel R. Camus
