PLDT Inc. on Thursday reported record net service revenues of P196.2 billion in 2025, up one percent from a year earlier, but net income dropped seven percent to P30.2 billion from P32.55 billion on softer non-core gains and increased non-recurring charges.
In a disclosure, PLDT said the growth in net service revenues came from increased data and broadband services, which offset a continued decline in legacy businesses.
Core income declined three percent year-on-year to P33.9 billion.
“Reported net income attributable to equity holders fell seven percent to P30 billion due to lower non-core gains and higher non-recurring charges,” the company said.
Consolidated gross service revenues rose two percent to P212.2 billion in 2025 while data and broadband revenues reached P166.5 billion, accounting for 85 percent of total service revenues compared with 84 percent in 2024.
Excluding legacy services, net service revenues grew three percent.
Consolidated earnings before interest, taxes, depreciation and amortization (Ebitda) increased three percent year-on-year to a record P111.2 billion, with Ebitda margin steady at 52 percent for the year, while core income improved one percent to P34.6 billion.
The telco’s board approved a final cash dividend of P46 per share, bringing total dividends for 2025 to P94 per share. This was said to be equivalent to a 60-percent payout of core earnings per share of P157, while reported earnings per share stood at P139.
Capital expenditures (capex) dropped to P60.3 billion from P78.2 billion a year earlier, bringing capex intensity down to 28 percent, which PLDT attributed to “capex discipline and vendor negotiations.”
It added that positive free cash flow was sustained as of end-2025, ahead of its 2026 target.
Meanwhile, wireless consumer revenues reached P85.0 billion, up one percent year-on-year, with fourth-quarter revenues up 4 percent from the third quarter. Wireless data revenues totaled P77.2 billion, accounting for 91 percent of the segment’s revenues, and fixed wireless access revenues grew 22 percent.
Fiber revenues climbed six percent from a year earlier to P59.4 billion and comprised 98 percent of total home revenues of P61.0 billion, PLDT said, adding that fiber net additions surged 98 percent to 392,000, bringing total fiber subscribers to 3.76 million, with full-year churn at 1.8 percent.
Enterprise revenues reached a record P48.4 billion, up one percent, led by corporate data and ICT revenues of P36.3 billion, which grew three percent, while ICT revenues alone surged 25 percent during the year.
“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 Pangilinan, PLDT 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.
“We continue to build a healthier business for the long term, powered by our subscribers and the steady scaling of our growth engines, including our ICT and data center businesses and Maya, which are becoming increasingly meaningful contributors to PLDT,” Pangilinan said.
PLDT’s digital financial services arm Maya posted its first full year of profitability, contributing to core earnings. The Maya Group reported net income of P1.7 billion, a rise in deposit balances of 72 percent to about P68 billion and total loans disbursed since 2022 of P256 billion.
Consolidated net debt stood at P284.7 billion as of end-December 2025, with net debt-to-Ebitda at 2.56 times. Bross debt amounted to P296.9 billion, of which 13 percent was denominated in dollars and five percent was unhedged.
For 2026, PLDT said it expected capital expenditures to be in the mid-P50 billion range and that it intended to sustain positive free cash flow and maintain a 60-percent dividend payout.
PLDT shares on Thursday rose P20, or 1.42 percent, to close at P1,425 each amid a flattish finish for the benchmark Philippine Stock Exchange index, which closed up by a marginal 0.08 percent.
