PLDT Inc. reported Gross Service Revenues growth of 2% to ₱212.2 billion, while Net Service Revenues (net of interconnect costs) rose 1% to a record ₱196.2 billion in 2025.
Growth in data and broadband continued to offset declines in legacy services, supporting stable earnings and margins. Data & broadband revenues totaled ₱166.5 billion, accounting for 85% of Net Service Revenues versus 84% last year. Excluding the legacy drag, Net Service Revenues grew 3%.
Consolidated EBITDA increased 3%, or ₱2.7 billion, to a record ₱111.2 billion, with EBITDA margin steady at 52% for the year.
Capital expenditures for 2025 amounted to ₱60.3 billion, compared to ₱78.2 billion in the same period last year. This brought capex intensity down to 28%. The decline reflects continued capex discipline and successful vendor negotiations.
Notably, PLDT sustained positive free cash flow as of end-2025, well ahead of its forecast 2026 target.
Core Income increased 1% to ₱34.6 billion. Maya’s first full year of profitability contributed to core earnings and helped offset the decline in Telco Core Income. Telco Core Income declined by 3% to ₱33.9 billion. This excludes the impact of tower sales and equity share in Maya Innovations Holdings. Reported Net Income for full year 2025 declined by 7% to ₱30.0 billion, reflecting lower non-core gains and higher non-recurring charges.
The PLDT Board today approved the payout of a final dividend of ₱46 per share, which brings total dividends for 2025 to ₱94 per share or a payout of 60% of Telco Core EPS of ₱157. Reported EPS reached ₱139.
Consolidated Net Debt as of end-December 2025 amounted to ₱284.7 billion, while Net Debt-to-EBITDA stood at 2.56x. Gross Debt was at ₱296.9 billion, with maturities well spread out. 13% of Gross Debt is denominated in U.S. dollars while 5% of total debt is unhedged. PLDT’s credit ratings from Moody’s and S&P Global remain at investment grade.
“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. 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,” said Manuel V Pangilinan, PLDT and Smart Chairman and CEO.
“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,” he added.
