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PLDT Telco core income up 10% or ₱2.9B to ₱33.1B

Despite the challenging industry and economic environment, PLDT Inc. (PLDT) reported all-time high Service Revenues (net of interconnection costs) of ₱190.1 billion in 2022, up 4% compared with a year ago. In the fourth quarter of 2022, Consolidated Service Revenues grew by 4% or ₱2 billion to ₱48.2 billion, compared with the same period last year.

“Our core business remains to be sound, and continues to show solid EBITDA numbers,” said
Alfredo S. Panlilio, PLDT and Smart President and CEO. “We have an excellent network, strong
brands and attractive products. Wireless is simplifying its portfolio, Home continues to expand beyond connectivity, and Enterprise is pursuing its digital transformation initiatives,” he added.

Consolidated EBITDA also reached an all-time high, growing 4% year-on-year to ₱100.5 billion,
excluding Manpower Rightsizing Program expenses of ₱5 billion, driven by higher service
revenues. This marks the first time the company breached the ₱100-billion mark. EBITDA margin was at 51% in 2022.

Data and broadband, which grew by 9% or ₱12.7 billion to ₱152.5 billion, contributed 80% of
Consolidated Service Revenues.

Telco Core Income, excluding the impact of asset sales and Voyager Innovations, reached ₱33.1 billion, up 10% or ₱2.9 billion from last year.

Reported Income decreased to ₱10.5 billion, mainly due to Accelerated Depreciation booked for the year.

Consolidated Net Debt as of end-December 2022 amounted to ₱225.7 billion while Net-Debt-toEBITDA stood at 2.25x. Gross Debt was at ₱251.9 billion, with maturities well spread out. Only 17% of Gross Debt is denominated in US dollars and 5% is unhedged.

PLDT maintained its credit ratings from Moody’s and S&P Global at investment grade. “We still have one of the highest EBITDA margins in the region, a good indicator of how well the core telco business is performing,” Panlilio said.