MANILA, Philippines – PLDT Inc. (“PLDT”) (PSE: TEL) (NYSE: PHI) 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.
Wireless Consumer: Demonstrating Resilience in a Competitive, Value-driven Market
PLDT’s Wireless Consumer segment (previously referred to as Individual Wireless) generated ₱85.0 billion in revenues in 2025, demonstrating resilience amid a competitive, value-driven market. Performance improved in the second half, with 4Q revenues rising 4% quarter-on-quarter, reflecting a more strategic approach to pricing and customer management, continued investments in network quality, and accelerating 5G adoption to support higher-value usage.
Wireless consumer data revenues (including Fixed Wireless Access or FWA) increased 1% to ₱77.2 billion, now accounting for 91% of total Wireless Consumer revenues. Mobile data revenues stood at ₱75.3 billion, up 1% year-on-year.
Usage growth remained healthy. Total data traffic rose 7% to 5,914 petabytes in 2025, reflecting sustained data engagement across the base. Active data users reached 43.2 million as of end-December, supporting continued scale in data consumption and providing a strong runway for targeted offer design and 5G-led engagement.
FWA remained a key growth area, with revenues up 22% year-on-year, supported by the shift from 4G to 5G FWA, which improved customer experience and enabled better monetization of available 5G capacity.
Smart’s core modernization program, now underway, is strengthening the network’s analytics and targeting capabilities, enabling more personalized offers and better marketing efficiency. Against a value-driven market backdrop, Smart maintained stable ARPUs, supported by continued 5G adoption and higher data consumption.
5G adoption continues to accelerate. 5G devices increased 35% year-on-year to 11.2 million, representing 19% of total handsets on the network. The wider availability of affordable 5G handsets and Smart’s network optimization continue to drive the shift toward faster, more reliable connectivity.
PLDT Home: Record revenues supported by sustained Fiber expansion, robust subscriber momentum
PLDT Home continued its strong performance in 2025, delivering record revenues supported by sustained Fiber expansion and improving customer economics. Total Home revenues rose 3%, or ₱1.7 billion, to ₱61.0 billion, while Fiber revenues grew 6%, or ₱3.4 billion, to ₱59.4 billion. Fiber now contributes 98% of total Home revenues, underscoring PLDT Home’s continued shift to a fiber-led broadband portfolio.
Subscriber momentum remained robust and quality-led. Fiber net additions reached 392,000 in 2025, up 98% year-on-year, reflecting improved execution in installations and service delivery. Total fiber subscribers reached 3.76 million as of end-December 2025, supported by selective prepaid fiber expansion that broadened reach while protecting the premium mix.
Customer economics also improved. PLDT Home FTTH ARPU remained relatively stable at ₱1,447 for the full year 2025, remaining the highest in the industry. Churn continued to trend down, improving sequentially to 1.6% in 4Q2025 from 1.9% in 3Q2025. Full-year churn stood at 1.8%, reflecting stronger customer loyalty driven by service improvements and value-added bundles.
PLDT also continued to strengthen its bundling leadership to raise stickiness and increase monetization touchpoints.
PLDT Home launched its PLDT Home Fiber Prepaid, tapping into a new growth segment, while also seeing strong uptake of higher-speed postpaid plans bundled with entertainment services, including PLDT Home Fiber Netflix.
Beyond speed upgrades for its postpaid plans, PLDT Home further strengthened its offers by enriching its Fiber Unli All plans with integrated entertainment offerings such as Cignal and HBO Max. It also introduced Home Life, a new category designed for households adopting smart home ecosystems, offering a smart home starter kit that enhances home security and everyday living.
Beyond streaming bundles, PLDT Home has expanded its portfolio into PC gaming access through IGV Game Pass, granting subscribers free access to over 200 PC games for one year.
This whole-home strategy is positioned as the next layer of monetization, with competitively priced hardware designed to drive adoption and increase share of wallet over time.
