PLDT Core Income Hits P17.6B in H1 2025, Supported by Maya

​PLDT Inc. (“PLDT”) (PSE: TEL) (NYSE: PHI) reported a 3% rise (P2.9 billion) in Gross Service Revenues to P106.3 billion, while Consolidated Service Revenues (net of interconnect costs) held steady at P97.1 billion in the first six months of 2025. Data and broadband, which grew by P1.3 billion to P82.2 billion, accounted for 85% of Consolidated Service Revenues. Excluding legacy drag, Consolidated Service Revenues were higher by 3% year-on-year.

​Consolidated EBITDA grew by 3%, or P1.6 billion to P55.5 billion in the same period. EBITDA margin remained steady at 52% despite pressures from rising costs, which were tightly managed.

Telco Core Income, which excludes the impact of asset sales and gains from Maya Innovations Holdings, reached P17.2 billion, lower by 4% or P0.8 billion from the same period last year. However, overall core income edged up Year on Year at P17.6 billion supported by Maya’s positive contribution. For the first half of 2025, PLDT’s equity share in Maya’s core income stood at P406 million, a P1.1 billion reversal from last year’s losses. Reported Income for the first half of 2025 was at P18.1 billion, softening by 1%.

“Our results for the first half of 2025 show the resilience of our business and the strength of our people. We continue to invest in the future — expanding our network, enhancing customer experience, and driving innovation across our businesses. In a challenging environment, we remain committed to delivering value to our customers, shareholders, and the country,” said Manuel V. Pangilinan, PLDT and Smart Chairman and CEO.

Consolidated Net Debt as of end-June 2025 amounted to P282.6 billion, while Net Debt to-EBITDA stood at 2.57x. Gross Debt was at P293.8 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.

PLDT was recognized in the inaugural 2025 Fortune Southeast Asia 500, securing the 95th spot among the region’s largest companies ranked by revenue. PLDT’s inclusion in this list highlights the company’s continued leadership and operational excellence in the telecommunications industry, reflecting its strong financial performance, strategic growth, and sustained commitment to delivering value to stakeholders.

Individual Wireless: 5G drives growth

PLDT’s Individual Wireless segment generated revenues of P42.3 billion in the first six months of 2025, maintaining resilience amid competitive market dynamics.

Data revenues held steady year-on-year at P37.4 billion. Mobile data now constitutes 89% of the segment’s total revenues, reflecting the continuing trend towards digital lifestyles.

Active data users stood at 41.6 million at the end of June 2025. Additionally, mobile data traffic saw healthy growth, rising by 5% year-on-year, driven by 5G growth.

5G momentum surged, with traffic up 84% from the same period last year while 5G devices jumped 46% quarter-on-quarter. The lift was driven by efforts at 5G network expansion, 5G device adoption and 5G usage offers.
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PLDT's wireless subscriber base remains strong, with Smart and TNT serving over 59 million mobile subscribers as of end-June 2025.

PLDT Home: Continued growth driven by Fiber business

PLDT Home continued its strong performance in the first half of 2025, maintaining leadership in the Fixed Broadband market. Home’s fiber-only revenues reached P29.5 billion, reflecting a solid 7% year-on-year growth, or P2.0 billion higher than the same period in 2024. Fiber now contributes 97% of PLDT Home’s total revenues of P30.4 billion, up from 92% a year ago.

PLDT Home delivered the highest average revenue per user (ARPU) in the industry at P1,485, underscoring strong customer loyalty and trust, as well as sustained value delivery.

Subscriber growth remained robust, with total fiber subscribers reaching 3.53 million as of end-June 2025. This was driven by 169k fiber net additions during the period. Notably, well over 80% of new customers chose higher-value broadband plans, reflecting Filipino households’ growing appetite for premium connectivity.

PLDT Home continues to expand its reach through Fiber Prepaid, widening Filipinos’ access to a reliable and unlimited fiber service that fits their budget. This segment has seen encouraging early traction, particularly in high-density urban communities and emerging cities.

Complementing these efforts is PLDT Home’s “Always On” broadband service - a next generation fiber service designed to keep customers connected during unplanned fiber outages.

PLDT Home’s continued momentum is likewise fueled by the ongoing expansion of its fiber footprint, increasing demand for high-speed connectivity, and the growing popularity of value-added offers that elevate the customer experience.

PLDT Enterprise: Enabling Digital Readiness with Scalable Network and AI Powered Solutions

PLDT Enterprise, the corporate business group of PLDT, posted revenues of P23.5 billion in the first half of 2025, driven by strong demand for connectivity and integrated ICT solutions across corporations, public sector entities, and MSMEs.

Fixed data services grew with strong deal closures, particularly in SDWAN, which rose 19% as enterprises embraced secure network architectures. International data revenues also increased by 7%, with global hyperscalers scaling operations in the Philippines to meet regional demand.

Wireless revenue gains were driven by a 23% increase in messaging solutions, reflecting ongoing digital transactions, and IoT revenues, which grew by 19% as enterprises adopted connected solutions for enhanced operational visibility and decision-making.

ePLDT and VITRO Inc. recorded P3.1 billion in combined revenues, a 15% increase from the previous year. ePLDT’s growth was fueled by demand for multi-cloud and cybersecurity solutions across key sectors.

This year, ePLDT launched its GPU-as-a-Service (GPUaaS) offering to address the AI infrastructure gap, hosted locally at VITRO Sta. Rosa, the country’s first AI-ready hyperscale data center. VITRO also saw a 36% increase in colocation revenues, driven by financial institutions, public sector clients, and hyperscalers.

PLDT is also deploying Mobile Private Networks (MPNs) for mining, logistics, and manufacturing clients to enhance safety and connectivity. The company is piloting 5G Standalone (SA) technologies, including network slicing and low-latency edge applications.
PLDT Enterprise likewise joined the GSMA Open Gateway initiative, achieving certification for Number Verification APIs, which help advance fraud protection beyond one-time password (OTP) systems.
 
Additionally, PLDT continued its collaboration with Multisys Technologies, driving a 10% year-on-year growth in software-integrated solutions. These solutions, including enterprise portals and business support systems, empower organizations to modernize their operations and scale efficiently in an increasingly digital landscape.

Network

The PLDT Group’s fiber footprint remains the most extensive in the Philippines at around 1.2 million cable kilometers. Homes passed reached 19.01 million in 74% of the country’s towns and 91% of total provinces. Smart’s combined 5G/4G network covers around 97% of the population.

In March 2025, PLDT launched its Davao Cable Landing Station to support incoming international cable systems. The station will accommodate the APRICOT system. APRICOT is designed to improve network resiliency by avoiding the seismically active Luzon Strait and Bashi Channel. It features two new Philippine landing points—Baler in the North and Davao in the South—supported by newly constructed cable landing stations. Once fully operational, APRICOT is expected to increase PLDT’s international capacity by up to 33%, bringing total capacity to over 140 Tbps. This expansion enhances the geographic diversity, resilience, and throughput of the company’s global connectivity ecosystem.

Capex for the first half of 2025 amounted to P27.4 billion, compared with P35.1 billion in the previous year. Capex intensity ratio (capex as a percentage of service revenues) landed at 26%, versus 34% in the same period last year. Full-year Capex guidance is now lower at P63 billion (originally P68–73 billion) due to more favorable pricing and successfully negotiated terms with vendors.

Strong Ecosystem Play Drives Maya’s Sustained Growth and Profitability

Maya, the Philippines’ leading fintech ecosystem, delivered sustained growth and profitability in the second quarter of 2025, fueled by its unique integration of digital banking, payments, and credit across consumer and enterprise segments.

As of end-June 2025, Maya’s bank customer base reached 8.2 million (+101% YoY), with deposits rising to P50.4 billion (+54% YoY). Loan disbursements hit P32 billion in Q2 2025 alone (+147% YoY), bringing total disbursals to P152 billion since the launch of Maya Bank. Maya posted a net income of P582 million in Q2 2025—a 60% increase vs. Q1 and a strong turnaround from P739 million net loss in Q2 2024—driven by sustained topline growth and disciplined OPEX management.

Maya continues to use the full potential of its ecosystem to build momentum. A key milestone is the recent full launch of Maya Black, a premium digital credit card, alongside Maya Black Preferred, a merchant-linked rewards program now spanning 600 merchant doors nationwide. Users earn up to 10x rewards when spending within the ecosystem— driving deeper engagement for consumers and businesses alike. Maya is the first and only digital bank in the Philippines to offer credit cards and has issued over 230,000 cards since August 2024—many to first-time cardholders.

Maya is also expanding credit access through partnerships with Landers, Pepsi-Cola Products Philippines, Inc., Tala, and JuanHand—leveraging its digital banking infrastructure to reach more consumers, agents, and MSMEs.

Separately, Maya’s strategic collaboration with Philippine Airlines continues to enhance the customer experience by providing more seamless travel and loyalty benefits within the app.

On the enterprise front, Maya remains the #1 merchant acquirer in the country, leading in both card payment processing and QRPH person-to-merchant payments. Its Maya Business platform continues to serve large enterprises and MSMEs with unified tools for payment acceptance, deposits, and loans.

Maya expects to see continued momentum in bringing financial inclusion to the Filipinos in the second half of 2025.

Sustainability

The PLDT Group advanced its environmental, social, and governance (ESG) commitments in the first half of 2025, focusing on measurable impact and strong partnerships.

PLDT earned its sixth consecutive inclusion in the FTSE4Good Index Series, with scores exceeding global telecommunications averages. It also won the local showcase of the United Nations Global Compact (UNGC) Sustainable Development Goals Innovation Accelerator and received “Social Infrastructure Deal of the Year” from Asset Magazine for its P2-billion social loan funding fiber expansion to underserved municipalities.

Following the release of its 2024 Annual and Sustainability Report, PLDT also published Human Rights, Gender Equality, and Materiality and Impact Assessment reports— reinforcing transparency and alignment with global best practices.

Across the MVP Group, synergies are driving operational efficiency and decarbonization. Through a collaboration with Meralco’s retail electricity unit MPower, PLDT is increasing renewable energy sourcing for network sites and key facilities nationwide. Its reforestation program with Maynilad continues to restore critical watersheds, supporting water security and biodiversity. Nationwide, PLDT’s e-waste program has recovered over 26 metric tons since 2023.

The Group actively engages in government and multi-sector programs. With the Department of Environment and Natural Resources, PLDT participates in national biodiversity conservation efforts. In climate resilience, it supports the Department of Science and Technology’s hazard-based forecasting and early warning initiatives.

On child protection, PLDT and Smart were recognized by SaferKidsPH and the Australian Embassy for programs combating online sexual exploitation of children (OSAEC), complemented by ongoing work with the Department of Justice to strengthen national strategies and industry safeguards.

PLDT also deepened its commitment to diversity and inclusion as a Governing Council member of the Philippine Business Coalition for Women Empowerment, promoting women’s economic participation and inclusive workplace practices.

Through these initiatives, PLDT integrates sustainability into its core operations—driving shared value, advancing national priorities, and helping build a more resilient and inclusive digital future for the Philippines.

In the first half of 2025, the PLDT Group advanced programs in internet safety, disaster resilience, education, livelihood, and inclusion—benefiting thousands of Filipinos nationwide.

Cybersecurity and child online protection campaigns reached schools and communities, while disaster resilience efforts strengthened emergency communications planning in key regions. Education initiatives brought digital tools and teacher training to underserved learners. The company likewise supported the Department of Education's nationwide rollout of the CVIF-Dynamic Learning Program, an innovative teaching strategy that promotes independent learning.

The new AI in a Box program introduced AI tools to over 1,100 people from diverse sectors, while livelihood projects equipped farmers and women leaders with skills to grow in the digital economy.

Conclusion
 
“As we look ahead, our focus is on strengthening our business so it can better serve the country’s progress. Every improvement we make—whether in efficiency, innovation, or coverage—is part of the larger work of empowering communities and supporting the Philippines’ growth in a fast-moving world,” said Pangilinan.

PLDT is the Philippines' largest fully integrated telco company. Through its principal business groups — from fixed line to wireless — PLDT offers a wide range of telecommunications and digital services across the Philippines’ most extensive fiber optic backbone, and fixed line and cellular networks.

PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and its American Depositary Shares are listed on the New York Stock Exchange (NYSE:PHI). PLDT has one of the largest market capitalizations among Philippine — listed companies.