PLDT Income Slips 8% to P9.0B in Q1 2025

​PLDT Inc. reported a 2% rise (P1.2 billion) in Gross Service Revenues to P53.4 billion, while Consolidated Service Revenues (net of interconnect costs) grew by 1% (P0.3 billion) to P49.0 billion in the first quarter of 2025. Data and broadband, which grew by 2% (P0.69 billion) to P41.4 billion, contributed 85% of Consolidated Service Revenues. Excluding legacy revenue drag, Consolidated Service Revenues were higher by 2% year-on-year.

Consolidated EBITDA grew by 2%, or P0.6 billion to P27.9 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 attributable profit from Maya Innovations Holdings, reached P8.8 billion, lower by 6% or P0.5 billion than the same period last year. However, overall Core Income remained steady year on year at P8.9 billion, supported by Maya’s positive contribution. Reported Income for the first quarter of 2025 was at P9.0 billion, softening by 8%.

“We’re navigating a softer market environment, but our fundamentals are intact. Broadband and fiber continue to anchor the business, while digital finance is emerging as a strong new driver. We remain focused on recovery and growth across all segments,” said Manuel V. Pangilinan, PLDT and Smart Chairman and CEO.

Consolidated Net Debt as of end-March 2025 amounted to P270.7 billion, while Net Debt to-EBITDA improved to 2.48x, compared with year-end 2024. Gross Debt was at P285.0 billion, with maturities well spread out. 14% 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.

Home: Enhanced network investments delivering diverse offerings

PLDT Home increased its momentum in Q1 2025, with fiber-only revenues reaching P14.7 billion, up 7% year-on-year, P0.9 billion higher. Fiber now accounts for 97% of Home’s total P15.2 billion revenues, up from 92% in 2024. Legacy revenues now account for only 3% of total Home revenues.

Home continues to set the industry standard for value and loyalty, with the highest average revenue per user (ARPU) at P1,493 and the lowest churn rate at just 1.99%.

Subscriber momentum remains robust, with PLDT Home reaching a total of 3.47 million fiber subscribers as of end-March 2025, driven by 101 thousand fiber net adds during the quarter. Notably, 80% of new subscribers opted for higher-value broadband plans, reflecting strong demand for premium connectivity experiences. Growth will remain fueled by continued fiber expansion, rising demand for high-speed connectivity, and the appeal of bundled offers that add value to the customer experience.

Enterprise: Resilient revenue performance driven by strong ICT growth

PLDT Enterprise posted P11.9 billion in net service revenues in Q1 2025, supported by sustained demand for connectivity and digital solutions across sectors. Corporate data and ICT revenues rose 1% to P8.8 billion, accounting for 74% of Enterprise revenues.

Fixed data services and SD-WAN remained consistent growth contributors (up 16% and 17%, respectively).

The revenues of PLDT’s ICT subsidiary, ePLDT, rose 16% year-on-year, led by triple digit growth in Managed IT Services (+101%), along with gains in Cybersecurity (+69%) and Credit Scoring (+48%).

On the other hand, VITRO Inc., PLDT’s data center operator, recorded a 37% increase in Data Center Colocation revenues, driven by continued demand for hyperscaler and AI workloads. VITRO Sta. Rosa, energized in 2024, remains the country’s first and only hyperscaler AI-ready facility.

The upcoming activation of the Asia Direct Cable (ADC) will further enhance PLDT’s subsea connectivity portfolio which would include 15 existing international cable systems.

To advance digital transformation nationwide, PLDT Enterprise held Tech Week roadshows in Cebu and Davao, engaging local leaders in conversations on upskilling, innovation, and inclusive digital growth.

Individual Wireless: Rapid 5G take up laying the foundation for future growth

PLDT’s Individual Wireless segment generated revenues of P21.3 billion in the first three months of 2025, maintaining resilience amid competitive market dynamics.

Data revenues held steady year on year at P18.8 billion. Data now constitutes 88% of the segment’s total revenues, reflecting the continuing trend towards digital lifestyles.

Active data users stood at 40.9 million at the end of March 2025. Additionally, mobile data traffic saw healthy growth, rising by 6% year-on-year to reach 1,378 Petabytes, driven by higher content consumption and continued adoption of digital devices.

5G momentum surged, with traffic up 81% and 5G devices jumping 60% quarter-on quarter. The lift was driven by more affordable 5G phones, compelling data offers, and continued upgrades to our nationwide network.

PLDT's Wireless subscriber base remains strong, with Smart and TNT serving 58.61 million mobile subscribers as of end-March 2025.

Network: Unparalleled fiber footprint, most extensive in the country

The PLDT Group’s fiber footprint remains the most extensive in the Philippines with around 1.2 million cable kilometers. Homes passed reached 18.76 million in 73% of the country’s towns and 91% of total provinces. Smart’s combined 5G/4G network now covers around 97% of the national population.

Capex for the first quarter of 2025 amounted to P6.3 billion, compared with P11.3 billion in the previous year. Capex intensity ratio (capex as a percentage of service revenues) landed at 20%, versus 30% in the same period last year. While we continue to target lower Capex intensity, the decrease in the first quarter was partly due to timing, with the majority of project completions scheduled for the second half of the year. Our full-year Capex guidance remains at P68–70 billion.

Sustained Growth, First-Quarter Profitability Fuel Maya’s Momentum

Maya, the Philippines’ leading fintech ecosystem, delivered a strong performance in the first quarter of 2025, accelerating growth across its banking, lending, and payments businesses while increasing net profit margins. The Company ended the quarter with P44 billion in deposits (+49% YoY), cementing its leadership as the #1 digital bank by deposit base and customer count, with 6.8 million customers (+88% YoY). Loan disbursements reached P28 billion for the quarter (3x YoY), bringing total disbursements since inception to P120 billion. Maya also maintained healthy asset quality, with a 3.5% NPL ratio—well below industry averages.

Maya is scaling its consumer platform through deeper product offerings. On the consumer credit front, Maya has issued nearly 200,000 credit cards in partnership with Landers and has now announced the launch of Maya Black—its hi-tech premium card offering.

Maya also remains the #1 merchant acquirer in the country, holding the largest market share in card payments processing. In 2024, it processed over P1 trillion in payments for merchants across a diversified base. Its Maya Business platform continues to serve large enterprises and MSMEs with integrated tools for payments, deposits, and credit.

Maya’s Q1 performance reinforces its leadership in digital banking and payments—and sets the stage for continued innovation, scale, and financial inclusion throughout 2025.

Sustainability

Following its inclusion in the S&P Global Sustainability Yearbook 2025, PLDT continues to expand its environmental, social, and governance (ESG) practices and integrate sustainability into core operations.

Amid global shifts in ESG expectations, PLDT and Smart remain committed to responsible business as a foundation for long-term profitability.

In Q1 2025, the Group launched internal education campaigns to deepen understanding of key ESG topics, including climate change, resource efficiency, diversity and inclusion, gender-based harassment, and the Sustainable Development Goals (SDGs).
Biodiversity

PLDT and Smart formalized Biodiversity Policies to integrate conservation into business operations. As network infrastructure expands nationwide, the Group commits to No Net Deforestation and No Net Loss in Forest Cover, in compliance with environmental regulations and to minimize ecological impact.

In March 2025, PLDT and Smart also joined other MVP Group companies in backing the DENR’s Forest for Life reforestation program.

Circularity

The “Be Kind. Recycle.” program on electronic waste (e-waste) management continued to scale, expanding access to DENR-accredited disposal channels, supporting landfill diversion, and reducing carbon emissions.

Smart deployed the initiative in more schools and youth communities, with e-waste drives and sustainability talks in National University campuses across Fairview, Lipa, Dasmariñas, and Baliwag. Efforts also extended to Baguio through partnerships with the City Government, DENR–CAR, and universities.

As of March 2025, the program had activated 190 collection sites, recovered 24+ metric tons of e-waste, and prevented nearly 10 tons of carbon emissions. Expansion efforts are ongoing.

Child Protection

Under their Human Rights Policy, PLDT and Smart uphold children’s rights in the workplace, marketplace, and community. In February 2025, Smart launched the Smart Junior Plan, highlighting investments in child protection platforms and cybersecurity that complement parental controls.

Under their Human Rights Policy, PLDT and Smart uphold children’s rights in the workplace, marketplace, and community. In February 2025, Smart launched the Smart Junior Plan, highlighting investments in child protection platforms and cybersecurity that complement parental controls.

Other Milestones

PLDT and Smart continue to share expertise and collaborate on sustainable business practices.

Chief Sustainability Officer Melissa Vergel de Dios was elected to the Board of Trustees of the Global Compact Network Philippines (GCNP), while PLDT joined the Governing Council of the Philippine Business Coalition for Women Empowerment (PBCWE).

GCNP promotes corporate adherence to UN Global Compact principles on human rights, labor, environment, and anti-corruption, while PBCWE champions gender equality in the workplace.

These leadership roles underscore PLDT and Smart’s ongoing commitment to advancing sustainability and supporting the Philippines’ progress toward the UN SDGs.

Outlook

As PLDT continues to deal with an increasingly complicated environment, and a telco world generally regarded as ex-growth, the Group remains grounded in its long-term strategy—pursuing both resilience and innovation. Strength in core businesses, continued network investments, and progress in digital platforms reinforce the Company’s direction for the rest of the year.
“We’re staying the course—focused on execution, customer experience, and building the connectivity infrastructure and IT solutions for future growth,” said Pangilinan. “Our priorities remain clear: to deliver value to our stakeholders, expand digital access and solutions, and position the Group for long-term presence as the largest integrated digital company.”