PLDT Profit Up 21.4% to P32.3 Billion in 2024

PLDT, Inc.reported a 3% rise (P6.6 billion) in Gross Service Revenues to P208.4 billion, while ​Consolidated Service Revenues (net of interconnect costs) grew by 2% (P3.3 billion) to P194.7 billion in 2024. Data and broadband, which grew by 3% (P4.5 billion) to P162.1 billion, contributed 83% to Consolidated Service Revenues. Excluding legacy drag, Consolidated Service Revenues were higher by 5% year-on-year.

Consolidated EBITDA grew by 4%, or P4.2 billion to P108.5 billion in the same period. EBITDA margin remained steady at 52% despite pressures from rising costs, which were tightly managed.
 
Telco Core Income, excluding the impact of asset sales and losses from Maya Innovations Holdings, reached P35.1 billion, up by 2% or P0.8 billion from the previous year. Reported Income was at P32.3 billion in 2024, up 21%.

The PLDT Board today approved the payout of a final dividend of P47 per share, which brings total dividends for 2024 to P97 per share or a payout of 60% of Telco Core EPS of P162. Reported EPS reached P149.

“Our 2024 results highlight PLDT’s resilience and the continued demand for reliable connectivity. But our intention is to use this as benchmark for even better performance in the coming years. The telco landscape is evolving quickly, and we will work non-stop to innovate, improve our services, and exceed customer expectations,” said Manuel V. Pangilinan, PLDT and Smart Chairman and CEO.
 
Consolidated Net Debt as of end-2024 amounted to P273.0 billion, while Net Debt-to- EBITDA stood at 2.52x. Gross Debt was at P283.6 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.

​Individual Wireless: Sustained positive growth momentum

PLDT’s Individual Wireless segment posted revenues of P83.5 billion in 2024, up by 2% year-on-year. Its revenues amounted to P21.4 billion in the fourth quarter alone—up by 6% from the previous quarter and the highest quarterly revenue total since the third quarter of 2021.
 
This performance was buoyed by steady growth in data usage, with data revenues growing by 5% year-on-year to P74.4 billion. Data revenues now account for 89% of the segment’s total revenues.
 
Active data users grew to 41.3 million at the end of December 2024, up 6% from the previous year. Mobile data traffic increased by 9% year-on-year to 5,359 Petabytes.
 
The segment also posted a 67% growth in 5G devices amid continued network upgrades to expand 5G connectivity. In December 2024, Smart fired up BGC 5G City in Taguig, holding successful back-to-back events that stimulated data usage.

​Smart is also adapting an institutionalized thrust for artificial intelligence, including harnessing AI-driven analytics and aftersales.
 
As of end-2024, Smart had registered 59.0 million mobile subscribers.
 
Home: Innovations and Expansion Driving Sustained Fiber Revenue Growth 

PLDT Home posted P56.0 billion in fiber-only service revenues in 2024, marking a 6% year-on-year increase or an incremental P3.0 billion. Fiber-only revenues now account for 92% of PLDT Home’s total P60.7 billion revenues in 2024.
 
PLDT Home recorded the industry’s highest average revenue per user (ARPU) of P1,488, with more than 75% of new accounts opting for higher value plans (P1,299 and up). PLDT Home also registered the industry’s best churn rate of 1.7%.
​
In Q1 2024, PLDT Home launched the country’s first Gigabit Fiber plans that deliver speeds of up to 10 Gbps, which has set a new industry benchmark for connectivity. Home also enhanced its Fiber Unli All plans to include unlimited mobile calls for up to five (5) Smart/TNT numbers, on top of unlimited fiber and unlimited entertainment via Cignal. To help widen digital access, it also introduced Fiber Plan 899 and Prepaid Fiber services in Q2 of 2024.
 
In Q4 of 2024, PLDT Home introduced the industry’s first Always On broadband service. This cutting-edge service leverages on the PLDT group’s strength with Fiber and mobile technology to deliver a superior Home broadband experience. PLDT Always On is a testament to PLDT’s commitment to provide a reliable and best-in-class broadband connection for the Home.
 
As of end 2024, PLDT Home’s total fiber subscribers reached 3.4 million, with Fiber net adds increasing by 190% between the 1st and 2nd half of 2024. Growth is driven by new Fiber products, Home’s commitment to innovation and continuous Fiber expansion.

​Enterprise: Solutions and Data Driving Continued Growth

PLDT Enterprise, the corporate arm of PLDT, achieved net service revenues of P48.4 billion in 2024, reflecting the increasing demand for its core connectivity and ICT services.

2024 saw businesses continue reinforcing their digital infrastructure. Fixed data connectivity continued to gain momentum, with strong growth in Managed SD-WAN lines, which surged by 23%, and steady expansion of 9% in Fiber Internet lines. Revenues from wireless services likewise grew, with revenues from Internet of Things (IoT) services increasing by 313%, highlighting the company’s continued push towards next-generation digital capabilities.
 
Cloud Tech Services remain a key driver of ePLDT’s growth. ePLDT’s cloud services grew by 30%, while managed IT services rose by 48%. These results underscore the growing demand for solutions that enhance efficiency, scalability, and security.
 
VITRO Inc., the data center arm of PLDT, reported a 22% revenue growth in colocation services, driven by increasing demand from enterprises and cloud service providers. A key 2024 milestone was the energization of VITRO Santa Rosa (VSR) — the country’s first AI-ready hyperscale data center. Alongside achieving power readiness, VSR has also activated its Data Center Interconnect (DCI), seamlessly linking it with other major VITRO facilities across Metro Manila.
 
With VSR’s activation, VITRO has expanded its total IT capacity to 38 MW in 2024, with plans to reach 64 MW by 2026. Currently operating at 75% utilization and offering nearly 9,000 racks in ready capacity, VITRO is well-positioned to meet the growing data center demands of enterprises, the public sector, hyperscalers, and AI-driven workloads.
 
With live anchor tenants and a stream of new ones onboarding, VSR has also activated the NVIDIA-powered GPU servers within its facility, enhancing its AI capabilities and service offerings. In partnership with ePLDT, GPU-as-a-Service, will be rolled out to provide enterprises with a cost-efficient way to access high-performance computing capabilities. This latest innovation will further position VITRO as a key enabler of AI adoption in the country.
 
PLDT Enterprise has also been engaging with key industries such as mining, manufacturing, and logistics for Mobile Private Network (MPN) deployments, with strong interest from industry players. Additionally, the company has been exploring 5G standalone (SA) technologies, evaluating network slicing, edge computing, and ultra- reliable low-latency (URLLC) to support future-ready industry applications.
 
PLDT has strengthened its position as a leader in global connectivity through its robust international cable infrastructure. With a network of 13 international submarine cable systems, including the newest Asia Direct Cable (ADC), PLDT has ensured high-speed, low-latency, and resilient connectivity for businesses. The ADC, which connects the Philippines to key Asian markets such as Japan, Singapore, and Hong Kong, has enhanced the country’s digital capabilities and supported the growing demand for bandwidth-intensive applications like cloud services, gaming, and video conferencing.

​Network: Most extensive fiber footprint

The PLDT Group’s fiber footprint remains the most extensive in the Philippines. Homes passed reached 18.5 million in 73% of the country’s towns and 91% of total provinces.
 
Smart’s combined 5G/4G network covers around 97% of the population.
 
Capex for 2024 amounted to P78.2 billion, compared with P85.1 billion in the previous year. Capex intensity ratio (capex as a percentage of service revenues) landed at 38%, versus 42% in 2023.
 
Maya strengthens digital banking and payments leadership with record growth

Maya, the Philippines' leading fintech ecosystem, achieved significant milestones in 2024. It continues to drive financial inclusion with a record 5.4 million bank customers, reflecting a 71% year-on-year increase. It recorded 1.6 million borrowers, nearly double the previous year’s figure. The company has also maintained the largest market share in card acquiring and QRPH transactions, underscoring its dominance in the payments sector.
 
The digital banking arm of Maya showed a strong performance in deposits and lending, with a total deposit balance of P39 billion, marking a 59% increase year-on-year. Cumulative loan disbursements reached P92 billion. This impressive growth has contributed to Maya achieving a positive net income for the entire group as of December 2024, further strengthening its financial position. Notably, Maya's non-performing loan (NPL) ratio has consistently remained lower than industry averages, highlighting its prudent risk management strategies.
 
Maya has also successfully launched new consumer and enterprise products. Over 100,000 credit cards were issued in just five months under the Landers Cashback Credit Card. Meantime, Maya Business Deposit services and Maya Business Advance with custom loan terms have provided MSMEs with greater financial flexibility.

​Kayana: Accelerating and standardizing data collaboration across MVP GroupSince its inception in 2024, Káyana has led the charge in accelerating and standardizing data collaboration across the MVP Group, forging key data management agreements, and building the foundational data platforms—effectively consolidating the group’s data into what could be the Group’s most valuable data asset. This rich, integrated data foundation is further amplified through Káyana’s collaboration with Accenture in the Káyana Digital Factory, where cutting-edge data product and technical capabilities are being developed to unlock the full potential of this data, empowering our ability to drive growth and transformation both within and outside the MVP Group


​In addition, having invested in Bayad and Multipay, Káyana is enhancing synergies across the ecosystem, simplifying payments, improving access for billers, customers, and enterprises, and collecting and mining richer data and insights—paving the way for a more seamless and connected digital economy.
 
We at Káyana are focused on building the collective data and creating related platforms, products, and APIs to enable a more digital Philippines. The goal is to impact millions of customers by digitally enabling the businesses and institutions that serve them, ultimately improving the lives of Filipinos.
 
Sustainability

Sustainability remains one of PLDT’s key pillars of business strategy and performance. Throughout 2024, the Group pursued initiatives to align its environmental, social, and governance (ESG) performance with global best practices. As a result of these efforts, 2024 marked a record year for PLDT as it performed admirably in various third-party ESG ratings assessments and corporate benchmarking endeavors.

S&P Global Corporate Sustainability Assessment
 
For 2024, PLDT registered a 14-point increase in the S&P Global Corporate Sustainability Assessment (CSA). This merited the Company’s inclusion in the S&P Global Sustainability Yearbook 2025—signifying that it is in the top 15% of its industry, and within 30% of the industry’s top-performing company. PLDT’s score of 72 made it one of the 780 companies included in the Yearbook, out of 7,690 total assessed companies across 62 industries worldwide. PLDT was named an “Industry Mover” for being the most improved company in its industry and is the only Philippine company included in the 2025 Yearbook.
 
Global Child Forum Benchmark on Child Rights
 
PLDT emerged as the second highest ranked technology and telco company overall in the Global Child Forum (GCF) Benchmark Report 2024.
 
GCF, which was founded by the King and Queen of Sweden in collaboration with the Boston Consulting Group, evaluated 1,802 companies. It measured how companies uphold children’s rights in areas of governance and collaboration, workplace, marketplace, community and environment. PLDT scored a near-perfect score of 9.9 out of 10 in the 2024 GCF corporate benchmark.

​CDP

PLDT regained a score of “B” “Management” rating in 2024 by CDP, a global non-profit that provides guidance on climate-focused disclosure metrics and conducts an independent assessment on the environmental management performance of companies, cities, states, and regions worldwide.
 
CDP rates organizations based on a variety of operational indicators, including climate mitigation, risk management, governance, and public policy engagements, as well as efforts to promote water conservation and security in business operations, among others.
 
PLDT’s B rating in the CDP, one notch higher than its previous year’s score, affirms its establishment of institutional measures to minimize its environmental impact, reduce greenhouse gas emissions, and manage climate risks across its operations.
 
FTSE4Good Index

PLDT has maintained its inclusion in the FTSE4Good Index for the seventh consecutive year. This is an indication of the company’s continuing alignment with global standards and best practices for its ESG performance.
 
Outlook 

"There are countless challenges and opportunities in the horizon—among them are A.I., big data, and the transition to a completely digital native workforce. PLDT intends not just to survive the future, but to shape it. As the world evolves, the formula for success remains the same: to be bold, hardworking, and open to new ideas. We will continue harnessing technology to do our part in the grand task of nation building, and to improve the lives of FIlipinos," said Pangilinan.