Q2 2026 PLDT Inc Earnings Call Transcript
Key Points
- Wireless revenue trends improved through Q2, with monthly year-on-year top-ups turning positive in June and continuing to grow in July and August.
- Enterprise remains the strongest growth driver, with revenues up 5% and ICT revenues surging 22%, led by a 35% increase in tech services.
- EBITDA reached PHP56.1 billion in the first half, marking the fifth consecutive semester of growth, with a stable 52% margin.
- CapEx intensity declined significantly to 19% of service revenues from 26% a year ago, supporting positive free cash flow and deleveraging.
- Maya continues to scale profitably, with deposits up 71% and loans up 56% year-on-year, contributing positively to PLDT's core income.
- VITRO Data Center revenues grew 13%, and the planned REIT listing is expected to unlock value and reduce net debt-to-EBITDA to approximately 2.4 times.
- Consolidated service revenues grew only 1%, tempered by softer consumer spending in wireless and the lag impact of Q1 installation constraints in home.
- Home revenues declined 1% due to the OSS migration disruption, with a 3-4 month lag before new installations translate into revenue.
- Telco core income declined 2% year-on-year, weighed down by a 6% increase in depreciation and amortization from past network investments.
- Reported income fell 6% year-on-year, impacted by losses in foreign exchange and derivatives, which moved from a net gain to a net loss.
- Mobile subscriber churn increased across all segments, partly due to a cleanup of inactive subscribers, though this was not demand-driven.
- Competitive pressure in broadband is rising, with competitors focusing on low-ARPU prepaid fiber, while PLDT's postpaid-heavy model faces a revenue lag.
All right. Good afternoon, everyone. Thank you for waiting. Apologies for that delay. Thank you for joining us today.
My name is Jinggay Nograles. I'm the Head of Investor Relations here at PLDT. And it's my pleasure to welcome you to our first half 2026 financial and operating results briefing. So, joining us today to share insights into PLDT's performance and strategic direction are PLDT's Chief Operating Officer, Mr. Butch Jimenez; our OIC, CFO, Mr.
Leo Posadas. We also have here with us SVP and Head of Consumer Home Business, Mr. John Palanca. We also have our Head or OIC for Smart Communications, Mr. Lloyd Manaloto; and our Chief Legal Counsel Attorney, Joan De Venecia-Fabul. We'll also be joined later by our other key officers for our enterprise business as well as our data center business.
(Event Instructions) So to start, I'd like to invite our Chief Operating Officer, Mr. Butch Jimenez, to walk us through PLDT's financial and operating report.
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