PLDT's 2025 Q2 Earnings Call: Unpacking Contradictions on 5G Revenue, POGO Pressures, and Copper Decommissioning

5G cities and revenue impact, POGO-related revenue pressures, issues with copper decommissioning progress are the key contradictions discussed in PLDT's latest 2025Q2 earnings call.



Service Revenue and EBITDA Trends:
- PLDT's service revenues net of interconnection costs reached PHP 97.1 billion for H1 2025, slightly higher than the previous year.
- EBITDA came in at PHP 55.5 billion, up 3% from last year, with an EBITDA margin maintained at 52%.
- The growth was supported by strong fiber demand and disciplined cost management.

Mobile and Fixed Wireless Performance:
- Mobile data revenues were stable at PHP 37.4 billion, making up 89% of the Individual segment's revenues.
- Fixed wireless revenues grew 12% year-on-year, driven by the strength and reliability of the 5G network.
- The stable performance was attributed to healthy data usage and the adoption of 5G, despite expected fluctuations in mobility trends.

Fiber and Enterprise Revenue Dynamics:
- Fiber revenues reached PHP 29.5 billion, up 7% year-on-year, now making up 97% of total Home revenues.
- Enterprise revenues slightly decreased by 1% to PHP 23.5 billion, due to known headwinds like lost POGO connectivity.
- The fiber segment's growth was due to accelerated port rollouts, while the Enterprise segment's challenges were primarily from delayed public sector deal closures and legacy business declines.

Maya's Financial Performance:
- Maya delivered PHP 406 million in core income for H1 2025, its first profitable semester, marking a turnaround from a PHP 693 million loss last year.
- Maya's total loans disbursed exceeded PHP 152 billion, with deposit growth reaching PHP 50.4 billion.
- The strong performance was driven by growth in deposits, lending, and payments volume, supported by new credit card offerings and strategic partnerships.