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What factors drove the changes in PLDT's revenue and profit?

- **Digital Growth Drivers**: Fiber (+7%), fixed wireless (+18%), and ICT (+27%) offset legacy declines. Maya's core net income up PHP 1.5 billion YoY.
- **Wireless Resilience**: ARPU up 2.5% vs. competitor decline, despite trailing in absolute revenue.
- **Enterprise Recovery**: Q3 growth of 5% QoQ, with ICT services up 51% YoY. Government projects ramping up post-election delays.
- **Financial Discipline**: 2% YoY OpEx decline, positive free cash flow, and revised 2025 CapEx guidance of PHP 60 billion.
- **Risks & Uncertainties**: KPA implementation challenges, spectrum underutilization rules, and Maya's near-term net income pressure.

**【Management Opening Remarks】**
- PLDT's 9-month financial and operating results were highlighted, emphasizing stable top-line growth, resilient EBITDA, and improving contributions from digital businesses. The company also noted its progress in sustainability and ESG initiatives.

**【CFO Financial Commentary】**
- **Service Revenues**: PHP 145.9 billion (1% YoY growth), driven by fiber, data, and ICT. Excluding legacy services, growth was 3% YoY.
- **EBITDA**: PHP 82.8 billion (3% YoY increase), margin steady at 52%.
- **Core Income**: Telco core income PHP 25.3 billion (-5% YoY) due to higher depreciation and financing costs. Maya contributed PHP 603 million (vs. loss last year).
- **CapEx**: PHP 43 billion (down from PHP 52.3 billion YoY), intensity improved to 27%. Full-year guidance revised to PHP 60 billion.
- **Debt**: Net debt PHP 289 billion (2.61x net debt/EBITDA), with 13% USD-denominated and 5% unhedged.
- **Free Cash Flow**: Positive as of Q3, ahead of 2026 target.

**【Q&A Highlights】**
- **Wireless Performance**: Smart Wireless revenue growth outpaced Globe in Q3 (3% YoY vs. flat). ARPU up 2.5% vs. Globe's -5.5%. Fixed wireless revenue up 18% YoY.
- **Enterprise Growth**: Q3 revenue up 5% QoQ, driven by government projects. ICT services grew 51% YoY. Corporate data/ICT now 75% of enterprise revenue.
- **KPA & IRR Concerns**: Doubts about Konektadong Pinoy's ability to deliver cheaper, wider coverage without infrastructure obligations. Uncertainty over wholesale pricing and spectrum management.
- **Debt & Monetization**: Debt increase due to refinancing. Data center stake sale in talks (49% stake), REIT listing under consideration.
- **Maya Lending**: Strong growth (PHP 36 billion disbursed in Q3), but net income drop due to new product provisions and regulatory changes.
- **AI & Digital Services**: Launch of Pilipinas AI platform (GPU-powered AI models) and SmartSafe (secure mobile transactions) to drive future revenue.


PLDT Inc. (PHI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PHI

PHI fundamentals

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