PHI · PLDT Inc.

PLDT Inc. delivered stable Q1 2026 results amid legacy service declines offset by data and broadband growth, with gross service revenues rising 3% to ₱54.9 billion and net service revenues holding at ₱48.9 billion. Data and broadband contributed ₱41.9 billion, or 86% of net revenues, up from 85% prior year, underscoring the shift to high-growth segments. EBITDA grew 2% to ₱28.3 billion with margin steady at 52%, reflecting cost discipline despite 5% expense rise driven by interconnection costs. Core Income advanced 2% to ₱9.1 billion, bolstered by Maya profitability and asset sales, though GAAP Net Income dipped to ₱8.9 billion. Wireless data revenues hit ₱19.4 billion (+1%), fueled by 10% traffic growth to 1,583 petabytes and 18% FWA surge; Home fiber steady at ₱14.7 billion amid OSS migration; Enterprise up 4% to ₱12.4 billion led by 17% ICT growth. Capex moderated to ₱10 billion from ₱10.8 billion, sustaining positive free cash flow. Balance sheet strengthened with Net Debt/EBITDA at 2.53x. Dividend declaration on Series IV Preferred signals capital return commitment. The Radius acquisition approval for ₱2.935 billion completes ownership of fiber assets serving enterprises and residences, enhancing infrastructure control post-regulatory nods. Executive changes noted but unspecified. Outlook affirms mid-₱50 billion capex and 60% payout, with Chairman Pangilinan emphasizing growth potential.