Aug 13, 2026 earnings call — Resilient half with wireless and enterprise recovery
EBITDA reached PHP 56.1 billion with a stable 52% margin in the first half.
Revenue $0.9B (est $0.9B) · EPS $0.60 (est $0.66)
Key quotes
"App-based hyper-personalized offers are converting at as much as 5% versus around 0.2% for generic SMS broadcast offers."
"Home revenues were PHP 30 billion for the first half, down 1%, with fiber also down 1% at PHP 29.4 billion."
"VITRO data center revenues grew 13% in the first half, supported by demand from enterprises, the public sector and hyperscalers."
Analyst Q&A 10
mobile top-up trends and drivers
Q (Orlando Vea · F. Yap): How were July and early August top-up trends? Is the recovery structural or due to price/marketing changes?
A: Management said July top-ups were about plus 3% and August trended between 2% and 3%. They said the recovery is roughly half structural (improved fuel prices) and half driven by their marketing interventions.
home revenue timing
Q (John Gregory Palanca · F. Yap): With installations and postpaid net-adds positive in May, will revenue inflect by August/September or is there a longer lag from the OSS disruption?
A: Management said they are encouraged by leading indicators and that installation, conversion and churn trends point to improvement. They expect to see near-term improvement but would not commit to an exact timing.
installation, conversion, churn progress
Q (John Gregory Palanca · F. Yap): Can you describe the installation, conversion and churn trends and whether they will add to installed revenue?
A: Management said installation rates returned to pre-disruption levels, conversion improved and churn decreased. They expect those factors to compound and drive month-to-month revenue growth, and they are encouraged to see impact soon.
net-adds needed for revenue recovery
Q (John Gregory Palanca · F. Yap): Do you need a specific installation run rate to return home to positive revenue growth?
A: Management explained that net adds depend on gross adds and churn, and as long as net adds stay positive they will compound. They noted the recent shortfall was from Q1 disruption, but current positive postpaid net-adds—which have higher ARPU—should support recovery if sustained.
Maya earnings and credit growth
Q (F. Yap): Why did Maya's contribution to core income fall Q-on-Q and Y-on-Y? Will you slow credit growth after a 56% loan increase and what would warn you about rising NPLs?
A: Management said the lower contribution was mainly due to one-time accounting treatments and non-recurring expenses, not business performance; excluding those items the contribution would have been stronger. On credit growth, they said Maya's LDR is still in the low-40s so there is room to expand, NPLs improved to 4.8%, and they continue to monitor repayment behavior and portfolio performance closely.
CapEx first half and 2026–2027 guidance
Q (Metrobank): How much CapEx was spent in 1H2026? Is full-year guidance still mid PHP 50s billion? What about 2027 and debt funding?
A: Management said 1H CapEx this year was PHP 20.7 billion, lower than last year's PHP 27.4 billion, reducing CapEx intensity from 26% to 19%. They reaffirmed full-year guidance in the mid-PHP 50s, expect higher second-half spend to support the network, and said 2027 guidance is premature though they aim to be disciplined and possibly reduce CapEx below PHP 55 billion.
VITRO REIT listing timing
Q (Victor Emmanuel S. Genuino · Metrobank): Any update on the proposed VITRO REIT transaction and timing?
A: VITRO said they are targeting a Q4 listing but it depends on market conditions. They completed cornerstone roadshows locally and internationally and saw very positive interest.
why list VITRO now
Q (Victor Emmanuel S. Genuino): Why is now the right time to list VITRO REIT for PLDT and VITRO? Is timing about PLDT's finances, yields, or unlocking VITRO value?
A: Viboy said VITRO will inject 8 mature data centers totaling 24 megawatts now, with a ninth (VITRO Santa Rosa) at 36 megawatts to inject later, and highlighted their scale and platform built over 25 years. PLDT added that Executive Order 119 and market interest make listing an opportunity to offer investors a dividend-yield vehicle, raise capital for future investment and help delever from current net debt to EBITDA of 2.6x, while noting timing depends on market pricing.
Pax Silica impact on data centers
Q (Blums Pineda): Will Pax Silica cause disruption or more competition for data centers?
A: Management said they are still waiting for details on Pax Silica and which private-sector locators will participate. They think Pax Silica focuses on advanced manufacturing and rare-mineral processing, and that data centers/connectivity will serve those industries; they are already getting independent inquiries and will engage potential customers as usual.
competitor performance, broadband competition, CapEx returns
Q (John Te): Why did a competitor show stronger mobile growth? How do you see broadband competition? Can you share ROIC targets for new CapEx and if CapEx-to-sales will fall to peers' levels?
A: On mobile, management said they are prioritizing 5G rollout and need more CapEx, and they plan to expand hyperpersonalization (beyond SMS) through partnerships with wallets and social platforms to improve marketing and new-subscriber acquisition. On broadband, PLDT said it leads the high-value fiber market with highest ARPU, lowest churn and 52% of postpaid fiber, while industry headlines are driven by prepaid growth; PLDT expects Q2 improvements to compound in H2 and will grow prepaid carefully without hurting economics. On CapEx returns, management said they evaluate ROIC at the project level, allocate capex across mobile, home and enterprise, and will keep strict discipline to be more efficient and effective.
"PLDT remains to be the clear leader in the high-value fiber or premium market." — Menardo Jimenez (COO)