The mixed results show a weakening Fixed Line business offsetting Wireless gains, while elevated capex and regulatory changes from the Konektadong Pinoy Act add uncertainty. Monitor the VITRO REIT IPO and Radius acquisition for potential catalysts, but the declining net income and Fixed Line weakness suggest caution.
Price Chart
Executive Summary
PLDT Inc. reported mixed Q2 2026 results: consolidated revenues grew 2% YoY to Php112.0 billion, but net income fell 6% to Php16.5 billion due to higher expenses and FX losses. The Fixed Line segment saw a 2% revenue decline and a 15% profit drop, while Wireless improved. The company is pursuing a VITRO REIT IPO and the acquisition of the remaining 65.1% of Radius Telecoms. The cross-filed 20-F noted regulatory risks from the Konektadong Pinoy Act.
Key Facts
- Consolidated revenues for H1 2026 were Php112.0 billion, up 2% YoY from Php109.5 billion.
- Net income fell 6% to Php16.5 billion from Php17.5 billion, with basic EPS dropping to Php75.99 from Php80.73.
- Fixed Line segment revenue declined 2% to Php65.9 billion, and segment net income fell 15% to Php11.6 billion.
- Wireless segment revenue grew 2% to Php52.3 billion, with segment net income up 26% to Php6.1 billion.
- Adjusted EBITDA rose 1% to Php56.1 billion, with margin flat at 52%.
- Net debt-to-equity improved to 2.15x from 2.24x at year-end 2025.
- PLDT approved the acquisition of the remaining 65.1% of Radius Telecoms, subject to closing conditions.
- VITRO filed for a REIT IPO on the Philippine Stock Exchange, with the offering subject to regulatory approvals.
- The Konektadong Pinoy Act, effective September 2025, introduces an open-access regime and spectrum reforms, increasing competitive and regulatory risks.
Financial Impact
Net income decreased by Php979 million (6%) YoY, driven by a Php3.6 billion increase in expenses and a Php369 million increase in other expenses, partially offset by a Php2.5 billion revenue increase and a Php532 million lower tax provision.
Risk Factors
- Fixed Line revenue and profit decline, driven by lower corporate data and home broadband revenues.
- Regulatory risks from the Konektadong Pinoy Act, which could increase competition and affect spectrum holdings.
- Foreign exchange losses of Php1.4 billion in H1 2026 vs. gains of Php1.4 billion in H1 2025, adding volatility.
- Elevated capex and debt levels (net debt-to-equity of 2.15x) may pressure free cash flow.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-347861 |
| Document: 0001193125-26-347861-index-headers.html | 0001193125-26-347861 |
| Document: 0001193125-26-347861-index.html | 0001193125-26-347861 |
| Document: 0001193125-26-347861.txt | 0001193125-26-347861 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | 6-K | $18.29 $19.73 | ▲ +7.87% | ▲ +8.15% | $18.44 (+0.82%) |
Oct 6, 2026 20d ago | 6-K | $18.09 $18.78 | ▼ −3.81% | ▼ −3.95% | $18.44 (−1.93%) |
Oct 2, 2026 24d ago | 6-K | $17.56 $18.40 | ▲ +4.78% | ▲ +3.62% | $18.44 (+5.01%) |
Sep 30, 2026 26d ago | 6-K | $17.79 $18.59 | ▲ +4.50% | ▲ +2.58% | $18.44 (+3.65%) |
Sep 25, 2026 4w ago | 6-K | $17.20 $17.56 | ▲ +2.09% | ▲ +2.31% | $18.44 (+7.21%) |
Sep 23, 2026 4w ago | 6-K | $17.46 $17.79 | ▲ +1.89% | ▲ +2.56% | $18.44 (+5.61%) |
Aug 14, 2026 10w ago | 6-K | $19.31 $19.38 | ▲ +0.36% | ▲ +1.73% | $18.44 (−4.51%) |
Aug 13, 2026 10w ago | 6-K | $19.46 $19.24 | ▼ −1.13% | ▲ +0.83% | $18.44 (−5.24%) |
Aug 13, 2026 10w ago | 6-K | $19.46 $19.24 | ▲ +1.13% | ▼ −0.83% | $18.44 (+5.24%) |
Aug 13, 2026 10w ago | 6-K | $19.46 $19.24 | ▼ −1.13% | ▲ +0.83% | $18.44 (−5.24%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers