The 6% earnings decline and flat EPS growth suggest limited near-term upside for PHI common shares, though the P46 dividend provides a yield support floor. Watch for H2 guidance updates and the impact of the DITO infrastructure-sharing MOU on capex efficiency. The 20-F cross-filing noted regulatory risk from the Konektadong Pinoy Act — monitor for implementation details that could pressure margins.
Price Chart
Executive Summary
PLDT reported 1H 2026 results with gross service revenues up 2% to Php108.7B and EBITDA up 1% to Php56.1B, but net income attributable to equity holders fell 6% to Php16.4B (Php75.99 EPS vs Php80.73 YoY) due to higher depreciation and financing costs. The board declared a regular cash dividend of P46.00 per common share, representing a 60% payout of telco core income. The results are mixed — top-line growth is modest and earnings declined, while the dividend declaration signals management confidence in cash flow generation.
Key Facts
- Gross service revenues grew 2% YoY to Php108.7B in 1H 2026
- Net income attributable to equity holders fell 6% YoY to Php16.4B
- Basic EPS declined to Php75.99 from Php80.73 YoY
- EBITDA rose 1% to Php56.1B with margin stable at 52%
- CAPEX reduced 24% to Php20.7B from Php27.4B YoY
- Regular cash dividend of P46.00 per common share declared, payable Sept 11, 2026
- Net debt-to-EBITDA at 2.6x; credit ratings remain investment grade
- Enterprise revenues grew 5% to Php24.8B; ICT revenues surged 22%
- Wireless consumer revenues flat at Php42.1B; data traffic up 12%
- Maya deposit balances up 71% YoY to Php86B; Maya remained profitable in Q2
Financial Impact
Net income declined ~Php1.0B YoY (6% drop) on modest 2% revenue growth; EPS fell ~6% to Php75.99; CAPEX reduced by Php6.7B (24%)
Risk Factors
- Net income declined 6% YoY on higher depreciation and financing costs
- Legacy service revenue drag continues to offset data/broadband growth
- Regulatory risk from the Konektadong Pinoy Act (data liberalization) per prior 20-F
- Wireless consumer ARPU under pressure (TNT ARPU at Php98); consumer spending headwinds
- Gross debt of Php299.7B with net debt-to-EBITDA at 2.6x remains elevated
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-348006 |
| Document: 08.13.2026_boardmeeting.htm | 0001193125-26-348006 |
| Document: 0001193125-26-348006-index-headers.html | 0001193125-26-348006 |
| Document: 0001193125-26-348006-index.html | 0001193125-26-348006 |
| Document: 0001193125-26-348006.txt | 0001193125-26-348006 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 19d ago | 6-K | $18.29 $19.73 | ▲ +7.87% | ▲ +8.15% | $17.77 (−2.84%) |
Oct 6, 2026 21d ago | 6-K | $18.09 $18.78 | ▼ −3.81% | ▼ −3.95% | $17.77 (+1.77%) |
Oct 2, 2026 25d ago | 6-K | $17.56 $18.40 | ▲ +4.78% | ▲ +3.62% | $17.77 (+1.20%) |
Sep 30, 2026 27d ago | 6-K | $17.79 $18.59 | ▲ +4.50% | ▲ +2.58% | $17.77 (−0.11%) |
Sep 25, 2026 4w ago | 6-K | $17.20 $17.56 | ▲ +2.09% | ▲ +2.31% | $17.77 (+3.31%) |
Sep 23, 2026 4w ago | 6-K | $17.46 $17.79 | ▲ +1.89% | ▲ +2.56% | $17.77 (+1.78%) |
Aug 14, 2026 10w ago | 6-K | $19.31 $19.38 | ▲ +0.36% | ▲ +1.73% | $17.77 (−7.98%) |
Aug 13, 2026 10w ago | 6-K | $19.46 $19.24 | ▼ −1.13% | ▲ +0.83% | $17.77 (−8.68%) |
Aug 13, 2026 10w ago | 6-K | $19.46 $19.24 | ▲ +1.13% | ▼ −0.83% | $17.77 (+8.68%) |
Aug 13, 2026 10w ago | 6-K | $19.46 $19.24 | ▼ −1.13% | ▲ +0.83% | $17.77 (−8.68%) |
US Market Status
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