Monitor the implementation of the Konektadong Pinoy Act and its impact on competitive dynamics and spectrum assets. The decline in net income despite revenue growth suggests margin pressure from financing costs and competition. Watch for Q1 2026 earnings to assess whether cost discipline and data revenue growth can offset regulatory headwinds.
Price Chart
Executive Summary
PLDT Inc. filed its 20-F annual report for FY2025, reporting total revenues of Php218.4 billion (+1% YoY) and net income of Php28.9 billion (-7% YoY). The decline in net income was driven by higher financing costs and other expenses, partially offset by improved EBITDA. The company faces heightened regulatory risks from the newly enacted Konektadong Pinoy Act, which liberalizes data transmission and introduces spectrum management reforms.
Key Facts
- Total revenues Php218,388 million in 2025, up 1% from Php216,833 million in 2024
- Net income from continuing operations Php28,869 million, down 7% from Php30,943 million
- Adjusted EBITDA Php111,231 million, up 3% from Php108,515 million
- Consolidated capex (net) Php60,336 million, down from Php78,246 million
- Mobile subscriber base 59.9 million, up 2% YoY
- Fixed line broadband subscribers 3.79 million, up 11% YoY
- Total debt Php295,048 million as of Dec 31, 2025
- Regular cash dividend of P46.00 per share declared for April 2026
Financial Impact
Net income declined by Php2.1 billion YoY; EBITDA improved by Php2.7 billion; capex decreased by Php17.9 billion
Risk Factors
- Regulatory changes from KP Act could increase competition and spectrum costs
- Intense competition from Globe, Converge, and DITO may pressure pricing and margins
- Foreign exchange risk: ~13% of debt is USD-denominated
- Potential data rollover bill could reduce breakage revenue
- Ongoing labor dispute (DOLE regularization case) may result in costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001193125-26-182147 |
| Document: phi-ex8.htm | 0001193125-26-182147 |
| Document: phi-ex1_2.htm | 0001193125-26-182147 |
| Document: phi-ex2_1.htm | 0001193125-26-182147 |
| Document: phi-ex12_1.htm | 0001193125-26-182147 |
| Document: phi-ex12_2.htm | 0001193125-26-182147 |
| Document: phi-ex13_1.htm | 0001193125-26-182147 |
| Document: phi-ex13_2.htm | 0001193125-26-182147 |
| Document: 0001193125-26-182147-index-headers.html | 0001193125-26-182147 |
| Document: 0001193125-26-182147-index.html | 0001193125-26-182147 |
| Document: 0001193125-26-182147.txt | 0001193125-26-182147 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 9, 2026 19w ago | 6-K | $18.15 $18.15 | · 0.00% | ▼ −3.89% | $19.00 (+4.68%) |
Jun 9, 2026 19w ago | 6-K | $18.15 $18.15 | · 0.00% | ▼ −1.39% | $19.00 (+4.68%) |
Jun 5, 2026 20w ago | 6-K | $18.15 $18.15 | · 0.00% | ▼ −2.12% | $19.00 (+4.68%) |
May 22, 2026 22w ago | 6-K | $20.52 $18.15 | ▼ −11.55% | ▼ −10.13% | $19.00 (−7.41%) |
May 14, 2026 23w ago | 6-K | $20.52 $18.15 | ▼ −11.55% | ▼ −10.69% | $19.00 (−7.41%) |
May 14, 2026 23w ago | 6-K | $20.52 $18.15 | ▼ −11.55% | ▼ −10.69% | $19.00 (−7.41%) |
May 14, 2026 23w ago | 6-K | $20.52 $18.15 | ▼ −11.55% | ▼ −10.69% | $19.00 (−7.41%) |
Apr 27, 2026 26w ago | 20-F | $20.52 $20.52 | · 0.00% | ▼ −5.47% | $19.00 (−7.41%) |
Apr 1, 2026 29w ago | 6-K | $20.52 $20.52 | · 0.00% | ▼ −9.72% | $19.00 (−7.41%) |
US Market Status
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