Maya cushions PLDT as core income holds steady

PLDT Inc. kept core income steady at P25.8 billion in the first nine months of the year, as gains from its digital bank Maya helped offset persistent losses in its traditional telco business.

At a media briefing on Tuesday, PLDT Chief Finance and Risk Officer Danny Yu reported that core earnings from its telecom operations declined 5 percent to P25.3 billion, but the slide was tempered by PLDT’s P603-million equity share in Maya, keeping consolidated core profits almost unchanged.

Overall, net income fell 11 percent to P25.1 billion, from P28.1 billion a year earlier, as lower non-core gains and higher non-recurring charges weighed on results despite steady growth in connectivity services.

Meanwhile, gross service revenues rose 3 percent to P158.9 billion, while consolidated service revenues inched up 1 percent to P145.9 billion, supported by data and broadband, which now account for 85 percent of the total and continued to cushion legacy declines.

Maya, in which PLDT holds an equity stake, booked a P532-million third-quarter profit, with deposits climbing 59 percent to P57 billion.

Despite headwinds, PLDT and Smart Chairman and CEO Manuel V. Pangilinan said the group remains focused on long-term execution.

“As we continue working to maintain our level of profitability in 2025, our task moving forward would be to convert steadiness into progress—to act with greater speed, imagination, and accountability,” he added.

From January to September, PLDT managed to slash capital outlays to P43 billion from P52.3 billion a year earlier, bringing capex intensity down to 27 percent due to ongoing spending discipline and favorable vendor deals.

The company also turned free cash flow positive as of September, ahead of its 2026 target.

Meanwhile, the group continued to expand its network footprint, with its fiber backbone now spanning approximately 1.24 million cable kilometers of domestic and international fiber.