PLDT (PLO) Q2 2026 Earnings Report

The call presents a generally constructive picture: revenue and EBITDA are stable with a clear shift toward higher-margin data, enterprise and digital services. Enterprise, data center (VITRO) and Maya show strong growth trajectories and strategic positioning. Management demonstrated discipline on costs and capital, reducing CapEx intensity and maintaining margins while continuing to invest selectively. Near-term headwinds include a H1 revenue lag in Home from installation disruptions, higher depreciation/IFRS16 effects weighing on core income, some operating cost pressures and ongoing deleveraging needs. Overall, positives (sustained EBITDA growth, enterprise and Maya momentum, network awards, dividend policy and improved CapEx efficiency) outweigh the lowlights, though execution on asset monetization, margin protection and leverage reduction will be key to sustain momentum.

PLDT reiterated full‑year CapEx guidance in the mid‑PHP 50 billion range (H1 CapEx PHP 20.7B vs PHP 27.4B prior year; H1 CapEx intensity 19% down from 26%), with a priority on lowering CapEx intensity over time while sustaining positive free cash flow and funding key areas (new cell sites, regional fiber core, AI, submarine cables, IT modernization); net debt stood at PHP 287.3B with net debt/EBITDA at 2.57x and a stated objective to move toward ~2.0x (and to ~2.4x assuming a potential Q4 VITRO REIT that could release ~PHP 12–13B PPA proceeds to pay down debt); average pre‑tax interest cost improved to 5.05% (from 5.43%), USD debt is ~14% of total, average debt maturity >6 years and only ~3% of debt matures in 2026; management reiterated asset‑monetization plans (tower sale target ~PHP 2B) and dividend policy (interim cash dividend PHP 46/share, trailing 12‑month yield ~8%, payout aligned to ~60% of core income), while retaining investment‑grade ratings (S&P BBB, Moody’s Baa2).