PLDT Inc. reported modest growth in the first quarter of 2025, with Maya, its fintech arm, posting its first quarterly profit, helping offset lower core income in a challenging market.
Gross service revenues grew by 2% to ₱53.4 billion, while consolidated service revenues, which exclude interconnect costs, increased by 1% to ₱49 billion. Maya contributed positively to boost gross revenues, ending the quarter with ₱44 billion in deposits (+49% YoY).
“We’re navigating a softer market environment, but our fundamentals are intact. Broadband and fiber continue to anchor the business, while digital finance is emerging as a strong new driver. We remain focused on recovery and growth across all segments,” said Manuel V. Pangilinan, chair and CEO of PLDT and Smart.
Maya’s turnaround
PLDT reported a core income of ₱8.9 billion for the quarter, slightly lower than the same period last year by 6%, or ₱0.5 billion. Still, the figure was steady year on year. Reported income, which includes one-time gains and losses, dropped by 8% to ₱9.0 billion.
The turnaround at Maya marks a shift for the fintech unit, with CEO Orlando Vea attributing future growth to its newly launched credit card offering and partnerships with key businesses.
Broadband and enterprise segments drive revenue
Data and broadband services contributed the most to consolidated service revenues, accounting for 85% or ₱41.4 billion, up by 2%. Consolidated EBITDA rose 2% to ₱27.9 billion, with the EBITDA margin holding at 52% amid rising operational costs.
PLDT Enterprise also continued to perform steadily, with net service revenues reaching ₱11.9 billion. Corporate data and ICT services brought in ₱8.8 billion, or 74% of Enterprise revenues. Fixed data and SD-WAN revenues climbed 16% and 17%, respectively.
The company’s enterprise strategy now goes beyond telco and broadband. PLDT emphasized the importance of services from subsidiaries such as Multisys, which offers B2B solutions, and ePLDT, which grew revenues by 16% in Q1.
ePLDT’s Managed IT Services more than doubled (+101%), while cybersecurity and credit scoring rose 69% and 48%, respectively. PLDT also said its data center infrastructure is ready for GPU and AI workloads, preparing the company for future technology-driven demand.
The company plans to continue pursuing alternative growth areas to reduce reliance on traditional services and stay resilient in the face of macroeconomic shifts.
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