UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 August 12, 2025 PLDT INC. (Translation of registrant's name into English) Ramon Cojuangco Building Makati Avenue, Makati City Philippines (Address of registrant's principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ SI ...

Financial Data and Key Metrics Changes - Service revenues net of interconnection costs reached PHP 97.1 billion, slightly higher year on year [5] - EBITDA came in at PHP 55.5 billion, up 3% from last year, with an EBITDA margin steady at 52% [5][26] - Telco core income decreased by 4% due to higher depreciation and financing costs, while core income rose to PHP 17.6 billion, up 1% [6][26] - Consolidated core income rose to PHP 17.6 billion, reflecting a 1% increase compared to the same period last year [27] Business Line Data and Key Metrics Changes - Home segment revenues grew 4% year on year to PHP 30.4 billion, driven by strong fiber demand [7][10] - Enterprise revenues slightly declined by 1% due to legacy business declines, but ICT revenues grew by 15% [12][13] - Individual revenues reached PHP 37.4 billion, down 1% from last year, with mobile data revenues stable [15] Market Data and Key Metrics Changes - Mobile data traffic grew 5% year on year to 2,766 petabytes, with 5G traffic surging 84% [15][16] - Fiber revenues in the Home segment increased by 7% year on year, now making up 97% of total home revenues [10] - Data center colocation grew by 36%, while cybersecurity services expanded by 24% [13] Company Strategy and Development Direction - The company is focused on disciplined cost management and optimizing spending while supporting growth areas like fiber and mobile data [25][26] - PLDT aims to position the Philippines as a regional hub for digital services and AI innovation through investments in AI-ready data centers [14] - The launch of the Kik mobile service targets the Gen Z market, emphasizing personalized digital experiences [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in market position despite near-term challenges, supported by strong operational fundamentals and strategic investments [39] - The company anticipates a better outlook in the second half of the year, driven by innovations and customer-centric strategies [47][48] - Management highlighted the importance of customer delight through innovations to drive revenue growth [48] Other Important Information - CapEx for 2025 is guided at PHP 63 billion, lower than the original guidance due to favorable pricing [29] - The company declared an interim cash dividend of PHP 48 per share, reflecting a commitment to stable shareholder returns [32] - PLDT's net debt stood at PHP 282.6 billion, with a net debt to EBITDA ratio of 2.57x, indicating healthy financial management [30][31] Q&A Session Questions and Answers Question: What is driving the softness in mobile revenues? - Management noted that the dip is a normal fluctuation and expects revenues to rebound in the second half [47][48] Question: Can we get an update on the Connectatum Cranoe Bill? - The bill will become law by August 24 if not signed by the president, and there are concerns about its constitutionality [51][53] Question: What guidance can be provided regarding refinancing activities for maturing debt? - Current interest rates are high, but the company has negotiated better spreads for refinancing [62] Question: Are there updates on 5G city expansions? - The company is expanding 5G services to provinces, starting with Cebu, and is testing the network there [64] Question: What are the plans for asset monetization? - The company is negotiating the sale of legacy assets, including copper, and has a robust program for monetizing other legacy assets [71][72]

Financial Data and Key Metrics Changes - Service revenues net of interconnection costs reached PHP 97.1 billion, slightly higher year on year [3][4] - EBITDA was PHP 55.5 billion, up 3% from last year, with an EBITDA margin steady at 52% [4][24] - Telco core income decreased by 4% primarily due to higher depreciation and financing costs, while core income rose to PHP 17.6 billion, up 1% [5][25] - Cash operating expenses decreased by PHP 1.4 billion or 3% year on year, reflecting disciplined cost management [22][24] Business Line Data and Key Metrics Changes - Home segment revenues grew 4% year on year to PHP 30.4 billion, driven by strong fiber demand [6][8] - Enterprise revenues slightly declined by 1% due to legacy business declines, but Corporate Data and ICT revenues remained stable, with ICT growing 15% year on year [10][11] - Individual revenues were down 1%, with mobile data revenues stable at PHP 37.4 billion, making up 89% of the segment [13][14] Market Data and Key Metrics Changes - Fiber revenues in the Home segment increased by 7% year on year, now accounting for 97% of total home revenues [8] - Data center colocation grew by 36%, and cybersecurity services expanded by 24% [11] - Five G traffic surged 84% year on year, with five G devices now making up 70% of the base [14] Company Strategy and Development Direction - The company is focused on disciplined cost management while continuing to innovate in product offerings, particularly targeting younger consumers with new mobile services [15][17] - PLDT aims to position the Philippines as a regional hub for digital services and AI innovation through investments in AI-ready data centers [12][29] - The company is also exploring asset monetization strategies for legacy assets, including copper and 3G equipment [66][69] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market position despite near-term challenges, supported by strong operational fundamentals and strategic investments [37] - The outlook for the second half is positive, with expectations for improved enterprise deal closures and new product traction [24][75] - Management highlighted the importance of customer-centric innovations to drive revenue growth [45] Other Important Information - The company declared an interim cash dividend of PHP 48 per share, reflecting a commitment to stable shareholder returns [30] - Maya, the fintech arm, reported its first profitable semester, contributing significantly to PLDT's core income [25][31] Q&A Session Summary Question: What is driving the softness in mobile revenues? - Management indicated that the dip is a normal fluctuation and expects revenues to rebound in the second half [44][45] Question: Update on the Connectatum Cranoe Bill? - The bill will become law by August 24 if not signed by the president, with concerns raised about its constitutionality [48][50] Question: Guidance on refinancing activities for maturing debt? - Interest rates are currently high, but the company has negotiated better terms for refinancing [60][62] Question: Updates on 5G cities? - The company is expanding 5G services to provinces, starting with Cebu, and expects ARPU for 5G users to be significantly higher than LTE users [63][65] Question: Updates on asset monetization plans? - The company is actively negotiating the sale of legacy assets, including copper and 3G equipment [66][69] Question: Plans for prepaid services? - Prepaid services are seen as a strategic entry point into price-sensitive markets and are not expected to cannibalize postpaid offerings [70][71] Question: Anticipated return to growth in enterprise revenues? - Management expects a return to growth in the second half, particularly in the public sector following election delays [72][74] Question: Insights on Maya's loan disbursement growth? - Maya is focusing on a diversified product suite to drive loan growth, targeting millennials and Gen Z customers [96][98]

Presentations Page (IR website) 1H2025 Analysts Briefing 1 Financial Highlights Core performance driven by strong Maya results and sustained fiber momentum | | 1H25 | 1H24 | Change | % Change | | --- | --- | --- | --- | --- | | Service Revenues [net of interconnection costs] | 97.1bn | 96.9bn | +0.2bn | -- | | Cash Opex, Subsidies, Provisions (ex-MRP) | 41.6bn | 43.0bn | -1.4bn | -3% | | EBITDA (ex-MRP) | 55.5bn 52% margin | 53.9bn 52% margin | +1.6bn | +3% | | Depreciation & Amortization | 26.2bn | 24.4bn ...

Financial Performance - Service revenues reached ₱53421 million, a 2% increase year-over-year[81] - EBITDA (ex-MRP) grew by 2% year-over-year to ₱27900 million, maintaining a 52% margin[4, 26] - Depreciation and Amortization increased by 12% year-over-year to ₱13001 million[4, 81] - Net Financing Costs increased by 33% year-over-year to ₱4100 million[4] - Telco Core Income decreased by 6% year-over-year to ₱8800 million[4] Segment Performance - Home Fiber revenues increased by 7% year-over-year to ₱14700 million[12, 13] - Enterprise Corp Data & ICT revenues increased by 1% year-over-year to ₱8800 million[17] - Mobile Data revenues remained broadly flat year-over-year at ₱18800 million[9, 21] Operational Highlights - Home Fiber net adds reached 101k[12] - Maya achieved profitability, contributing positively to earnings growth, with net income attributable to Maya at ₱127 million[7, 29] - 5G data traffic surged 81% year-over-year[23] Investments and Debt - 1Q25 capex stood at ₱10800 million[32] - Debt Balance is ₱270700 million with Net Debt/EBITDA at 248x[36]

PART I – FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements](index=9&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) The report includes unaudited consolidated financial statements for Q1 2025 and audited statements as of December 31, 2024 - The report includes unaudited consolidated financial statements for the three months ended March 31, 2025 and 2024, and audited statements as at December 31, 2024[18](index=18&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=9&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's analysis of Q1 2025 financial performance, including revenue, net income, and key indicators [Financial Highlights and Key Performance Indicators](index=10&type=section&id=Financial%20Highlights%20and%20Key%20Performance%20Indicators) Q1 2025 highlights: 2% revenue growth, 8% net income decline, 2% EBITDA growth, and stable 52% EBITDA margin Q1 2025 Consolidated Financial Highlights (vs Q1 2024) | Metric | Q1 2025 (million Php) | Q1 2024 (million Php) | Change (%) | | :--- | :--- | :--- | :--- | | **Revenues** | 55,277 | 54,224 | 2% | | **Net Income** | 9,064 | 9,893 | (8%) | | **Core Income** | 8,893 | 8,931 | 0% | | **Telco Core Income** | 8,776 | 9,320 | (6%) | | **EBITDA** | 27,865 | 27,315 | 2% | | **EBITDA Margin** | 52% | 52% | 0% | Key Operational Data (as of March 31, 2025 vs March 31, 2024) | Subscriber Type | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Mobile Subscribers** | 58,608,463 | 58,962,966 | (1%) | | - Prepaid | 56,300,981 | 56,785,718 | (1%) | | - Postpaid | 2,307,482 | 2,177,248 | 6% | | **Broadband Subscribers** | 3,945,937 | 3,711,094 | 6% | | - Fixed Line Broadband | 3,507,947 | 3,255,012 | 8% | | - Fixed Wireless Broadband | 437,990 | 456,082 | (4%) | - Net cash from operating activities **increased by 3% to Php24,545 million**, while payments for property and equipment decreased by 14% to Php16,142 million[25](index=25&type=chunk) [Performance Indicators](index=11&type=section&id=Performance%20Indicators) Non-GAAP performance indicators like EBITDA, Core Income, and Telco Core Income are defined for assessing financial performance - **EBITDA:** Measured as net income excluding items like depreciation, financing costs, and taxes. It is used by management to assess business unit performance and is a common metric for comparison in the telecommunications sector[28](index=28&type=chunk) - **Core Income:** Defined as net income attributable to equity holders, adjusted for non-recurring items such as foreign exchange gains/losses, derivative gains/losses, and asset impairments[29](index=29&type=chunk) - **Telco Core Income:** Further refines Core Income by adjusting for the performance of digital platform interests like Maya Innovations Holdings (MIH) and Kayana Solutions. This metric is a key basis for determining shareholder dividend payouts[30](index=30&type=chunk) [Management's Financial Review](index=12&type=section&id=Management%27s%20Financial%20Review) Reconciliation of Q1 2025 consolidated net income to non-GAAP metrics: EBITDA, Core Income, and Telco Core Income Reconciliation of Net Income to EBITDA (Q1 2025 vs Q1 2024) | (in million Php) | 2025 | 2024 | | :--- | :--- | :--- | | **Consolidated net income** | 9,064 | 9,893 | | Add: Depreciation and amortization | 13,001 | 11,642 | | Add: Financing costs – net | 4,336 | 3,377 | | Add: Provision for income tax | 2,740 | 3,299 | | Other adjustments | (1,376) | (296) | | **Consolidated EBITDA** | **27,865** | **27,315** | Reconciliation of Net Income to Core Income and Telco Core Income (Q1 2025) | (in million Php) | 2025 | | :--- | :--- | | **Consolidated net income** | 9,064 | | Adjustments (FX gains, derivatives, etc.) | (171) | | **Consolidated core income** | **8,893** | | Adjustments (Share in MIH/Kayana losses) | (117) | | **Telco core income** | **8,776** | [Results of Operations](index=15&type=section&id=Results%20of%20Operations) Q1 2025 consolidated revenues grew 2%, but net income fell 8% due to higher expenses and segment declines Segment Performance Summary (Q1 2025 vs Q1 2024) | Segment | Revenues Change | Net Income Change | EBITDA Change | | :--- | :--- | :--- | :--- | | **Wireless** | (2%) | (24%) | 7% | | **Fixed Line** | 5% | (24%) | 5% | | **Consolidated** | 2% | (8%) | 2% | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company maintains solid liquidity, with increased operating cash flow and stable debt ratios Consolidated Cash Flows (Q1 2025 vs Q1 2024) | Cash Flow Activity (in million Php) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash from operating activities | 24,545 | 23,767 | | Net cash used in investing activities | (15,851) | (16,707) | | Net cash used in financing activities | (4,918) | (10,568) | - **Total interest-bearing financial liabilities stood at Php283,066 million** as of March 31, 2025, a slight **1% increase** from year-end 2024[113](index=113&type=chunk)[122](index=122&type=chunk) - The company declared a regular cash dividend of **Php47 per common share** in Q1 2025, totaling **Php10,155 million**[129](index=129&type=chunk) - PLDT confirms **compliance with all debt covenants** as of March 31, 2025[125](index=125&type=chunk) PART II – OTHER INFORMATION [Other Information](index=44&type=section&id=Other%20Information) Updates on significant corporate activities, including PGIH's increased stake in Multisys and ongoing legal matters - On April 2, 2025, PLDT's subsidiary PGIH acquired an additional **5% interest** in Multisys for **Php257.5 million**, increasing its total equity interest to **50.74%**[156](index=156&type=chunk) - The report refers to specific notes for updates on key ongoing matters, including the Sale and Leaseback of Telecom Towers (Notes 9 & 10), the payment demand on Dito (Note 26), the DOLE Compliance Order (Note 26), and the petition against the Philippine Competition Commission (Note 11)[157](index=157&type=chunk) ANNEXES [Aging of Accounts Receivable](index=45&type=section&id=Aging%20of%20Accounts%20Receivable) As of March 31, 2025, gross accounts receivable were Php49,413 million, with 48% over 91 days past due Consolidated Accounts Receivable Aging as of March 31, 2025 | Category (in million Php) | Total | Current | 31-60 Days | 61-90 Days | Over 91 Days | | :--- | :--- | :--- | :--- | :--- | :--- | | **Corporate subscribers** | 21,200 | 7,313 | 3,146 | 973 | 9,768 | | **Retail subscribers** | 16,715 | 6,261 | 978 | 281 | 9,195 | | **Total Gross Receivables** | **49,413** | **19,588** | **4,478** | **1,467** | **23,880** | | Less: Allowance for credit losses | 18,051 | | | | | | **Total Net Receivables** | **31,362** | | | | | [Financial Soundness Indicators](index=46&type=section&id=Financial%20Soundness%20Indicators) PLDT's key financial soundness indicators remained stable as of March 31, 2025, with minor improvements in liquidity and debt ratios Key Financial Ratios | Ratio | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Current Ratio** | 0.36:1.0 | 0.34:1.0 | | **Net Debt to Equity Ratio** | 2.34:1.0 | 2.37:1.0 | | **Net Debt to EBITDA Ratio** | 2.48:1.0 | 2.52:1.0 | | **Interest Coverage Ratio** | 3.65:1.0 | 3.96:1.0 | | **Return on Equity** | 27% | 29% | | **EBITDA Margin** | 52% | 52% | Consolidated Financial Statements [Consolidated Statements of Financial Position](index=49&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) As of March 31, 2025, total assets were Php626,668 million, total liabilities Php509,872 million, and total equity remained stable Consolidated Balance Sheet Highlights (in million Php) | Account | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **626,668** | **623,275** | | Property and equipment | 318,342 | 318,069 | | Cash and cash equivalents | 13,759 | 10,011 | | **Total Liabilities** | **509,872** | **506,540** | | Interest-bearing financial liabilities | 283,066 | 281,586 | | **Total Equity** | **116,796** | **116,735** | [Consolidated Income Statements](index=51&type=section&id=Consolidated%20Income%20Statements) For Q1 2025, total revenues increased 2% to Php55,277 million, but net income decreased 8% to Php9,064 million Consolidated Income Statement Summary (in million Php) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total Revenues** | **55,277** | **54,224** | | Service revenues | 53,421 | 52,195 | | **Total Expenses** | 40,549 | 38,621 | | **Income Before Income Tax** | 11,804 | 13,192 | | **Net Income** | **9,064** | **9,893** | | Basic EPS (Php) | 41.71 | 45.40 | [Consolidated Statements of Cash Flows](index=54&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 saw net cash from operating activities increase 3%, investing activities decrease 5%, and financing activities decrease 53% Consolidated Cash Flow Summary (in million Php) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | **24,545** | **23,767** | | **Net Cash used in Investing Activities** | **(15,851)** | **(16,707)** | | - Purchase of property and equipment | (15,534) | (17,980) | | **Net Cash used in Financing Activities** | **(4,918)** | **(10,568)** | | **Net Increase (Decrease) in Cash** | **3,748** | **(2,120)** | Notes to Consolidated Financial Statements [Note 4. Operating Segment Information](index=116&type=section&id=Note%204.%20Operating%20Segment%20Information) The company operates three segments: Wireless, Fixed Line, and Others, with Fixed Line leading Q1 2025 revenue and profit Segment Results for Q1 2025 (in million Php) | Segment | Total Revenues | Net Income / Segment Profit | | :--- | :--- | :--- | | **Wireless** | 26,117 | 2,249 | | **Fixed Line** | 33,467 | 7,934 | | **Others** | 0 | 113 | | **Inter-segment Transactions** | (4,307) | (1,232) | | **Consolidated** | **55,277** | **9,064** | [Note 9. Property and Equipment](index=130&type=section&id=Note%209.%20Property%20and%20Equipment) This note details PPE composition and movement, with a net book value of Php318,342 million, and updates on telecom tower sales - The net book value of property and equipment was **Php318,342 million** as of March 31, 2025[529](index=529&type=chunk) Cumulative Sale of Telecom Towers (as of March 31, 2025) | Metric | Amount | | :--- | :--- | | **Number of Towers Sold** | 6,726 | | **Cash Consideration** | Php87,319 million | | **Gain on Sale and Leaseback** | Php34,172 million | - Remaining telecom towers with a net book value of **Php4,547 million** are classified as 'Assets held-for-sale'[537](index=537&type=chunk) [Note 11. Investments in Associates and Joint Ventures](index=136&type=section&id=Note%2011.%20Investments%20in%20Associates%20and%20Joint%20Ventures) As of March 31, 2025, investments in associates and joint ventures totaled Php52,854 million, with an update on the PCC legal dispute Carrying Value of Key Investments (as of March 31, 2025) | Investment | Carrying Value (million Php) | | :--- | :--- | | **VTI, Bow Arken and Brightshare (JV)** | 33,653 | | **MediaQuest PDRs (Associate)** | 9,186 | | **MIH (Maya) (Associate)** | 6,875 | - On April 5, 2024, PCEV invested an additional **US$15.3 million (Php857 million)** in MIH (Maya), increasing its ownership to **37.66%**[558](index=558&type=chunk) - The legal petition against the Philippine Competition Commission (PCC) regarding the 2016 acquisition of SMC's telecom assets remains **pending before the Supreme Court**[575](index=575&type=chunk)[592](index=592&type=chunk) [Note 20. Interest-bearing Financial Liabilities](index=167&type=section&id=Note%2020.%20Interest-bearing%20Financial%20Liabilities) As of March 31, 2025, total interest-bearing financial liabilities were Php283,066 million, with new Green and Social Loan facilities Total Long-Term Debt (as of March 31, 2025) | Category | Amount (million Php) | | :--- | :--- | | **Long-term debt (non-current)** | 262,901 | | **Long-term debt (current portion)** | 20,165 | | **Total** | **283,066** | - The company secured a **Php1 billion Green Loan** and a **Php4 billion Green Loan** in March and May 2024, respectively, to fund its fiber network modernization and expansion[681](index=681&type=chunk) - A **Php2 billion Social Loan** was secured in October 2024 to fund network expansion in Geographically Isolated and Disadvantaged Areas (GIDAs)[682](index=682&type=chunk) - PLDT was in **compliance with all of its debt covenants** as at March 31, 2025[692](index=692&type=chunk) [Note 26. Provisions and Contingencies](index=194&type=section&id=Note%2026.%20Provisions%20and%20Contingencies) This note outlines ongoing legal proceedings, including a DOLE order, DITO dispute, and ETPI arbitration - The Supreme Court affirmed a Court of Appeals decision to remand a DOLE order regarding the regularization of **7,344 contractor workers**. The case was sent back to the DOLE Regional Office for further proceedings to determine which workers performing installation, repair, and maintenance services should be regularized. PLDT filed a Motion for Partial Reconsideration, which is **pending**[776](index=776&type=chunk)[783](index=783&type=chunk)[786](index=786&type=chunk) - Regarding DITO's complaints to the NTC and PCC, Smart and DITO have executed a memorandum of agreement on bypass activities, and Smart has provided additional interconnection capacity. The matter is **still under investigation by the PCC**[796](index=796&type=chunk)[798](index=798&type=chunk) - A long-standing arbitration with Eastern Telecommunications Philippines, Inc. (ETPI) over various claims and counterclaims totaling approximately **Php2.9 billion** and **Php2.8 billion**, respectively, remains **suspended pending dismissal** as part of a broader agreement with Globe[774](index=774&type=chunk)[775](index=775&type=chunk) [Note 27. Financial Assets and Liabilities](index=203&type=section&id=Note%2027.%20Financial%20Assets%20and%20Liabilities) This note details financial instruments and risk management policies for liquidity, foreign currency, and interest rate risks - The company manages foreign currency risk as a substantial portion of its capital expenditures and debt is foreign currency-denominated. As of March 31, 2025, **14% of total consolidated debt was in U.S. Dollars**[831](index=831&type=chunk)[835](index=835&type=chunk) - After accounting for hedging instruments and U.S. Dollar cash balances, the unhedged portion of consolidated debt was approximately **5%** as of March 31, 2025[835](index=835&type=chunk) - The company manages interest rate risk through a mix of fixed and variable rate debt. As of March 31, 2025, approximately **60% of consolidated debt was at variable rates**[841](index=841&type=chunk)[848](index=848&type=chunk) Maturity Profile of Financial Liabilities (Undiscounted) as of March 31, 2025 | (in million Php) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | | :--- | :--- | :--- | :--- | :--- | :--- | | **Debt (Principal & Interest)** | 383,244 | 16,789 | 93,921 | 73,603 | 198,931 | | **Lease obligations** | 77,244 | 16,614 | 20,103 | 15,709 | 24,818 | | **Trade and other obligations** | 135,361 | 133,258 | 276 | 21 | 1,806 | | **Total** | **595,849** | **166,661** | **114,300** | **89,333** | **225,555** |

Financial Data and Key Metrics Changes - Net service revenue increased slightly year on year, with gross revenue reaching $27.9 billion, up 2% from last year [4] - EBITDA grew by 2% to $7.9 billion, driven by strength in fiber and ICT segments, along with prudent cost management [4][11] - Telco core income was recorded at $8.8 billion, down 6% year on year due to increased depreciation linked to strategic investments [4][12] - Core income remained steady year on year, supported by Maya's positive contribution, which turned profitable this quarter [12][13] Business Line Data and Key Metrics Changes - Home segment revenue rose by 4% year on year to $15.2 billion, with fiber now accounting for 97% of home revenues, up from 92% in 2024 [5][8] - Enterprise segment total revenue remained steady at $11.9 billion, with corporate data and ICT revenues slightly up by 1% [5][9] - ICT revenue grew by 16% year on year, now accounting for over 22% of enterprise revenues, up from 19% a year ago [6][9] - Mobile revenues decreased slightly due to lower packet Wi-Fi usage, but 5G adoption and data traffic are on the rise, indicating potential for future growth [6][11] Market Data and Key Metrics Changes - Mobile data, fiber, corporate data, and ICT now account for 89% of total revenues, up from 88% in 2024 [7] - 5G data traffic surged by 81% year on year, with 5G device adoption growing by 60% quarter on quarter [11] - The churn rate remains below 2%, one of the lowest in the industry, reflecting effective customer retention strategies [8][59] Company Strategy and Development Direction - The company aims to pursue steady revenue growth, disciplined expense management, asset monetization, and prudent capital allocation [5] - PLDT is focusing on expanding its fiber footprint and enhancing its digital infrastructure, including the launch of the Asia Direct Cable to improve international connectivity [22][24] - Maya, the fintech driver, is positioned for sustainable growth with its all-in-one ecosystem combining payment, banking, and lending services [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's market position despite near-term challenges, supported by strong operational fundamentals and strategic investments [33] - The company anticipates continued growth in the home segment and is optimistic about the enterprise segment recovering as new capacities come online [36][40] - Management highlighted the importance of maintaining a strong focus on customer experience and product innovation to drive future growth [72] Other Important Information - PLDT's net debt stood at $270.7 billion, with a net debt to EBITDA ratio of 2.48 times, slightly improved from the previous year [15] - The company retains investment-grade credit ratings, underscoring investor confidence in its financial health [17] - PLDT is committed to generating positive free cash flow by 2026 and reducing leverage to around a 2.0x net debt to EBITDA ratio over the medium term [17] Q&A Session Summary Question: What is the outlook for the enterprise segment regarding Pogo-related revenue pressures? - Management indicated that the impact from Pogo cancellations is expected to continue until at least Q3, but efforts are being made to mitigate revenue loss [38] Question: Can you provide updates on VITRO's capacity take-up and profitability contributions? - A significant hyperscale customer has already signed for 4 megawatts of capacity, with ongoing discussions for further capacity fill [40] Question: What is the profit momentum expected for Maya for the rest of the year? - Management expects steady and gradual margin improvement rather than a sharp increase, as operating leverage continues to strengthen [42] Question: How is the mobile business expected to perform in the second quarter? - Management noted that while the market has softened, they continue to see growth in traffic, which is expected to help monetize demand [44] Question: What is the current water usage rate for VITRO Santa Rosa? - Water usage is currently at normal levels, with expectations for an increase as AI workloads ramp up [47] Question: What is the target loan to deposit ratio for Maya? - There is no specific target, but the company aims to maintain a conservative loan to deposit ratio compared to traditional banks [50] Question: How does the company plan to improve working capital efficiency? - Strategies include asset monetization, consolidation of central offices, and seeking strategic partners in data centers [82]

Financial Data and Key Metrics Changes - Net service revenue increased by 2% year on year, reaching R27.9 billion, with EBITDA also growing by 2% [4][12] - Telco core income decreased by 6% year on year, primarily due to increased depreciation from network investments [4][13] - Core income remained steady, supported by Maya's positive contribution, which turned profitable this quarter [4][13] Business Line Data and Key Metrics Changes - Home segment revenue rose by 4% year on year, driven by fiber demand, which now accounts for 97% of home revenues, up from 92% in 2024 [5][8] - Enterprise segment total revenue remained stable at R11.9 billion, with ICT revenues growing by 16% year on year [6][10] - Mobile revenues declined slightly due to lower packet Wi-Fi usage, but 5G adoption and data traffic are increasing [6][12] Market Data and Key Metrics Changes - Mobile data, fiber, corporate data, and ICT now account for 89% of total revenues, up from 88% in 2024 [7] - 5G data traffic surged by 81% year on year, with 5G device adoption growing by 60% quarter on quarter [12][63] Company Strategy and Development Direction - The company aims for steady revenue growth, disciplined expense management, and prudent capital allocation [5][14] - PLDT is focusing on expanding its fiber footprint and enhancing its digital infrastructure, including the launch of the Asia Direct Cable to improve international connectivity [23][24] - Maya, the fintech driver, is positioned for sustainable growth with its integrated ecosystem of payment, banking, and lending services [25][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledges near-term challenges but remains confident in market position supported by strong operational fundamentals [35] - The company is committed to generating positive free cash flow by 2026 and reducing leverage to around a 2.0x net debt to EBITDA ratio [17][18] Other Important Information - PLDT's CapEx for Q1 2025 was R10.8 billion, lower than the previous year, with a guidance adjustment for 2025 [14][15] - The company maintains investment-grade credit ratings, reflecting investor confidence in its financial health [16][17] - Sustainability initiatives include commitments to no net deforestation and enhancing online safety for customers [32][33] Q&A Session Summary Question: Impact of Pogo-related revenue pressures on the enterprise segment - Management anticipates continued impact from Pogo cancellations until Q3, but efforts are being made to mitigate revenue loss [40] Question: Take-up levels for VITRO Santa Rosa's new capacities - A significant hyperscale customer has already signed for four megawatts, with ongoing discussions for additional capacity [42] Question: Profit momentum for Maya for the remainder of the year - Management expects steady and gradual margin improvement rather than a hockey stick growth pattern [45] Question: Trends in the mobile business for Q2 - The market has softened, but traffic growth year on year gives confidence in monetizing demand [47] Question: Water usage for VITRO Santa Rosa - Current water usage is normal, with expectations for increased usage as AI workloads ramp up [49][50] Question: Interest income on loans and cost of funds for Maya - Specific numbers on loan yields and cost of funds were not disclosed, but receivables include credit card business [51] Question: Target loan to deposit ratio for Maya - No specific target is set, but a conservative approach will be maintained [53] Question: Subscriber growth in the home segment - Management anticipates sustained growth in subscriber additions throughout 2025 [55] Question: Guidance for 2025 net income - No guidance is provided due to the fluid environment [81] Question: Strategies to improve working capital efficiency - Focus on asset monetization and consolidation of central offices is planned over the next three years [85] Question: Competition in the mobile business - Management does not foresee the same trend of softness as the rest of the industry, citing continued traffic growth [86] Question: Revenue uplift from VITRO Santa Rosa - The facility is expected to generate significant enterprise revenue once fully operational, with current AI workloads already recognized [88]

Core Insights - The article emphasizes the importance of the Zacks Rank system, which focuses on earnings estimates and revisions to identify strong stocks [1] - Value investing is highlighted as a favored strategy that seeks to find undervalued companies in the market [2] - Zacks has developed a Style Scores system to identify stocks with specific traits, particularly in the Value category [3] Company Analysis: PLDT (PHI) - PLDT (PHI) currently holds a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [4] - The stock has a Forward P/E ratio of 7.67, significantly lower than the industry average of 9.34, with historical fluctuations between 6.91 and 10.14 over the past year [4] - The P/B ratio for PHI is 2.44, which is attractive compared to the industry average of 4.05, with a historical range of 2.20 to 3.18 [5] - These valuation metrics suggest that PLDT is likely undervalued, and its strong earnings outlook positions it as one of the market's strongest value stocks [6]

Core Viewpoint - Investors are evaluating the attractiveness of PLDT (PHI) and TeliaSonera AB (TLSNY) as value stocks, with a focus on their valuation metrics and earnings outlooks [1][3]. Valuation Metrics - PLDT (PHI) has a forward P/E ratio of 7.46, while TeliaSonera AB (TLSNY) has a forward P/E of 21.06, indicating that PHI is significantly cheaper relative to its earnings [5]. - The PEG ratio for PHI is 1, suggesting a favorable valuation considering its expected earnings growth, whereas TLSNY has a PEG ratio of 4.08, indicating a higher valuation relative to its growth expectations [5]. - PHI's P/B ratio is 2.38, compared to TLSNY's P/B of 2.51, further supporting the argument that PHI is undervalued relative to TLSNY [6]. Earnings Outlook - Both companies currently hold a Zacks Rank of 2 (Buy), reflecting positive earnings estimate revisions and improving earnings outlooks [3]. - Despite both companies having solid earnings prospects, the valuation metrics suggest that PHI is the superior value option at this time [6].