Financial Data and Key Metrics Changes - Gross service revenues reached PHP 212.2 billion, up 2% or PHP 3.8 billion year-on-year [4] - Net service revenues reached PHP 196.2 billion, marking a record [4] - EBITDA, excluding MRP costs, rose 3% to PHP 111.2 billion, with margins steady at 52% [4] - Telco core income was PHP 33.9 billion, down 3%, mainly due to higher financing costs and depreciation [4][16] - Core income improved to PHP 34.6 billion, up 1%, supported by Maya's swing to profitability [4][16] Business Line Data and Key Metrics Changes - Wireless consumer revenues were PHP 85 billion, steady year-on-year [5] - Fiber revenues grew 6% to PHP 59.4 billion, accounting for 98% of Home revenues [6] - Enterprise revenues grew to a record PHP 48.4 billion, with corporate data and ICT growing 3% to PHP 36.3 billion [6][12] - Fixed wireless revenues were up 22% year-on-year, supported by the shift from 4G to 5G [11] Market Data and Key Metrics Changes - Mobile data traffic grew 7% to 5,900 petabytes in 2025, with active data users reaching 43.2 million [10] - 5G devices were up 35% to 11.2 million, while 5G data traffic rose 88% [10] - Total loans disbursed by Maya reached PHP 256 billion since 2022, with deposit balances at approximately PHP 68 billion, up 72% year-on-year [20] Company Strategy and Development Direction - The company is focusing on maintaining positive free cash flow and reducing CapEx, with guidance for 2026 in the mid PHP 50 billion range [17][19] - Continued investment in digital infrastructure and the development of Maya as a leading digital financing platform [20][23] - The launch of the country's first operational hyperscale facility through VITRO, aimed at supporting enterprise and public sector workloads [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in market position supported by improving operational fundamentals and strategic investments [26] - The Philippine telco industry was described as anemic in 2025, with PLDT's revenues growing by 1% compared to a slight decline for competitors [86] - Management anticipates improvement in the industry in 2026, with hopes for better performance alongside competitors [87] Other Important Information - Total cash OPEX came in at PHP 84.9 billion, down 1% year-on-year, reflecting disciplined spending [15] - PLDT continues to be rated investment grade by S&P and Moody's, with stable outlooks [18] - The company is making notable gains in sustainability, being included in the S&P Global Sustainability Yearbook for the second consecutive year [24] Q&A Session Summary Question: What drove the difference in mobile growth between PLDT and Globe? - The growth for PLDT was driven by hyper-personalization offers that allowed upselling, while Globe saw subscriber growth [28][30] Question: What influenced the flat broadband growth and ARPU softness? - The flat growth was impacted by major calamities that diverted resources to repairs, affecting installation activity [31][32] Question: Update on Konektadong Pinoy and Maya's IPO? - The implementation of the KP Act is ongoing, with eligibility criteria released [37][38] - No comments on Maya's IPO at this time [40] Question: What is the update on the data center stake sale? - A late IPO for the data center is being considered, with an international bank assisting [42] Question: What is driving the increase in interest expense? - The increase is attributed to interest rates, loan balances, and accretion on liabilities [68]

Core Viewpoint - The company, Dai Kang Industrial (DY.N), has received positive ratings from multiple institutions, with a strong stock performance driven by optimism in its AI data center and fiber broadband business growth prospects [1][2]. Institutional Opinions - In February 2026, 12 institutions issued ratings of "buy" or "hold," with an average target price of $407.82. The highest target price is $510.00, while the lowest is $360.00. Institutions widely recognize the company's growth potential in the AI data center and fiber broadband sectors, indicating a positive business outlook [2]. Recent Stock Performance - The stock exhibited a volatile upward trend over the past week, with a price fluctuation range of 11.66%. Notably, on February 6, the stock surged by 6.44% to close at $400.47; on February 9, it rose by 3.70% to $415.28; on February 10, it slightly corrected by 1.18% to $410.40; and on February 11, it increased by 4.38% to $428.36, reaching a daily high of $428.76 with a trading volume of approximately $111 million. During the same period, the Nasdaq index fell by 0.59%, highlighting the company's stock performance as significantly outperforming the market. As of February 11, 2026, the price-to-earnings ratio (TTM) stands at 42.16, with a total market capitalization of approximately $12.837 billion [3].

Core Insights - AT&T reported better-than-expected wireless user growth in Q3, driven by bundled plans and promotions around the new iPhone launch [1] - The company added 405,000 postpaid wireless users, surpassing the forecast of 334,100 [1] - AT&T's strategy includes bundling wireless and fiber broadband services, which has reduced customer churn [1] Financial Performance - Q3 device sales increased by 6.1% due to higher smartphone sales [2] - Operating costs in the mobile segment rose by 3.8% due to increased sales of more expensive devices and higher marketing expenses [2] - The wireline business saw a revenue decline of 7.8% due to falling traditional voice and data service revenues [2] - Adjusted earnings per share for Q3 were $0.54, in line with expectations [2] - Total revenue for Q3 grew by 1.7% year-over-year to $30.7 billion, slightly below the expected $30.87 billion [2] Strategic Moves - AT&T announced a significant $23 billion deal to acquire wireless spectrum licenses from EchoStar, aimed at enhancing network capabilities [1]

Financial Data and Key Metrics Changes - The company reported a 4% growth in total revenue, exceeding USD 2.2 billion, with EBITDA improving by 3% to USD 818 million and AFF growing to USD 328 million [3][20][28] - The interim dividend declared was HKD 33.8 per share [3] - The gross debt decreased to USD 5.57 billion, improving the gross debt to EBITDA ratio to 3.11x [30] Business Line Data and Key Metrics Changes - The enterprise segment saw an 11% year-on-year revenue growth, driven by a 14% increase in cloud projects and a 6% growth in high bandwidth fiber lines [10][21] - Mobile services revenue grew by 5%, with a net addition of 45,000 customers and an ARPU increase to USD 193 [7][23] - Fixed broadband subscriber base grew by over 140%, contributing to a 3% increase in fiber users [9][21] Market Data and Key Metrics Changes - China revenue grew by 13%, supported by demand for SD WAN services and data center uptake [12] - Roaming revenue increased by 7%, reaching 104% of pre-pandemic levels, with active roaming penetration rising to 59% [7][23] - The number of 5G subscribers reached nearly 1.9 million, representing a 21% year-on-year increase [8][24] Company Strategy and Development Direction - The company is focusing on AI technology to enhance customer offerings and improve operational efficiency, achieving a 7% cost savings across the overall cost base [4][18] - Investments in digital infrastructure, including a 100 terabit core backbone network, are aimed at supporting high bandwidth requirements for AI and cloud computing [5][10] - The company is expanding its digital ecosystem through loyalty platforms and telemedicine services, targeting customer acquisition and retention [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about enterprise growth, targeting 10% to 12% for the full year, supported by a healthy project pipeline and economic recovery in Hong Kong [35][36] - The company anticipates continued growth in roaming revenue due to increased travel activities and mega events [37][38] - Management highlighted the positive impact of lower interest costs and a strengthened balance sheet on future growth prospects [18][34] Other Important Information - The company received an MSCI AA ESG rating for the fifth consecutive year, reflecting its commitment to sustainability and community engagement [17] - The company is actively managing its working capital, expecting improvements in the second half of the year [41] Q&A Session Summary Question: What is the guidance for interest costs in the second half? - Management expects full-year interest savings to be at least 25% to 30% [34] Question: Will enterprise growth of 11% be maintained for the full year 2025? - Management is optimistic, targeting 10% to 12% growth for the full year [35][36] Question: Do you expect strong roaming revenue growth to be maintained for the remainder of 2025? - Management is positive about maintaining growth in roaming revenue due to increased travel and events [37][38] Question: Is it possible to capitalize on low interest rates through refinancing into more floating debt? - Management indicated a willingness to leverage low rates while maintaining a prudent balance [39][40] Question: What is the outlook for working capital in the second half? - Management expects better working capital management in the second half [41] Question: Is there guidance for full-year growth in AFF? - Management is optimistic that growth will be better than 3% [42]