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 ...

Core Insights - The "Portugal Telecom Operators Country Intelligence Report" provides a comprehensive overview of the telecommunications market in Portugal, including forecasts up to 2029 [1] - The report highlights key opportunities, competitive dynamics, and demand evolution across various service types and technologies [1] Market Highlights - The overall telecom and pay-TV services revenue in Portugal is projected to grow at a CAGR of 1.4% from 2024 to 2029, driven by mobile data and fixed broadband segments [6] - Mobile data service revenue is expected to grow at a five-year CAGR of 5.6%, fueled by increasing 5G adoption, rising mobile broadband subscriptions, and demand for high-speed data services [6] - Fixed broadband service revenue is forecasted to grow at a CAGR of 1.7%, supported by fiber subscription gains due to government and telecom network expansion efforts [6] Operating Environment - The report includes a review of the regulatory environment and trends, focusing on spectrum licensing, DTT migration, and IoT regulations over the next 18-24 months [6] Telecom Services Market Outlook - Detailed analysis of service revenue from fixed telephony, broadband, mobile voice, mobile data, and pay-TV markets is provided, along with historical figures and forecasts [6] Competitive Landscape - The report examines the positioning of leading players in the telecom and pay-TV services market, including subscription market shares across segments [6] - Company snapshots analyze the financial positions of major service providers such as MEO, Vodafone Portugal, NOS, Lycamobile, and NOWO [8]

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]

Core Insights - The "Oman Telecom Operators Country Intelligence Report" provides a comprehensive analysis of Oman's telecommunications landscape with forecasts extending to 2029 [1] - The report covers various segments including fixed telephony, broadband, and mobile services, while also addressing regulatory trends impacting the industry [1] Industry Overview - The report includes demographic and macroeconomic context in Oman [7] - It reviews the regulatory environment and trends for the next 18-24 months, including developments in spectrum licensing, national broadband plans, and tariff regulation [7] Market Outlook - The total telecom service revenue is projected to grow at a CAGR of 3.7% from 2024 to 2029, driven by mobile data and fixed broadband segments [7] - Mobile data services revenue is expected to increase at a CAGR of 6.4%, fueled by the adoption of 5G services and data-centric plans [7] - Fixed broadband service revenue is forecasted to grow at a CAGR of 3.9%, supported by fixed wireless and FTTH subscriptions due to broadband coverage expansions [7] Competitive Landscape - The report examines the positioning of leading players in the telecom services market and subscription market shares across segments [7] - Key players mentioned include Omantel Oman, Ooredoo Oman, FRiENDi Mobile, Renna Mobile, Awasr, and Vodafone Oman [7]

Financial Data and Key Metrics Changes - The company reported record high contributions, recurring profits, and full-year distributions to shareholders, with a total payout of HKD0.25 per share [5][6] - The interest coverage ratio at the end of the year was four times, exceeding the comfort level of three times [9] - The company maintained strong cash flows and retained two investment-grade credit ratings [6][9] Business Line Data and Key Metrics Changes - Indofood achieved record revenues for the eleventh consecutive year, with EBIT margins for the Noodles division reaching 25.9%, the highest ever [10] - Metro Pacific's core profit also reached record highs, driven primarily by power, water, and toll roads, with expectations for continued strong performance in 2025 [12][13] - PLDT reported record high sales and service revenues, with mobile data and SMS showing the strongest growth [13] Market Data and Key Metrics Changes - The company increased its stake in MPIC from 46.3% to 49.9% [4] - The Philippines and Indonesia's economies are expected to double from 2018 to 2029, which may positively impact the company's performance [75] Company Strategy and Development Direction - The company plans to continue focusing on growth in its core businesses, particularly in defensive industries like power, roads, and water [75] - There is an emphasis on improving operational efficiency and reducing non-revenue water in Metro Pacific to enhance revenue [36] - The company is exploring strategic options for Maya, including potential IPO or trade sale discussions [72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, indicating that current trends suggest another strong year for Metro Pacific in 2025 and 2026 [75] - The company highlighted the importance of securing long-term contracts for gas supply to mitigate past issues and enhance profitability [28] Other Important Information - The company is planning a new 600-megawatt hydrogen-ready power project expected to commence operations in January 2029 [16] - The financing mix for new power plant projects is anticipated to be approximately 60% debt and 40% equity [47] Q&A Session Summary Question: What is the expected earnings trajectory for FPM power in 2025 and 2026? - Management indicated that 2023 was an exceptional year and that profits are expected to taper gradually, with long-run marginal costs influencing future earnings [24][27] Question: Can you provide updates on the Terra Solar Phase two project? - The focus remains on Phase one of the Terra Solar project, with initial delivery expected in Q1 2026 [30] Question: What are the considerations for the spin-off of MailiNet? - The valuation is tied to strong performance and operational efficiency improvements, with a focus on reducing non-revenue water [35] Question: Will there be share buybacks given the current NAV discount? - Management stated that share buybacks are part of a dynamic capital allocation strategy and will be assessed based on liquidity and other commitments [39][41] Question: What is the financing mix for PLP's new power plant projects? - The financing is expected to consist of approximately 60% debt and 40% equity, with dividends continuing to be paid to shareholders [47] Question: What are the plans for Maya, PLDT's online bank? - Maya is experiencing significant growth, and discussions regarding its future, including potential IPO or trade sale, are ongoing [72]

Financial Data and Key Metrics Changes - Service revenue grew 2% year-on-year to PHP 194.7 billion driven by Fiber Mobile data and Enterprise ICT [9] - Gross revenue rose by 3% to PHP 208.4 billion [9] - EBITDA expanded by 4% to PHP 108.5 billion, with an EBITDA margin of 52% [10][19] - Telco Core income increased by 2% to PHP 35.1 billion, reinforcing earnings stability [10][19] - Reported income surged 21% to PHP 32.3 billion, up PHP 5.7 billion year-on-year [20] Business Line Data and Key Metrics Changes - Individual segment revenues rose by 2% to PHP 83.5 billion, with Mobile Data up by 5% [12] - Home revenues hit PHP 60.7 billion, with Fiber-only revenues growing by 6% to PHP 56 billion [14] - Enterprise revenues grew 3% to PHP 48.4 billion, with ICT services up 15% to PHP 35 billion [17] Market Data and Key Metrics Changes - Active data users reached 41.3 million, with average monthly mobile data usage per user growing by 5% [12] - PLDT's ARPU of PHP 1,488 remains at a premium to the industry [15] - Maya Bank's customer base grew 71% year-on-year to 5.4 million [28] Company Strategy and Development Direction - Focus on expanding revenues, managing costs, and improving cash flow generation in 2025 [10] - Strategic investments in network leadership, AI-driven marketing, and digital transformation [36] - Commitment to sustainability with a target of running data centers on at least 40% renewable energy by 2030 [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining profitability amid competitive pressures [10] - Anticipated continued growth in mobile data and enterprise ICT segments [36] - Plans to enhance customer experience and retention through improved service and innovative offerings [92] Other Important Information - CapEx for 2024 totaled PHP 78.2 billion, with guidance for 2025 between PHP 68 billion and PHP 73 billion [21][22] - Net debt-to-EBITDA currently stands at 2.52 times, with a target to reduce it to 2.0 times in the mid-term [23] - PLDT retained investment-grade ratings from S&P and Moody's [25] Q&A Session Summary Question: What is PLDT's stand on the Konektadong Pinoy Act? - PLDT supports the government's effort to provide open access and requests equal treatment with data transmission providers [79][81] Question: What initiatives are driving customer retention in the Home segment? - PLDT Home focuses on competitive offers, increasing speeds, and improving service to maintain a low churn rate of 1.7% [92] Question: Can you clarify the 11% increase in Fixed Line from 2023 to 2024? - The increase is attributed to bundled products, with voice services growing as part of these bundles [115] Question: Any preliminary guidance for 2025? - Management is not comfortable providing specific guidance for core income for 2025 but expects increases in revenues and profitability [123] Question: Why did PLDT see subscriber losses on prepaid in the fourth quarter? - The losses were due to a year-end cleanup of subscribers [127] Question: What has demand been like for GPU-as-a-Service? - Demand is growing, and PLDT is in discussions with enterprises to explore use cases for this service [133]