PLDT banks on late rebound in 2026

PLDT Inc. is banking on a stronger second half to lift an otherwise flat 2026, after ending the first six months with steady core income of P17.3 billion as growth in data and broadband helped offset declines in legacy services and softer telecommunications operations.

In its first-half results disclosed Thursday, PLDT said net service revenues, excluding interconnection costs, inched up one percent to P97.8 billion, while gross service revenues increased 2 percent to P108.7 billion.

“Growth remains measured, but we are optimistic that the second half of the year will be better, as we build on our momentum and focus on executing with discipline,” said Manuel V. Pangilinan chair and CEO of PLDT as well as Smart Communications.

Data and broadband revenues reached P84 billion, accounting for 86 percent of net service revenues, compared with 85 percent a year earlier.

Excluding the drag from legacy services, net service revenues grew 2 percent.

Reported net income stood at P16.4 billion while telecom core income reached P16.6 billion.

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PLDT said its overall core income was partly supported by the sustained profitability of digital banking arm Maya, which helped offset higher depreciation and amortization expenses and softer telco operating results.

Maya contributed P559 million to PLDT’s core income in the first half, as the digital bank ended June with P86 billion in deposits and P39 billion in loans.

Despite the stable first-half performance, Pangilinan declined to provide full-year guidance, saying the improvement seen in July was not yet enough to crystallize PLDT’s outlook for 2026.