PLDT INC.’s attributable net income slipped by 7.12% to P30.01 billion in 2025, as higher expenses and flat core earnings weighed on results, while the corporate also said it plans to pursue an actual estate investment trust (REIT) listing for its data center business after shelving earlier plans to sell a minority stake.
“The primary half of the yr was tough, but we regained momentum within the second half, with our third quarter gains carrying us through to the top of 2025. Our core business has remained stable, especially considering the challenges in the broader economy. We likewise saw our disciplined and focused investments strengthen our free money flow,” PLDT Chairman Manuel V. Pangilinan said in a press release on Thursday.
PLDT Chief Financial Officer and Chief Risk Management Officer Danny Y. Yu said heightened competition within the telecommunications sector also contributed to the weaker income performance.
Telco core income — which excludes the impact of asset sales and losses from Maya Innovations Holdings — declined by 3% to P33.93 billion from P35.14 billion in 2024.
Gross revenue in 2025 rose 1% to P218.39 billion from P216.83 billion the previous yr.
Service revenue accounted for P212.19 billion, while non-service revenue reached P6.20 billion.
Total expenses increased 1% to P168.04 billion from P166.30 billion in 2024.
For 2026, the corporate set capital expenditure (capex) guidance within the mid‑P50‑billion range, Mr. Yu said. That is barely below the about P60 billion spent in 2025.
Meanwhile, Maya Group recorded its first full-year profit in 2025, posting P1.7 billion in net income on improved execution and value management supported by platform ownership.
Mr. Pangilinan earlier said Maya is targeting an initial public offering (IPO) within the second half of the yr, with plans to list first in the US after which on the Philippine Stock Exchange.
The IPO is meant to lift fresh capital while giving existing investors room to exit, and allowing PLDT to retain its stake. PLDT and First Pacific Co. Ltd. jointly own 39% of Maya.
DATA CENTER REIT
PLDT now plans to pursue a REIT listing for its data center subsidiary VITRO, Inc., Mr. Yu said.
The move comes after negotiations with potential investors didn’t advance because they preferred majority control reasonably than the minority stake PLDT was willing to sell.
“We’re selling idle properties (to assist cut down debts). We’re also seriously considering REIT listing IPO for data centers,” Mr. Yu said. Consolidated net debt as of end‑December 2025 was P284.7 billion. Net debt‑to‑EBITDA (earnings before interest, taxation, depreciation, and amortization) stood at 2.56x, while gross debt reached P296.9 billion.
“Most of them want the bulk, all of them. None of them agree with the minority stake… So, our only alternative without delay is REIT,” Mr. Yu added.
“We’re really taking a have a look at the brand new SEC rules that classify latest real estate investment trust in relation to data centers. It’s for us to grasp the principles on easy methods to properly engage in such an option,” ePLDT Inc. President and Chief Executive Officer Victor S. Genuino said on the sidelines of PLDT’s briefing.
He said REIT rules applicable to real estate could allow VITRO to list nine of its mature data centers.
“We’ve got to make a choice whether that’s a path that we would like to take. It’s clear for us that if we would like to take this route of monetizing our asset, selling it to an interested third party for a majority will not be going to occur. So we would like to maintain control of our assets because we predict that is going to be a catalyst for growth,” Mr. Genuino said.
Last yr, PLDT inaugurated VITRO Sta. Rosa, its 11th data center. The five‑hectare facility in Laguna is described because the country’s largest data center campus, with capability of as much as 50 megawatts (MW). Across all sites, VITRO has nearly 100 MW of combined capability.
On the local bourse on Thursday, PLDT shares closed P20, or 1.42%, higher at P1,425 each.
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