PHI Telecom · Philippines · Telecom · Data centers · Thesis updated July 17, 2026

Fiber and Maya steady a debt-heavy telco

PLDT's newer services are growing, but legacy copper and voice still drag the headline numbers.
Home is now mainly a fiber business, with fiber at 98% of Home revenue in 2025.
Maya moved from a cash drain to a profit source, earning ₱1.7 billion in 2025.
VITRO Santa Rosa gives PLDT a real data center growth option, with 6 MW sold out of 36 MW capacity.
The main worry is not demand alone, but regulation, debt, competition, and higher depreciation from past spending.

01 Running thesis

Better mix, still heavy baggage

PLDT is slowly becoming a cleaner growth story. Core service revenue grows better when the old copper and voice lines are stripped out. Home fiber, mobile data, enterprise ICT, VITRO data centers, and Maya are now doing more of the work.

The two strongest proof points are Maya and VITRO. Maya delivered ₱1.7 billion of net income in 2025, its first full profitable year. VITRO Santa Rosa has sold 6 MW out of 36 MW capacity, which shows there is real demand for its data center space.

The bear case is still serious. Prepaid fiber is a tough market. Enterprise has been hurt by the POGO shutdown and delayed public sector deals. The Konektadong Pinoy Bill could force wider access to PLDT assets, depending on the access list and final rules.

This is why the thesis stays balanced. PLDT has better growth engines than it used to, but net income is still pressured by depreciation and financing costs from past investments. A data center REIT IPO, which is a public vehicle that can own data center assets, could help pay down debt. A Maya IPO in late 2026 or 2027 would add another possible catalyst.

Feb 2026▲Maya delivered its first full profitable year with ₱1.7 billion in net income. PLDT also said VITRO Santa Rosa had sold 6 MW out of 36 MW capacity and that a data center REIT IPO could be used to pay down debt.

Nov 2025▲Maya stayed profitable for a third straight quarter and reached ₱57 billion in deposits by the end of September. S&P also moved PLDT's management and governance assessment to neutral, which eased part of the governance concern.

Aug 2025→Maya reported its first profitable semester, and VITRO Santa Rosa went live with NVIDIA GPUs. The positive updates were balanced by the new Konektadong Pinoy regulatory risk and continued Enterprise pressure from POGO and public sector delays.

May 2025▲Maya posted its first full profitable quarter with ₱127 million in net income. VITRO Santa Rosa secured a 4 MW anchor tenant, while Home fiber and Enterprise ICT continued to offset legacy drag.

Mar 2025→PLDT's annual filing added detail on strategic investments in Radius and Kayana. These moves support enterprise reach and group digitalization, but they did not change the core risk-reward view.

Feb 2025▲Maya reached positive net income in December 2024, and VITRO Santa Rosa was energized as an AI-ready data center. Management also discussed monetizing copper assets and possible moves around Maya ownership.

Aug 2024→The baseline thesis was set: PLDT's growth businesses were expanding faster than the headline showed, because old copper and voice services were dragging reported growth. Maya profitability and VITRO monetization were identified as key catalysts.

02 Business model

Subscriptions, loads, contracts, and new platforms

PLDT runs fixed and wireless networks across the Philippines. It makes money when people buy mobile loads, pay monthly home broadband bills, or sign enterprise contracts for data, cloud, cybersecurity, managed IT, and data center services.

The best part of the model is scale. Once the network is built, more data use can add revenue without rebuilding the whole system. That is why mobile data, home fiber, and enterprise ICT matter so much.

The weak part is cost. Telecom networks need constant spending, and PLDT's past investment cycle still shows up as higher depreciation. That is an accounting cost for using long-lived assets over time, and it reduces reported profit even when cash revenue holds up.

Maya and VITRO add upside that is not typical for a plain phone company. Maya can earn from deposits, lending, merchant payments, and cards. VITRO can earn rent-like data center fees from companies that need secure computing space, including AI workloads.

03 Product portfolio

What PLDT sells

Steady

Mobile and 5G

PLDT sells mobile data through Smart and related brands. Mobile data is the center of the wireless business, and 5G traffic continues to rise as more users move to newer devices.

Option

KiQ

KiQ is an app-based mobile service aimed at Gen Z users. It is small today, but it tests a more personalized way to sell mobile service.

Cash cow

Home fiber

Home fiber is the core home broadband product. Fiber made up 98% of Home revenue in 2025, which shows how far PLDT has moved away from older home access lines.

Growth engine

Prepaid fiber and fixed wireless

These products help reach homes that may not want a full postpaid fiber plan. The risk is price competition, especially in prepaid fiber.

Growth engine

Enterprise ICT

Enterprise sells corporate data, SD-WAN, cybersecurity, cloud, managed IT, and other tech services. ICT revenue grew 25% for full-year 2025, even while some enterprise areas faced delays.

Growth engine

VITRO data centers

VITRO sells data center colocation and AI-ready infrastructure. VITRO Santa Rosa has 36 MW of capacity, with 6 MW already sold.

Growth engine

Maya

Maya is PLDT's digital bank and fintech platform. It offers deposits, loans, merchant acquiring, and credit cards, and it earned ₱1.7 billion in 2025.

04 Business segments

2025 revenue mix

Individual44%flat

Home31%modest

Enterprise25%modest

The mix uses 2025 revenue figures from PLDT's 2025 Q4 earnings transcript: Individual or wireless consumer revenue of ₱85.0 billion, Home revenue of ₱61.0 billion, and Enterprise revenue of ₱48.4 billion. Shares are based on those three disclosed segment figures, so they exclude small differences versus consolidated service revenue.

05 Risk factors

What could break the case

Konektadong Pinoy access rules

High impact · Medium odds

The Konektadong Pinoy Bill could require PLDT to provide broad access to parts of its network assets. Management says the sector is still waiting for the initial access list before reference access offers can be structured. If the rules are too broad or pricing is weak, PLDT could lose some control over assets it paid to build.

We watchThe initial access list and the reference access offer rules.

Fiber price pressure

Medium impact · High odds

Home fiber is now a large profit pool for PLDT, but prepaid fiber is competitive. If rivals cut prices or add heavy promotions, PLDT may need to spend more to keep subscribers. That could slow revenue growth or weaken margins.

We watchHome fiber ARPU, churn, net adds, and prepaid fiber pricing.

Enterprise demand delays

Medium impact · Medium odds

Enterprise has faced drag from the POGO shutdown and delayed public sector IT deals. ICT is growing fast, but timing matters because large contracts can move between quarters. If government or corporate projects slip again, Enterprise growth could look weaker than the long-term demand suggests.

We watchEnterprise revenue growth, ICT contract wins, and public sector deal timing.

Debt and depreciation drag

High impact · Medium odds

PLDT spent heavily on its network and digital assets in prior years. That spending now creates higher depreciation, and debt also brings financing costs. Even if service revenue grows, reported net income can stay under pressure.

We watchNet debt-to-EBITDA, CapEx intensity, financing costs, and depreciation.

Maya credit quality

Medium impact · Medium odds

Maya is now profitable, but banking profits depend on good credit decisions. Fast loan growth can turn into losses if borrowers fall behind. A Maya IPO would be a catalyst, but weak credit trends could hurt that story.

We watchMaya deposit balances, loan growth, net income, and credit loss indicators.

06 Quick answers

In one breath

What does PLDT Inc. do?

PLDT sells telecom and digital services in the Philippines. Its main businesses are mobile data, home fiber broadband, enterprise technology services, VITRO data centers, and Maya digital banking.

Is PLDT still mainly a phone company?

PLDT still owns major telecom networks, but the mix is shifting. Fiber, mobile data, enterprise ICT, data centers, and Maya are becoming more important than legacy copper and voice.

Why does Maya matter to PLDT?

Maya used to be a loss-making growth bet. In 2025, it earned ₱1.7 billion, which makes it a real contributor and a possible IPO candidate for late 2026 or 2027.

What is the biggest risk for PLDT?

The biggest single risk is regulatory uncertainty around the Konektadong Pinoy Bill. Debt, fiber competition, and delayed enterprise projects are also important risks to watch.