Operating segments are components of the PLDT Group that engage in business activities from which they may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of PLDT Group). The operating results of these operating segments are regularly reviewed by the Executive Committee to make decisions about how resources are to be allocated to each of the segments and to assess their performances, and for which discrete financial information is available.

For management purposes, we are organized into business units based on our products and services. We have three reportable operating segments as follows:

Segment revenues, segment expenses and segment results include transfers between business segments. These transfers are eliminated in full upon consolidation.

The amounts of segment assets and liabilities and segment profit or loss are based on measurement principles that are similar to those used in measuring the assets and liabilities and profit or loss in our consolidated financial statements, which is in accordance with IFRS Accounting Standards. The segment revenues, net income, and other segment information of our reportable operating segments for the years ended December 31, 2025, 2024 and 2023, and as at December 31, 2025 and 2024 are as follows:


	Wireless			Fixed Line			Others			Intersegment and Consolidation Entries			Consolidated
	(in million pesos)
December 31, 2025
Revenues
External customers		102,616			115,772			—			—			218,388
Service revenues		96,869			115,317			—			—			212,186
Non-service revenues		5,747			455			—			—			6,202
Inter-segment transactions		700			15,038			—			(15,738	)		—
Service revenues		699			15,038			—			(15,737	)		—
Non-service revenues		1			—			—			(1	)		—
Total revenues		103,316			130,810			—			(15,738	)		218,388

Depreciation and amortization		40,560			26,928			—			(8,001	)		59,487
Asset impairment		652			3,318			—			—			3,970
Interest income		554			171			11			(17	)		719
Equity share in net income (losses) of associates and joint ventures		(11	)		(924	)		507			—			(428	)
Financing costs – net		9,941			9,411			—			(1,184	)		18,168
Provision for (benefit from) income tax		2,709			6,810			(29	)		(669	)		8,821
Net income / Segment profit		9,437			25,599			568			(6,735	)		28,869

Assets
Operating assets		305,477			297,575			24,919			(57,150	)		570,821
Investments in associates and joint ventures		280			43,234			8,911			—			52,425
Deferred income tax assets – net		5,684			5,235			91			572			11,582
Total assets		311,441			346,044			33,921			(56,578	)		634,828
Liabilities
Operating liabilities		254,793			282,827			1,020			(31,970	)		506,670
Deferred income tax liabilities		16			57			2			—			75
Total liabilities		254,809			282,884			1,022			(31,970	)		506,745

Other segment information
Capital expenditures, including capitalized interest (Note 9)(1)(2)		29,203			31,133			—			—			60,336

(1) Net of additions subject to sale and leaseback from tower companies.

(2) Includes capitalization of subscriber contract cost to fulfill.


	Wireless		Fixed Line			Others			Intersegment and Consolidation Entries			Consolidated
	(in million pesos)
December 31, 2024
Revenues
External customers		104,944		111,889			—			—			216,833
Service revenues		96,989		111,393			—			—			208,382
Non-service revenues		7,955		496			—			—			8,451
Inter-segment transactions		790		14,601			—			(15,391	)		—
Service revenues		790		14,601			—			(15,391	)		—
Non-service revenues		—		—			—			—			—
Total revenues		105,734		126,490			—			(15,391	)		216,833

Depreciation and amortization		36,483		29,132			—			(9,387	)		56,228
Asset impairment		906		3,415			—			—			4,321
Interest income		698		230			15			(27	)		916
Equity share in net losses of associates and joint ventures		—		(67	)		(923	)		—			(990	)
Financing costs – net		9,763		7,456			—			(1,719	)		15,500
Provision for (benefit from) income tax		3,086		6,154			(9	)		370			9,601
Net income (loss) / Segment profit (loss)		10,491		31,349			(1,069	)		(9,828	)		30,943

December 31, 2024
Assets
Operating assets		326,672		291,635			19,879			(82,318	)		555,868
Investments in associates and joint ventures		108		44,758			7,898			—			52,764
Deferred income tax assets – net		6,537		8,014			62			30			14,643
Total assets		333,317		344,407			27,839			(82,288	)		623,275
Liabilities
Operating liabilities		280,160		287,993			1,182			(62,855	)		506,480
Deferred income tax liabilities		15		43			—			2			60
Total liabilities		280,175		288,036			1,182			(62,853	)		506,540

December 31, 2024
Other segment information
Capital expenditures, including capitalized interest (Note 9)(1)(2)		40,767		37,294			185			—			78,246

(1) Net of additions subject to sale and leaseback from tower companies.

(2) Includes capitalization of subscriber contract cost to fulfill.


	Wireless		Fixed Line			Others			Intersegment and Consolidation Entries			Consolidated
	(in million pesos, except for EBITDA margin)

December 31, 2023
Revenues
External customers		103,718		107,235			—			—			210,953
Service revenues		94,994		106,838			—			—			201,832
Non-service revenues		8,724		397			—			—			9,121
Inter-segment transactions		683		13,499			—			(14,182	)		—
Service revenues		683		13,498			—			(14,181	)		—
Non-service revenues		—		1			—			(1	)		—
Total revenues		104,401		120,734			—			(14,182	)		210,953

Depreciation and amortization		31,684		36,890			—			(9,912	)		58,662
Asset impairment		648		3,784			—			—			4,432
Interest income		720		324			7			(35	)		1,016
Equity share in net gains (losses) of associates and joint ventures		—		(595	)		(2,211	)		—			(2,806	)
Financing costs – net		9,034		6,824			—			(2,103	)		13,755
Provision for (benefit from) income tax		5,458		3,652			1			59			9,170
Net income (loss) / Segment profit (loss)		17,285		25,426			(2,270	)		(14,901	)		25,499
Continuing operations		17,285		25,426			(2,270	)		(14,901	)		25,540
Discontinued operations (Notes 2 and 8)		—		—			—			—			(41	)

December 31, 2023
Other segment information
Capital expenditures, including capitalized interest (Note 9)(1)(2)		36,797		48,286			—			—			85,083

(1) Net of additions subject to sale and leaseback from tower companies.

(2) Includes capitalization of subscriber contract cost to fulfill.

The following table presents our revenues from external customers by category of products and services for the years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
	(in million pesos)
Wireless revenues
Service revenues:
Mobile		94,973		95,508		93,365
Fixed wireless broadband		1,896		1,481		1,629
		96,869		96,989		94,994
Non-service revenues ─
Sale of devices and accessories		5,747		7,955		8,724
Total wireless revenues		102,616		104,944		103,718
Fixed line revenues
Service revenues:
Data		85,284		83,228		81,625
Voice and miscellaneous		30,033		28,165		25,213
		115,317		111,393		106,838
Non-service revenues ─
Sale of phone units, devices and others		455		496	397
Total fixed line revenues		115,772		111,889		107,235
Total revenues		218,388		216,833		210,953

Disclosure of the geographical distribution of our revenues from external customers and the geographical location of our total assets are not provided since majority of our consolidated revenues are derived from our operations within the Philippines.

There is no revenue transaction with a single external customer that accounted for 10% or more of our consolidated revenues from external customers for the years ended December 31, 2025, 2024 and 2023.