Summary of Material Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2025 |
|---|
| Disclosure Of Significant Accounting Policies [Abstract] |
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| Summary of Subsidiaries |
Our consolidated financial statements include the financial statements of PLDT and the following subsidiaries (collectively, the “PLDT Group”) as at December 31, 2025 and 2024:
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2025 |
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2024 |
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Place of |
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Percentage of Ownership |
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Name of Subsidiary |
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Incorporation |
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Principal Business Activity |
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Direct |
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Indirect |
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Direct |
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Indirect |
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Wireless |
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Smart: |
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Philippines |
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Cellular mobile services |
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100.0 |
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— |
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100.0 |
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— |
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Smart Broadband, Inc., or SBI, and Subsidiary |
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Philippines |
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Internet broadband distribution services |
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— |
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100.0 |
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— |
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100.0 |
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Primeworld Digital Systems, Inc., or PDSI |
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Philippines |
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Internet broadband distribution services |
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— |
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100.0 |
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— |
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100.0 |
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I-Contacts Corporation(a) |
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Philippines |
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Operations support servicing business |
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— |
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100.0 |
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— |
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100.0 |
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Far East Capital Limited, or FECL(a) |
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Cayman Islands |
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Cost effective offshore financing and risk management activities
for Smart |
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— |
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100.0 |
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— |
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100.0 |
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PH Communications Holdings Corporation(a) |
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Philippines |
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Investment company |
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— |
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100.0 |
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— |
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100.0 |
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Connectivity Unlimited Resource Enterprise, Inc.(a) |
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Philippines |
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Cellular mobile services |
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— |
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100.0 |
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— |
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100.0 |
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Francom Holdings, Inc.(a) |
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Philippines |
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Investment company |
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— |
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100.0 |
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— |
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100.0 |
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Chikka Holdings Limited, or Chikka, and Subsidiaries, or Chikka Group(a) |
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British Virgin Islands |
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Content provider, mobile applications development and services |
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— |
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100.0 |
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— |
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100.0 |
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Wifun, Inc.(a) |
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Philippines |
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Software developer and selling of WiFi access equipment |
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— |
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100.0 |
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— |
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100.0 |
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PLDT Global, Inc. |
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Philippines |
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Cross-border digital platforms and other allied services |
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100.0 |
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— |
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100.0 |
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— |
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ACeS Philippines Cellular Satellite Corporation, or ACeS Philippines(a) |
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Philippines |
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Satellite information and messaging services |
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88.5 |
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11.5 |
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88.5 |
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11.5 |
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Digitel Mobile Philippines, Inc., or DMPI, (a wholly-owned subsidiary of Digitel) |
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Philippines |
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Cellular mobile services |
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— |
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99.6 |
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— |
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99.6 |
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Fixed Line |
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PLDT Clark Telecom, Inc., or ClarkTel |
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Philippines |
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Telecommunications services |
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100.0 |
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— |
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100.0 |
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— |
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PLDT Subic Telecom, Inc., or SubicTel(a) |
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Philippines |
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Telecommunications services |
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100.0 |
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— |
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100.0 |
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— |
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PLDT Global Corporation, or PLDT Global, and Subsidiaries |
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British Virgin Islands |
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Telecommunications services |
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100.0 |
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— |
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100.0 |
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— |
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PLDT-Philcom, Inc., or Philcom, and Subsidiaries, or Philcom Group(a) |
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Philippines |
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Telecommunications services |
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100.0 |
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— |
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100.0 |
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— |
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Talas Data Intelligence, Inc.(a) |
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Philippines |
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Business infrastructure and solutions; intelligent data processing and
implementation services and data analytics insight generation |
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100.0 |
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— |
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100.0 |
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— |
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Multisys Technologies Corporation, or Multisys(b) |
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Philippines |
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Software development and IT solutions services |
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— |
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50.7 |
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— |
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45.7 |
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(a)Ceased commercial operations. (b)On January 5, 2024, PLDT Global Investments Holdings, Inc., or PGIH, sold 227 common shares of Multisys, thereby decreasing its ownership from 50.72% to 45.73%. On April 2, 2025, PGIH entered into a share purchase agreement to buy 228 common shares thereby increasing its ownership from 45.73% to 50.74%.
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2025 |
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2024 |
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Place of |
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Percentage of Ownership |
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Name of Subsidiary |
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Incorporation |
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Principal Business Activity |
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Direct |
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Indirect |
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Direct |
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Indirect |
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ePLDT, Inc., or ePLDT: |
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Philippines |
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Information and communications infrastructure for
internet-based services, e-commerce, customer
relationship management and IT related services |
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100.0 |
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— |
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100.0 |
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— |
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IP Converge Data Services, Inc., or IPCDSI, and Subsidiary, or IPCDSI Group |
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Philippines |
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Information and communications infrastructure for
internet-based services, e-commerce, customer
relationship management and IT related services |
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— |
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100.0 |
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— |
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100.0 |
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Curo Teknika, Inc., or Curo(a) |
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Philippines |
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Managed IT outsourcing |
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— |
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100.0 |
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— |
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100.0 |
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ABM Global Solutions, Inc., or AGS, and Subsidiaries, or AGS Group(a) |
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Philippines |
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Internet-based purchasing, IT consulting and professional services |
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— |
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100.0 |
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— |
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100.0 |
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ePDS, Inc., or ePDS(a) |
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Philippines |
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Bills printing and other related value-added services, or VAS |
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— |
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100.0 |
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— |
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100.0 |
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netGames, Inc.(a) |
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Philippines |
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Gaming support services |
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— |
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57.5 |
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— |
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57.5 |
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MVP Rewards Loyalty Solutions, Inc., or MRSI(a) |
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Philippines |
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Full-services customer rewards and loyalty programs |
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— |
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100.0 |
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— |
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100.0 |
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VITRO, Inc., or Vitro |
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Philippines |
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Information and communications infrastructure for
internet-based services, e-commerce, customer
relationship management and IT related services |
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— |
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100.0 |
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— |
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100.0 |
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ePLDT Capital Investment Pte. Ltd. or ePLDT Capital |
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Singapore |
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Investment holding and acquisition of companies |
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— |
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100.0 |
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— |
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100.0 |
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Digitel |
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Philippines |
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Telecommunications services |
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99.6 |
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— |
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99.6 |
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— |
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Digitel Information Technology Services, Inc.(a) |
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Philippines |
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Internet services |
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— |
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99.6 |
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— |
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99.6 |
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PLDT-Maratel, Inc., or Maratel(a) |
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Philippines |
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Telecommunications services |
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98.0 |
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— |
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98.0 |
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— |
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Bonifacio Communications Corporation, or BCC |
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Philippines |
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Telecommunications, infrastructure and related VAS |
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75.0 |
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— |
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75.0 |
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— |
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Pilipinas Global Network Limited, or PGNL, and Subsidiaries |
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British Virgin Islands |
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International distributor of Filipino channels and content |
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64.6 |
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— |
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64.6 |
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— |
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Others |
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PLDT Global Investments Holdings, Inc., or PGIH |
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Philippines |
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Investment company |
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100.0 |
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— |
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100.0 |
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— |
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PLDT Digital Investments Pte. Ltd., or PLDT Digital, and Subsidiaries |
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Singapore |
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Investment company |
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100.0 |
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— |
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100.0 |
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— |
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PLDT Communications and Energy Ventures, Inc., or PCEV |
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Philippines |
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Investment company |
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— |
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99.9 |
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— |
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99.9 |
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(a)Ceased commercial operations. |
| Summary of Subscription Agreements |
The following summarizes the subscription agreements entered into by PLDT with Kayana:
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Date |
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Number of Shares
Acquired |
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(in millions) |
March 24, 2024 |
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754.5 |
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September 27, 2024 |
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85.5 |
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September 30, 2024 |
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46.5 |
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September 1, 2025 |
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594.0 |
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1,480.5 |
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The following summarizes the subscription agreements entered into by PCEV with MIH:
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Date |
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Agreement |
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Number
of Shares |
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Total Consideration |
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PCEV's Equity Interest |
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(in millions) |
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March 14, 2018 |
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Acquisition of Ordinary Shares |
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53.4 |
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465 |
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100.00 |
% |
March 14, 2018 |
|
Subscription of Ordinary Shares |
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95.9 |
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3,806 |
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|
100.00 |
% |
December 31, 2020 |
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Conversion of notes to Class A2 preference shares |
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7.9 |
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|
544 |
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|
43.97 |
% |
March 12, 2021 |
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Exercise of warrants to subscribe to Class A2 preference shares |
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6.7 |
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|
447 |
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41.87 |
% |
June 11, 2021 |
|
Subscription to Class B convertible preferred shares |
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|
15.6 |
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|
1,218 |
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|
38.45 |
% |
April 7, 2022 |
|
Subscription to Class C convertible preferred shares |
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|
27.2 |
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|
3,252 |
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|
36.82 |
% |
December 13, 2023 |
|
Subscription to Class C2 convertible preferred shares |
|
|
12.3 |
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|
1,563 |
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|
36.97 |
% |
April 5, 2024 |
|
Subscription to Class C2 convertible preferred shares |
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6.7 |
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|
857 |
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|
37.66 |
% |
|
| Disclosure of Results of Operations on Discontinued ePLDT Subsidiaries, Net of Intercompany Transactions |
The results of the operations of the discontinued ePLDT subsidiaries, net of intercompany transactions, for the year ended December 31, 2023 is as follows:
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2023 |
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(in million pesos) |
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Revenues |
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107 |
|
Expenses: |
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General operating costs |
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168 |
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Depreciation and amortization |
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21 |
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Cost of contract-specific services |
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3 |
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192 |
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Net operating loss |
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(85 |
) |
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Other income (expenses): |
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Foreign exchange gains – net |
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4 |
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Interest income |
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1 |
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Financing costs |
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(2 |
) |
Others |
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41 |
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44 |
|
Loss before and after tax from discontinued operations |
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(41 |
) |
Loss per share (Note 8): |
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Basic/Diluted |
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(0.19 |
) |
The net cash flows generated by (used in) the discontinued ePLDT subsidiaries, net of intercompany transactions, for the year ended December 31, 2023 are as follows:
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2023 |
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(in million pesos) |
|
Operating activities |
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(120 |
) |
Investing activities |
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31 |
|
Financing activities |
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(50 |
) |
Net effect of foreign exchange rate changes on cash and cash equivalents |
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8 |
|
Net cash outflows |
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(131 |
) |
New Standards, Interpretations and Amendments |
| Summary of Revisions of Prior Financial Statements |
Consolidated balance sheet/Consolidated statement of changes in equity
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December 31, 2024 |
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December 31, 2023 |
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January 1, 2023 |
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As reported |
|
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Reclassification |
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As revised |
|
|
As reported |
|
|
Reclassification |
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|
As revised |
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|
As reported |
|
|
Reclassification |
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|
As revised |
|
Retained earnings |
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|
33,901 |
|
|
|
(4,659 |
) |
|
|
29,242 |
|
|
|
22,020 |
|
|
|
(3,047 |
) |
|
|
18,973 |
|
|
|
18,799 |
|
|
|
(1,722 |
) |
|
|
17,077 |
|
Other comprehensive loss |
|
|
(43,892 |
) |
|
|
4,659 |
|
|
|
(39,233 |
) |
|
|
(42,212 |
) |
|
|
3,047 |
|
|
|
(39,165 |
) |
|
|
(35,482 |
) |
|
|
1,722 |
|
|
|
(33,760 |
) |
Consolidated income statements
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|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
|
As reported |
|
|
Adjustment |
|
|
As revised |
|
|
As reported |
|
|
Adjustment |
|
|
As revised |
|
Other expenses – net |
|
|
7,794 |
|
|
|
2,149 |
|
|
|
9,943 |
|
|
|
4,217 |
|
|
|
1,767 |
|
|
|
5,984 |
|
Income before income tax from continuing operations |
|
|
42,693 |
|
|
|
(2,149 |
) |
|
|
40,544 |
|
|
|
36,477 |
|
|
|
(1,767 |
) |
|
|
34,710 |
|
Provision for income tax |
|
|
10,138 |
|
|
|
(537 |
) |
|
|
9,601 |
|
|
|
9,612 |
|
|
|
(442 |
) |
|
|
9,170 |
|
Net income from continuing operations/Net income |
|
|
32,555 |
|
|
|
(1,612 |
) |
|
|
30,943 |
|
|
|
26,865 |
|
|
|
(1,325 |
) |
|
|
25,540 |
|
Net income attributable to equity holders of PLDT |
|
|
32,307 |
|
|
|
(1,612 |
) |
|
|
30,695 |
|
|
|
26,614 |
|
|
|
(1,325 |
) |
|
|
25,289 |
|
Earnings per share attributable to common equity holders of PLDT (Basic/Diluted) |
|
|
149.26 |
|
|
|
(7.46 |
) |
|
|
141.80 |
|
|
|
122.91 |
|
|
|
(6.14 |
) |
|
|
116.77 |
|
Earnings per share from continuing operations attributable to common equity
holders of PLDT (Basic/Diluted) |
|
|
149.26 |
|
|
|
(7.46 |
) |
|
|
141.80 |
|
|
|
123.10 |
|
|
|
(6.14 |
) |
|
|
116.96 |
|
Consolidated statements of comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
|
As reported |
|
|
Adjustment |
|
|
As revised |
|
|
As reported |
|
|
Adjustment |
|
|
As revised |
|
Foreign currency translation differences of subsidiaries |
|
|
81 |
|
|
|
(174 |
) |
|
|
(93 |
) |
|
|
(23 |
) |
|
|
(131 |
) |
|
|
(154 |
) |
Net transactions on cash flow hedges: |
|
|
(1,547 |
) |
|
|
1,786 |
|
|
|
239 |
|
|
|
(1,256 |
) |
|
|
1,456 |
|
|
|
200 |
|
Net fair value losses on cash flow hedges |
|
|
(2,063 |
) |
|
|
2,382 |
|
|
|
319 |
|
|
|
(1,674 |
) |
|
|
1,941 |
|
|
|
267 |
|
Income tax related to fair value adjustments charged directly to equity |
|
|
516 |
|
|
|
(596 |
) |
|
|
(80 |
) |
|
|
418 |
|
|
|
(485 |
) |
|
|
(67 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net other comprehensive loss to be reclassified to profit or loss in subsequent years |
|
|
(1,466 |
) |
|
|
1,612 |
|
|
|
146 |
|
|
|
(1,279 |
) |
|
|
1,325 |
|
|
|
46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) – net of tax |
|
|
(1,740 |
) |
|
|
1,612 |
|
|
|
(128 |
) |
|
|
(6,745 |
) |
|
|
1,325 |
|
|
|
(5,420 |
) |
|