PLDT Inc (PHI) 2025 Q1 法說會逐字稿

Good afternoon, everyone. Thank you for joining us today. I'm Jinggay Nograles, Head of Investor Relations here at PLDT. It's my pleasure to welcome you to our first quarter financial and operations results briefing. Joining us today to share insights into PLDT's performance and strategic direction are Smart Communications Chief Operating Officer, Boy Martirez; PLDT Chief Operating Officer, Jimenez Jr.; PLDT Chief Financial Officer, Mr. Danny Yu; PLDT (technical difficulty) PLDT Chief Legal Counsel, Attorney Joan De Venecia-Fabul.

大家下午好。感謝您今天加入我們。我是 PLDT 投資人關係主管 Jinggay Nograles。我很高興歡迎您參加我們的第一季財務和營運業績簡報會。今天與我們一起分享對 PLDT 業績和策略方向的見解的有 Smart Communications 首席營運官 Boy Martirez、PLDT 首席營運官 Jimenez Jr.、PLDT 首席財務官 Danny Yu 先生以及 PLDT（技術難題）PLDT 首席法律顧問 Joan De Venecia-Fabul 律師。

Before we begin, I'd like to remind everyone that we will have a Q&A session after the presentation. (Event Instructions)

在我們開始之前，我想提醒大家，演講結束後我們將有一個問答環節。（活動須知）

To start, I'd like to invite our CFO, Mr. Danny Yu, to walk us through PLDT's financial performance for the first quarter.

首先，我想邀請我們的財務長 Danny Yu 先生向我們介紹 PLDT 第一季的財務表現。

Good afternoon everyone. Allow me to present PLDT's first quarter performance covering key results and business highlights. Our net service (technical difficulty) slightly up year-on-year. On a gross basis, our revenue reached PHP53.4 billion, up 2% from last year. EBITDA grew by 2% to PHP27.9 billion, driven by continued strength in our fiber and ICT segments, coupled with prudent cost management. Telco Core income was recorded at PHP8.8 billion, down 6% year-on-year, reflecting increased depreciation linked to recent strategic investment in network infra, coupled with related financing costs. Core income was steady at PHP8.9 billion, driven by Maya's positive earnings contribution as it turned profitable this quarter.

大家下午好。請容許我介紹 PLDT 第一季的業績，包括主要成果和業務亮點。我們的網路服務（技術難度）較去年同期略有上升。總體而言，我們的收入達到 534 億菲律賓比索，比去年增長 2%。受光纖和 ICT 領域持續強勁增長以及審慎的成本管理的推動，EBITDA 增長 2%，達到 279 億菲律賓比索。電信核心收入為 88 億菲律賓比索，年減 6%，反映出近期對網路基礎設施的戰略投資導致折舊增加，以及相關融資成本。核心收入穩定在 89 億菲律賓比索，這得益於瑪雅公司本季實現盈利並對盈利做出的積極貢獻。

As we move forward, we will continue to pursue steady revenue growth, disciplined expense management, asset monetization, and prudent capital allocation. Net service revenue growth reflects stable demand across our key business segments, mobile data, fiber, corporate data, and ICT. Starting with Home, revenue rose by 4% year-on-year to PHP15.2 billion, thanks to continued fiber demand. Fiber now accounts for 97% of Home revenues, up from 92% in 2024 as we steadily migrate legacy subscribers.

在未來的發展中，我們將繼續追求穩定的收入成長、嚴格的費用管理、資產貨幣化和審慎的資本配置。淨服務收入的成長反映了我們主要業務部門、行動數據、光纖、企業數據和 ICT 的穩定需求。從家庭業務開始，由於光纖需求持續成長，營收年增 4%，達到 152 億菲律賓比索。隨著我們穩定遷移傳統用戶，光纖目前佔家庭收入的 97%，高於 2024 年的 92%。

In enterprise, total revenue remained steady at PHP11.9 billion year-on-year with a slight 1% uptick in corporate data and ICT revenues. Within this segment, ICT stands out, growing 16% year-on-year to PHP2.2 billion, now accounting for over 22% of enterprise revenues, up from 19% a year ago. Although our connectivity business is navigating a transitional phase, we are actively building a pipeline of new opportunities by leveraging our emerging technologies.

企業方面，總收入年增穩定，為 119 億菲律賓比索，企業數據和 ICT 收入小幅上漲 1%。在這一領域，ICT 表現突出，年增 16%，達到 22 億菲律賓比索，佔企業收入的 22% 以上，高於一年前的 19%。儘管我們的連結業務正處於過渡階段，但我們正在利用新興技術積極建立新的機會。

Lastly, on mobile, revenues were down slightly at PHP21.3 billion due to lower packet Wi-Fi usage as customers shifted to smartphones or fixed data access. Some prepared packages available in the first quarter of 2024 were also adjusted, leading to less headline growth but better fundamentals.

最後，在行動領域，由於客戶轉向智慧型手機或固定數據訪問，導致分組 Wi-Fi 使用率下降，收入略有下降至 213 億菲律賓比索。2024年第一季推出的一些計畫也進行了調整，導致整體成長放緩，但基本面有所改善。

We're also encouraged by rapid 5G adoption and a steady rise in data traffic, which point towards improved monetization and growth moving forward. Mobile data, fiber, corporate data, and ICT, which now account for 89% of total revenues from 88% in 2024, continued to expand, offsetting legacy revenue declines. Excluding legacy services, net service revenues grew by 2%.

5G 的快速普及和數據流量的穩定成長也令我們感到鼓舞，這預示著未來的貨幣化和成長將有所改善。行動數據、光纖、企業數據和 ICT 佔總收入的比例從 2024 年的 88% 上升到現在的 89%，並且繼續擴大，抵消了傳統收入的下降。不包括傳統服務，淨服務收入成長了 2%。

Now let's take a closer look at Home segment. Home revenue rose 4% year-on-year, reaching PHP15.2 billion. This growth was mainly driven by fiber, which posted a healthy 7% increase to PHP14.7 billion. Our shift from legacy to fiber is progressing well, with fiber now representing 97% of total home revenues, up significantly from 92% in 2024.

現在讓我們仔細看看家庭部分。房屋收入年增 4%，達到 152 億菲律賓比索。這一增長主要得益於光纖，其增長了 7%，達到 147 億菲律賓比索。我們從傳統網路轉向光纖的轉變進展順利，目前光纖佔家庭總收入的 97%，較 2024 年的 92% 大幅成長。

We also added 101,000 net new subscribers this quarter compared to negative net additions a year ago. This improvement came from stronger network coverage and expanded port availability from recent investments. ARPU remained stable at around PHP1,493, reflecting our success in bundling high-value products while managing churn effectively. Our churn rate of less than 2% remains among the lowest in the industry. Looking ahead, we will continue to expand our fiber footprint with targeted initiatives and diversified offerings.

本季我們也淨增了 101,000 名新用戶，而去年同期淨增用戶為負。這項改善得益於近期投資帶來的更強大的網路覆蓋範圍和更廣泛的港口可用性。ARPU 保持穩定在 PHP1,493 左右，這反映了我們在捆綁高價值產品的同時有效管理客戶流失方面的成功。我們的客戶流失率不到 2%，仍然是業界最低的。展望未來，我們將繼續透過有針對性的舉措和多樣化的產品擴大我們的光纖足跡。

Turning now to Enterprise. The unit delivered steady results with total revenues at PHP11.9 billion. Corporate data and ICT, on the other hand, improved by 1% to PHP8.8 billion. This growth was tempered by the impact of lost connectivity as the industry shut down last year.

現在轉向企業。該部門業績穩健，總收入達 119 億菲律賓比索。另一方面，企業數據和 ICT 成長了 1%，達到 88 億菲律賓比索。由於去年行業關閉，連通性喪失的影響抑制了這一增長。

That said, ICT business continues to perform well, growing at 16% compared to the same period last year. Managed IT services expanded 101%, cyber security services rose by 69%, credit scoring by 48%, and data center colocation revenues jumped 37%. As a result, ICT now makes up over 24% of our enterprise revenues to 19% a year ago.

儘管如此，ICT業務仍持續表現良好，與去年同期相比成長了16%。託管 IT 服務成長 101%，網路安全服務成長 69%，信用評分成長 48%，資料中心託管收入成長 37%。因此，ICT 目前占我們企業收入的 24% 以上，而一年前這一比例為 19%。

We're working on new opportunities, leveraging on (technical difficulty) network application programming and (technical difficulty) Additionally, the recently activated Asia Direct Cable further strengthens our competitive advantage, enhancing international capacity and network resilience for enterprise customers.

我們正在努力尋找新的機遇，利用（技術難度）網路應用程式程式設計和（技術難度）此外，最近啟動的亞洲直達電纜進一步增強了我們的競爭優勢，增強了企業客戶的國際容量和網路彈性。

Turning to the individual segment. Total revenues came in at PHP21.3 billion, down slightly by 1% year-on-year as we continue to see customers shift away from packet Wi-Fi towards smartphone-based data usage. Mobile data revenues, on the other hand, were stable at PHP18.8 billion, impacted partially by the termination of long validity offers that front-loaded revenues in the first quarter of 2024.

轉向個別部分。總收入達到 213 億菲律賓比索，年比略有下降 1%，因為我們繼續看到客戶從分組 Wi-Fi 轉向基於智慧型手機的數據使用。另一方面，行動數據收入穩定在 188 億菲律賓比索，部分原因是 2024 年第一季預先增加收入的長期有效優惠終止。

Despite relatively flat revenues, underlying trends remain encouraging. 5G data traffic surged 81% year-on-year. 5G device adoption also showed robust growth, up 60% quarter-on-quarter. The ongoing shift to 5G has significantly improved our network efficiency and freed up additional LTE capacity, resulting in a better overall customer experience.

儘管收入相對持平，但潛在趨勢仍然令人鼓舞。5G數據流量較去年同期成長81%。5G設備的普及率也呈現強勁成長，較上季成長60%。持續向 5G 轉變顯著提高了我們的網路效率並釋放了額外的 LTE 容量，從而帶來了更好的整體客戶體驗。

We expect this increased 5G adoption and improved network efficiency to help stabilize revenues and drive future growth in the individual segment. PLDT delivered PHP27.9 billion in EBITDA for the first quarter of 2025, a 2% increase year-on-year, demonstrating our ongoing efforts in managing costs while maintaining a resilient revenue base.

我們預計，5G 應用的普及和網路效率的提高將有助於穩定收入並推動個人細分市場的未來成長。PLDT 2025 年第一季的 EBITDA 為 279 億菲律賓比索，較去年同期成長 2%，這表明我們在管理成本的同時保持了穩健的收入基礎。

OpEx, including subsidies and provisions, declined by PHP300 million to PHP86.1 billion, reinforcing operational discipline. Our EBITDA margin remains strong at 52%. Telco Core income was at PHP8.8 billion, lower by 6% year-on-year, mainly due to increased depreciation from network expansion and associated financing costs.

營運支出（包括補貼和撥備）減少了 3 億菲律賓比索，降至 861 億菲律賓比索，從而加強了營運紀律。我們的 EBITDA 利潤率仍保持強勁，達到 52%。電信核心收入為 88 億菲律賓比索，年減 6%，主要原因是網路擴張導致的折舊增加以及相關融資成本。

Our core income, on the other hand, held steady year-on-year at PHP8.8 billion, supported by Maya's positive contribution. A key highlight this quarter is Maya turning profitable, marking a significant milestone. Maya contributed PHP127 million in net income, a clear turnaround from prior year's losses, powered by robust loan growth, strong momentum in deposits, and increased payment volume.

另一方面，在瑪雅的積極貢獻的支持下，我們的核心收入同比保持穩定，達到 88 億菲律賓比索。本季度的一個亮點是 Maya 實現盈利，這是一個重要的里程碑。瑪雅貢獻了 1.27 億菲律賓比索的淨收入，明顯扭轉了上一年的虧損局面，這得益於貸款的強勁增長、存款的強勁勢頭以及支付量的增加。

Now let's move on to CapEx and our debt profile. For the first quarter of 2025, our CapEx stood at PHP10.8 billion, lower compared to last year, resulting in a reduced CapEx intensity of 20%. This lower spend is partly due to timing as a significant portion of our project completions will occur in the second half of the year.

現在讓我們討論資本支出和債務狀況。2025 年第一季度，我們的資本支出為 108 億菲律賓比索，低於去年同期，導致資本支出強度降低 20%。支出較低的部分原因是時間安排，因為我們的大部分項目將在下半年完成。

Our CapEx guidance for 2025 is adjusted slightly to [PHP68 billion to PHP70 billion] to improve our quality of service. While we work on increasing CapEx, we are committed to deliver greater outcomes through efficient use of capital and strengthen negotiations with contractors and suppliers.

我們對 2025 年的資本支出指引略微調整為 [680 億菲律賓比索至 700 億菲律賓比索]，以提高我們的服務品質。在努力增加資本支出的同時，我們致力於透過有效利用資本並加強與承包商和供應商的談判來取得更大的成果。

Let's review our debt profile. Our net debt at the end of March stood at PHP270.7 billion, resulting in a net debt-to-EBITDA ratio of 2.48 times, slightly improved from 2.52 times at the end of 2024. Our debt maturity profile remains well balanced, with 52% of total debt maturing beyond 2030.

讓我們回顧一下我們的債務狀況。截至 3 月底，我們的淨債務為 2,707 億菲律賓比索，淨債務與 EBITDA 比率為 2.48 倍，較 2024 年底的 2.52 倍略有改善。我們的債務到期結構保持良好平衡，其中 52% 的總債務將在 2030 年以後到期。

The average debt maturity stands at 6.5 years. We maintain prudent risk management. Foreign currency exposure remains low, with just 5% of total debt unhedged. Importantly, PLDT retains investment-grade credit ratings of BBB from S&P Global and Baa2 from Moody's, underscoring investor confidence in our financial health.

平均債務期限為6.5年。我們維持審慎的風險管理。外匯風險敞口仍然很低，僅有 5% 的總債務未對沖。重要的是，PLDT 保留了標準普爾全球的 BBB 投資級信用評級和穆迪的 Baa2 投資級信用評級，這突顯了投資者對我們財務狀況的信心。

Looking forward, we remain committed to generating positive free cash flow by 2026 and continue working towards reducing our leverage, targeting around 2.0 times net debt-to-EBITDA ratio over the medium term. Now I'd like to shift gears and share some exciting developments from two of our key growth drivers beyond traditional Telco.

展望未來，我們仍致力於在 2026 年實現正自由現金流，並繼續努力降低槓桿率，目標是在中期內將淨債務與 EBITDA 比率控制在 2.0 倍左右。現在我想換個話題，分享我們在傳統電信之外的兩個關鍵成長動力的一些令人興奮的發展。

One is VITRO, our state-of-the-art data center business, and Maya, our fintech driver, both continue to demonstrate strong momentum and reinforcing PLDT's commitment to innovation and digital leadership. Our VITRO data centers, particularly our newly energized hyperscale facility in Santa Rosa, represent a major strategic step positioning PLDT at the forefront of Philippines digital infra landscape. Now let's watch this short video to give you a closer look at VITRO Sta. Rosa and why we believe it is very essential in all this supporting the

一個是我們的最先進的資料中心業務 VITRO，另一個是我們的金融科技驅動力 Maya，它們都繼續展現出強勁的發展勢頭，並加強了 PLDT 對創新和數位領導地位的承諾。我們的 VITRO 資料中心，特別是位於聖羅莎的全新超大規模資料中心，代表著 PLDT 邁出了重要的策略一步，將 PLDT 定位於菲律賓數位基礎設施領域的前沿。現在讓我們觀看這段簡短的視頻，讓您更深入地了解 VITRO Sta。羅莎，以及為什麼我們認為在所有這些支持中，

(video starts)

（影片開始）

The world as we know it is changing. Scaling, moving in hypergrowth a robust restructuring of every aspect of our lives through artificial intelligence, keeping in step with the Philippines move to be the next digital destination of the region. This year, VITRO Incorporated unveils the Philippines first AI-ready hyperscale data center, VITRO Sta. Rosa, designed to power tomorrow's digital demands. VITRO Sta. Rosa celebrates an impressive 50 megawatts of power capacity.

我們所知的世界正在改變。擴大規模，在高速成長中前進，透過人工智慧對我們生活的各個方面進行強有力的重組，與菲律賓成為該地區下一個數位化目的地的步伐保持一致。今年，VITRO Incorporated 推出了菲律賓首個支援 AI 的超大規模資料中心 VITRO Sta。Rosa，旨在滿足未來的數位需求。VITRO 站Rosa 的發電容量達到了驚人的 50 兆瓦。

This immense power ensures unparallel performance for enterprises, hyperscalers, and AI workloads alike. With a Tier-3 certification, VITRO Sta. Rosa guarantees a 99.99% service level agreement that's true reliability you can count on. It's resilient power, cooling, and connectivity ensure your mission-critical operations never miss a beat.

這種強大的功能可確保企業、超大規模企業和 AI 工作負載獲得無與倫比的效能。VITRO Sta 擁有 Tier-3 認證。Rosa 保證 99.99% 的服務等級協議，這是您可以信賴的真正可靠性。其強大的電源、冷卻和連接能力確保您的關鍵任務操作不會出現任何問題。

At its core lies a diverse network infrastructure equipped with a triple route domestic fiber network. VITRO Sta. Rosa ensures continued operations with the longest latency and maximum resilience. Step into a thriving digital ecosystem where enterprise, cloud, and AI data seamlessly connect and synergize, where everything your business needs is within reach, and let your data takes center stage.

其核心是配備三路由國內光纖網路的多樣化網路基礎設施。VITRO Sta.Rosa 確保以最長的延遲和最大的彈性持續運作。進入一個蓬勃發展的數位生態系統，在這裡企業、雲端和人工智慧數據無縫連接和協同，您的業務所需的一切都觸手可及，並讓您的數據成為中心。

And with it's AI-ready infrastructure, VITRO Sta. Rosa is prepared to unlock the true potential of artificial intelligence. Hosted in VITRO Sta. Rosa, ePLDT is the first to bring NVIDIA-powered GPU servers to the Philippines.

憑藉其 AI 就緒基礎設施，VITRO Sta。羅莎準備釋放人工智慧的真正潛力。主辦單位位於 VITRO Sta。Rosa，ePLDT 是第一家將 NVIDIA 驅動的 GPU 伺服器引入菲律賓的公司。

ePLDT can now offer GPU as a service boasting of enhanced security and reduced latency ideal for critical AI tasks that require fast response times. With ePLDT's GPU as a service, enterprises and government agencies can access powerful computing on a pay-per-use basis, making AI adoption faster and cost-efficient. From training complex models to powering real-time applications, VITRO Sta. Rosa is where AI thrives and connects to the rest of the country. Connected to the country's domestic and international fiber network, VITRO Sta. Rosaserves as a gateway to the rest of the Philippines and the world.

ePLDT 現在可以提供 GPU 即服務，具有增強的安全性和降低的延遲，非常適合需要快速回應時間的關鍵 AI 任務。借助 ePLDT 的 GPU 即服務，企業和政府機構可以按次付費的方式存取強大的運算能力，從而更快、更經濟地採用 AI。從訓練複雜模型到支援即時應用程序，VITRO Sta。羅莎是人工智慧蓬勃發展的地方，也是與全國其他地區連結的地方。連接到該國的國內和國際光纖網絡，VITRO Sta。羅莎是通往菲律賓其他地區和世界的門戶。

VITRO Sta. Rosa isn't just a data center, it's the home of AI and hyper connectivity, carrying the digital future today. True infrastructure reliability, true AI capabilities, a first for the Philippines. This is VITRO Sta. Rosa.

VITRO 站Rosa 不僅僅是一個資料中心，它還是人工智慧和超級連結的家園，承載著當今的數位化未來。真正的基礎設施可靠性、真正的人工智慧能力，對菲律賓來說尚屬首次。這是 VITRO Sta。羅莎。

As you have seen in the video, VITRO Sta. Rosa represents a significant step forward, not just for PLDT but also for the Philippines broader digital ecosystem. Officially inaugurated last month by President Marcos, this pioneering facility highlights our commitment to powering the nation's digital transformation.

正如您在視頻中看到的，VITRO Sta。Rosa 的推出代表著向前邁出的重要一步，不僅對 PLDT 而言，對菲律賓更廣泛的數位生態系統而言。這座開創性的設施於上個月由馬可斯總統正式揭幕，彰顯了我們致力於推動國家數位轉型的承諾。

During the inauguration, President Marcos underscored that in today's world, data has become as essential as water and electricity. We emphasize the critical importance of continuously strengthening our data infra, particularly with safeguarding sensitive and confidential information. VITRO Sta. Rosa is uniquely positioned to meet these demands, significantly enhances our ability to support the nation's digital growth.

馬可斯總統在就職典禮上強調，在當今世界，數據已經變得像水和電一樣重要。我們強調不斷加強資料基礎設施的重要性，特別是保護敏感和機密資訊。VITRO Sta.Rosa 具有滿足這些需求的獨特優勢，大大增強了我們支持國家數位化成長的能力。

I'm also pleased to share another strategic infra milestone, the recent launch of the Asia Direct Cable. This new subsea cable spanning 9,400 kilometers significantly enhances PLDT's international connectivity. With a substantial 27 terabits per second capacity, the Asia Direct Cable offers unmatched low-latency connections, particularly between China, Hong Kong, Singapore, Thailand, Vietnam, and Japan.

我也很高興與大家分享另一個戰略基礎設施里程碑，即最近推出的亞洲直達電纜。這條新海底電纜全長 9,400 公里，大大增強了 PLDT 的國際連結性。亞洲直達電纜擁有高達每秒 27 太比特的容量，可提供無與倫比的低延遲連接，尤其是在中國大陸、香港、新加坡、泰國、越南和日本之間。

This further strengthens PLDT's position as the country's largest fixed-line network provider with the most extensive set of international gateway facilities. For PLDT, the investment translates to strategic advantages ensuring faster, more reliable, and direct access to our state-of-the-art facilities such as VITRO Sta. Rosa. In short, the Asia Direct Cable is more than impact. It's a core enabler of future revenue growth, service reliability and market leadership.

這進一步鞏固了 PLDT 作為該國最大固定線路網路供應商以及最廣泛的國際網關設施的地位。對 PLDT 而言，這項投資轉化為戰略優勢，確保更快、更可靠、更直接地使用我們最先進的設施，例如 VITRO Sta。羅莎。簡言之，亞洲直達電纜的影響遠不止於此。它是未來收入成長、服務可靠性和市場領導地位的核心推動因素。

Now let's turn to another key growth engine, Maya, our fintech driver. Let me start by framing what makes Maya uniquely positioned for sustainable growth and profitability. The short answer is it's a unique all-in-one ecosystem that combines payment, banking, lending into a seamless platform for both consumers and businesses.

現在讓我們轉向另一個關鍵成長引擎—Maya，我們的金融科技驅動力。首先，讓我來闡述瑪雅在永續成長和獲利方面的獨特優勢。簡而言之，它是一個獨特的一體化生態系統，將支付、銀行業務、貸款業務整合到一個為消費者和企業提供的無縫平台中。

This integrated model creates efficiency, scale, recurring engagement, which not only accelerates our growth but also strengthens our pathway to continued profitability. We believe that this comprehensive ecosystem gives Maya a clear structural advantage enabling it to capture long-term value while continuing to deliver innovative, inclusive financial services to millions of Filipinos.

這種綜合模式創造了效率、規模和重複參與，不僅加速了我們的成長，也加強了我們持續獲利的途徑。我們相信，這個綜合性的生態系統為瑪雅帶來了明顯的結構優勢，使其能夠獲得長期價值，同時繼續為數百萬菲律賓人提供創新、包容的金融服務。

I'll now take you through Maya's performance for the first quarter of 2025. Here, you will see how this ecosystem approach continues to drive results across deposits, lending, payments, and customer engagement. In the first quarter of '25, Maya achieved positive net income. This marked its first full profitable quarter, a key milestone for its growth momentum.

現在我將帶您了解瑪雅在 2025 年第一季的表現。在這裡，您將看到這種生態系統方法如何繼續推動存款、貸款、支付和客戶參與的成果。25 年第一季度，瑪雅實現了正淨收入。這是該公司第一個完全獲利的季度，也是其成長動能的一個重要里程碑。

Maya continues to lead as both the number one digital bank and the number one merchant acquirer in the Philippines. The company has seen impressive momentum across key metrics. 6.8 million bank customers, up 88% year-on-year, reinforcing Maya's position as the most adopted digital banking platform in the country, 1.8 million borrowers, doubling year-on-year, driven by strong credit demand and AI-powered digital lending, PHP44 billion in total deposits, representing a 49% year-on-year increase and maintaining Maya's leading deposit market share among digital banks.

Maya 繼續保持菲律賓第一大數位銀行和第一大商家收單機構的領先地位。該公司在關鍵指標上都表現出令人矚目的勢頭。 680 萬銀行客戶，年增 88%，鞏固了 Maya 作為該國最廣泛採用的數位銀行平台的地位；180 萬借款人，同比增長一倍，受強勁的信貸需求和人工智能數字貸款的推動；總存款額為 440 億菲律賓比索，同比增長 49%，保持了 Maya 在數位銀行中領先的市場份額。

And finally, PHP120 million in cumulative loans disbursed since inception. On the payment side, Maya also retains the largest market share in card acquiring transactions, reinforcing its leadership in both online and in-store merchant payments. This potent combination of scaling adoption, growing credit, healthy deposits and profitability reflects Maya's unique position as the Philippines leading integrated digital banking and payments ecosystem.

最後，自成立以來已累計發放貸款 1.2 億菲律賓比索。在支付方面，Maya 也保持了卡收單交易中最大的市場份額，鞏固了其在線上和店內商家支付領域的領導地位。擴大採用、增加信貸、健康存款和盈利能力的強大組合反映了 Maya 作為菲律賓領先的綜合數位銀行和支付生態系統的獨特地位。

Now let me break down Maya's banking performance in more detail. The bank continues to see strong growth in consumer deposits, which reached PHP44 billion by end of March, representing a 49% year-on-year increase. This is a clear indicator of user trust and consistent engagement on the platform. Since 2022, deposits have nearly tripled.

現在讓我更詳細地分析一下瑪雅的銀行業務表現。該銀行的消費者存款持續強勁成長，截至 3 月底已達到 440 億菲律賓比索，年增 49%。這清楚地表明了用戶對該平台的信任和持續參與。自2022年以來，存款增加了近兩倍。

Alongside this, Maya has also scaled lending significantly. In the first quarter of 2025 alone, it disbursed PHP28 billion in loans, bringing total disbursed since inception to PHP120 billion. Now loan book quality remains solid.

除此之外，Maya 也大幅擴大了貸款規模。光是 2025 年第一季度，該行就發放了 280 億菲律賓比索的貸款，使自成立以來的貸款總額達到 1,200 億菲律賓比索。目前貸款品質依然穩健。

Maya's loan outstanding balance stood at PHP21 billion at the end of March, with asset quality well managed. Its NPL ratio was 3.8% below both digital banking and broader industry averages. All in all, Maya is not just growing. It's also do so responsibly with strong fundamentals in both deposit and credit performance.

截至三月底，瑪雅的貸款未償還餘額為210億菲律賓比索，資產品質管理良好。其不良貸款率比數位銀行和整個產業平均低 3.8%。總而言之，瑪雅不僅僅是在成長。憑藉存款和信貸表現的強勁基礎，它也以負責任的態度做到這一點。

Maya's growth story isn't just about selling products. It's also about deepening engagement and creating a platform that enables our partners to access a tech-savvy, highly engaged customer base. In the first quarter of '25, Maya expanded its consumer platform through high-impact collaborations across lifestyle, entertainment, and insurance.

Maya 的成長故事不僅僅是銷售產品。這也是為了深化參與度並創建一個平台，使我們的合作夥伴能夠接觸到精通技術、高度參與的客戶群。2025 年第一季度，Maya 透過生活方式、娛樂和保險領域的高影響力合作擴展了其消費者平台。

Some examples include the following: the integration of PAL Mini application within Maya that offers users a more seamless travel and loyalty experience. Maya now provides accessible insurance products directly in the application through Singlife. All through our partnership with Pepsi-Cola, Maya is enabling both payment processing and working capital loans for their network of more than 200,000 sari-sari stores and distributors, partnered with ABS, CBN, and GMA for Pinoy Big Brothers celebrity edition.

一些示例包括：Maya 中 PAL Mini 應用程式的集成，為用戶提供更無縫的旅行和忠誠度體驗。Maya 現在透過 Singlife 直接在應用程式中提供可存取的保險產品。透過與百事可樂的合作，Maya 為其超過 20 萬家雜貨店和經銷商網路提供支付處理和營運資金貸款，並與 ABS、CBN 和 GMA 合作推出菲律賓老大哥名人版。

This campaign drove a 3% increase in viewership compared to previous seasons and significantly boosted in app user activity via interactive voting features. Maya is also seeing strong traction in consumer credit. It has issued approximately 200,000 credit cards since its launch in August of 2024. These moves strengthen Maya's position not just as a fintech and digital bank, but as a daily financial partner, helping Filipino spend, save, invest and borrow.

與前幾季相比，此次活動的收視率增加了 3%，並透過互動投票功能顯著提升了應用程式內用戶的活動。瑪雅在消費信貸領域也表現出強勁的吸引力。自 2024 年 8 月推出以來，它已發行了約 20 萬張信用卡。這些舉措不僅加強了 Maya 作為金融科技和數位銀行的地位，也增強了其作為日常金融合作夥伴的地位，幫助菲律賓人消費、儲蓄、投資和借貸。

Now before we close out, I'd like to share some updates on sustainability as we continue to expand our efforts to embed this in our business. During the quarter, PLDT and Smart enacted biodiversity policies that commit to no net deforestation and no net loss in forest cover. As we roll out our network facilities, these policies ensure that we comply with environmental regulations and do not negatively impact the environment and local communities.

現在，在我們結束之前，我想分享一些有關永續性的最新進展，因為我們將繼續加強努力，將其融入我們的業務中。本季度，PLDT 和 Smart 頒布了生物多樣性政策，承諾不進行淨森林砍伐，也不進行森林覆蓋率淨損失。當我們推出網路設施時，這些政策確保我們遵守環境法規，不會對環境和當地社區產生負面影響。

PLDT and Smart continued to strengthen initiatives to keep our customers safe and protect children online. This includes access to malicious content. With the election of PLDT to the Governing Council of the Philippine Business Coalition on Women Empowerment and of our Chief Sustainability Officer to the Board of Trustees of the Global Compact Network Philippines, we have new opportunities to collaborate with like-minded institutions and champion sustainability in business.

PLDT 和 Smart 繼續加強舉措，確保客戶安全並保護兒童上網安全。這包括存取惡意內容。隨著 PLDT 當選菲律賓婦女賦權商業聯盟理事會成員以及我們的首席永續發展官當選菲律賓全球契約網絡董事會成員，我們有了新的機會與志同道合的機構合作並倡導商業可持續發展。

Now that concludes our prepared remarks for PLDT's first quarter performance. At this point, we would be happy to open the floor for your questions.

至此，我們對 PLDT 第一季業績的準備發言就結束了。現在，我們很高興回答大家的提問。

Thank you, Danny, for your insights on the growth initiatives and key developments across our different business units. As you've seen today, there are some near term challenges, but we do remain confident in our market position supported by our strong operational fundamentals, strategic investments in digital infrastructure, and promising growth trajectory in high up.

丹尼，謝謝你對我們不同業務部門的成長計畫和關鍵發展的見解。正如大家今天所看到的，我們面臨一些短期挑戰，但我們仍然對我們的市場地位充滿信心，這得益於我們強大的營運基本面、對數位基礎設施的策略性投資以及高層有希望的成長軌跡。

(Event Instructions)

（活動須知）

Arthur Pineda, Citi.

花旗銀行的亞瑟‧皮涅達 (Arthur Pineda)。

Hi, thank you. thanks for the opportunity. Three questions, please. Firstly, on the Enterprise segment. You mentioned that there were some POGO-related revenue pressures in the first quarter, which is pulling it down. I'm just wondering, is this all done or do you still see further downturn from this segment? I'm basically trying to figure out if we should start to see enterprise accelerating into the following quarters, given the new capacities from data center and all or are there still some revenue pull from POGO cancellations?

你好，謝謝你。謝謝你給我這個機會。請問三個問題。首先，在企業領域。您提到第一季存在一些與 POGO 相關的收入壓力，這拖累了收入。我只是想知道，這一切都結束了嗎，還是您仍然認為該領域將進一步下滑？我基本上是想弄清楚，考慮到資料中心的新容量和所有新容量，我們是否應該開始看到企業在接下來的幾個季度加速發展，或者 POGO 取消是否仍會帶來一些收入成長？

Second question I had is with regard to VITRO. Can you provide color on the take-up levels for the new capacities? Have you actually signed anchor tenants for this? I'm wondering how material the contribution could be for profits and revenues for the year?

我的第二個問題是關於 VITRO 的。您能否提供有關新產能吸收水準的詳細資訊？您實際上已經為此簽下了主力租戶嗎？我想知道這對當年的利潤和收入的貢獻有多大？

And third question is on Maya. Where do you see the profit momentum as trending for the balance of the year? Should we see this as further expanding on a hockey stick basis or is it a gradual improvement in terms of momentum? Thank you.

第三個問題是關於瑪雅的。您認為今年剩餘時間的獲利趨勢如何？我們是否應該將其視為曲棍球棒基礎上的進一步擴張，還是動力方面的逐步改善？謝謝。

Thank you, Arthur. Okay. So you have three questions here. I guess we can start with your question on POGO. We have Blums Pineda here, who heads our enterprise business.

謝謝你，亞瑟。好的。所以你這裡有三個問題。我想我們可以從您關於 POGO 的問題開始。我們這裡的負責人是布魯姆斯‧皮涅達 (Blums Pineda)，他是我們的企業業務主管。

Thank you for the question. So on the POGO, as I think you remember, POGO was shut down actually in July of last year. So from that standpoint, we're still anticipating a continuation of the impact, especially from a same period last year compare on POGO revenues as well as other connectivity programs that were discontinued over that time.

謝謝你的提問。關於 POGO，我想您還記得，POGO 實際上在去年 7 月就關閉了。因此，從這個角度來看，我們仍然預期影響將持續，尤其是與去年同期相比，POGO 收入以及當時停止的其他連接計劃。

So we should still see some drag maybe until about Q3. But I think when you look at the performance, a lot of the programs that the team has been running has helped us at least keep flat and make up a lot of that revenue gap. But there will still be some drag going into at least Q3. For the second part of the question, I will turn over to Alfredo Panlilio, who's the President and CEO of PLDT Metro.

因此，我們可能仍會看到一些阻力，直到第三季左右。但我認為，當你看到業績表現時，團隊運作的許多專案至少幫助我們保持平穩，並彌補了很大一部分收入差距。但至少在第三季仍會面臨一些阻力。對於問題的第二部分，我將請 PLDT Metro 總裁兼執行長 Alfredo Panlilio 來回答。

Thank you, Blums. Thank you, Arthur, for the question. I'm happy to share that for VITRO Santa Rosa, we've actually landed a big hyperscale customer of ours that's already availing of four megawatts of capacity. Because it's the first hyperscale data center in the country, we've been getting a lot of interest from Western and Chinese hyperscalers as well. There are ongoing discussions with them together with some big enterprises to help fill up the capacity in Santa Rosa. Thank you

謝謝你，布魯姆斯。謝謝亞瑟提出這個問題。我很高興地告訴大家，對於 VITRO Santa Rosa 來說，我們實際上已經獲得了一個大型超大規模客戶，該客戶已經擁有 4 兆瓦的容量。由於這是國內首個超大規模資料中心，因此我們也受到了西方和中國超大規模資料中心營運商的極大關注。我們正在與他們以及一些大企業進行討論，以幫助填補聖羅莎的產能。謝謝

(technical difficulty)

（技術難度）

Thanks, Arthur for the question. I think what we have seen is that we have been consistently reducing losses throughout last year and have now turned profitable. One of the reasons for that is that we have fairly strong operating leverage in the business. And so we should continue to see an increase in the margins and profitability as we continue to scale the business. I don't think you should expect a hockey stick growth, but a more sort of steady and gradual margin improvement over time.

謝謝亞瑟提出這個問題。我認為我們看到的是，去年全年我們一直在持續減少虧損，現在已經實現盈利。其中一個原因是我們的業務擁有相當強的經營槓桿。因此，隨著我們不斷擴大業務規模，我們應該會繼續看到利潤率和獲利能力的成長。我認為你不應該期待曲棍球棒式的成長，而應該期待隨著時間的推移利潤率更加穩定和漸進的提高。

Understood, thank you. Sorry, if I could just have one follow-up. It's with regard to the mobile business. I'm just wondering what the thoughts are into the second quarter. Obviously, first quarter was challenging, contracting year-on-year, Q-on-Q. I'm just wondering, your competitor has been communicating to the market that we've been seeing mobile improvements in the second quarter. Are you seeing similar trends?

明白了，謝謝。抱歉，我只想問一個後續問題。這是與行動業務有關的。我只是想知道對第二季的想法是什麼。顯然，第一季充滿挑戰，年比、季均出現萎縮。我只是想知道，您的競爭對手是否一直在向市場傳達我們在第二季度看到了行動領域的改進。您是否看到了類似的趨勢？

Boy Martirez is here, who heads our Smart business. Go ahead.

Boy Martirez 就在這裡，他是我們 Smart 業務的負責人。前進。

Hi Arthur. We see that market has softened, but the more important thing that we are focusing on is that we continue to grow traffic year-on-year. And this gives us confidence in monetizing demand for the balance year. And our aspiration is to continue to be always better than last year. So that we will do through innovations and network (inaudible)

你好，亞瑟。我們看到市場已經疲軟，但我們關注的更重要的事情是繼續實現流量的逐年增長。這使我們對平衡年度的貨幣化需求充滿信心。我們的願望是繼續比去年做得更好。這樣我們就能透過創新和網絡（聽不清楚）

Understood. Thank you very much.

明白了。非常感謝。

Thank you, Arthur. All right, I have a question here from Nicki Franco of Abacus Securities from the Q&A box. So the first question is on VITRO Santa Rosa ESG. So what is the rate of water usage for VITRO Santa Rosa? Will the local utility be able to supply the water required as it ramps up?

謝謝你，亞瑟。好的，我這裡有一個來自 Abacus Securities 的 Nicki Franco 在問答框中提出的問題。所以第一個問題是關於 VITRO Santa Rosa ESG 的。那麼 VITRO Santa Rosa 的用水量是多少呢？隨著水力發電量增加，當地公用事業單位是否能夠供應所需的水？

Yes, thank you. Thank you for that question. Well, so far, the water utilization level or utilization that we are tracking in Santa Rosa is still at normal levels, similar to other data centers. We expect the water usage to increase once we start onboarding AI-specific workloads, which would need to run on liquid cooling technology. We are in coordination now with the water utility to be able to anticipate and see whether we can already prepare for that eventuality. But so far, with regards to water usage utilization in Santa Rosa, it's still at normal levels.

是的，謝謝。謝謝你的提問。嗯，到目前為止，我們在聖羅莎追蹤的用水量或利用率仍然處於正常水平，與其他資料中心相似。我們預計，一旦我們開始搭載需要採用液體冷卻技術的特定 AI 工作負載，用水量就會增加。我們目前正在與自來水公司協調，以便能夠預測並看看我們是否已經為這種可能性做好準備。但到目前為止，聖羅莎的用水量仍處於正常水平。

Thank you, Boy. Another question from Nicki, and this is in regards to Maya. Can you share interest income on loans as well as your cost of funds, also average loan tenor? Also, the loans disbursed in the first quarter amounting to PHP28 million, include receivables from the credit card business.

謝謝你，孩子。Nicki 的另一個問題是關於 Maya 的。您能分享貸款利息收入以及資金成本以及平均貸款期限嗎？此外，第一季發放的貸款總額為 2,800 萬菲律賓比索，其中包括信用卡業務的應收款。

I think we'll be limited in terms of exact disclosure of the numbers to some extent. But yes, the receivables do include the receivables from the credit card business as well. Yes. I mean, we do report numbers on a consistent basis on a quarterly basis. But at this point, I think it will be difficult for us to talk about loan yields and cost of funds specifically.

我認為我們在準確披露數字方面會受到一定程度的限制。但是，應收帳款確實也包含信用卡業務的應收帳款。是的。我的意思是，我們確實每季都會定期報告數字。但目前，我認為我們很難具體談論貸款收益率和資金成本。

Do you have a target loan-to-deposit ratio?

您有目標貸存比嗎？

Sorry, Jing, I couldn't hear you. I think you're cutting out a little bit. Could you repeat that question?

抱歉，靜，我聽不見你說話。我覺得你有點削減了。你能重複一下這個問題嗎？

So this regards to the loan-to-deposit ratio of Maya, so (technical difficulty)

這與瑪雅的貸存比有關，（技術難度）

Yeah, so we will, we don't have a specific target loan-to-deposit ratio, but we will continue to keep a slightly conservative loan-to-deposit ratio versus some of the traditional banks. I think we are still sort of early days in terms of the stability of the balance sheet, and we do run a digital banking business. So I mean, there's no fixed sort of number, but we don't want to see the loan-to-deposit ratio at least in the near term, push very, very high like traditional banks.

是的，我們沒有具體的目標貸存比，但與一些傳統銀行相比，我們將繼續保持略微保守的貸存比。我認為我們在資產負債表的穩定性方面仍處於早期階段，而且我們確實經營數位銀行業務。所以我的意思是，沒有固定的數字，但我們不希望看到貸款存比至少在短期內像傳統銀行一樣變得非常高。

Yeah, you okay, I have a question here for the Home segment. PLDT added a significant number of subscribers this quarter. Do you anticipate this continuing at this pace for the rest of 2025? We have Jorn here who heads our home business.

是的，好的，我這裡有一個關於家庭部分的問題。PLDT 本季增加了大量用戶。您預計 2025 年剩餘時間內這一速度會持續下去嗎？我們的家庭業務負責人是喬恩 (Jorn)。

Yes, hello. We do anticipate the growth to sustain. In fact, we are looking at the growth path for the balance of the year. Our net adds has been improving, and we are launching several products and services in rapid succession in the next few months that would address not just elevating our experience, but also expanding our viewership. So the growth is not one-off. We've actually showed this in five quarters, a sustained growth at increasing increments every quarter, and we expect to sustain this until the end of the year. Thank you.

是的，你好。我們確實預計成長將持續下去。事實上，我們正​​在研究今年剩餘時間的成長路徑。我們的網路添加量一直在提高，我們將在未來幾個月內迅速推出多種產品和服務，這不僅可以提升我們的體驗，還可以擴大我們的觀眾群。因此，成長並不是一次性的。實際上，我們已經在五個季度中證明了這一點，即每個季度都持續成長，並且我們預計這種成長將持續到今年年底。謝謝。

I'll answer as well.

我也會回答。

We have Butch Jimenez here, who is our COO. Go ahead, Butch.

我們的營運長是布奇·希門尼斯 (Butch Jimenez)。繼續吧，布奇。

Growth, I guess, aside from just looking at the growth, you really have to look at either we grow by postpaid or prepaid, because that is very significant with the increase in revenue. So PLDT from a strategic point of view, we're looking at growing primarily our postpaid product because that delivers higher ARPU, lower churn. We will also look at prepaid at a very strategic and deliberate level. But I think if you're going to compare us with other telcos, you have to compare not just the growth of subs, but you also have to compare postpaid versus prepaid.

我想，除了專注於成長之外，你還必須關注我們是透過後付費還是預付費來實現成長，因為這對收入的成長非常重要。因此，從策略角度來看，PLDT 正在考慮主要發展後付費產品，因為這可以帶來更高的 ARPU 和更低的客戶流失率。我們也將從策略和深思熟慮的層面審視預付費問題。但我認為，如果要將我們與其他電信公司進行比較，您不僅要比較用戶的成長，還要比較後付費和預付費。

PLDT and Smart, we do have a two-barrel shotgun to look at prepaid or to attack prepaid. Aside from prepaid home fiber, we also have fixed wireless that Smart is handling. So I think we have enough weapons to be able to attack the prepaid market effectively while making sure we continue to grow our postpaid market, which is really the bigger driver of revenue for fixed line telco.

PLDT 和 Smart，我們確實有雙管獵槍來監控預付費或攻擊預付費。除了預付費家庭光纖之外，我們還有由 Smart 處理的固定無線服務。因此，我認為我們有足夠的武器能夠有效地進攻預付費市場，同時確保我們繼續發展後付費市場，這實際上是固定電信公司收入的更大驅動力。

As a follow-up to that question, we have another question on churn trends. How sustainable are these churn trends at current levels? Go ahead, Jorn.

作為這個問題的後續，我們還有另一個關於客戶流失趨勢的問題。在目前的水平上，這些客戶流失趨勢的可持續性如何？繼續吧，喬恩。

Yes, our churn has been showing improvement over time. We have seen, our growth has been driven not just by increasing our gross adds and net adds, but also by better managing our churn. Today, we do have the best industry churn rate at a sub-2 % level, and we will continue to improve that as we approach here. Thank you.

是的，我們的客戶流失率一直在不斷改善。我們已經看到，我們的成長不僅來自於總增值業務和淨增值的增加，還來自於更好地管理客戶流失。如今，我們的客戶流失率確實處於行業最佳水平，低於 2%，我們將繼續努力提高這一水平。謝謝。

Thank you. This next question is for our wireless segment, specifically on 5G. It looks like 5G adoption has increased materially quarter-on-quarter. How is your 5G monetization strategy progressing? And any notable ARPU uplift from this?

謝謝。下一個問題是關於我們的無線領域，特別是 5G。看起來 5G 的採用率較上季大幅增加。你們的5G獲利策略進展如何？這會帶來顯著的 ARPU 提升嗎？

Our focus is still on 5G and building a meaningful and dense 5G coverage, which is also reflected in our double-digit 5G traffic growth, and I think you will see that. And the other thing that I'd like to add is that, in fact, we have seen over 60% growth in 5G devices. And these two together would bode well for us in the coming months. We have seen, for example, a high double-digit growth in 5G traffic. And I can say with comfort that there's a good double-digit percentage of traffic in 5G that has been offloaded for 4G.

我們的重點仍然放在5G上，並建立有意義的、密集的5G覆蓋，這也反映在我們兩位數的5G流量成長上，我想你們會看到這一點。我想補充的另一件事是，事實上，我們已經看到 5G 設備成長了 60% 以上。這兩者結合起來對我們未來幾個月來說將是一個好兆頭。例如，我們看到 5G 流量實現了兩位數的高成長。我可以很自信地說，5G 中已經有兩位數比例的流量被卸載到 4G 上。

Thank you, Boy. (Event Instructions) There is a question regarding depreciation and financing costs. Can we expect depreciation and financing costs to continue increasing at similar levels or do we expect these to taper off moving forward? Danny, can you take that question.

謝謝你，孩子。（活動說明）有一個關於折舊和融資成本的問題。我們是否可以預期折舊和融資成本將繼續以類似的水平增長，或者我們是否預計這些成本將逐漸減少？丹尼，你能回答這個問題嗎？

It's going to be almost on the current level. If we're acquiring all.

它幾乎會達到目前的水平。如果我們收購了所有。

All right. Its the same (multiple speakers)

好的。是一樣的（多位發言者）

On enterprise, I think this is in regards to the Asia Direct Cable. How is this expected to enhance your competitive advantage? Any quantifiable revenue impact from the go-live?

就企業而言，我認為這與亞洲直達電纜有關。這有望如何增強您的競爭優勢？上線後會對收入產生任何可量化的影響嗎？

I'll take that. So direct cable, it is a big part of our competitive advantage.

我會接受的。因此，直達電纜是我們競爭優勢的重要組成部分。

When you think about our top-tier facilities like VITRO Santa Rosa, locators are looking especially international ones, are looking for multiple legs to hubs across the region. So the fact, for example, that people look for Japan, Singapore, Hong Kong at a minimum, right?

當您想到我們的頂級設施（如 VITRO Santa Rosa）時，定位器會特別尋找國際設施，尋找通往該地區樞紐的多條航線。那麼，事實上，人們至少會尋找日本、新加坡、香港，對嗎？

Asia Direct Cable addresses that very specifically. And with 27 terabits per second, that's the right levels for low-latency types of workloads and requirements. So a very, very big part of our strategy. It is not a stand-alone thing by any means, but it is a key enabler of the potential that we're driving to with our data center business.

亞洲直通電纜公司 (Asia Direct Cable) 非常具體地解決了這個問題。每秒 27 太比特的速度對於低延遲類型的工作負載和要求是適當的水平。所以這是我們戰略中非常非常重要的一部分。無論如何，它不是一個獨立的東西，但它是我們資料中心業務潛力的關鍵推動因素。

Thank you, Blums. John Te, UBS.

謝謝你，布魯姆斯。瑞銀的 John Te。

hi, good afternoon. Three questions from me. First is on the prepaid mobile business. There appears to be a softening of subscribers, particularly for Smart in the first quarter, though I understand that the market is soft, but anything unusual with regards to subscriber acquisition?

嗨，下午好。我有三個問題。首先是預付費行動業務。似乎用戶數量有所下降，尤其是第一季的 Smart 用戶數量，雖然我知道市場疲軟，但在用戶獲取方面有什麼不尋常的嗎？

The second question on the other hand, is on the postpaid side. And I think there is sustained growth momentum at the expense of your competitors. So I guess a bit more clarity on what you think is mostly driving this.

另一方面，第二個問題是關於後付費的。我認為你們會以犧牲競爭對手為代價而保持持續的成長勢頭。所以我想你會更清楚地了解造成這現象的主要原因。

The third is on the broadband subscriber trends. Sorry, I missed this earlier, but should we expect an acceleration in revenues beginning 2Q and 3Q given that the net adds in the first quarter were, I guess, stronger than what you've done over the past few quarters? Thank you.

第三是關於寬頻用戶趨勢。抱歉，我之前錯過了這一點，但是考慮到第一季的淨增額比過去幾季的增額要強，我們是否應該預期從第二季和第三季開始營收會加速成長？謝謝。

Thank you, John. So I guess we can start with the question on prepaid mobile subscribers and the softening you said, quarter-on-quarter. Jorn, would you like to have some color on those numbers, please?

謝謝你，約翰。因此，我想我們可以從預付費行動用戶的問題以及您所說的季度環比疲軟開始。喬恩，你能對這些數字做一些說明嗎？

I think it's more to answer on the issue of subscriber base, I think more correct in under ARPU, overall ARPU is flattish while the market ARPU is declining 6% year-on-year. And to that extent, I wouldn't put a differentiation on postpaid and prepaid at this point, there's a blip that I see personally in that trend that we see in the rest of the industry. But in our case, our competitive differentiator is always product innovation, network experience and customer and digital experience. And that's what we're going to build on.

我認為更多的是回答用戶群的問題，我認為在 ARPU 下更正確，整體 ARPU 持平，而市場 ARPU 同比下降 6％。從這個程度上來說，我現在不會對後付費和預付費做出區分，我個人認為，我們在該行業的其他領域也看到了這種趨勢的波動。但就我們而言，我們的競爭優勢始終是產品創新、網路體驗以及客戶和數位體驗。這就是我們要繼續努力的方向。

Thank you, Boy. I understand also, if I recall correctly, that we did a little bit stricter regarding our when we churn out some of our prepaid, right? So I guess, Jorn, part of that is also a cleanup versus last quarter in terms of the number of subs. This question is still for you, Jorn, second question. He did note that we are gaining market share from our competitors. So he would like to basically gain a little bit more color on how -- I guess, what we're doing in order to gain that market share, and how sustained do you think that would be?

謝謝你，孩子。如果我沒記錯的話，我還知道我們在生產預付費產品時採取了更嚴格的措施，對嗎？因此，我想，喬恩，與上一季相比，訂閱量有所減少。這個問題仍然是給你的，喬恩，第二個問題。他確實注意到我們正在從競爭對手那裡搶佔市場份額。因此，他基本上想更多地了解我們如何——我想，我們正在做什麼來獲得市場份額，以及您認為這會持續多久？

I think we attribute that more to our sustainable traffic growth for the last nine quarters. And that's traffic is basically what drives monetization because when you have a growth in traffic, to have engagement, good customer engagement, and we're going to build on that. Year-on-year, we have grown 6% on network traffic while the market has declined by 5%.

我認為，這更歸功於我們過去九個季度的可持續流量成長。流量基本上是推動貨幣化的因素，因為當流量成長時，就會有參與度、良好的客戶參與度，我們將在此基礎上繼續發展。與去年同期相比，我們的網路流量成長了 6%，但市場卻下降了 5%。

So that signals our success in capturing demand and user engagement. We are hopeful in translating this to revenues through our hyper-personalized offers that we are having and we continue to have. By the way, our hyper-personalized offers are based on best-in-class world technology like Adobe and AWS.

這表明我們成功地抓住了需求和用戶參與。我們希望透過我們正在提供並將繼續提供的超個人化服務將其轉化為收入。順便說一句，我們的超個人化服務是基於 Adob​​e 和 AWS 等一流的世界技術。

Thank you, Boy. All right, our last question, and again, this is in regards to our broadband subscriber trends. Jorn, I know you spoke on this a little bit earlier, but can you talk about what we have to look forward in terms of accelerating that.

謝謝你，孩子。好的，這是我們的最後一個問題，同樣，這是關於我們的寬頻用戶趨勢的。喬恩，我知道您之前談到了這一點，但您能否談談我們在加速這一進程方面應該期待什麼。

Thank you for that question, John. John, the last few quarters, especially the last four quarters has been very encouraging. We've seen signs, very clear signs that we have a clear path to even more growth, sustainable growth at that. The important thing is that we keep this business on track, focusing on strengthening our core network and servicing the customer, focusing on elevating the customer experience and expanding our reach.

謝謝你的提問，約翰。約翰，過去幾個季度，特別是最近四個季度非常令人鼓舞。我們已經看到了跡象，非常明顯的跡象表明，我們擁有一條通往更大成長、可持續成長的清晰道路。重要的是我們要維持這項業務的正常運轉，專注於加強我們的核心網路和為客戶提供服務，專注於提升客戶體驗和擴大我們的業務範圍。

As Butch mentioned, we are not just expanding our reach geographically, we're expanding it to reach more homes as well as more segments in the market. All this put together, focusing on this would also reduce our churn, customers tend to stay longer.

正如布奇所提到的，我們不僅在地理上擴大我們的覆蓋範圍，而且還在擴大我們的覆蓋範圍以涵蓋更多的家庭以及更多的細分市場。綜合起來，專注於此也會減少我們的客戶流失，客戶往往會停留更久。

And given that our business is hyper-focused on the postpaid side, we are seeing our ARPUs remain steady at the level 1,496 level from Q1 last year, which is a good sign as well that this has not been diluted despite the fact that we've loaded an additional 305,000 subs this March. So it's very encouraging for us and that we do see a clear path to revenue growth. Thank you.

鑑於我們的業務高度集中於後付費方面，我們看到我們的 ARPU 保持穩定在去年第一季的 1,496 水平，這也是一個好兆頭，儘管我們今年 3 月增加了 305,000 名用戶，但 ARPU 並沒有被稀釋。因此，這對我們來說非常令人鼓舞，我們確實看到了收入成長的明確途徑。謝謝。

Thank you, John. We have another question here in the Q&A box Zhiwei Foo from of Macquarie. Is there guidance for 2025 net income? And if not, why? It was adjusted to be provided at the first quarter results briefing during the full year 2024 briefing. Danny would you like to take that?

謝謝你，約翰。我們在麥格理銀行的 Zhiwei Foo 的問答框中還有另一個問題。有沒有 2025 年淨收入的指導？如果不是，為什麼？已調整為在2024年全年簡報會期間的第一季業績簡報會上提供。丹尼，你想接受這個嗎？

Given the softness of the numbers in the first quarter, I think we're unable to provide guidance at this point.

鑑於第一季的數據疲軟，我認為我們目前無法提供指導。

I think the MVP also mentioned earlier during the media briefing that it is a very fluid environment at this time. And so once things are clear, we will provide at that time. All right. Another question, and this is in regards to PLDT stake in Maya from Nicki. What is the latest on plans to increase PLDP stake in Maya? If this happens at some point this year, will it put back your targets to achieve free cash flow as well as your 2 times net debt-to-EBITDA target? Danny?

我認為 MVP 之前在媒體簡報會上也提到過，目前的環境非常不穩定。因此，一旦事情明朗，我們就會提供。好的。還有一個問題，是關於 Nicki 在 Maya 中持有的 PLDT 股份。PLDP 增加在 Maya 股份的計劃有何最新進展？如果這種情況在今年某個時候發生，這是否會推遲您實現自由現金流的目標以及 2 倍淨債務與 EBITDA 比率的目標？丹尼？

Well, if and when we invest more in Maya, you might need the help of other affiliates of the First Pacific. But it's not going to be solid coming from PLDT.

好吧，如果我們對瑪雅進行更多投資，你可能需要第一太平洋其他附屬公司的幫助。但 PLDT 的服務並不穩定。

All right, another question here in the Q&A box from Marie Antoinette of Landbank. Given PLDT's current negative net working capital and debt-to-equity ratio, what specific strategies and timelines are in place to improve working capital efficiency and optimize the capital structure to achieve a healthier financial position in the short to medium term?

好的，Landbank 的 Marie Antoinette 在問答框中提出了另一個問題。鑑於PLDT目前的淨營運資本和債務權益比為負，有哪些具體策略和時間表來提高營運資本效率和優化資本結構，以在短期至中期內實現更健康的財務狀況？

Well, our main focus now is asset monetization, which includes copper mining. That's one. Second is the consolidation of central offices, which will result in selling some of the idle properties. The third is continue to look for a strategic partner in ePLDT, specifically in data center. So the timing is between now and the next three years.

嗯，我們現在的主要關注點是資產貨幣化，其中包括銅礦開採。那是一個。第二是中心局的整合，這將導致一些閒置房產的出售。第三是繼續尋找ePLDT的策略夥伴，特別是在資料中心方面。所以時間是從現在到未來三年。

Thank you. All right, this next question is from Paolo Manansala, COL. I just wanted to ask regarding the mobile business, if you are seeing an intensification of competition, or is the industry softness in mobile driven by something else? Boy, would you like to take that, please?

謝謝。好的，下一個問題來自 Paolo Manansala，COL。我只是想問一下關於行動業務的問題，您是否看到競爭加劇，或者行動產業的疲軟是否由其他因素導致？孩子，你願意接受這個嗎？

Well, the softness I've answered, I think, a while ago. But I think the question is about the trend by which the rest of the industry is experiencing, probably the question, are we going to be in the same trend? My answer is we don't see the same trend. In fact, our data traffic continues to grow, and we see that this is being done on the back of strong 5G networks. So we're going to be relying on that for the rest of the balance of the year and in the year to come.

嗯，我認為我剛才已經回答過柔軟度了。但我認為問題在於其他行業正在經歷的趨勢，可能是我們是否會陷入同樣的趨勢？我的回答是，我們沒有看到相同的趨勢。事實上，我們的數據流量持續成長，而且我們看到這是在強大的 5G 網路的支持下實現的。因此，我們將在今年剩餘時間和未來一年中依靠這一點。

Thank you, Boy. The next question is in regards to our data center business. With VITRO Santa Rosa now energized, can you comment on the potential enterprise revenue uplift once BSR is fully operational? And also, do you already recognize revenues from current AI workloads? Thank you.

謝謝你，孩子。下一個問題是關於我們的資料中心業務。現在 VITRO Santa Rosa 已恢復運營，您能否評價一下 BSR 全面投入運營後企業收入的潛在增長？此外，您是否已經從目前的 AI 工作負載中獲得了收入？謝謝。

Thank you, Jinggay. So as you know, VITRO Santa Rosa was just energized recently. It's a 50-megawatt facility that will provide 36 megawatts of IP load divided into 18 data halls of 2 megawatts each. So far, we have an anchor tenant that's already come in that's taking on 4 megawatts of space in VITRO Santa Rosa. But aside from that, we are again looking at other hyperscale customers and enterprise customers to come in and fill up the rest of the space that we have.

謝謝你，Jinggay。如您所知，VITRO Santa Rosa 最近剛剛充滿活力。這是一個 50 兆瓦的設施，將提供 36 兆瓦的 IP 負載，分為 18 個資料大廳，每個資料大廳 2 兆瓦。到目前為止，我們已經有一個主要租戶進駐，在 VITRO Santa Rosa 租用了 4 兆瓦的空間。但除此之外，我們再次尋找其他超大規模客戶和企業客戶來填補我們剩餘的空間。

But I think more than that, Jinggay, we're also happy to say that it is not only a hyperscale data center, but it is also an AI-ready data center. We are actually AI live. And our definition of AI-ready is not a showroom, but actual GPUs that have been deployed and that is currently running live workloads and POCs for PLDT and Smart.

但我認為更重要的是，Jinggay，我們也很高興地說它不僅是一個超大規模資料中心，而且還是一個支援人工智慧的資料中心。我們其實就是AI直播。我們對 AI-ready 的定義不是展示廳，而是已部署的實際 GPU，目前正在為 PLDT 和 Smart 運行即時工作負載和 POC。

And we're very excited because in the next few months, we hope to launch a GPU-as-a-Service model targeting enterprises to make AI as reachable, accessible, and affordable to enterprise customers here in the Philippines. So we're looking forward to that.

我們非常興奮，因為在接下來的幾個月裡，我們希望推出針對企業的 GPU 即服務模式，讓菲律賓的企業客戶能夠輕鬆取得、使用 AI，並且能夠負擔得起。所以我們對此充滿期待。

Thank you, Boy. This next question is regarding our OpEx. It looks like it has been declining over the past few quarters. Moving forward, is there further room to significantly reduce OpEx? Or are we nearing optimal levels?

謝謝你，孩子。下一個問題與我們的營運支出有關。看起來過去幾個季度它一直在下降。展望未來，是否還有進一步大幅降低營運支出的空間？或者說我們已經接近最佳水準了？

We are nearing optimal levels at this point.

目前我們已接近最佳水平。

Okay. thank you, Danny. Any other questions from the floor? All right. It looks like we have exhausted the questions in the Q&A box as well as the questions that were sent to me earlier. If we don't have any further questions, I'd like to thank everybody who's joined us today. We look forward to your continued interest in PLDT and look forward to having you again in our next earnings briefing come this August. Have a great day. Thank you.

好的。謝謝你，丹尼。還有其他問題嗎？好的。看起來我們已經用盡了問答框中的問題以及之前發送給我的問題。如果我們沒有其他問題，我想感謝今天參加我們會議的所有人。我們期待您繼續關注 PLDT，並期待在今年 8 月的下一次收益簡報會上再次見到您。祝你有美好的一天。謝謝。