PLDT Inc (PHI) 2025 Q3 法說會逐字稿

Good afternoon, everyone, and thank you for joining us today. I'm Jinggay Nograles, Head of Investor Relations here at PLDT. And it's my pleasure to welcome you all to our nine-month financial and operating results briefing. Joining us today to share insights into PLDT's performance and strategic direction are PLDT's Chief Financial Officer, Mr. Danny Yu; PLDT's Chief Operating Officer, Mr.

各位下午好，感謝各位今天參加我們的節目。我是 PLDT 投資人關係主管 Jinggay Nograles。我很高興歡迎各位參加我們為期九個月的財務和營運績效簡報會。今天，我們邀請到PLDT財務長Danny Yu先生、PLDT首席營運長先生，與我們分享PLDT的業績和策略方向。

Butch Jimenez; PLDT Corporate Secretary, Marilyn Victorio-Aquino; PLDT Chief Legal Counsel, Attorney, Joan De Venecia-Fabul; Head of Consumer Business, Mr. John Palanca; Head of Enterprise Business, Mr. Blums Pineda; ePLDT President and CEO, Viboy Genuino as well as our OICs for Smart, Lloyd Manaloto and Ms. Marjorie Garrovillo.

Butch Jimenez；PLDT 公司秘書 Marilyn Victorio-Aquino；PLDT 首席法律顧問 Joan De Venecia-Fabul 律師；消費者業務主管 John Palanca 先生；企業業務主管 Blums Pineda 先生；ePLDT 總裁兼首席執行官 Viboy Genuino 以及 Smart 的代理負責人 Lloyd Manaloto 和 Marjorie Garrovto 女士。

All right. So before we begin, I'd like to remind everyone that we will have a Q&A session after the presentation (Operator Instructions). To start, I'd like to invite our Chief Financial Officer, Mr. Danny Yu, to walk us through PLDT's financial performance.

好的。那麼在正式開始之前，我想提醒大家，演講結束後我們會安排問答環節。（操作說明）首先，我想邀請我們的財務長 Danny Yu 先生為我們介紹一下 PLDT 的財務表現。

Good afternoon, everyone, and thank you for joining us today. Allow me to present PLDT's financial and operating highlights for the first nine months of the year. Our service revenues net of interconnection cost reached PHP145.9 billion, up 1% year on year, driven by steady demand across fiber, data and ICT. Cash OpEx, subsidies and provisions were down 2%, showing our focus on spending control and even as we support growth areas. EBITDA rose 3% to PHP82.8 billion with margin steady at 52%, amidst higher revenues and lower OpEx.

各位下午好，感謝各位今天參加我們的節目。請容許我介紹PLDT今年前九個月的財務和營運亮點。扣除互聯成本後，我們的服務收入淨額達到 1,459 億菲律賓比索，年增 1%，這主要得益於光纖、數據和 ICT 領域的穩定需求。現金營運支出、補貼和準備金下降了 2%，這表明我們注重控制支出，同時我們也支持成長領域。EBITDA 成長 3% 至 828 億菲律賓比索，利潤率穩定在 52%，這得益於收入增加和營運支出減少。

Telco core income came in at PHP25.3 billion, down 5%, mainly due to higher depreciation and financing costs from network and IT investments. On the other hand, core income was stable at PHP25.8 billion, supported by Maya's sustained profitability. Our share in Maya's core net income reached PHP603 million for the period, a PHP1.5 billion turnaround from last year's loss. Maya remained profitable for the third consecutive quarter, showing consistency that it solidifies its position as the country's leading fintech ecosystem.

電信核心收入為 253 億菲律賓比索，下降 5%，主要原因是網路和 IT 投資的折舊和融資成本增加。另一方面，在 Maya 持續獲利的支撐下，核心收入穩定在 258 億菲律賓比索。本期我們在 Maya 核心淨收入中所佔份額達到 6.03 億菲律賓比索，與去年虧損 15 億菲律賓比索相比實現了扭虧為盈。Maya連續第三個季度保持盈利，展現出持續的盈利能力，鞏固了其作為該國領先的金融科技生態系統的地位。

In summary, our 9-month results show a stable top line, resilient EBITDA and improving contribution from digital businesses. Consolidated service revenues reached PHP145.9 billion, up 1% year on year. If we exclude legacy services, total revenues rose 3%, showing the continued expansion of our growth areas. Within these growth segments, fiber revenues grew 7%, reflecting solid demand for reliable connectivity.

總而言之，我們前 9 個月的業績顯示，營收穩定，EBITDA 維持韌性，數位業務的貢獻不斷提高。綜合服務收入達1459億菲律賓比索，較去年成長1%。如果排除傳統服務，總收入成長了 3%，顯示我們的成長領域持續擴張。在這些成長領域中，光纖收入成長了 7%，反映出對可靠連接的需求強勁。

Mobile data and fixed wireless revenues were up 1%, with usage and 5G adoption continuing to rise. Please note that beginning this quarter, we will now include fixed wireless access, FWA, within our growth segments for our wireless business. The base numbers have been adjusted accordingly to provide like-for-like comparison and reflect organic growth. Fixed wireless growth is driven by the expanding 5G base and stronger network coverage.

行動數據和固定無線業務收入成長了 1%，使用量和 5G 普及率持續上升。請注意，從本季度開始，我們將把固定無線接取 (FWA) 納入無線業務的成長領域。基準數字已相應調整，以便進行同類比較並反映自然增長。固定無線網路的成長得益於 5G 用戶群的擴大和網路覆蓋範圍的擴大。

For enterprise, corporate data and ICT revenues grew 2%, returning to growth in the third quarter as government and public sector projects started to ramp up after election-related delays in the first half. ICT on its own grew 27%. Overall, the shift towards these growth areas, namely fiber, data, fixed wireless and ICT continues to offset the decline in legacy revenues. Focusing on the third quarter, I'd like to point out that all major business units delivered positive growth even with legacy drags showing recovery, especially for our mobile and enterprise groups.

企業方面，企業數據和 ICT 收入成長了 2%，在第三季恢復成長，因為政府和公共部門專案在經歷了上半年與選舉相關的延誤後開始加速推進。資訊通信技術本身成長了 27%。總體而言，向光纖、數據、固定無線和資訊通訊技術等成長領域的轉型繼續抵消了傳統收入的下降。著眼於第三季度，我想指出，儘管傳統業務拖累了部分成長，但所有主要業務部門都實現了正成長，尤其我們的行動和企業業務部門正在復蘇。

Consolidated service revenues rose 2% year on year to PHP48.8 billion. Excluding legacy services, total revenues rose 4%. Wireless consumer revenues were up 1% with mobile data and fixed wireless delivering 3% growth year on year. Home revenues climbed 3%, while fiber revenues were up 6%. Enterprise, as mentioned earlier, is now back on its growth path, still a 2% increase year on year with corporate data and ICT up 5%, while ICT services on its own grew 51% year on year, as government projects begin pushing through.

綜合服務收入年增 2%，達到 488 億菲律賓比索。剔除傳統服務後，總收入成長了 4%。無線消費者營收成長 1%，其中行動數據和固定無線業務較去年同期成長 3%。家庭收入成長了 3%，而光纖收入成長了 6%。如前所述，企業業務現已重回成長軌道，年增 2%，其中企業數據和 ICT 增長 5%，而 ICT 服務本身同比增長 51%，這得益於政府項目開始推進。

Overall, third quarter marked a broad-based recovery with improvements in both mobile and enterprise, reflecting steady execution and disciplined growth across the group. Now let's take a closer look at each of the business units. Home revenues grew 4% year on year to PHP45.7 billion, driven mainly by continued fiber demand. Fiber revenues were up 7% to PHP44.5 billion, now accounting for 97% of total home revenues. We added 265,000 net fiber subs year-to-date, up 67% versus last year.

總體而言，第三季標誌著全面復甦，行動和企業業務均有所改善，反映出集團穩步執行和有紀律的成長。現在讓我們仔細看看各個業務部門。家庭收入年增 4% 至 457 億菲律賓比索，主要得益於光纖需求的持續成長。光纖收入成長 7% 至 445 億菲律賓比索，佔家庭總收入的 97%。今年迄今，我們新增了 26.5 萬個光纖用戶，比去年成長了 67%。

Total fiber base is now 8% higher year on year.

目前纖維總量較去年同期成長8%。

On prepaid, we have selectively introduced prepaid fiber in appropriate growth markets, specifically targeting quality subs, who have a high probability of topping up regularly. In this way, we not only secure revenue growth but also sustainable profits in the long run. Prepaid sub count has grown 15 times since end of 2024. ARPU held steady at PHP1,470, the highest in the industry, driven by our value-based bundles such as video and gaming. Churn remained low at 1.9%, reflecting strong customer loyalty and consistent network quality.

在預付費方面，我們已在合適的成長市場有選擇地推出了預付費光纖，特別針對那些有很高機率定期充值的高素質用戶。這樣一來，我們不僅可以確保收入成長，而且從長遠來看還能獲得可持續的利潤。自 2024 年底以來，預付費用戶數量增加了 15 倍。ARPU 保持穩定在 1470 比索，為業內最高，這得益於我們以價值為導向的套餐，例如視頻和遊戲。客戶流失率維持在1.9%的低位，反映出客戶忠誠度高和網路品質穩定。

To further extend our reach, we have launched Air Fiber and Laser Internet providing fiber-like speeds in hard-to-reach areas at lower cost. This technology expands our coverage and improve service availability in underserved locations. Overall, Home continues to deliver solid growth, underpinned by fiber leadership, high ARPU and expanding access through new technologies. Let's now move on to Enterprise. Year-to-date revenues reached PHP35.6 billion for the first nine months, broadly steady year on year, while corporate data and ICT revenues rose 2% year on year to PHP26.7 billion.

為了進一步擴大我們的服務範圍，我們推出了 Air Fiber 和 Laser Internet，以更低的成本在難以到達的地區提供類似光纖的速度。這項技術擴大了我們的服務覆蓋範圍，並提高了服務不足地區的可用性。總體而言，家庭業務持續保持穩健成長，這得益於光纖領域的領先地位、較高的每用戶平均收入 (ARPU) 以及透過新技術擴大存取範圍。接下來我們進入企業版塊。今年前九個月的營收達到 356 億菲律賓比索，與去年同期基本持平；而企業數據和 ICT 收入年增 2%，達到 267 億菲律賓比索。

Within this, ICT revenues grew 27% year on year, driven by strong demand for managed IT services up 115%, data center colocation up 25%, cybersecurity services up 12%. Importantly, the business unit returned to growth during the third quarter, reversing early year softness as delayed government projects pushed through. Enterprise revenue rose 5% versus the second quarter with corporate data and ICT up 7%, led by a 40% increase in ICT services. Corporate data and ICT now account for 75% of total enterprise revenues, reflecting our continued shift toward high-value services.

其中，ICT 營收年增 27%，這主要得益於託管 IT 服務（成長 115%）、資料中心託管（成長 25%）和網路安全服務（成長 12%）的強勁需求。重要的是，隨著延期的政府項目逐步推進，該業務部門在第三季度恢復成長，扭轉了年初的疲軟局面。企業營收較第二季成長 5%，其中企業數據和 ICT 成長 7%，ICT 服務成長 40%。企業數據和資訊通信技術目前佔企業總收入的 75%，反映出我們持續轉型為高價值服務。

PLDT also continues to strengthen its leadership in AI and data infra, positioning the group at the forefront of the country's digital transformation. We recently launched Pilipinas AI, the country's first sovereign AI platform hosted at VITRO Santa Rosa. This platform enables the enterprise to build and deploy AI models locally, giving businesses access to GPU-powered computing on demand. For our wireless business, revenues reached PHP63.2 billion for the first nine months, down slightly by PHP0.3 billion versus last year due to legacy brands. Data revenues, which now include mobile data and fixed wireless rose 1% year on year to PHP57.3 billion, accounting for 91% of total wireless revenues.

PLDT 也不斷加強在人工智慧和數據基礎設施領域的領先地位，使該集團處於國家數位轉型的前沿。我們最近推出了 Pilipinas AI，這是全國首個自主人工智慧平台，託管於 VITRO Santa Rosa。該平台使企業能夠在本地建置和部署 AI 模型，讓企業能夠按需獲得 GPU 加速的運算能力。就無線業務而言，前九個月的收入達到 632 億菲律賓比索，由於傳統品牌的影響，比去年同期略微下降了 3 億菲律賓比索。數據收入（現在包括行動數據和固定無線）年增 1% 至 573 億菲律賓比索，佔無線總收入的 91%。

For the third quarter alone, data revenues were up 3% year on year, reflecting steady demand and continued monetization discipline. Fixed wireless sustained strong momentum with revenues up 18% year on year as Smart leads the market by revenue share. If we remove fixed wireless, mobile data revenues rose 1% to PHP56 billion. Performance was supported by stable data traffic growth, disciplined monetization, customer value management initiatives that help optimize spend and reduce marketing costs. 5G adoption continues to expand with the number of 5G devices up 39% year on year to 10.5 million, while data traffic rose 6% year on year to 4,393 petabytes.

光是第三季度，數據收入就年增了 3%，反映出穩定的需求和持續的獲利能力。固定無線業務維持強勁成長勢頭，營收年增 18%，其中 Smart 公司以營收份額領先市場。如果剔除固定無線業務，行動數據收入成長 1%，達到 560 億菲律賓比索。穩定的數據流量成長、嚴格的獲利模式以及有助於優化支出和降低行銷成本的客戶價值管理舉措，都為業績提供了支持。5G 的普及率持續擴大，5G 設備數量年增 39% 至 1,050 萬台，而數據流量則年增 6% 至 4393 PB。

The share of 5G devices in the total base improved to 18%, driving higher data usage and improved customer experience. As we continue to innovate on the product side, we also stay focused on cost discipline across the group. Total cash OpEx, subsidies and provisions for the first nine months of the year came in at PHP63.1 billion, down PHP1.1 billion or 2% versus last year. The biggest savings came from compensation and benefits down 7%, reflecting continued workforce optimization.

5G 設備在總用戶群中的佔比提高到 18%，推動了數據使用量的增加和客戶體驗的改善。在持續進行產品創新的同時，我們也始終注重集團內部的成本控制。今年前九個月的現金營運支出、補貼和準備金總額為 631 億菲律賓比索，比去年減少了 11 億菲律賓比索，降幅為 2%。最大的節省來自薪資和福利支出下降了 7%，這反映了持續的勞動力優化。

Selling and promotions were also lower by 18%, driven by better campaign targeting and spend efficiency. Subsidies were also down by 25%, reflecting Smart's deliberate shift towards higher quality acquisition and tighter credit screening for postpaid device plans. On the other hand, repairs and maintenance rose 4% to PHP23.6 billion, reflecting ongoing network expansion and site rollouts. Contract-specific services were up 25%, tied to the ramp-up of key enterprise and ICT projects.

銷售和促銷支出也下降了 18%，這得益於更精準的行銷活動定位和更高的支出效率。補貼也下降了 25%，這反映出 Smart 有意轉向更高品質的客戶獲取方式，並對後付費設備計劃進行更嚴格的信用審查。另一方面，維修和維護費用增加了 4%，達到 236 億菲律賓比索，反映出網路持續擴張和站點推出。合約特定服務成長了 25%，這與關鍵企業和 ICT 專案的加速推進有關。

For the first nine months of 2025, EBITDA reached PHP82.8 billion, up 3% year on year with margin steady at 52%. This performance reflects the combined impact of a PHP1 billion rise in revenues along a PHP1.1 billion discipline for decline in operating costs. The 52% EBITDA margin has held firm, demonstrating our ability to defend profitability even in a very competitive environment. Telco core income reached PHP25.3 billion, down 5% year on year, mainly due to higher depreciation and financing costs from network and infra investments.

2025 年前九個月，EBITDA 達到 828 億菲律賓比索，年增 3%，利潤率穩定在 52%。這一業績反映了收入增加 10 億菲律賓比索以及營運成本下降 11 億菲律賓比索的綜合影響。52% 的 EBITDA 利潤率保持穩定，這表明即使在競爭非常激烈的環境中，我們也有能力捍衛獲利能力。電信核心收入達到 253 億菲律賓比索，年減 5%，主要原因是網路和基礎設施投資的折舊和融資成本較高。

Core income was steady at PHP25.8 billion, supported by continued earnings from Maya, whose consolidated core income hit PHP1.6 billion year-to-date. Maya remained profitable for the third straight quarter, continuing to gain scale through higher transaction volumes, growing deposits and steady expansion in its lending and merchandise businesses. This quarter also includes PHP2.6 billion in accelerated depreciation and noncash charge related to modernization of our core and IT systems and the retirement of legacy assets.

核心收入穩定在 258 億菲律賓比索，這得益於 Maya 的持續獲利，其合併核心收入今年迄今達到 16 億菲律賓比索。Maya連續第三個季度保持盈利，並透過更高的交易量、不斷增長的存款以及貸款和商品業務的穩步擴張，持續擴大規模。本季還包括 26 億菲律賓比索的加速折舊和非現金支出，這些支出與我們核心和 IT 系統的現代化以及舊資產的淘汰有關。

Reported income stood at PHP25.1 billion, lower year on year, mainly reflecting the absence of last year's higher ForEx and derivative gains as well as the accelerated depreciation booked this quarter. CapEx for the first nine months stood at PHP43 billion, down from PHP52.3 billion for the same period last year. CapEx intensity improved to 27% from 33% a year ago, driven by lower spend on network and IT as major projects near completion. For the full year, 2025 CapEx guidance is lowered further to PHP60 billion, lower than the original guidance of PHP68 billion to PHP73 billion. This is mainly due to more favorable pricing and terms.

報告顯示，公司收入為 251 億菲律賓比索，年減，主要原因是去年較高的外匯和衍生性商品收益以及本季提列的加速折舊沒有計入。前九個月的資本支出為 430 億菲律賓比索，低於去年同期的 523 億菲律賓比索。由於主要項目接近尾聲，網路和 IT 方面的支出減少，資本支出強度從一年前的 33% 改善至 27%。2025 年全年資本支出預期進一步下調至 600 億菲律賓比索，低於先前預期的 680 億至 730 億菲律賓比索。這主要是由於更優惠的價格和條款。

We continue to invest in new cell sites, LTE and 5G upgrades, home fiber ports, data center development and submarine cables. These projects will strengthen network quality and support the growth of enterprise and digital services. As at end of September, net debt stood at PHP289 billion, translating to a net debt-to-EBITDA ratio of 2.61 times, slightly higher than the prior quarter, but still within our target range. Our gross debt was at PHP299 billion with 60% of maturities falling beyond 2030, providing a long runway and minimal near-term refinancing pressure.

我們將繼續投資建造新的基地台、LTE 和 5G 升級、家庭光纖連接埠、資料中心開發和海底光纜。這些項目將提升網路質量，並支持企業和數位服務的發展。截至 9 月底，淨債務為 2,890 億菲律賓比索，淨債務與 EBITDA 比率為 2.61 倍，略高於上一季度，但仍在我們的目標範圍內。我們的總債務為 2,990 億菲律賓比索，其中 60% 的到期日晚於 2030 年，這為我們提供了較長的緩衝期，並最大限度地減少了近期再融資壓力。

About 13% of total debt is US dollar-denominated. With only 5% unhedged, keeping ForEx exposure very manageable. The average interest cost was 5.49%, up slightly from last year's 5.08% as lower rate maturities are refinanced. Our interest coverage ratio remains healthy at 3.37 times, while our average debt maturity is 6.5 years.

總債務中約有 13% 是以美元計價的。只有 5% 的資金未進行對沖，使外匯風險敞口保持在非常可控的範圍內。平均利息成本為 5.49%，比去年的 5.08% 略有上升，原因是低利率到期債務進行了再融資。我們的利息保障倍數維持在健康的 3.37 倍，而我們的平均債務期限為 6.5 年。

PLDT remains investment grade with ratings from S&P and Moody's. In terms of cash flow, we recorded PHP1.1 billion in proceeds from tower sales and completed a PHP20.5 billion final dividend payment for 2024 during the period.

PLDT 仍維持投資等級評級，獲得標普和穆迪的評級。就現金流而言，我們在此期間錄得鐵塔出售所得 11 億菲律賓比索，並完成了 2024 年末期股息支付 205 億菲律賓比索。

Incidentally, PLDT hit positive free cash flow as of September 2025, ahead of its forecasted 2026 target. Looking ahead, we are working towards reducing leverage to around 2.0 times net-debt-to-EBITDA, which will be supported by our asset monetization program as well as lower CapEx. Now let me now discuss Maya, the Philippines all-in-one fintech platform powered by Maya Bank and Maya Philippines. It's a fully integrated platform that unites digital payments, savings and lending for both consumer and enterprises. Maya has created a powerful two-sided network where more customers drive more transactions, generating richer insights, which enables higher cross-sell of products and ultimately, delivering scale and profitability.

順便一提，PLDT 截至 2025 年 9 月已實現正自由現金流，提前實現了其預測的 2026 年目標。展望未來，我們正努力將槓桿率降低到淨債務與 EBITDA 比率的 2.0 倍左右，這將得益於我們的資產貨幣化計劃以及更低的資本支出。現在讓我來談談 Maya，這是由 Maya Bank 和 Maya Philippines 支持的菲律賓一體化金融科技平台。這是一個完全整合的平台，將數位支付、儲蓄和貸款功能結合起來，服務消費者和企業。Maya 創建了一個強大的雙邊網絡，更多的客戶帶來更多的交易，產生更豐富的洞察，從而實現更高的產品交叉銷售，並最終實現規模和盈利能力。

Maya continues to lead with strong performance across deposits, loans and payments. Maya remains the number one merchant acquirer and card payment processor. It delivered PHP532 million in net income in the third quarter, sustaining profitability while growing. Banking customers nearly doubled year on year to 9 million, while its cumulative borrower base grew 81% to 2.4 million. Deposit reached PHP57 billion, up 59% year on year and total loans disbursed since its inception hit PHP187 billion.

Maya在存款、貸款和支付方面繼續保持強勁的領先地位。Maya 仍然是排名第一的商家收單機構和銀行卡支付處理商。第三季淨利達 5.32 億菲律賓比索，在保持獲利能力的同時實現了成長。銀行客戶數量較去年同期成長近一倍，達到 900 萬，而累計借款人數量成長 81%，達到 240 萬。存款額達 570 億菲律賓比索，年增 59%；自成立以來發放的貸款總額達 1,870 億菲律賓比索。

Maya continues to onboard millions into the formal financial system, especially younger users and underserved segments. It continues to be the digital bank of choice for young customers across the country. Of the 9 million customers in just over three years, 84% comprise Gen Z and millennials and 76% are based outside of Metro Manila. Of the 2.4 million borrowers that Maya has given credit to, over half are first-time borrowers with no previous lending history. Maya's deposit base has grown to PHP56.7 billion as of September, more than doubling from end of 2023.

Maya 持續吸引數百萬用戶加入正規金融體系，尤其是年輕用戶和欠發達族群。它仍然是全國年輕客戶首選的數位銀行。在短短三年多的時間裡，該機構已擁有 900 萬名客戶，其中 84% 為 Z 世代和千禧世代，76% 居住在馬尼拉大都會區以外。Maya 已向 240 萬借款人提供信貸，其中超過一半是首次借款人，此前沒有任何貸款記錄。截至9月份，瑪雅的存款基礎已成長至567億菲律賓比索，比2023年底增加了一倍以上。

It disbursed PHP36 billion in quarter three alone, bringing its total loan disbursement since launch to PHP187 billion.

僅在第三季度，該公司就發放了 360 億菲律賓比索的貸款，使其自成立以來的貸款發放總額達到 1,870 億菲律賓比索。

The loan book now stands at PHP27 billion with loan-to-deposit ratio at 48%. Net interest margin rose to 18.9% for the first nine months, while maintaining a healthy portfolio with an NPL ratio of 6.3%. Maya continues to expand its fintech ecosystem through product innovation and strategic partnerships. Maya launched Maya Black, its premium credit card in quarter three, receiving a very strong response from the customers. Around 40% of Maya Black cardholders are first-time credit users, underscoring Maya's role in democratizing credit access to Filipinos.

目前貸款總額為 270 億菲律賓比索，存貸比為 48%。前九個月淨利差上升至 18.9%，同時維持了健康的投資組合，不良貸款率為 6.3%。Maya 透過產品創新和策略合作不斷拓展其金融科技生態系統。Maya 在第三季推出了其高階信用卡 Maya Black，並獲得了客戶的強烈反響。Maya Black 卡持卡人中約有 40% 是首次使用信用卡的用戶，這凸顯了 Maya 在使菲律賓人更容易​​獲得信貸方面所發揮的作用。

Maya also launched an innovative personal loans product in the previous quarter that incentivize users to make periodical savings habit by offering higher rates.

Maya在上一季也推出了一款創新的個人貸款產品，透過提供更高的利率來激勵用戶養成定期儲蓄的習慣。

Maya is also leveraging its relationship with established businesses like Cebuana Lhuillier to expand credit to unbanked customers through over 3,500 branches and 25,000 agents nationwide. In summary, Maya's strong growth across payments, deposit lending reflect the power of a fully digital integrated ecosystem. PLDT continues to mark progress in its sustainability journey as manifested in its latest ESG ratings, which continue to register improvements as you will see on the slide.

Maya 也利用其與 Cebuana Lhuillier 等成熟企業的關係，透過遍布全國的 3,500 多家分行和 25,000 個代理商，向沒有銀行帳戶的客戶提供信貸。總而言之，Maya 在支付、存款貸款等領域的強勁成長反映了完全數位化整合生態系統的強大力量。PLDT 在永續發展道路上不斷取得進展，這體現在其最新的 ESG 評級中，正如您將在幻燈片中看到的那樣，該評級持續改善。

We continue to align with global best practices, and we have started to take part in global conversations. At the Climate Week in New York, PLDT and Smart represented the Philippines at the United Nations Global Compact Leaders' Summit, which we showcased a homegrown innovation that integrates localized mapping of natural hazards and remote monitoring of network facilities into a single visual dashboard. We were also featured in the Philippines 2025 Voluntary National Review presented by the Department of Development, highlighting the country's progress on sustainable development goals.

我們持續與全球最佳實踐接軌，並已開始參與全球對話。在紐約氣候週期間，PLDT 和 Smart 代表菲律賓參加了聯合國全球契約領導人峰會，並在會上展示了一項本土創新，該創新將自然災害的本地化測繪和網路設施的遠端監控整合到一個可視化儀表板中。我們也被列入菲律賓發展部發布的《菲律賓 2025 年自願國家評估報告》中，該報告重點介紹了菲律賓在永續發展目標方面的進展。

Other highlights during the quarter includes a workshop with our supply chains where we cascaded our biodiversity policy, particularly in the context of network rollouts. Smart also secured a PHP2 billion green loan with proceeds to be used to accelerate the rollout of our 5G network nationwide, which is more energy efficient. Now that concludes our prepared remarks for PLDT's nine months results. We're now open for questions.

本季其他亮點包括與我們的供應鏈舉辦研討會，我們在會上推廣了我們的生物多樣性政策，尤其是在網路推廣方面。Smart 還獲得了 20 億菲律賓比索的綠色貸款，所得款項將用於加速在全國範圍內推出更節能的 5G 網路。以上就是我們對PLDT九個月業績的準備發言。現在開始接受提問。

Thank you so much, Danny, for your insights. Before we open the floor to your questions, allow me to reintroduce our business leaders in the room. I'd like also to recognize our COO, Mr. Butch Jimenez; Aayush Jhunjhunwala of Maya. The CIO of Maya has also joined us as well.

丹尼，非常感謝你的真知灼見。在正式開始回答各位問題之前，請容許我再次介紹在座的各位企業領導人。我還要特別感謝我們的營運長 Butch Jimenez 先生；以及 Maya 公司的 Aayush Jhunjhunwala。Maya的資訊長也加入了我們。

And just to remind everyone, those who are in the room with us are our Head of Consumer Business Home, Mr. John Palanca; our Head of our Enterprise business; Mr. Blums Pineda; ePLDT and Vitro President, Viboy Genuino; our OICs for Smart, Lloyd Manaloto and Marjorie Garrovillo. Of course, we have our CFO, Mr. Danny Yu; our Chief Legal Officer, Ms.

再次提醒各位，在場的有：消費者業務主管 John Palanca 先生；企業業務主管 Blums Pineda 先生；ePLDT 和 Vitro 總裁 Viboy Genuino 先生；Smart 的代理負責人 Lloyd Manaloto 和 Marjorie Garrovillo 先生。當然，我們還有財務長餘丹尼先生；我們的首席法務官女士。

Joan De Venecia-Fabul and our Corporate Secretary, Ms. Marilyn Victorio-Aquino.

Joan De Venecia-Fabul 和我們的公司秘書 Marilyn Victorio-Aquino 女士。

(Operator Instructions) The first question here is from Nicky Franco of Abacus Securities. This is for Maya. Given that Maya's lending was still strong in 3Q '25, what were the main drivers for the drop in net income for the period? Were there any one-offs that were attributed to this? Aayush, would you like to take that?

（操作員說明）第一個問題來自 Abacus Securities 的 Nicky Franco。這是給瑪雅用的。鑑於 Maya 在 2025 年第三季的貸款業務依然強勁，那麼導致該期間淨收入下降的主要原因是什麼？是否有任何個別事件被歸因於此？阿尤什，你想拿嗎？

Sure, Jinggay. Thanks for the question. So there are a couple of factors that resulted in a slight drop. One was the slight impact of the removal of gaming links, the effect of which started to come in the August of 2023 as per BSP's direction. And secondly, as Danny mentioned, we launched Maya Bank Black Credit card.

當然，Jinggay。謝謝你的提問。因此，導致略微下降的原因有兩個。其中之一是取消遊戲連結的輕微影響，根據 BSP 的指示，其影響從 2023 年 8 月開始顯現。其次，正如丹尼所提到的，我們推出了瑪雅銀行黑卡。

And as I mentioned in the previous call as well that we had launched our personal loans. So as we scale these longer duration loans, they will continue to have some provision -- some excess provision impact in the near to medium term before the -- until the portfolio matures. So these are the two sort of main factors for that.

正如我在上一次電話會議中提到的，我們已經推出了個人貸款業務。因此，隨著我們擴大這些長期貸款的規模，在投資組合到期之前，它們在中短期內將繼續產生一些撥備——一些超額撥備的影響。所以，這是兩個主要因素。

Thank you, Aayush. All right. It looks like we also have some questions here from Arthur Pineda of Citi.

謝謝你，阿尤什。好的。看來我們這裡還有一些來自花旗銀行的 Arthur Pineda 的問題。

Several questions, please. Firstly, with regard to the KPA and the IRRs, which have been released by -- and signed by the President, how do you see this impacting your profitability as well as your investment profile going forward? I'm just wondering, do you see the new revenue opportunities as outweighing the revenue risks with regard to upcoming competition?

請問幾個問題。首先，關於總統發布並簽署的《關鍵績效指標》（KPA）和《內部報酬率》（IRR），您認為這將如何影響您未來的獲利能力和投資狀況？我只是想問一下，您認為即將到來的競爭帶來的新收入機會是否大於收入風險？

Second question I had is with regard to mobile. I mean we've seen this has been -- it has been trailing that of your competitor for the third straight quarter. What's driving this difference in performance? Is there any issue that the company needs to work out? And the third question is on enterprise.

我的第二個問題是關於行動裝置的。我的意思是，我們已經看到，它已經連續三個季度落後於你的競爭對手。造成這種性能差異的原因是什麼？公司是否有需要解決的問題？第三個問題與企業有關。

You mentioned an uptake in government projects earlier. I'm just wondering, are you seeing sustained uptake into the fourth quarter, given that we've seen a slowdown in the broader macro momentum and government spending?

您之前提到過政府項目數量有所增加。我想知道，鑑於宏觀經濟整體成長動能和政府支出放緩，您是否預期第四季市場需求將持續成長？

Thank you, Arthur. Okay. We have three questions here. Perhaps we can take your first question -- your second question first, which is on wireless. It's been trailing for a while.

謝謝你，亞瑟。好的。這裡有三個問題。或許我們可以先回答您的第二個問題，也就是關於無線網路的問題。它已經落後一段時間了。

Is there any difference in performance that you'd like to highlight? So Marjorie or Lloyd, would you like to take this question?

您在性能方面有什麼想要重點強調的差異嗎？那麼，瑪喬麗還是勞埃德，你們誰願意回答這個問題呢？

All right. So for the wireless business, whilst we have been trailing behind Globe in actual revenue, when you actually review the growth rates, we could actually see that the Smart Wireless group has actually achieved a flattish growth rate for year-to-date 2025 versus Globe. It's actually more of a negative. Number two, the actual Q3 achievement versus last year, Smart is also ahead, right, versus Globe.

好的。因此，就無線業務而言，雖然我們在實際收入上一直落後於 Globe，但當你實際查看成長率時，我們實際上可以看到，Smart Wireless 集團在 2025 年迄今為止的成長率實際上與 Globe 相比持平。實際上，這更像是一種負面影響。第二，從第三季的實際業績來看，Smart 也領先 Globe，對吧。

Now what's interesting is that what we've actually managed to do is using tools like hyper targeting, we actually have been able to secure higher quality subs space so much so that our ARPUs for Smart have actually improved. So we're actually at a positive 2.5% on our ARPU for Smart versus Globe, for example, which is at negative 5.5%. We do believe that with tools like this and actually focusing on how we could generate more positive growth, we should be able to at least stabilize and actually sustain our mobile resilience.

有趣的是，我們實際上已經利用超定向等工具，獲得了更高品質的訂閱用戶，以至於我們的 Smart 用戶平均每用戶收入 (ARPU) 得到了提升。例如，Smart 的 ARPU 實際上為正 2.5%，而 Globe 的 ARPU 為負 5.5%。我們相信，借助此類工具，並真正專注於如何創造更多積極的成長，我們至少能夠穩定並真正維持我們的移動韌性。

Also, I'd like to add to the fact that if you look at fixed wireless -- for example, on wireless network rapidly growing, and this is driven by our investment in 5G and investment in 5G devices. So that's one area we're also focusing on as a total portfolio because we see the bigger growth in that.

此外，我還想補充一點，如果你看看固定無線網路——例如，無線網路正在快速成長，這是由我們對 5G 和 5G 設備的投資所推動的。所以，這也是我們整體投資組合關注的領域之一，因為我們看到該領域有更大的成長空間。

Thank you, Marjorie. Thank you, Lloyd. Let's take your question on Enterprise next in terms of the sustained uptick in the fourth quarter. Blums, would you like to take that?

謝謝你，瑪喬麗。謝謝你，勞埃德。接下來，我們來回答您關於企業方面的問題，特別是第四季度持續成長的情況。布魯姆斯，你想拿走嗎？

Yes, sure. Thanks for the question, Arthur. So with PLDT Enterprise, yes, we are seeing the continued momentum, as we mentioned before, into the fourth quarter and also into early Q1. As you can imagine, some of the nature of the projects will probably result in some slippage of award dates, et cetera, which is quite normal. But we're seeing still that level of investment and activity.

當然可以。謝謝你的提問，亞瑟。所以，就 PLDT Enterprise 而言，是的，正如我們之前提到的，我們看到這種勢頭延續到了第四季度，並且延續到了第一季初。可以想像，某些項目的性質可能會導致授獎日期等出現一些延誤，這很正常。但我們仍然看到這種水準的投資和活動。

There's a lot of -- across both national government agencies and LGUs, continued demand here that we're serving on both the connectivity and the ICT side.

無論是國家政府機構或地方政府單位，在網路連接和資訊通信技術方面都存在著持續的需求，而我們正在滿足這些需求。

Can I add to that?

我可以補充一些內容嗎？

Yes, of course.

是的當然。

Just, I guess, a couple of insights on where the government is going to land in terms of sustaining their investments in digital connectivity. Of course, I can't speak for the government at this point in time. But generally, what we see is that they are going to continue their trust and their investments in being able to connect the Philippines digitally. I don't see that slowing down. And I think that after realizing that they've spent too much on flood control, they've started to sense that maybe they should start shifting some of that expense or that spend to other areas and digitizing or providing digital connectivity to various aspects of Philippine society is something that they are talking about prioritizing.

我想，這或許能讓我們更深入地了解政府在維持對數位連結的投資方面將採取何種策略。當然，此時此刻我無法代表政府發言。但總的來說，我們看到的是，他們將繼續保持信心，並繼續投資，以實現菲律賓的數位化連結。我認為這種趨勢不會放緩。我認為，在意識到他們在防洪方面花了太多錢之後，他們開始意識到也許應該將部分支出轉移到其他領域，而為菲律賓社會的各個方面提供數位化或數位連接是他們正在討論的優先事項。

So first, let's talk about data centers. The government or PBBM has already given the DICT an order for public sector data sovereignty. That becomes a big driver for the enterprise group in terms of possible revenues in the future, principally because we do have the biggest data center in the Philippines, and we are the only ones at this point in time that can provide GPU as a Service leading towards AI.

首先，我們來談談資料中心。政府或PBBM已經向DICT下達了關於公共部門資料主權的命令。這將成為企業集團未來潛在收入的重要驅動力，主要是因為我們在菲律賓擁有最大的資料中心，目前我們是唯一一家能夠提供 GPU 即服務並邁向人工智慧的公司。

Aside from that, the GIDA site investment or initiative of the government has just finished its bidding. PLDT, Globe has gotten its fair share of rolling out in GIDA sites. So that is going to add revenue for our company, at the same time, continue the investments of the government in connectivity. Now tomorrow, I will be presenting to the PSAC, the Private Sector Advisory Council, a couple of more initiatives to digitize state universities in the Philippines and the other one is health care centers in the Philippines. So it looks like they are realizing that we are far behind our Asian or ASEAN neighbors when it comes to digital connectivity, and it's one of the priorities that I think the President and the government is going to push forward in 2026 and beyond.

除此之外，政府的GIDA專案投資或計畫的招標工作也已完成。PLDT和Globe在GIDA站點的推廣方面都取得了相當大的進展。這樣一來，既能為我們公司增加收入，又能繼續加大政府在網路連結上的投資。明天，我將向私部門諮詢委員會 (PSAC) 介紹另外兩項舉措，一項是菲律賓國立大學的數位化，另一項是菲律賓的醫療保健中心。看來他們已經意識到，我們在數位連接方面遠遠落後於我們的亞洲或東協鄰國，我認為這是總統和政府將在 2026 年及以後大力推進的優先事項之一。

So looking forward to a sustained investment of the government in connectivity.

因此，期待政府持續加大對網路連結的投入。

Thank you, sir, Butch. The last question, which is on Konektadong Pinoy. Marilyn MAVA would you like to take this one?

謝謝你，先生，布奇。最後一個問題是關於 Konektadong Pinoy 的。瑪麗蓮·瑪瓦，你想接這個嗎？

Lot of opportunities. It's difficult to assess the opportunities right now because this is the first country where they are going to roll out the open access for all assets model. So we don't know in what shape or form it will -- it will basically be form in the Philippines. But aside from that, if there are new players that are with the vision and philosophy that allows them and are committed to invest in the Philippines, invest in new infrastructure that will complement and supplement our network, that is an opportunity that we can consider because it will strengthen our network together.

機會很多。現在很難評估其中的機遇，因為這是第一個推行所有資產開放取用模式的國家。所以我們不知道它會以何種形式出現——它基本上會在菲律賓形成。但除此之外，如果有新的參與者擁有遠見卓識和理念，並且致力於在菲律賓投資，投資建設能夠補充和完善我們網絡的新基礎設施，那麼這是一個我們可以考慮的機會，因為這將共同加強我們的網絡。

And we may be able to improve the connectivity for the entire country and maybe that will help in the vision of the connecting Filipino to have more connectivity even in the GIDAs area and also improve the Internet connectivity in the entire country. But that requires -- but that is something that we can find an opportunity that we can explore and exploit and create new partnerships around that. But if it is pure access, it's hard to assess the opportunity right now because we don't know how it will be rolled out in the Philippines, the open access for all assets.

我們或許能夠改善全國的網路連接，這或許有助於實現連接菲律賓人的願景，即使在GIDAs地區也能擁有更多的網路連接，並改善全國的網路連接。但這需要——但我們可以找到機會去探索和利用，並圍繞這一點建立新的夥伴關係。但如果只是開放獲取，現在很難評估這種機會，因為我們不知道在菲律賓將如何推行所有資產的開放獲取。

So no indications on the IRRs based on what's been signed by the President so far?

所以，根據總統目前簽署的文件來看，還沒有任何關於實施細則的跡象？

I'm sorry?

對不起？

Indications on -- how we feel about the IRR?

我們對實施細則有何看法？

Well, how we feel about the IRR. Mr. Pangilinan answered that earlier in the media briefing. Maybe Jinggay will read his answer.

我們對實施細則的看法。龐吉利南先生先前在新聞發布會上回答了這個問題。或許金蓋會看到他的回答。

Sure, sure. So he had a very -- he had a statement earlier that he shared with the media. So I'll just quote what he mentioned, and I'll share it with you, Arthur. So when he was asked about PLDT's overall view on the final IRR, he answered by turning the question around, right? Do we think that the law as written actually achieves what it's set out to do, cheaper Internet for all, wider coverage, more infrastructure because the law and its IRR right now do not impose any obligation on new entrants to build infrastructure.

當然，當然。所以他之前向媒體發表了一份聲明。所以我把他的話引用下來，分享給你，亞瑟。所以當被問到PLDT對最終實施細則的整體看法時，他反問了這個問題，對吧？我們是否認為，現行法律實際上實現了其既定目標，即為所有人提供更便宜的互聯網、更廣泛的覆蓋範圍和更多的基礎設施，因為該法律及其實施細則目前並未對新進入者施加任何建設基礎設施的義務。

There's no requirement to start in geographically isolated or disadvantaged areas. And there is no service obligations to ensure coverage or quality. And if you recall, in the Ramos administration, there was a sound model under the service area scheme, where telcos were assigned specific regions and targets like reaching the number of households to be connected, right? And that created real infrastructure build-out at that time. And the Konektadong Pinoy law, on the other hand, does not have such provisions.

沒有規定必須從地理位置偏遠或條件落後的地區開始。而且沒有任何服務義務來保證服務覆蓋範圍或品質。如果你還記得的話，在拉莫斯政府時期，服務區域方案下有一個完善的模式，電信公司被分配到特定的區域和目標，例如連接多少戶家庭，對吧？這在當時促成了真正的基礎建設。而另一方面，《Konektadong Pinoy》法案卻沒有這樣的規定。

So really, the question remains on whether it will truly deliver on its promises. So that was the statement shared by MVP earlier on the IRR.

所以，真正的問題仍然是它是否能夠兌現其承諾。以上就是MVP先前就內部報酬率發表的聲明。

All right. We have another hand raised from Ranjan Sharma.

好的。蘭詹·夏爾馬也舉起了手。

My questions are related to the KPA as well. Can you help us understand what -- how the wholesale access pricing mechanism is going to be set? When you're being asked to open up your network, on what basis are wholesale access prices that you would be charging any access seekers? Is this completely on commercial terms? Is there a cost model associated with it?

我的問題也與KPA有關。您能幫我們了解一下批發准入定價機制將如何設定嗎？當被要求開放網路時，你向尋求接入者收取的批發接入價格是基於什麼標準決定的？這完全是商業性質的嗎？它是否有相應的成本模型？

And the second question is on the spectrum. I think there's also spectrum management provisions as well, which includes clawback of underutilized spectrum. Can you help us understand how that might impact the industry as well?

第二個問題與光譜有關。我認為其中也包括頻譜管理條款，其中包括收回未充分利用的頻譜。您能否幫助我們了解這可能會對產業產生哪些影響？

Yes. In terms of the pricing, I don't think there has been any specific model that was shared in the IRR, right? The way it was drafted was that the incumbents are to submit our price list in the reference access offer and that will be reviewed by the regulators to determine if it is fair, reasonable and nondiscriminatory. So I think there's really no specifics at this time, Ranjan, on using any specific model.

是的。就定價而言，我認為 IRR 中還沒有分享任何具體的定價模型，對嗎？該草案規定，現有企業需在參考准入要約中提交我們的價格表，監管機構將對此進行審查，以確定其是否公平、合理且不具歧視性。所以我覺得目前還沒有具體的方案，Ranjan，關於使用任何特定的模型。

Maybe I add to that. In fact, it is not clear to us because we already have open access, bilateral contractual commitments, right. We do open access on a contractual basis. But it's not clear to us, for example, whether or not the pricing that we have assumed based on voluntary contracts with counterparties will be the same price that will be approved by the regulator.

或許我可以補充一些內容。事實上，我們並不清楚，因為我們已經有開放獲取的雙邊合約承諾，對吧。我們以合約形式提供開放取用服務。例如，我們尚不清楚，我們根據與交易對手的自願合約所假設的價格，是否會與監管機構批准的價格相同。

And there is also a provision in the IRR, which says if it's a significant market player, then the regulator may scrutinize your pricing. And what that means is not clear to us, whether or not significant market players will be required to price down their offering compared to contractual commitments that they entered into before Konektadong Pinoy. It's not very clear to us. So on the spectrum underutilization, is that the question?

內部監管條例中還有一項規定，如果企業是重要的市場參與者，那麼監管機構可能會審查其定價。而這意味著什麼，我們並不清楚，重要的市場參與者是否會被要求降低其產品的價格，使其低於他們在 Konektadong Pinoy 之前簽訂的合約承諾。我們不太清楚。所以，關於頻譜未充分利用的問題，這就是重點嗎？

Spectrum management provisions, how we see this impacting our business?

頻譜管理條款，我們認為這將如何影響我們的業務？

Well, it will have an impact on the business, but please appreciate that right now, there is no standard for underutilization. It really depends on how you use the spectrum. If you use the spectrum as a macro site, the utilization might be different. If you use the spectrum to cover that basically blind spots or if you use it to have continuous trouble, the utilization would be different. And so the spectrum management policy is intended to, I think, come up with that.

這肯定會對業務產生影響，但請理解，目前還沒有關於資源利用不足的標準。這主要取決於你如何使用頻譜。如果將頻譜用作巨集站點，則使用率可能會有所不同。如果你利用頻譜來涵蓋盲區，或利用頻譜來製造持續的麻煩，那麼頻譜的利用方式就會有所不同。因此，我認為頻譜管理政策的目的就是為了解決這個問題。

And hopefully, there will be a consultation with the stakeholders like us, who are using the spectrum. And hopefully, there will be a transition period if they set -- if they define, for example, underutilization as such, then the next day, they will start recording the spectrum that might not be fair because it's basically a totally new definition of underutilization, which we are unable to comply, if the next day, they will start recording. So that is what's not clear. But I think they will have a period from the effectivity of the IRR to come up with a spectrum management policy framework, but that's not very clear right now.

希望能夠與像我們這樣使用該頻譜的利害關係人進行磋商。希望如果他們設定——例如，如果他們這樣定義未充分利用，那麼第二天他們就開始記錄頻譜，這可能不公平，因為這基本上是對未充分利用的全新定義，我們無法遵守。所以，這一點尚不清楚。但我認為，從實施細則生效之日起，他們將有一段時間來制定頻譜管理政策框架，但目前這一點還不太清楚。

Okay. Looks like we have some questions here as well from (inaudible). So two questions on net debt. You mentioned that net-debt-to-EBITDA will be reduced to 2 times, which year is this expected to be achieved? So that's the first question.

好的。看來我們也有一些問題想問。（聽不清楚）關於淨債務，我有兩個問題。您提到淨債務與 EBITDA 的比率將降至 2 倍，預計哪一年能夠實現這一目標？這是第一個問題。

Second question, net debt to EBITDA is increasing a lot faster than net profits. Where is the -- where in the business is that going into?

第二個問題，淨負債與 EBITDA 的比率成長速度遠超淨利潤的成長速度。它——它將進入公司業務的哪個環節？

We continue to spend on IT network rollout and data center development. So that's where the EBITDA -- that's where the debt go to now. With respect to projection, I think it will be about three to four years from now going to the 2.0. But certainly, I think the positive news is that we finally achieved positive free cash flow as of September, ahead of our forecast in 2026. That's one good news.

我們將繼續加大對IT網路部署和資料中心建置的投入。所以，這就是 EBITDA 的去向——這就是債務現在的去向。就預測而言，我認為從現在到 2.0 時代大概還需要三到四年。但當然，我認為積極的消息是，我們終於在 9 月實現了正的自由現金流，比我們 2026 年的預測提前了。這是個好消息。

And we hope to sustain this with lower CapEx moving forward as well as with our monetization program.

我們希望透過降低資本支出以及推動貨幣化計畫來維持這一局面。

And we also have a question related to that regarding our positive free cash flows, how confident are we that we can sustain this into 2026?

我們還有一個與此相關的問題，關於我們的正自由現金流，我們有多大信心能夠將這種情況持續到 2026 年？

We're confident because we will have lower CapEx moving forward, again, as mentioned earlier, because of our asset monetization program.

我們充滿信心，因為正如前面提到的，由於我們的資產貨幣化計劃，我們未來的資本支出將會降低。

And also, this is a common question that was sent to us earlier. Any updates on the current asset monetization programs, namely the data center stake sale as well as the copper sales?

此外，這也是之前我們收到的常見問題。關於目前的資產貨幣化計劃，特別是資料中心股權出售和銅礦出售，有什麼最新進展嗎？

On the data center, we're currently in talks with prospective investor, who intends to take around 49% of the business. At the same time, we're also exploring the possibility of doing a REIT listing for our data center, just in case the other falls true.

關於資料中心，我們目前正在與潛在投資者洽談，該投資者打算收購該公司約 49% 的股份。同時，我們也在探索將我們的資料中心上市為房地產投資信託基金（REIT）的可能性，以防萬一其他方案行不通。

Thank you, Danny. All right. We have another question here from John Te of UBS.

謝謝你，丹尼。好的。這裡還有來自瑞銀集團的John Te提出的問題。

Two questions. First is on the fixed broadband net adds, quite strong, 95,000 compared to your run rate of 70,000 in the first half. So how much of this was prepaid? How much of this was postpaid? And what drove the acceleration there?

兩個問題。首先是固定寬頻網路新增用戶，成長勢頭強勁，達到 95,000 人，而上半年的平均新增用戶數為 70,000 人。這其中有多少是預付的？其中有多少是後付費的？是什麼因素導致了那裡的加速？

(inaudible), would you mind taking this?

（聽不清楚），請問您介意收下這個嗎？

So thank you for the question. Yes, we've actually been able to build up the install rates over the last quarter. We leased up not just our channels, but our installed team. So we're able to gather more. I can't -- all I can say is that in the third quarter, we've seen more than a threefold increase in the prepaid subscriptions.

謝謝你的提問。是的，上個季度我們的安裝率確實有所提高。我們不僅出租了管道，還出租了我們的團隊。這樣我們就能收集到更多資訊。我無法透露具體數字——我只能說，第三季預付訂閱量增加了三倍多。

And we're doing this in a very different way. I think I mentioned in the previous quarter that while we are growing the pie to ensure that the ARPUs remain at the high level and not cannibalize postpaid, our acquisition of prepaid has been very targeted to areas where prepaid applies. So growing the pie from Tier A and Tier B municipalities to what is now probably Tier C and probably opportunities is very selective. So we will not be seeing the same volumes, but what we will be seeing are the quality subscribers who have the high propensity to top up.

我們採用的是一種截然不同的方法。我想我在上個季度提到過，雖然我們正在努力擴大蛋糕，以確保 ARPU 保持在高水平，並且不會蠶食後付費業務，但我們對預付費業務的收購一直非常有針對性，只針對預付費適用的領域。因此，將蛋糕從 A 級和 B 級城市擴展到現在可能是 C 級城市以及可能存在的機會，這是一個非常選擇性的過程。因此，我們不會看到相同的用戶數量，但我們會看到高品質的訂戶，他們有很高的充值意願。

We -- as mentioned from the beginning of the year, we have grown more than 3x already, 3.3x to be exact. And once we're ready to release the figures, I think we have a sizable market -- rather subscriber base on prepaid, then we will do so. So at the moment, the majority of it is coming from our postpaid acquisitions.

正如年初所提到的，我們的規模已經成長了 3 倍多，確切地說是 3.3 倍。一旦我們準備好公佈數據，我認為我們擁有相當大的市場——或者說預付費用戶基礎，那麼我們就會公佈。所以目前，大部分的收入都來自我們後付費用戶。

Okay. A quick follow-up on for -- maybe for Danny. On depreciation, there was PHP2 billion-plus charge in nine months, but safe to assume that most of it came from the third quarter. And the related question on interest expense, given that debt really hasn't changed, but there was a spike on year-on-year interest expense. Would this mainly come from, I guess, leases for towers, et cetera?

好的。快速跟進一下——也許是給丹尼的。折舊方面，九個月內提列了超過 20 億菲律賓比索的費用，但可以肯定的是，其中大部分來自第三季。至於利息支出的相關問題，鑑於債務實際上並沒有改變，但利息支出卻出現了同比飆升。我猜這主要來自塔樓租賃等收入吧？

I'll take the second question first. The reason for the increase in interest is mainly due to increase in the weighted average rate by around 49 basis points. That's one. The second reason for that is that also increase in the weighted loan average by around PHP19 billion compared to the previous year. So that's for the second.

我先回答第二個問題。利率上升的主要原因是加權平均利率上升了約 49 個基點。這是其中之一。第二個原因是，與前一年相比，加權平均貸款額也增加了約 190 億菲律賓比索。第二個問題就到這裡。

What was the first question again?

第一個問題是什麼來著？

Accelerated depreciation of PHP2.6 billion --

加速折舊26億菲律賓比索—

It's mainly retirement of legacy assets as well as modernization of our IT and network core system and the accelerated depreciation is a fast-paced capital-intensive industry, and it's rapidly changing. So we have to continually review the economic life of these assets.

主要涉及傳統資產的淘汰以及IT和網路核心系統的現代化，加速折舊是一個快速發展的資本密集行業，而且變化迅速。因此，我們必須不斷評估這些資產的經濟壽命。

And most of it occurred in the third quarter, right?

而且大部分都發生在第三季度，對吧？

Yes, in the third quarter. I think we recorded that in July of this year.

是的，在第三季。我想我們是在今年7月錄製的。

Okay. So some questions that were sent in as well. This one is for Enterprise. You recently launched SmartSafe as well as Pilipinas AI. How do you see these contributing to your revenues moving forward?

好的。以下是一些收到的問題。這是企業版。您最近推出了 SmartSafe 和 Pilipinas AI。您認為這些因素未來將如何為您的收入做出貢獻？

I'll tackle SmartSafe and I guess I have Vitro President of ePLDT and Vitro, Viboy Genuino will tackle the Pilipinas AI announcement. So on the SmartSafe, yes, we have actually been bringing this to customers already even in Q3, but we did a commercial launch just last week. Basically, with SmartSafe, this takes advantage of specific technology on the Smart network that makes it as secure for someone to have a transaction on a mobile app that's enabled for this so that they don't need an OTP. So it's a very seamless log on, but also just as secure as an OTP type motion.

我將負責 SmartSafe 相關事宜，而 ePLDT 和 Vitro 的總裁 Viboy Genuino 將負責 Pilipinas AI 的發布事宜。關於 SmartSafe，是的，我們實際上早在第三季就已經開始向客戶推出這款產品了，但我們上週才正式進行商業發布。基本上，SmartSafe 利用 Smart 網路上的特定技術，使用戶在啟用此功能的行動應用程式上進行交易時更加安全，無需 OTP。因此，它的登入過程非常流暢，而且安全性也與 OTP 類型的驗證方式一樣高。

You bypass the risk of your OTP being intercepted, et cetera, which is very common nowadays. From a revenue standpoint, of course, this is a capability we need to work with other B2B companies that have app, so the banking, government apps, et cetera, for them to build this into -- very simple to do it -- for them to build it into the next release of their app. So that's a motion that's happening now. We're quite excited that we have several institutions with apps that are interested in this and looking to launch it as soon as possible. So we'll keep the team posted in terms of what that is.

這樣可以避免一次性密碼被攔截等風險，而這種情況在如今非常普遍。當然，從收入的角度來看，我們需要與其他擁有應用程式的 B2B 公司合作，例如銀行、政府應用程式等，讓他們能夠將此功能建置到他們的應用程式的下一個版本中——這非常簡單——讓他們能夠將其建置到他們的應用程式的下一個版本中。這是目前正在發生的趨勢。我們非常高興看到有幾家機構對此感興趣，並希望盡快推出他們的應用程式。所以我們會及時向團隊通報具體情況。

Turning over to Viboy.

接下來是Viboy的鏡頭。

Yes. Thank you, Jinggay, for the question on Pilipinas AI. So yes, we launched this in the third quarter of this year. And the basic concept is to be able to offer a platform for enterprises to be able to run AI use cases. The main issue of enterprises now is that they want to run AI use cases or proof of concepts, but they don't know how to utilize it and how to build the infrastructure around it.

是的。感謝 Jinggay 提出關於菲律賓人工智慧的問題。是的，我們在今年第三季推出了這項服務。其基本理念是為企業提供一個平台，使其能夠運行人工智慧用例。現在企業面臨的主要問題是，他們想要運行人工智慧用例或概念驗證，但他們不知道如何利用它以及如何圍繞它來建立基礎設施。

They have to source for the GPUs. They need to talk to a staff provider. They need to talk to a data center. They need to provide the connectivity and the cybersecurity requirement.

他們需要找到GPU的供應商。他們需要和人力資源部門談談。他們需要與數據中心通信。他們需要滿足網路連接和網路安全要求。

We're basically taking this pain point away from the customer and letting them run these different applications on a ASU model wherein they can run the POCs on an hourly, daily, weekly or a monthly view. And we've seen a lot of interest coming from enterprise customers, who really want to experiment and run AI use cases. So we're very happy to be able to offer this service to our customers. We're the first company in the Philippines to actually bring in NVIDIA H200 GPUs, the most advanced GPUs of NVIDIA currently, and we're seeing a lot of interest in it.

我們基本上是為客戶解決了這個痛點，讓他們能夠在 ASU 模型上運行這些不同的應用程序，他們可以按小時、天、週或月來運行 POC。我們看到企業客戶對此表現出濃厚的興趣，他們非常希望進行試驗並運行人工智慧用例。因此，我們非常高興能夠為我們的客戶提供這項服務。我們是菲律賓第一家引進NVIDIA H200 GPU的公司，這是NVIDIA目前最先進的GPU，我們看到市場對它非常感興趣。

Thank you Viboy. This question is from [Rod Baulidad]. And this question is for Danny. Noting that your debt levels have increased this year despite continuous lower CapEx guidance. Is this mainly for refinancing?

謝謝你，Viboy。這個問題來自[羅德·鮑利達德]這個問題是問丹尼的。值得注意的是，儘管資本支出預期持續下調，但貴公司的債務水準今年卻有所上升。這主要是為了再融資嗎？

Increased net debt despite lower CapEx guidance. So is the increased debt because of mostly refinancing? Or is there -- are there new --

儘管資本支出預期下調，但淨債務卻有所增加。所以債務增加主要是再融資造成的嗎？或者說，是否有新的--

Mostly refinancing. Yes, mostly refinancing.

主要是再融資。是的，主要是再融資。

All right. And from Tony Watson, any thoughts -- this is for Aayush. Any thoughts that you can share on a potential Maya IPO or spin-off?

好的。Tony Watson，你有什麼想法嗎？ ——這是給Aayush的。您對Maya潛在的IPO或分拆上市有什麼看法？

I think we'll stay clear of that. I think we are focused on driving the business and any IPO decisions, et cetera, will be led by the shareholders. But we, as management, are sort of fully focused on just executing and scaling our products.

我認為我們會避開那個領域。我認為我們目前的重點是推動業務發展，任何IPO決策等都將由股東主導。但是，作為管理階層，我們目前主要專注於產品的執行和規模化。

Thank you, Aayush. Just doing a last scan for questions here. If there's any from the floor. Okay. It looks like there are no further questions.

謝謝你，阿尤什。最後再掃一遍，看看有沒有什麼問題。如果地板上有的話。好的。看來沒有其他問題了。

With that said, I'd like to thank everybody for your time today and joining us for our nine-month briefing. If you have any further questions that you'd like to send to us, please feel free to reach out to us via e-mail. And with that said, we look forward to presenting our full year results by February of next year. All right. Thank you, everyone.

最後，我要感謝大家今天抽出時間參加我們為期九個月的簡報會。如果您還有其他問題想要諮詢我們，請隨時透過電子郵件與我們聯繫。最後，我們期待在明年二月公佈全年業績。好的。謝謝大家。

Have a good afternoon.

午安.

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。