PLDT H1 2026: Data Monetization and Capex Efficiency Counter Negative Operating Leverage

 

TEL 2Q26 QUARTERLY REPORT

1. Executive Snapshot: PLDT’s H1 2026 Performance

For the first half of 2026, PLDT Inc. delivered a resilient top-line performance, with consolidated revenues reaching Php 112.0 billion. While data services continue to drive growth, the period was characterized by margin compression as consolidated expenses outpaced revenue gains. However, management has shown significant discipline in capital allocation, achieving a 30% reduction in capital expenditure. The total subscriber base remains a pillar of strength, growing 2% year-on-year to 68.1 million, underpinned by gains in both mobile and fixed broadband segments.

SM Prime Holdings (SMPH) Q2 2026 Analysis: P1.1 Trillion Asset Milestone and Steady Growth

SMPH 2Q26 QUARTERLY REPORT

SM Prime Holdings, Inc. (SMPH) continues to demonstrate defensive resilience in the first half of 2026, navigating a bifurcated real estate market where robust rental demand is currently offsetting a localized cooling in residential sales. While the company reached a historic P1.12 Trillion asset milestone as of June 30, 2026, a granular look at the financials reveals that net income growth was largely sustained by tax-related buffers rather than pre-tax operational expansion. Standalone Q2 2026 performance remained firm, with quarterly revenues reaching P38.38 Billion.

SMIC H1 2026 Analysis: Banking Resilience and Portfolio Diversification Drive Upside

 

SM 2Q26 QUARTERLY REPORT

This analysis covers the unaudited financial performance of SM Investments Corporation (SMIC) for the six-month period ended June 30, 2026. Per Note 1 of the interim filing, SMIC operates as a dominant Philippine holding company with core interests spanning retail, banking, property, integrated supply chains, renewable energy development, and mining.

Puregold’s 2026 Mid-Year Review: S&R Momentum and Strategic Expansion Drive Double-Digit Growth

 

PGOLD 2Q26 QUARTERLY REPORT

Puregold Price Club, Inc. (PGOLD) delivered a robust performance in the first half of 2026, characterized by high-teens momentum in its membership segment and aggressive footprint expansion. The Group posted a consolidated net income of P5,874 million, a 10.8% year-on-year increase from P5,299 million in H1 2025. While net profit margins remained stable at 4.8%, the underlying data reveals a strategic shift toward volume-driven market share capture and significant balance sheet deleveraging.