PSE net income climbs 1.4% on higher operating revenue

THE Philippine Stock Exchange, Inc. (PSE) posted a full-year 2025 net income of P1.22 billion, up 1.4% from P1.21 billion in 2024.

Operating revenues more than doubled to P2.84 billion from P1.40 billion, driven by the consolidation of Philippine Dealing System Holdings Corp. (PDS) into its financials. This included gains from elevated trading, capital raising, and depository income.

“Despite the negative impact on investor sentiment of political and economic headwinds, our markets still had commendable results. As the government continues to address corruption issues, we are hopeful that investor confidence in the market will be restored,” PSE President and Chief Executive Officer Ramon S. Monzon said in a statement on Monday.

Both PSE and Philippine Dealing & Exchange Corp. (PDEx) recorded higher trading activity, with PSE’s total value turnover up 19.1% to P1.78 trillion and PDEx’s trading value rising 60.8% to P15.91 trillion.

Listing revenues rose 39.8%, with listing fees reaching P764.50 million from P546.95 million. The PSE raised P144.13 billion in capital through two initial public offerings (IPOs), seven follow-on offerings, one stock rights offering, and 14 private placements, while the PDS oversaw 51 corporate bond listings totaling P454.18 billion.

The surge in revenue was offset by an 80.1% decline in other income to P166.20 million from P836.32 million, mainly due to the absence of 2024’s one-time gains on remeasurement and associate earnings. Total expenses also rose 62.6% to P1.40 billion from P861.67 million, driven by integration costs.

Mr. Monzon expressed cautious optimism about listing and trading prospects, noting a bullish start to 2026 with expectations of stronger earnings and dividends to boost market activity.

“However, geopolitical tensions in the Middle East have prompted investors to be on risk-off mode again, and the uncertainty from this recent development may linger for some time. Regardless of these headwinds, we will continue to implement our strategic plan, which includes developing products and pursuing sustainability initiatives to support interest in the market. We likewise have upcoming technology upgrades to ensure the operational efficiency and resiliency of our platforms,” he said.

He added that on the regulatory front, the PSE hopes to see positive effects from reforms in real estate investment trust and IPO float requirements, which could encourage more listings and attract additional investments.

The PSEi hit a 14-month high on Feb. 26, closing at 6,611.24 the next day, marking a 9.2% year-to-date gain.

Daily average value turnover rose 3.5% year to date to P7.59 billion, while foreign investors shifted to net buying of P25.31 billion from last year’s net selling of P14.52 billion. — Alexandria Grace C. Magno