DigiPlus Q3 Revenue Falls 32% as EBITDA Climbs 40% Year on Year

Marketing Spend Fell 42% While Active Bettors Grew

Net gaming revenue after tax came to 5.19 billion pesos for the quarter, up 3% year on year. That is 40.2% of GGR, against 35.3% in the second quarter. EBITDA margin moved to 22.1% from 18.2% over the same two quarters. Cost of revenue dropped 47% year on year. Advertising, marketing, and promotions fell 42%, from 5.72 billion pesos to 3.32 billion pesos.

Average monthly active bettors and depositors reached 4.90 million, up 4.8% from 4.68 million in the second quarter. Monthly active users reached 5.90 million. BingoPlus added 4.8% quarter-on-quarter, GameZone edged up, and ArenaPlus slipped to 0.53 million from 0.57 million.

DigiPlus spent 678 pesos (about $10.69) on advertising and promotions per monthly active bettor in the quarter. It booked 1,059 pesos of net gaming revenue after tax against the same denominator. Those are both 15M calculations, each line divided by average Q3 MABD of 4.90 million.

DigiPlus suffered a loss of value of 4.52 billion pesos on its convertible notes of International Entertainment Corporation in the quarter. (Those notes’ value tracks IEC’s share price and the Hong Kong dollar rate.)

The result was that its EBITDA of 2.85 billion pesos turned into a net loss attributable to the parent of 947.6 million pesos. By contrast, the notes produced a gain of 6.16 billion pesos in the second quarter. Turnover fell to 45.75 billion pesos from 66.83 billion a year ago. Net Gaming Revenue (NGR) after tax fell 17%: to 16.18 billion pesos. EBITDA fell 25%: to 8.33 billion pesos. Net profit after tax fell 12%: to 8.85 billion pesos. Taxes and regulatory fees amounted to 13.9 billion pesos.

The earnings release says that DigiPlus’s EBITDA was up 0.3% on a quarter-on-quarter basis. The filing with the exchange says that nine-month EBITDA was down 25% year-on-year. The exchange received both documents within one minute of each other.

Retail Decline Started With a Wallet Delisting

Retail gaming revenue fell 32% over nine months, from 65.95 billion pesos to 44.90 billion pesos. The company attributes the drop to reduced customer acquisition after large e-wallets removed game links. Platform gatekeeping has been reshaping Asian acquisition channels all year, as Indonesia’s platform scrutiny showed.

"Our first nine months performance reflects the progress we are making in strengthening operating efficiency while building our user base," said Ping Chen, President of DigiPlus.

What This Means

• For operators: the Philippine template here is margin repair, not growth. A 42% marketing cut with actives still rising is what rivals will be asked about;
• For affiliates: 678 pesos per active bettor per quarter is the ceiling DigiPlus is now working to on this geo. Expect CPA offers on Philippine traffic to be priced inside that, and expect retail-funnel offers to keep shrinking while wallet links stay off;
• For providers: NGR after tax deducts game provider fees before DigiPlus counts it. Revenue-share terms are inside the line the company is optimising.

What’s Next

Full-year results are due in the first quarter of 2027. IEC’s share price sets the next mark on the convertible notes, which stood at 14.8 billion pesos at 30 September.

Source: Philippine Stock Exchange, DigiPlus Interactive Corp. SEC Form 17-Q for the period ended 30 September 2026, https://edge.pse.com.ph/companyDisclosures/form.do?cmpy_id=96