Earnings of DigiPlus seen recovering next year

MANILA, Philippines — Earnings of DigiPlus Interactive Corp. are expected to recover next year, supported by organic growth and contributions from the consolidation of International Entertainment Corp. (IEC) and overseas investments, Moody’s Ratings said.

Moody’s is projecting the company’s EBITDA (earnings before interest, taxes, depreciation and amortization) to reach P14 billion to P15 billion in 2027 to 2028.

This year, however, DigiPlus’ EBITDA is expected to decline to about P11.4 billion from P14.3 billion in 2025.

Moody’s said the decline reflects the central bank’s August 2025 directive requiring mobile wallet and payment providers to delink in-app access to online gaming platforms, which reduced industry-wide online gross gaming revenue.

It said weaker consumer sentiment amid high fuel prices and broader inflationary pressures also constrained discretionary gaming spending.

Moody’s has assigned a first-time B1 corporate family rating to DigiPlus, which has grown rapidly since launching its online platforms in early 2022 and is now the country’s largest online gaming operator, with an estimated 38.5 percent market share and around six million monthly active users.

Moody’s said the company also benefits from favorable industry and demographic trends as the Philippines shifts toward a more regulated online gaming framework.

“DigiPlus’ B1 rating reflects its leadership in the Philippines’ online gaming market and strong financial profile, underpinned by low leverage, robust cash generation and a net cash position,” Moody’s Ratings assistant vice president Yu Sheng Tay said.

“These strengths are balanced by exposure to regulatory change and intense competition in the Philippines’ online gaming sector. DigiPlus’ growth ambitions in land-based casinos and overseas markets also introduce execution risk,” Tay said.

DigiPlus, a digital entertainment provider behind BingoPlus, ArenaPlus and GameZone, continues to expand its digital entertainment ecosystem both locally and abroad.