GLOBE TELECOM, Inc. posted a 20% decline in first-quarter (Q1) attributable net income to P5.55 billion from P6.98 billion a 12 months earlier, because the absence of one-off gains booked in 2025 and better financing costs offset growth in revenues and core earnings driven by strong data demand.
In a regulatory filing on Tuesday, the Ayala-led telecommunications company said core net income rose 9% 12 months on 12 months to P4.93 billion, while consolidated gross service revenues climbed 5% to P41.97 billion.
“For the three months ended March 2026, Globe posted a net income after tax of P5.6 billion, down by 20% from P7.0 billion in 1Q25, primarily on account of last 12 months’s one-off gains from the dilution of Globe’s stake in Mynt following the MUFG (Mitsubishi UFJ Financial Group) investment, in addition to tower sale gains, and better net interest expense,” the corporate said.
The corporate said revenue growth was supported by sustained mobile data demand, continued fiber adoption, and resilient enterprise information and communications technology (ICT) activity.
“This comes amid one other difficult macroeconomic backdrop, which the corporate continues to navigate,” Globe said.
Mobile revenues rose 6% to P29.97 billion, led by an 11% increase in mobile data revenues to P26.78 billion.
Globe said mobile data traffic rose 18% to 1,810 petabytes through the quarter, while average monthly data consumption per subscriber increased 12% to around 16 gigabytes.
Home broadband revenues also increased 6% to P6.18 billion as fiber adoption continued to grow, while corporate data revenues climbed 6% to P5.14 billion, driven by business application solutions, cloud, and cybersecurity services.
Globe said data-driven services, including mobile web, fiber broadband, and enterprise solutions, now account for 91% of consolidated service revenues, up from 87% a 12 months ago.
“Data-driven services, spanning mobile web, fiber broadband, and enterprise solutions now account for 91% of consolidated service revenues,” the corporate said.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 7% to P22.17 billion, while EBITDA margin improved to 52.8% from 52.1% a 12 months earlier.
Meanwhile, Globe’s equity earnings from fintech affiliate Mynt, the parent company of GCash, increased 8% to P1.9 billion through the quarter.
Globe said Mynt now accounts for 30% of its net income before tax.
“Mynt’s growing contribution underscores its role as a key earnings driver, complementing Globe’s sustained investments in digital infrastructure and connectivity,” Globe said.
Capital expenditures (capex) surged 51% to P12.74 billion in the primary quarter as Globe accelerated investments in network expansion and capability enhancements. About 91% of capex was allocated to data-related initiatives.
The corporate maintained its full-year capital expenditure guidance of below $1 billion.
“Globe stays focused on sustaining positive free money flow and maintaining a prudent balance sheet,” it said.
Globe also continued to expand its fiber and 5G initiatives through the quarter. The corporate said GFiber Prepaid subscribers reached a million by end-March, while fiber now accounts for about 93% of total home broadband revenues.
Globe said it deployed 408 latest 5G sites through the quarter, bringing outdoor 5G coverage to over 98% in Metro Manila and key cities in Visayas and Mindanao.
“Moving forward, within the face of a difficult macroeconomic environment posed by the continuing Middle East crisis, our priority is execution — delivering a best-in-class customer experience, operating with focus, and investing where it matters most,” Globe President and Chief Executive Officer Carl Raymond R. Cruz said.
“We are going to proceed to expand our 5G network, deepen our fiber footprint, and scale our digital platforms,” he added.
Globe also said ST Telemedia Global Data Centres Philippines is on course to exceed 30 megawatts of capability this 12 months following developments at its STT Cavite facility.
The corporate added that it continues to strengthen enterprise capabilities through artificial intelligence-driven solutions and digital infrastructure investments.
On Tuesday, shares in Globe rose 1.8% or P30 to shut at P1,700 apiece. — Ashley Erika O. Jose