Telecommunications company Globe reported a net income of ₱7 billion for the first quarter of 2025, showing a 3% increase from ₱6.8 billion during the same period last year. The increase was largely driven by higher equity earnings from affiliates and a ₱2.6 billion gain from the dilution of its ownership in Mynt, following an 8% stake acquisition by Mitsubishi UFJ Financial Group (MUFG).
Excluding the one-time gain, Globe’s normalized net income would have been ₱4.6 billion, down 21% year-on-year, mainly due to higher interest expenses and other non-operating costs.
Consolidated gross service revenues for the January to March 2025 period stood at ₱39.9 billion, down 3% from the same time last year. Globe attributed the decline to a tough market environment. Despite this, the company’s digital services held steady, with combined mobile and corporate data making up 83.2% of total revenues, slightly up from 82.8% in 2024. Overall, data-related services accounted for 87% of total revenues, compared to 85% a year earlier.
Digital services remain strong despite lower topline
“The growth in net income, healthy margins, and rising contributions from Mynt are a testament to our disciplined and effective execution,” said Carl Cruz, president and CEO of Globe. “These results reflect the solid foundation we’ve built as we continue to transform into a digital solutions partner of choice for Filipinos.”
Globe’s mobile segment brought in ₱28.3 billion in revenues, a 3% decrease from the previous year. The segment remained the main contributor to overall service revenues, accounting for 71%. The number of mobile subscribers grew to 61.6 million, a 5% year-on-year increase.
Mobile data, broadband services show mixed results
Mobile data revenues rose by 1% to ₱24.1 billion, fueled by continued use of mobile apps for daily online activities. This growth came despite a 5% drop in mobile data traffic. Globe attributed this to extreme heat conditions and transport strikes, which reduced outdoor mobility and shifted usage toward fixed broadband services. On a quarter-on-quarter basis, mobile data traffic increased by 2%. Mobile data now represents 85% of total mobile revenues, up from 82%.
In the home broadband segment, revenues dropped 5% to ₱5.8 billion, as more customers switched from fixed wireless to fiber. Fiber now contributes 89.7% of total broadband revenues. GFiber Prepaid (GFP) showed strong growth, with subscribers reaching 400,000, a 53% jump from the previous quarter, and a reload rate of 70%, the highest among prepaid fiber brands.
The total broadband customer base grew to 1.83 million, compared to 1.72 million a year ago.
Corporate services and overall financial position
Corporate data revenues dipped by 2% to ₱4.9 billion, affected by a 15% decline in core data services. Growth in ICT services, including cybersecurity and cloud solutions, helped balance the segment’s performance.
Globe’s consolidated EBITDA stood at ₱20.8 billion, down 3%, though EBITDA margin held firm at 52.1%. Core net income, excluding one-time items and forex adjustments, dropped 22% to ₱4.5 billion.
The company ended the quarter with ₱242 billion in total debt, a 3% reduction from December 2024, and maintained strong financial ratios, showing a stable financial position.
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