Globe delivered ₱80.2 billion in consolidated gross service revenues for the first half of 2025, compared to ₱82.2 billion in the same period last year. Navigating a complex international macroeconomic environment and shifting consumer preferences, the company improved its topline performance and staged a sequential rebound in the second quarter. Consolidated gross service revenues ended the quarter at ₱40.3 billion, 1% above the first quarter, fueled by improving mobility and stronger digital engagement across segments.
The company’s digital portfolio served as a key growth engine, reinforcing its relevance in today’s increasingly connected economy. Mobile and corporate data services together maintained a stable contribution of 83.2% to total service revenues in the first semester, up slightly from 82.9% in the same period last year. Data-driven offerings, including mobile data, home broadband, and corporate data, further expanded to 88% of total service revenues from 85% a year ago, demonstrating Globe’s leadership in tech-driven consumer experiences and enterprise digitalization.
The mobile business anchored Globe’s topline performance, posting ₱57.1 billion in service revenues in the first six months of 2025, below the ₱58.4 billion recorded in the same period last year. Despite the dip, mobile revenues for the second quarter came in at ₱28.8 billion, 2% above the previous three months, signaling a firm sequential rebound. The recovery was driven by normalized mobility trends and a steady resurgence in consumer usage. Solid mobile results were supported by sustained network investments that enhanced service quality and competitiveness. By end-June 2025, Globe’s mobile subscriber base stood at 62.5 million, 5% higher compared to 59.5 million last year.
Within the segment, mobile data revenues rose to ₱48.8 billion, showing a 2% uplift compared to the previous year, as Filipinos deepened their reliance on mobile apps for messaging, streaming, and digital payments. Revenue expanded notwithstanding a moderation in mobile data traffic, which eased to 3,187 petabytes from 3,256 the year earlier, strong proof of Globe’s ability to monetize data. The softer usage in the first quarter was driven by extreme heat and nationwide transport strike, which restricted mobility and limited on-the-go data consumption. In contrast, the second quarter saw renewed momentum, with mobile data traffic rebounding to 1,650 petabytes, 7% ahead of the prior quarter. This was partly due to the sustained increase in 5G traffic contribution, indicating wider adoption across the base.
Despite persistent inflation and pressure on consumer spending, Globe’s mobile data users grew to 37.8 million, with mobile data now accounting for 86% of total mobile revenues, up from 82% a year earlier. This reflects the company’s expanding digital footprint, effective data monetization, and the vital role of connectivity in everyday life.
Meanwhile, traditional voice and SMS services remained on a downward trajectory, with revenues falling by 17% and 28%, respectively, consistent with the broader shift toward data-centric usage. Alongside these shifts, average daily mobile top-ups remained stable across the first six months of 2025.
Globe’s home broadband business played a key role in its digital expansion strategy. During the first half of 2025, revenues amounted to ₱11.7 billion, 3% less than the same period of 2024, owing to the decrease in fixed wireless contributions, as more customers transitioned to fiber. However, home broadband revenues showed signs of stabilization, with second-quarter revenues inching up 1% to ₱5.9 billion, underpinned by continued momentum in fiber adoption. Fiber’s share in total broadband revenues rose to 90.2% from 85.4% a year ago, boosted by the widening fiber user base, underpinned by the rising demand for GFiber Prepaid (GFP). As a result, fixed-wired users grew to 1.6 million from 1.2 million.
GFiber Prepaid maintained its growth momentum, solidifying its reputation as the fastest-growing prepaid fiber brand. GFP subscribers hit 544,000 by end-June, a 37% surge from the previous quarter. Its flexible and affordable model proved effective in drawing more users, with reload rates at 68%, the highest in its segment. Average daily top-ups for GFP also rose sharply, growing by over 4.5x in 2Q25 compared to the 2024 average, indicating stronger usage and deeper monetization per subscriber. These results underscore Globe’s success in expanding fiber access and improving internet service for more homes. Overall, the home broadband base grew to 1.9 million, compared to 1.7 million in the same period last year.
Meanwhile, corporate data revenues dipped by 2% to ₱9.6 billion, largely from the 12% contraction in core data services as cautious business sentiment in the first half of the year weighed on the segment. This was partly offset by a 15% uplift in ICT revenues, backed by sustained demand for business application services and the growth across cybersecurity, data center, Big Data, and IoT solutions. The performance highlights Globe’s strategic pivot toward high-value, future-ready ICT offerings that address the changing priorities of its enterprise clients.
Non-telco revenues amounted to ₱1.2 billion, a 2% reduction from the comparable period in 2024, due mostly to lower earnings from AdSpark, partly offset by stronger contributions from Asticom.
Globe’s cost management initiatives again yielded positive results, with total operating expenses and subsidy reaching ₱38.0 billion as of end-June of 2025, 3% lower year-on-year. This improvement was led by an 18% reduction in marketing and subsidy, along with 10% lower staff costs. Utilities and administrative expenses also eased by 5%, while services and others declined by 2%. These savings helped offset increases in interconnect (+10%) and repairs and maintenance (+7%), as well as modest upticks in lease and provisions.
EBITDA for the first half of the year stood at ₱42.1 billion, down 2% from a year ago. Despite the softer print, Globe sustained a robust EBITDA margin of 52.6%, well exceeding its full-year guidance through disciplined cost-efficiency initiatives.
Mynt, the parent company of GCash, maintained strong performance, solidifying its standing as the Philippines’ top digital financial ecosystem. GCash boosted its user base and profitability, offering more Filipinos accessible and inclusive financial services through continuous innovation. Globe’s share in Mynt’s equity earnings for the six-month period ended June 2025 surged to ₱3.8 billion, a 78% jump from ₱2.1 billion in the same period last year. This now makes up 26% of Globe’s pre-tax net income, more than doubling its 12% contribution from the previous year.
For the six-month period ended June 30, 2025, Globe reported a net income of ₱12.4 billion, a 14% decrease from ₱14.5 billion in the same period last year. This included a ₱2.6 billion gross gain booked last quarter from the deemed disposal of shares, following MUFG’s acquisition of an 8% stake in Mynt, alongside higher equity earnings from affiliates. These gains helped temper the impact of higher depreciation, interest expense, and non-operating charges. Stripping out one-off items, normalized net income amounted to ₱10.0 billion, or 16% lower year-on-year.
Excluding non-recurring items such as gains from the Mynt disposal, tower sale and leaseback, and foreign exchange and mark-to-market adjustments, Globe’s core net income reached ₱10.4 billion, 11% lower than ₱11.7 billion in the same period last year. Notably, core earnings in the second quarter posted a solid sequential gain, rising 30% to ₱5.9 billion from ₱4.5 billion in the previous quarter.
Despite these headwinds, Globe maintained a healthy and stable financial position. Total debt decreased by 1% to ₱247.9 billion as of end-June 2025, from ₱249.5 billion at the close of 2024. Key financial ratios remained well within covenant limits: Gross Debt to EBITDA stood at 2.65x, Net Debt to EBITDA at 2.44x, and Debt Service Coverage Ratio at 3.12x, underscoring the company’s disciplined financial management and strong balance sheet.
“Our second quarter performance underscores the growing impact of our cost and operational efficiency efforts. The sequential growth in revenues, core net income, stable margins, and rising contributions from Mynt reflect not just financial discipline but the operational strength of our entire organization. These results are a reflection of our strong execution, focused on delivering value to our customers even in a mature and competitive market.” said Carl Raymond R. Cruz, President and CEO of Globe Telecom Inc.
“At Globe, we see digital connectivity as a catalyst for national progress. The continued momentum of GFiber Prepaid and rising demand from enterprises reflect how our strategy is delivering real empowerment to every Filipino. Whether it’s helping families stay in touch, supporting small businesses, or expanding access to learning, these are the moments that matter. As we look to the future, we will push beyond traditional boundaries to expand the business, powered by technology, our people, and a shared vision of a digitally resilient Philippines.” Cruz added.
