Leading fiber broadband and technology provider Converge ICT Solutions Inc. net income in the first quarter of 2025 jumped by 18.3 percent to PHP3 billion year-on-year with consolidated revenues of PHP10.8 billion, 13.2 percent higher versus same period last year on steady increase in its customer base.
During its stockholders meeting, Converge reported that it added more than 140,000 residential subscribers in the first quarter, bringing its total residential subscriber count to 2.7 million by the end of the period. Revenues in this segment rose to PHP9.1 billion, up by 11.5 percent year-over-year.
Revenues from its enterprise unit also surged by 22.9 percent to PHP1.7 billion versus the year-ago quarter, with all enterprise segments demonstrating impressive double-digit growth. Notably, the Wholesale segment experienced a remarkable 54 percent increase as the company secured new customers and enhanced its service offerings.
“During the first three months of the year, we started strong with double-digit top-line growth in both operating segments and even healthier consolidated profitability margins as we see consistent industry growth amid prevailing market competition,” said Converge President and Co-Founder Maria Grace Uy.
She noted that Converge continued to register an industry-leading trifecta with an EBITDA of PHP6.7 billion, up 14.8 percent from the same quarter last year, and an EBITDA margin of 62 percent while its Return on Invested Capital (ROIC) improved to 18.4 percent, slightly higher from the previous quarter.
“The momentum is still quite strong in the first quarter of 2025. We hit the ground running this year and we are confident in sustaining the gains last year. We continue to improve on our fundamental products while also pushing aggressively on introducing new digital solutions for Filipinos,” said Dennis Anthony Uy, CEO and Co-Founder of Converge.
Converge launched last month its latest offering, Super FiberX, a bundled version of its flagship FiberX service. This new package includes automatic speed boosts of 100 Mbps, a Google-certified Android TV box called Xperience Box, BlastTV access, and a Wi-Fi 6 modem.
Moreover, Converge engaged with Starlink as an authorized reseller of its satellite broadband services, aiming to offer comprehensive solutions to customers in remote locations. The solution targets businesses, government agencies, particularly in agriculture and retail, and even marine vessels.
Recently, the company also improved its Environmental, Social, and Governance (ESG) rating from MSCI to ‘AA’ (Leader), which underscores the company’s ability to effectively manage ESG risks.
