Globe Telecom Inc., one of the country’s two major telecommunications providers, suffered a 14 percent decrease in net income in the first half of the year to PHP12.4 billion from PHP14.5 billion in the same period last year, but second quarter growth is expected to boost momentum and ensure a healthy and stable financial position as it navigates a complex international macroeconomic environment and shifting consumer preferences.
Revenue wise, Globe also delivered lower PHP80.2 billion in consolidated gross service revenues for the first half of 2025, compared to PHP82.2 billion in the same period last year.
In its disclosure, Globe said the net income for the six-month period included a PHP2.6 billion gross gain booked last quarter from the deemed disposal of shares, following Japan’s Mitsubishi UFJ Financial Group (MUFG) acquisition of an 8 percent stake in Globe Fintech Innovations, Inc. (Mynt), alongside higher equity earnings from affiliates. “These gains helped temper the impact of higher depreciation, interest expense, and non-operating charges,” the telco said.
Stripping out one-off items, normalized net income amounted to PHP10.0 billion, or 16 percent 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 PHP10.4 billion, 11 percent lower than PHP11.7 billion in the same period last year.
Notably, core earnings in the second quarter posted a solid sequential gain, rising 30 percent to PHP5.9 billion from PHP4.5 billion in the previous quarter.
“Despite these headwinds, Globe maintained a healthy and stable financial position,” Globe said.
Total debt decreased by 1 percent to PHP247.9 billion as of end-June 2025, from PHP249.5 billion at the close of 2024. Key financial ratios also remained well within covenant limits with its 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.
The company improved its topline performance and staged a sequential rebound in the second quarter.
Consolidated gross service revenues ended the quarter at PHP40.3 billion, 1percent 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 percent to total service revenues in the first semester, up slightly from 82.9 percent in the same period last year.
Data-driven offerings, including mobile data, home broadband, and corporate data, further expanded to 88 percent of total service revenues from 85 percent a year ago, demonstrating Globe’s leadership in tech-driven consumer experiences and enterprise digitalization.
