Globe Telecom saw its reported net income drop 20% year-on-year to ₱5.6 billion for the first quarter of 2026, down from ₱7.0 billion in the same period last year.
Management attributed the double-digit decline primarily to “high base effects” from 2025.
Last year’s figures were bolstered by significant one-off gains that did not recur this quarter, including the dilution of Globe’s stake in its fintech arm, Mynt, following an investment from MUFG, and gains from the company’s ongoing tower sale-and-leaseback program.
Profits were further squeezed by higher net interest expenses on the company’s debt.
Despite the dip in the bottom line, Globe’s core net income — which strips out non-recurring items — rose 9% to ₱4.9 billion. This growth reflects the underlying strength of the company’s operations.
Total service revenues reached ₱42 billion, a 5% increase fueled by heavy data consumption. Mobile revenue grew 6% to ₱30 billion, as data demand successfully offset the continued decline in traditional voice and SMS.
Home broadband and corporate data also posted 6% gains, reaching ₱6.2 billion and ₱5.1 billion, respectively.
The company reported a 7% rise in EBITDA to ₱22.2 billion, with margins hitting 52.8%. This operational efficiency helped buffer the impact of a 51% surge in capital expenditures, as Globe spent ₱12.7 billion this quarter to expand its network capacity and 5G footprint.
The fintech segment provided a significant silver lining. Mynt, the parent company of GCash, contributed ₱1.9 billion in equity earnings, up 8% from the previous year.
The unit has become increasingly vital to Globe’s financial health, now representing 30% of its pre-tax net income.
Growth in this area was driven by a 60% increase in loan disbursements and a massive 274% jump in insurance policies sold through the GInsure platform.
“Growth was driven by steady topline revenue across its data portfolios and strong equity earnings from its affiliates, reflecting the company’s resilient operational performance,” the company said.
