Globe Telecom announced a 3% increase in net income for the first quarter of 2025, reaching ₱7 billion, up from ₱6.8 billion in the same period last year.
This growth was primarily attributed to higher equity earnings from Mynt, the operator of GCash, and a ₱2.6 billion gross gain from the dilution of Globe’s ownership in Mynt following Mitsubishi UFJ Financial Group’s acquisition of an 8% stake.
Excluding these one-time gains, Globe’s core net income stood at ₱4.5 billion, marking a 22% decline year-over-year. The decrease was mainly due to higher financing costs and increased depreciation expenses.
Revenue performance
Globe reported consolidated gross service revenues of ₱39.9 billion for Q1 2025, a 3% decline from the previous year. Despite the overall dip, mobile services revenues grew by 8% to ₱29.1 billion, driven by a 10% increase in mobile data revenues, which reached ₱23.8 billion. Corporate data revenues also saw a 10% rise, totaling ₱5.0 billion.
However, home broadband revenues declined by 6% to ₱6.1 billion, primarily due to a drop in fixed wireless subscriptions.
Capital expenditures and strategic outlook
Globe’s capital expenditures for the quarter amounted to ₱13.7 billion, down 22% year-over-year. Approximately 91% of this was allocated to data requirements to ensure consistent access to essential digital services and entertainment options.
Leadership commentary
“Notwithstanding our first-quarter results, we remain steadfast in driving our strategic agenda forward and unlocking greater operational efficiency across the business. The growth in net income, healthy margins, and rising contributions from Mynt are a testament to our disciplined and effective execution. These results reflect the solid foundation we’ve built as we continue to transform into a digital solutions partner of choice for Filipinos,” said Globe President and CEO Carl Raymond Cruz.
Future outlook
Globe remains committed to its strategic initiatives, focusing on digital transformation and operational efficiency. The company anticipates continued growth in its mobile and corporate data segments, while addressing challenges in the home broadband sector.
For more detailed information, visit Globe Investor Relations.
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