GLOBE SUSTAINS MOMENTUM INTO 2026, DELIVERING CONTINUED GROWTH ON DATA AND FIBER STRENGTH:
SERVICE REVENUES AT ₱42.0 BILLION, UP 5% YoY, MOBILE BUSINESS REVENUES AT ₱30.0 BILLION, UP 6% YoY; HOME BROADBAND REVENUES AT ₱6.2 BILLION, UP 6% YoY; CORPORATE DATA REVENUES AT ₱5.1 BILLION, UP 6% YoY;
EBITDA AT ₱22.2 BILLION, UP 7% YoY; EBITDA MARGIN REMAINS ROBUST AT 52.8%;
NIAT AT ₱5.6 BILLION, DOWN 20% YoY; CORE NIAT AT ₱4.9 BILLION, UP 9% YoY;
GFIBER PREPAID HITS 1 MILLION SUBSCRIBERS, EXPANDING AFFORDABLE FIBER ACCESS NATIONWIDE
MYNT CONTRIBUTES 30% OF PRE-TAX INCOME IN 3M26, REINFORCING DIGITAL PLATFORM STRENGTH;
GLOBE SCALES ₱12.7B CAPEX TO EXPAND DATA CAPACITY WHILE SUSTAINING POSITIVE FREE CASH FLOW;
GLOBE AT HOME RECOGNIZED AS PHILIPPINES’ MOST RECOMMENDED INTERNET BRAND AT 2026 YOUGOV AWARDS
GLOBE EMERGES AS HIGHEST-RANKED COMPANY IN SOUTHEAST ASIA IN THE 2026 DIGITAL INCLUSION BENCHMARK OF THE WORLD BENCHMARKING ALLIANCE (WBA)
Globe delivered ₱42.0 billion in consolidated gross service revenues in the first three months of 2026, posting a 5% year-on-year increase, with a sequential decline compared to the seasonally stronger fourth quarter which was also an all-time high. This comes amid another challenging macroeconomic backdrop, which the Company continues to navigate. Performance banked on sustained mobile data demand, continued fiber adoption, and resilient enterprise ICT activity, underscoring the strength of Globe’s core data-driven revenues.
Globe’s expanding digital portfolio anchored overall performance. Data-driven services, spanning mobile internet, fiber broadband, and enterprise solutions now account for 91% of consolidated service revenues, up from 87% last year. This highlights the increasing scale and monetization of Globe’s connectivity platforms, supporting a more resilient revenue base.
Within the consolidated performance, Globe’s mobile business maintained its lead as the top contributor to revenues, generating ₱30.0 billion in service revenues for the first three months of 2026, up 6% year-on-year, with sequential performance reflecting typical post-peak seasonality following a strong fourth quarter. Growth was supported by sustained mobile data usage and steady customer engagement. Network investments continued to support service reliability and subscriber growth, reinforcing Globe’s competitive position. As of end-March 2026, Globe’s mobile subscriber base reached around 67 million, up 8% from a year ago.
At a more granular level, mobile data revenues increased 11% year-on-year from ₱24.1 billion in the same period last year to ₱26.8 billion in the quarter ended March 2026, marking the second-highest quarterly level on record after the peak in 4Q 2025. This uplift was primarily driven by sustained data usage across key digital categories, including video streaming, social media, gaming, and payments, alongside continued 5G adoption across Globe’s customer base. Mobile data traffic rose 18% to 1,810 petabytes from 1,537 petabytes a year ago, while average monthly data consumption per subscriber increased by 12% to approximately 16 GB, reflecting sustained usage growth and ongoing 5G migration. This was further reinforced by Globe’s expanding 5G customer base, which continues to deliver higher value per user versus non-5G subscribers, supported by rising 5G traffic and ATPU, indicating improving monetization as adoption scales. Compared to the fourth quarter, mobile data revenues slightly declined by 1%.
As of end-March 2026, Globe’s mobile data user base expanded to over 39 million, up 6% year-on-year, bolstered by the continued digital adoption across its customer base. Mobile data now accounts for 89% of total mobile service revenues, up from 85% in the same period last year, highlighting the growing monetization of data services within the mobile segment. While mobile data continued to strengthen, traditional voice and SMS services remained on a structural decline, consistent with the broader shift toward app-based communication. Average daily mobile reloads posted year-on-year growth (+6.5%), pointing to stable prepaid engagement and consistent usage patterns. This was further supported by targeted hyper-personalization initiatives, which enhanced reload frequency and customer stickiness.
Globe At Home broadband generated ₱6.2 billion in revenues in the first three months of 2026, up 6% year-on-year and broadly in line with fourth quarter levels, as fiber adoption deepened across the base. Growth was fueled by the expansion of wired services, which offset the gradual tapering of legacy fixed wireless.
GFiber Prepaid (GFP) sustained its momentum into the first quarter of the year, building on the strong base at end-2025, underscoring strong demand for fiber connectivity. As of end-March 2026, GFP subscriber count reached one million, highlighting the growing trust of Filipino households in a flexible, affordable, and reliable home internet. This was further propelled by higher-value reloads, driving continued revenue growth from the prepaid fiber segment.
Fiber remained the dominant component of the Globe At Home portfolio, accounting for approximately 93% of total home broadband revenues, compared to 91% at end-2025 and 90% a year earlier. Total broadband subscribers grew to 2.2 million as of end-March 2026, driven by migration to fiber and sustained household penetration.
Meanwhile, Globe’s corporate data business recorded ₱5.1 billion in revenues for the first three months of 2026, up 6% year-on-year, lifted by robust ICT performance, which increased by 17%. Growth was led by Business Application Solutions, cloud, and cybersecurity services, given sustained demand for higher-value enterprise solutions, and offsetting a 4% decline in core data revenues. However on a sequential basis, corporate data revenues declined by 10%, mostly coming from BAS, core data and cloud solutions, attributed to the typical cyclical nature of corporate ICT spending in the early months of the year. Globe continues to enhance its enterprise capabilities by embedding AI-driven solutions and strengthening its network of digital infrastructure assets, reinforcing its role in enabling business modernization across industries.
Non-telco revenues came in at ₱365 million during the quarter, down by 36% from ₱567 million a year ago. The decline was primarily due to the deconsolidation of the Yondu Group following the completion of Globe’s partnership with NCS, under which Globe retained a 49% stake while NCS assumed majority ownership. Excluding non-telco revenues from Yondu Group last year, non-telco revenues would have decreased by 4%. On a sequential basis, non-telco revenues were lower than the previous quarter’s ₱601 million, due to the same reason cited above.
Globe’s focus on cost management supported stable profitability in the first quarter of 2026. Total operating expenses and subsidy stood at ₱19.8 billion, up 4% year-on-year and down 1% quarter-on-quarter. The quarter’s expense profile benefited from lower marketing spend and reduced repairs and maintenance costs, alongside stable staff expenses. These were partly offset by higher utilities, administrative, and lease-related costs, in line with continued investment in network capacity and infrastructure.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the first three months of the year stood at ₱22.2 billion, marking a 7% year-on-year increase. EBITDA margin likewise strengthened to 52.8% from 52.1% a year ago, exceeding the full-year guidance of approximately 50%, as the 5% growth in service revenues outpaced the 4% increase in operating expenses (including subsidy).
Complementing this performance, Mynt, the parent company of GCash, delivered another strong performance in the first three months of 2026, reinforcing its standing as the Philippines’ leading digital financial services provider. Mynt continued to scale its user base and profitability, extending inclusive financial services to millions of Filipinos through constant innovation. For the three-month period ended March 2026, Globe’s equity share in Mynt rose to ₱1.9 billion, an 8% increase from ₱1.8 billion in the same period last year and a 120% increase versus last quarter. This contribution now accounts for 30% of Globe’s net income before tax, up from 22% share in 2025. Mynt’s growing contribution underscores its role as a key earnings driver, complementing Globe’s sustained investments in digital infrastructure and connectivity.
Despite the solid operating results, Net Income After Tax (NIAT) for the quarter declined 20% year-on-year to ₱5.6 billion from ₱7.0 billion in 1Q25, primarily due to last year’s one-off gains from the dilution of Globe’s stake in Mynt following the MUFG investment, as well as tower sale gains, and higher net interest expense. This was partially offset by stronger equity earnings from affiliates.
However, Core Net Income (which excludes foreign exchange and mark-to-market movements) showed resilience, growing 9% year-on-year to ₱4.9 billion, although it declined 9% quarter-on-quarter.
Globe’s balance sheet remains robust, with total debt at ₱251.2 billion as of end-March 2026, aligning with capital investment requirements. Key leverage metrics remained within covenant thresholds, demonstrating financial flexibility, including gross debt-to-EBITDA at 2.61x, net debt-to-EBITDA at 2.17x, and a debt service coverage ratio of 3.21x.
“We are pleased to have sustained our momentum into the first quarter of 2026, delivering resilient topline growth of 5% year-on-year. This was driven by disciplined execution and prudent cost management, resulting in a 7% increase in EBITDA and a 9% uplift in Core NIAT. Sustained demand across mobile and broadband, continued expansion in fiber, and the growing contribution from our digital ecosystem supported this solid start to the year.” said Carl Raymond R. Cruz, President and CEO of Globe Telecom Inc.
“Moving forward, in the face of a challenging macroeconomic environment posed by the ongoing Middle East crisis, our priority is execution—delivering a best-in-class customer experience, operating with focus, and investing where it matters most. We will continue to expand our 5G network, deepen our fiber footprint, and scale our digital platforms to better serve the evolving needs of our customers. Through focused execution and more efficient capital allocation, we are strengthening our foundation to deliver sustainable long-term value.” Mr. Cruz added.
Globe’s cash capital expenditures for the first three months of 2026 reached ₱12.7 billion, up 51% year-on-year, as a result of targeted investments in network expansion and capacity enhancements to support growing data demand. This remains consistent with Globe’s disciplined capital allocation strategy and full-year capex guidance of below US$1 billion.
Capex during the quarter represented 30% of service revenues, supporting the company’s improving free cash flow profile and highlighting disciplined capital allocation. Globe remains focused on sustaining positive free cash flow and maintaining a prudent balance sheet. Approximately 91% of capex was allocated to data-related initiatives, underscoring its continued investment in digital capacity expansion and network quality nationwide.
As of end-March 2026, Globe continued to expand and modernize its network to support increasing data usage and evolving connectivity requirements. In line with the ongoing shift toward fiber connectivity, the Company deployed 43,084 new fiber-to-the-home (FTTH) lines during the first quarter, extending fast and reliable internet access to more households nationwide.
Globe also sustained its leadership in 5G connectivity, rolling out 408 new 5G sites across key strategic areas during the quarter. This brought outdoor 5G population coverage to over 98% in the National Capital Region and in key cities across Visayas and Mindanao. The company further expanded 5G services to 21 additional towns, bringing the total to 172 towns in non-key cities with at least 80% population coverage, supporting broader digital inclusion across the country.
On the international front, Globe maintained its extensive 5G roaming network with 186 inbound and 183 outbound partners across 126 destinations, ensuring seamless connectivity for Filipino travelers worldwide.
Supported by its continued network investments and focus on customer experience, Globe AT HOME was recognized as the Most Recommended Internet Brand in the Philippines at the 2026 Synergy YouGov Awards. This recognition underscores the brand’s unwavering commitment to putting customers first, ensuring that every household enjoys seamless, reliable, and accessible connectivity.
Globe’s ongoing network improvements affirm its role in driving innovation, fostering inclusive growth, and advancing the United Nations’ Sustainable Development Goal No. 9, and the company’s broader commitment to equitable progress and long-term nation-building.
Tender Offer and Buyback Exercise:
On April 14, 2026, Globe announced the tender offer and purchase of any and all of Globe’s US$600 million senior perpetual capital securities with a tender offer expiration deadline on April 22, 2026.
On April 23, 2026, the aggregate principal amount of senior perpetual capital securities tendered and accepted for purchase amounted to US$426 million following the tender offer expiration deadline on April 22, 2026. Subsequently on April 24, 2026, Globe settled the tender offer of US$426 million.
On the same date, in accordance with the settlement of the Tender Offer of US$426 million in aggregate principal amount of the Securities was cancelled pursuant to the terms and conditions of the Tender Offer. Following the cancellation, the aggregate principal amount of senior perpetual capital securities that remained outstanding amounted to US$174 million.
Mynt, Inc. is a strategic partnership between Globe, Ayala Corporation, and Ant International, a Singapore-headquartered leading global digital payment, digitization, and financial technology provider.
Mynt is a leader in mobile financial services focused on championing financial inclusion in the country by providing access to digital payments and transfers solutions and digital financial services. Mynt primarily operates its major business lines through two wholly-owned subsidiaries: (i) G-Xchange, Inc. ("GXI"), the mobile wallet operator of the GCash app, offering payment solutions and related digital solutions, through its partner platforms, to Filipinos, and (ii) Fuse Financing Inc. ("Fuse"), a financial technology company, which empowers Filipinos with access to lending products such as cash loans and installment payment options via the GCash app.
Based on third-party provider Sensor Tower, as of March 31, 2026, GCash remains the number one finance super-app in the country, bannered by ubiquity across its active user base. Under its Payments offerings, customers can easily send and receive money anywhere in the Philippines, even to other bank accounts, purchase prepaid airtime load, pay bills nationwide, and purchase from their partner merchants and social sellers.
Mynt has also gone beyond the nation’s borders. It offers payments in over 220 countries and territories with the GCash Visa Card and Global Pay, in partnership with Alipay+, to enable a seamless and secure payment experience across millions of merchants abroad through Scan to Pay. Through GCash Overseas, Filipinos in 145 countries can also use the GCash app with their international mobile numbers, giving them access to services such as sending money, paying bills, and buying prepaid load. In 2025, Mynt also introduced GCash International Accounts, enabling its users to directly receive US dollars in their GCash account through a Virtual Bank Account, converting them to Philippine Pesos as needed with reduced fees compared to traditional methods.
Beyond Payments, the GCash app also features a range of Digital Financial Services through its CreditTech and WealthTech products. On CreditTech, backed by a proprietary trust scoring system via GScore, Mynt has provided credit access to millions of borrowers, of which the majority are from lower socio-economic classes. These milestones were achieved through innovative lending products covering revolving credit lines (via GCredit), cash loans (via GLoan), installment loans (via GGives), and nano loans (via Sakto Loan and Borrow Load), providing loans to more Filipinos who need it the most. The
GCash app also provides a comprehensive suite of WealthTech services, covering savings (via GSave), investments (via GFunds, GStocks, GCrypto, and GBonds), and insurance products (via GInsure).
Moving beyond transactions, Mynt incorporates sustainability across its innovation initiatives. The GForest movement empowers users to accumulate green energy and plant trees by simply using the GCash app.
ST Telemedia Global Data Centres Philippines (STT GDC Philippines) is a joint venture between Globe Telecom, ST Telemedia Global Data Centres, and Ayala Corporation, focused on delivering next-generation digital infrastructure to support the Philippines’ evolving digital and AI-driven economy.
During the quarter, STT GDC Philippines achieved key execution milestones across its sites. At STT Fairview 1, the facility’s structure and Level 1 data halls are complete, with commissioning of Level 2 underway and design of Level 3 in progress to stay ahead of demand. Meanwhile, STT Cavite 2 Phase 1 has reached ready-for-service status, with active customer deployments already in place. These developments position the platform to exceed 30MW of total capacity within the year.
The company also strengthened its long-term sustainability and cost position through a 40.5MW renewable energy partnership, securing stable and green power supply for its campuses through 2035. Alongside this, STT GDC Philippines continues to build a strong pipeline of high-density, AI-driven workloads, supported by its technical readiness for advanced compute requirements.
Globe’s Sustainability practice is anchored on Globe Purpose, “In everything we do, we treat people right to create a Globe of Good.” By aligning with global sustainability frameworks, standards, and principles such as the United Nations’ Sustainable Development Goals (UN SDGs) and UN Global Compact and industry sustainability ambitions, the company is able to collaborate with its stakeholders to deliver positive societal and environmental impact. Globe is focused on addressing its material topics by scaling the integration of its sustainability practices within its business units and across the value chain.
Progress towards sustainability ambitions are disclosed in the Globe Sustainability website (https://www.globe.com.ph/about-us/sustainability.html) and in the annual Integrated Report (https://www.globe.com.ph/about-us/sustainability/integrated-report.html#gref).
The recently published 2025 Integrated Report <IR> is guided by the principles of the following frameworks:
Reference to the Global Reporting Initiative (GRI) standards
International Integrated Reporting Council (IIRC) Framework
Sustainability Accounting Standards Board (SASB)
Task Force on Climate-related Financial Disclosures (TCFD) recommendations as incorporated into IFRS S2
United Nations Global Compact (UNGC) Principles
United Nations Sustainable Development Goals (UN SDGs)
Securities and Exchange Commission (SEC) recommendations
Integrated Annual Corporate Governance Report (i-ACGR)
Sustainability Reporting Guidelines
GSMA ESG Metrics for Mobile
The annual integrated report has undergone third-party External Assurance conducted by DNV AS Philippines Branch, covering:
select sustainability metrics
GHG accounting
Net Zero Ambition
Externally assured 2025 Scopes 1, 2, and 3 data are available in the 2025 Globe Integrated Report. Please visit https://www.globe.com.ph/about-us/sustainability/race-to-net-zero for more information. Globe will submit its updated GHG emissions inventory, which reflects the structural recalculations and its current operational footprint, to the SBTi for revalidation in 2026-2027.
The following are among the updates on the key initiatives of Globe addressing the material topics and corresponding key targets:
ENVIRONMENT
Information about Globe’s Sustainability and Social Responsibility initiatives, may be found at The Globe Newsroom
https://www.globe.com.ph/about-us/newsroom/sustainability.html and The Globe Sustainability Page