Globe Telecom, Inc.

Globe reported first-half 2026 consolidated gross service revenues of PHP 85.4 billion, up 6% year on year, and Q2 service revenues of PHP 43.4 billion, up 3% sequentially. First-half EBITDA was PHP 44.9 billion, up 6% year on year, with EBITDA margin at 52.6%; Q2 EBITDA was PHP 22.7 billion, up 2% quarter on quarter, with margin at 52.3%. Core net income was PHP 10.2 billion in the first half and PHP 5.3 billion in Q2, up 7% sequentially; reported net income was PHP 11 billion for the first half and PHP 5.5 billion in Q2. Mobile revenues were PHP 60.4 billion in the first half, mobile data revenue was PHP 53.9 billion, broadband revenue was PHP 12.4 billion, and corporate data revenue was PHP 11 billion, up 15%. CapEx totaled PHP 26.3 billion in the first half, and management said full-year CapEx will remain below USD 1 billion. The company maintained guidance for low to mid-single-digit growth and about a 50% EBITDA margin.

Carl Cruz said Globe was pleased with a resilient first half despite a difficult macro backdrop, citing record service revenues, healthy margins and broad-based momentum across mobile, broadband and B2B. He emphasized that the company is focused on monetization, deeper customer engagement, and continued expansion of network and digital platforms. He also sounded constructive on STT GDC demand and said Mynt's long-awaited IPO is expected within the next couple of months.

Carlo Puno tied the first-half net income decline to lower dilution gains from Globe's Mynt stake versus last year and higher operating charges from the larger network build-out. He pointed to PHP 85.4 billion in first-half service revenues, PHP 44.9 billion in EBITDA, PHP 28.7 billion in depreciation, and PHP 3.1 billion in nonoperating charges, with Q2 EBITDA margin at 52.3%. He also noted the dividend of PHP 25 per share and said all financial ratios remain within bank covenants, while CapEx remains disciplined and below USD 1 billion for the full year.

Analysts focused on the year-on-year decline in net income, and management repeatedly said the main driver was lower dilution gains from Mynt plus higher operating charges and investments. On Mynt, management said quarter-to-quarter earnings are noisy because of spending and margin normalization, and advised looking at a longer-term view; they also said prior-year comparisons are still affected by the 2025 delinking. On corporate data, management said growth was led by domestic internet services and ICT, with cloud, cybersecurity and data center-related transactions still strong and expected to continue in the second half. On reduced transfer fees at GCash, management declined to quantify the revenue impact but said the change may reduce friction and could be net positive because GCash is a net receiver wallet.