Globe profit down 20% in ‘challenging’ Q1

Ayala-backed Globe Telecom Inc. saw its profit decline by a fifth in the first quarter, as the absence of one-off gains from tower sales and the dilution of its stake in fintech giant Mynt offset continued growth in its core telecommunications business.

In a disclosure on Tuesday, Globe said its net income had fallen 20 percent to P5.6 billion in the first three months from P7 billion a year earlier, amid what it described as a “challenging macroeconomic backdrop.”

Core net income, however, rose 9 percent to P4.9 billion, supported by sustained demand for mobile data, fiber broadband and enterprise connectivity services.

Consolidated service revenues climbed 5 percent to P42 billion during the quarter, driven mainly by higher mobile data consumption, resilient broadband demand and growth in corporate data services.

“We are pleased to have sustained our momentum into the first quarter of 2026,” Globe president and CEO Carl Cruz said in a statement. “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.”

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Mobile remained Globe’s largest business segment, with revenues rising 6 percent to P30 billion. Mobile data revenues alone grew 11 percent to P26.8 billion and now account for 89 percent of total mobile revenues, up from 85 percent a year earlier.

For its broadband segment, Globe At Home revenues rose 6 percent to P6.2 billion as fiber adoption continued to offset the decline in legacy products. The company’s GFiber Prepaid service also reached 1 million subscribers as of end-March.