Globe Telecom Inc. affirmed its guidance of low to mid single-digit revenue growth for 2025, even as it posted a 3 percent decline in gross service revenue in the first quarter amid market headwinds.
“We remain on track to deliver low to mid single-digit growth in terms of service revenue, driven by a very resilient portfolio and a very customer-first mindset,” said Globe president and CEO Carl Raymond Cruz during a virtual briefing.
Gross service revenue fell to ₱39.9 billion from ₱41.1 billion a year earlier, reflecting slower momentum in1Q. However, net income rose 3 percent year-on-year to ₱7 billion, buoyed by equity earnings from affiliates and a ₱2.6 billion gain from the dilution of its stake in fintech arm Mynt following Mitsubishi UFJ Financial Group’s (MUFG) acquisition of an 8 percent stake.
Excluding the one-time Mynt gain and other non-recurring items, core net income dropped 22 percent to ₱4.5 billion, largely due to higher interest and financing costs. Normalized net income stood at ₱4.6 billion, marking a 21 percent decline from last year.
Despite near-term softness, Cruz highlighted Globe’s strategic focus on free cash flow positivity by 2025, calling it a “key marker of sustainability and long-term value.”
Globe’s capital expenditures fell 38 percent year-on-year to ₱8.5 billion as it sharpened capital efficiency while continuing major network upgrades. In 1Q, the company deployed 4,871 new cell sites, upgraded nearly 4,000 with LTE, rolled out over 17,500 new fiber lines, and installed 235 new 5G sites. As of March 2025, its 5G network covered 98.71 percent of Metro Manila and nearly 98 percent of major cities in the Visayas and Mindanao.
The telecom giant’s strategy of disciplined investment, digital expansion, and operational resilience positions it well to navigate industry challenges while pursuing long-term growth.
