Globe Reports P11.0 Billion Net Income for First Half of 2026, Down 11% Year-on-Year

Globe sustained its strong momentum through the second quarter, delivering resilient financial and operating performance for the first six months of 2026. Amid elevated inflation, higher oil prices, and heightened geopolitical uncertainty, the company maintained healthy margins, and remained committed ​to strategic investments that support long-term growth. Results were underpinned by healthy mobile data demand, improving broadband monetization, accelerating enterprise digitalization, and the contribution of its digital ecosystem, reinforcing Globe's diversified connectivity and technology platform.

Consolidated gross service revenues climbed to a new all-time high of P85.4 billion for the six months ended June 2026, growing 6% from P80.2 billion in the same period of 2025 and surpassing the previous record of P82.8 billion achieved in the latter half of 2024. Data-driven revenues accounted for 91% of consolidated service revenues, highlighting Globe's continued transformation toward a more diversified, higher-quality, and sustainable revenue base. 

The robust first-half results were further supported by Globe's record quarterly service revenues. Consolidated service revenues reached P43.4 billion in the second quarter, up 3% quarter-on-quarter and at par with the seasonally strong fourth quarter of 2025, reflecting broad-based growth across Globe's core connectivity businesses.

Globe's mobile business remained the largest contributor to service revenues, generating P60.4 billion in the first half of 2026, up 6% from the same period last year. Second quarter mobile service revenues increased 2% quarter-on-quarter to P30.4 billion, representing the second-highest quarterly mobile revenues on record. Mobile data continued to power the segment, rising 1% quarter-on-quarter to P27.1 billion and bringing first-half mobile data revenues to P53.9 billion, up 10% year-on-year. Mobile data now accounts for 89% of total mobile service revenues. As of end-June 2026, Globe’s mobile subscriber base stood at around 67.7 million, supported by accelerating digital adoption, network quality improvements, and customer engagement initiatives. 

Mobile data revenue improvement was supported by portfolio monetization and optimization initiatives, as well as the firm demand for digital lifestyle applications, including video streaming, social media, gaming, e-commerce, productivity and AI applications, and digital payments, demonstrating Globe's ability to monetize rising data consumption despite a more cautious consumer spending environment. Mobile data traffic soared to 3,723 petabytes from 3,187 petabytes a year earlier, while average monthly data usage per subscriber rose to approximately 17 GB from 15 GB over the same period. This was complemented by Globe's expanding 5G customer base, whose users continue to exhibit higher data usage and stronger monetization than non-5G subscribers. 

As of end-June 2026, Globe's mobile data user base expanded to over 39.6 million, up 5% from a year ago, as customers increasingly incorporated digital services into their everyday activities. Average daily mobile top-ups and daily wireless traffic remained elevated throughout the first half of 2026, reinforcing connectivity's role as the Filipinos' fifth utility, with Globe serving as a key enabler of the country's digital lifestyle. 

Globe At Home broadband generated P12.4 billion in revenues during the first six months of 2026, up 6% year-on-year. Second quarter revenues totaled P6.3 billion, up 1% quarter-on-quarter, extending its streak to five consecutive quarters of sequential revenue increases and four consecutive quarters of year-on-year expansion, reinforcing the segment's sustained operating momentum. 

Broadband performance was mainly driven by Globe's fiber business. Wired broadband subscribers increased 32% year-on-year to over 2.0 million, more than offsetting the decline in legacy fixed wireless subscribers as households increasingly migrated to superior fiber connectivity. This favorable shift toward fiber strengthens the broadband business by supporting sustainable revenue growth and enhancing the overall quality of the subscriber base. 

GFiber Prepaid (GFP) maintained its momentum into the second quarter, underscoring the increasing adoption of fiber connectivity. As of end-June 2026, GFP subscriber count reached 1.1 million, reflecting the growing preference for Globe's flexible and affordable prepaid fiber service. This was further propelled by higher-value reloads, reinforcing Globe's strategy of scaling sustainably while maximizing long-term customer value and profitability.

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 2.4 million as of end-June 2026, driven by migration to fiber and broader household adoption. 

Meanwhile, Globe Business sustained its positive trajectory, with Corporate Data revenues posted a record P5.9 billion in the second quarter of 2026, bringing first-half revenues to an all-time high of P11.0 billion, up 15% year-on-year. Both the year-on-year and quarter-on-quarter gains were driven by higher Core Data revenues, led by domestic internet services, alongside continued strength in ICT, primarily from Business Application Solutions (BAS). As enterprises advance their transformation journeys, Globe Business is expanding its portfolio of AI-enabled solutions and infrastructure capabilities to deliver higher-value enterprise solutions that help clients enhance operational efficiency and unlock new opportunities. 

Globe's non-telco business generated P863.0 million in revenues during the first half of 2026, compared to P1.2 billion in the same period last year. The reported decline was primarily due to the deconsolidation of Yondu following Globe's partnership with NCS, partly offset by higher revenues from Asticom. Excluding Yondu's contribution in the prior-year period, non-telco revenues would have increased by 17% year-on-year. On a quarter-on-quarter basis, non-telco revenues grew 37% to P498 million in the second quarter from P365 million in the first quarter, driven mainly by stronger contributions from Asticom.

Against a more volatile macroeconomic backdrop, total operating expenses and subsidy amounted to P40.5 billion, up 6% year-on-year, primarily due to higher interconnection charges, lease-related costs, marketing and subsidy, as well as increases in services and other operating expenses, utilities, and staff costs. These were partly offset by a 25% decline in provisions, which helped moderate the overall increase in operating expenses.  

EBITDA reached P44.9 billion in the first six months of 2026, increasing 6% year-on-year, while EBITDA margin remained resilient at 52.6%, well above the Company's full-year guidance of approximately 50%. The increase in revenues more than offset the rise in operating expenses and subsidy, generating operating leverage that enabled Globe to invest in its network and digital infrastructure. In the second quarter, EBITDA edged up 2% from the previous quarter to P22.7 billion. 

Complementing the strength of its core business, Globe also benefited from Mynt, the parent company of the group behind GCash. Mynt continued to scale its user base and profitability, extending inclusive financial services to millions of Filipinos through constant innovation. Mynt’s quarterly revenues hit an all-time-high in the second quarter of 2026, reaching P22.4 billion. For the six-month period ended June 2026, Globe’s equity share in Mynt’s net income amounted to P3.7 billion. This contribution now accounts for 28% of Globe’s net income before tax, up from 26% share in 2025, underscoring Mynt’s role as a key earnings driver, supporting Globe’s sustained investments in digital infrastructure and connectivity. 

Reported Net Income After Tax (NIAT) for the first half of 2026 declined 11% to P11.0 billion from P12.4 billion a year ago, primarily due to the lower net gain from the dilution of Globe's stake in Mynt compared to the prior year, as well as higher non-operating charges. Excluding these factors, Globe's underlying operating performance remained healthy, supported by record service revenues and higher EBITDA. Sequentially, reported NIAT remained broadly stable at P5.5 billion, compared to P5.6 billion in the first quarter. 

Core Net Income, which excludes the impact of foreign exchange and mark-to-market adjustments, improved 7% quarter-on-quarter to P5.3 billion from P4.9 billion in the first quarter, highlighting the improving trajectory of the Company's underlying earnings. For the first half, Core Net Income stood at P10.2 billion, down 2% from a year ago.

Globe maintained a healthy financial position as of the end of the first half of 2026, with total debt standing at P261.7 billion to support its ongoing investments and strategic priorities. The company's leverage profile remained well within covenant limits, with gross debt-to-EBITDA at 2.68x, net debt-to-EBITDA at 2.48x, and a debt service coverage ratio of 3.94x.

"Our first-half results demonstrate the strength of our core business and the solid contribution of our digital ecosystem to Globe's overall performance. We delivered record service revenues and maintained an EBITDA margin of 52.6%, despite a challenging macroeconomic environment. These results reflect disciplined execution, the resilience of our business model, and our unwavering focus on creating sustainable long-term value for our customers and shareholders.” said Carl Raymond R. Cruz, President and CEO of Globe Telecom Inc. 

“As we look ahead, we are committed to shaping Globe's next phase of growth by strengthening our leadership in connectivity while expanding our portfolio of products and services to deliver solutions that make a real difference in people's lives and help businesses thrive. We will invest in our network, technology platforms, and AI-enabled capabilities to improve customer experience, operate more efficiently, accelerate innovation, and help build a more connected and digitally inclusive Philippines.” Mr. Cruz added.

Cash Capex, Network and Infrastructure Updates

Globe invested P26.3 billion in capital expenditures during the first six months of 2026, up 39% year-on-year, as the Company pursued a disciplined capital allocation strategy while focusing investments on strategic network expansion and digital infrastructure to meet the evolving needs of its customers. Globe remains on track to keep full-year capital expenditures below US$1 billion, maintaining financial flexibility to support its long-term priorities. 

Capital expenditures represented 31% of service revenues during the period. Approximately 91% of total capex was directed toward data-related initiatives, reinforcing the Company's commitment to expanding network capacity, enhancing service quality, and supporting the country's growing digital connectivity needs. 

During the first six months of the year, Globe expanded its fiber footprint by deploying 80,052 new fiber-to-the-home (FTTH) lines, extending high-speed broadband access to more households nationwide. These deployments improve network reach and reliability while addressing increasing demand for fixed broadband services. 

Globe also accelerated the rollout of its 5G network, adding 878 new sites during the period to further strengthen coverage and capacity. As of end-June 2026, Globe's 5G network provided over 98% outdoor population coverage across Metro Manila and key cities in the Visayas and Mindanao. In addition, Globe expanded its 5G footprint in non-key cities by adding 43 more towns, bringing the total to 215 towns with at least 80% population coverage, further broadening access to next-generation digital services. 

Internationally, Globe expanded its 5G roaming footprint to 200 inbound and 188 outbound roaming partners across 130 destinations, enabling customers to stay seamlessly connected while traveling overseas.

Globe's investments in network infrastructure are translating into tangible improvements in customer experience. Based on Ookla®1 Speedtest Intelligence® data for Q1–Q2 2026, Globe has been recognized as the Most Consistent Mobile and Fixed Network in the Philippines and The Widest 5G Coverage in the Philippines. This recognition reinforces Globe's network leadership and its commitment to delivering a reliable and consistent connectivity experience for customers nationwide. 

Through its expanding digital infrastructure, Globe is broadening access to connectivity, enabling innovation, and contributing to United Nations Sustainable Development Goal 9: Industry, Innovation and Infrastructure. 

Recent Developments

Redemption of the remaining capital securities:

On August 3, 2026, Globe settled the remaining aggregate principal of senior perpetual capital securities amounting to US$174 million. On the same date, the aggregate principal of the securities was cancelled pursuant to the terms and conditions of the settlement. 

Portfolio and Innovation Updates

Mynt/GCash:

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 June 30, 2026, GCash remains the number one finance super-app in the country. 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.  

Mynt IPO Update

Following the approval of Globe's Board of Directors on June 17, 2026, Mynt, Inc., the parent company of GCash, submitted its registration statement with the Securities and Exchange Commission (SEC) and its listing application with the Philippine Stock Exchange (PSE) on June 27, 2026 in connection with its proposed initial public offering (IPO). The registration statement and listing application remain subject to acceptance by the SEC and the PSE, respectively.

STT GDC Philippines:

ST Telemedia Global Data Centres Philippines (STT GDC Philippines), the joint venture of Globe Telecom, ST Telemedia Global Data Centres, and Ayala Corporation, made further progress on its strategy of building AI-ready digital infrastructure for the Philippines. 

During the quarter, STT GDC Philippines achieved significant operational milestones across its campuses. At STT Fairview 1, Level 1 data halls are now fully sold out, while commissioning of Level 2 is underway and the design of Levels 3 and 4 has commenced in response to sustained customer demand. At STT Cavite 2, Phase 1 is now ready for service with active customer deployments, while the design of Phase 2 has already begun. These developments keep the platform firmly on track to exceed 30MW of operational capacity by year-end. To support this expanding capacity sustainably, STT GDC Philippines entered into a multi-year renewable energy agreement with MPower to power its STT Fairview and STT Cavite campuses, marking a major step toward its goal of achieving carbon-neutral operations by 2030. With major regulatory catalysts like Executive Order 119, the nation's new Data Sovereignty directive, establishing clear local residency requirements, the company is well positioned to support the anticipated scale-up of hyperscale and AI demand. 

Beyond expanding capacity, STT GDC Philippines continued to strengthen its market leadership by actively advancing AI adoption in the Philippines through industry engagement initiatives focused on infrastructure readiness and enterprise AI deployment. The company also expanded its international engagement by participating in COMPUTEX 2026, where it promoted the Philippines as a strategic destination for AI and cloud investments while leveraging the global reach of the STT GDC platform. STT GDC was likewise recognized as a key infrastructure partner within the NVIDIA ecosystem, further reinforcing its position as an AI-ready digital infrastructure provider. These initiatives, together with a growing pipeline of high-density AI workloads, position STT GDC Philippines to support the country's next wave of digital transformation while creating a scalable, sustainable growth platform for Globe. 

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.  

Globe Telecom, Inc. is a leading digital platform in the Philippines with interests in telecommunications, fintech, data center services, venture building, shared services, and digital marketing. It is listed on the Philippine Stock Exchange under the symbol GLO. The company delivers a full suite of mobile, broadband, data, and managed services to meet the needs of consumers and businesses. 

A UN Global Compact Participant, Globe is the first publicly listed Philippine firm with approved near- and long-term science-based targets under the SBTi. It was named one of TIME and Statista’s Most Sustainable Companies in 2025 and certified as a Great Place To Work® for its strong culture of care, collaboration, and innovation. Globe consistently garners awards as a top performing publicly-listed company for its corporate governance, both locally and within the ASEAN Region. Its back-to-back inclusion in the Fortune Southeast Asia 500 in 2024 and 2025 affirms its growth and leadership. Its principals are Ayala Corporation and Singtel, prominent industry leaders in the region. 

​It is listed on the Philippine Stock Exchange under the ticker symbol GLO and had a market capitalization of US$4.5 billion as of the end of June 2026.  ​