consolidated service revenues

GLOBE delivered ₱121.7 billion in consolidated gross service revenues for the first nine months of 2025, slightly lower than the ₱124.0 billion reported in the same period last year. While inflation has eased and household spending capacity has generally improved in recent months, the operating environment remains challenging. Persistent industry competition and the localized economic impact of the typhoons that struck during the period added further pressure. Against this backdrop, Globe sustained the rebound that began in the second quarter, posting ₱41.5 billion in consolidated gross service revenues in the third quarter, a 3% sequential increase, underscoring operational resilience and improved market momentum. The revenue uptrend continues, posting the fastest sequential growth in 13 quarters. 

Globe’s expanding digital portfolio drove growth, demonstrating its vital role in an increasingly connected economy. Mobile and corporate data services accounted for 83% of total consolidated service revenues in the first nine months of 2025, similar to last year. Meanwhile, data-centric products spanning mobile data, home broadband, and enterprise solutions rose to 88% of total consolidated service revenues from 86% a year ago. 

Globe’s mobile business remained the main driver of topline performance, generating ₱86.2 billion in service revenues as of end-September 2025, down 2% from the ₱87.7 billion posted a year earlier. Mobile service revenues in the third quarter reached ₱29.1 billion, up 1% quarter-on-quarter from ₱28.8 billion in Q2, marking a second consecutive quarter of sequential improvement. This robust trajectory reflects stronger consumer activity and demand for mobile services. Performance was further supported by Globe’s consistent investments in its network, which enhanced service quality and reinforced its market position. By the end of September 2025, Globe’s mobile subscriber base stood at 63.1 million, 5% higher than the 60.2 million a year ago. 

Within the mobile segment, mobile data revenues climbed to an all-time high of ₱25.2 billion in the third quarter of 2025, bringing total mobile data revenues to a record ₱74.0 billion for the first nine months of the year. This represents a 2% increase year-on-year from the previous record of ₱72.9 billion reported in the same period of 2024, as Filipinos continued to expand their use of apps for messaging, entertainment, and cashless transactions.

This was achieved even as total mobile data traffic held steady at 4,846 petabytes versus 4,843 petabytes in the same period last year, reinforcing Globe’s ability to drive higher value per gigabyte of data consumed. Following a muted first quarter in terms of traffic, usage showed an upward trend, rising by 8% from 1,537 petabytes in the first quarter to 1,659 petabytes by the third quarter. The average volume of use per subscriber remained stable at around 15 GB per month, supported by consistent engagement and rising 5G traffic, and its growing adoption across Globe’s customer base. 

As of end-September 2025, Globe had 37.8 million mobile data users, up 2% year-on-year, highlighting the segment’s strength and resilience as consumer activity improved alongside easing inflation. Mobile data now accounts for 86% of total mobile service revenues, up from 83% a year earlier, showcasing Globe’s expanding digital scale and effective monetization as connectivity becomes even more essential to everyday life. 

While mobile data posted a strong performance, traditional voice and SMS services, on the other hand, maintained their structural decline, consistent with the industry-wide pivot to data-centric usage. Average daily mobile reloads showed steady quarter-on-quarter increases throughout the nine-month period this year, with the third quarter delivering the highest level to date. This consistent upward trend shows strong consumer engagement and resilient spending momentum across the prepaid base. 

Globe’s home broadband segment contributed ₱17.8 billion in revenues for the nine-month period ended September 2025, broadly flat year-on-year, as the ongoing tapering of the fixed wireless business was partly offset by the migration of subscribers to fiber. Home broadband revenues rose 4% quarter-on-quarter to ₱6.1 billion in the third quarter, signaling stabilization as fiber adoption deepened across the base. 

GFiber Prepaid (GFP) continued to gain remarkable traction in the third quarter, solidifying its standing as the country’s fastest-growing prepaid fiber service. GFP subscribers hit 700K by end-September, up 28% quarter-on-quarter and over 3.7x from a year ago. The brand continues to resonate with households through its affordable and flexible fiber offers, driving wider adoption across segments. At the same time, higher-value reload activity pushed ARPU upward, with average daily top-ups surging more than 4.2x in 3Q25 versus the 2024 average. The outperformance of GFiber Prepaid highlights Globe’s successful execution in democratizing fiber access for more Filipino homes. 

Fiber now makes up 91% of total home broadband revenues, compared to 86% a year earlier, underscoring the growing demand for GFiber Prepaid alongside postpaid plans. Total fiber revenues rose 5% year-on-year, while the fiber subscriber base expanded by 44%, bringing Globe’s total broadband subscribers to 2.1 million as of September 2025, from 1.7 million in the prior year. 

To meet rising demand for flexible, high-speed connectivity suited to modern digital lifestyles, Globe expanded its product portfolio with the launch of a breakthrough offering: the Globe At Home 5G Loop. Since its launch in September, the Globe At Home 5G Loop has seen encouraging early take-up, signaling growing interest in flexible, high-speed connectivity. Available exclusively in select Globe stores, the 5G Loop offers fiber-like speeds, unlimited internet both at home and on the go, and an easy, plug-and-play setup perfect for today’s always-on digital lifestyles. A first in the world, the 5G Loop features a WiFi router with an Android touchscreen interface, high-quality speakers, and long-lasting batteries that keep users connected even on the beach or wherever they choose to call home. Globe continues to gather insights and enhance the 5G Loop experience to deliver a seamless and reliable connection for its customers. 

Meanwhile, the corporate data business posted ₱15.0 billion in revenues for the nine-month period ended September 2025, a 3% year-on-year decline driven by a 13% drop in core data services amid more measured enterprise spending. However, this was partially offset by the 14% year-on-year increase in ICT-related services, fueled by sustained demand for Business Application Solutions, cybersecurity, data center solutions, Big Data, and IoT. Sequentially, corporate data revenues rose 13% quarter-on-quarter to ₱5.4 billion in the third quarter, signaling an emerging rebound in enterprise digitalization efforts. This improvement aligns with Globe’s strategy to evolve beyond connectivity and deliver innovative, technology-led solutions that address the rapidly changing needs of its enterprise customers. 

Non-telco revenues amounted to ₱1.7 billion, down 4% from the previous year, with softer results from AdSpark partly balanced by stronger contributions from Yondu and Asticom. Similarly, the third quarter non-telco revenues dropped by 3% from the second quarter, mostly coming from Yondu. 

Globe’s cost management initiatives delivered meaningful efficiencies, with total operating expenses and subsidy amounting to ₱57.5 billion for the first three quarters of 2025, down 3% year-on-year. The decline was led by a 29% reduction in marketing and subsidy expenses, a 7% decrease in staff costs, and a 4% drop in services and others. Utilities and administrative expenses remained broadly flat, rising just 1%. These efficiencies helped offset increases in interconnect costs (+16%), leases (+8%), and provisions (+6%). However, on a sequential basis, operating expenses and subsidy rose 3% to ₱19.4 billion in the third quarter, mainly on higher spending across many expense categories except for leases, repairs and maintenance, and provisions. 

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) over the same period reached ₱64.2 billion, a 1% decrease from the prior year. Even with this marginal dip, Globe posted a healthy EBITDA margin of 52.8%, again exceeding full-year guidance through prudent cost management. 

Mynt, the parent company of GCash, delivered another strong performance in the first nine months of 2025, reinforcing its standing as the Philippines’ leading digital financial ecosystem. GCash continued to scale its user base and profitability, extending inclusive financial services to millions of Filipinos through constant innovation. For the nine-month period ended September 2025, Globe’s equity share in Mynt rose to ₱5.3 billion, a 52% increase from ₱3.5 billion in the same period last year. This contribution now accounts for 25% of Globe’s net income before tax, marking a sharp rise from its 14% share in 2024. Mynt’s growth complements Globe’s sustained investments in digital infrastructure and connectivity. 

For the nine months ended September 2025, Globe recorded a net income of ₱17.7 billion, down 14% from ₱20.6 billion in the same period last year. This figure includes non-recurring items, such as gains from the deemed disposal of Mynt shares (related to MUFG’s equity investment in the first quarter) and higher equity earnings from affiliates. These helped partly offset increased depreciation, interest expense, and other non-operating charges. Excluding such one-off items, normalized net income reached ₱15.2 billion, down 15% year-on-year. On a quarterly basis, net income declined by 4% to ₱5.3 billion, from ₱5.5 billion in the previous quarter, as the increase in the topline was offset by higher depreciation and non-operating charges. 

Core net income, which strips out non-recurring items including gains from asset disposals, forex movements, and mark-to-market adjustments, amounted to ₱15.5 billion, compared to ₱17.6 billion in the same period last year. On a sequential basis, core earnings declined to ₱5.0 billion in the third quarter of 2025 from ₱5.9 billion in the second quarter, primarily due to higher financing costs and lower equity contributions from affiliates. 

Globe’s financial position stayed robust, with total debt at ₱253.5 billion as of September 2025, up 2% from ₱249.5 billion at year-end 2024, driven by prudent funding activities to support ongoing investments. Leverage metrics remained comfortably within covenant thresholds, with Gross Debt to EBITDA at 2.69x, Net Debt to EBITDA at 2.40x, and a Debt Service Coverage Ratio of 3.74x, highlighting the company’s disciplined capital management and strong balance sheet resilience. 

“Our third-quarter results underscore Globe’s consistent performance and our ability to create impact beyond connectivity for more Filipino families and businesses. Mobile and broadband sustained their growth momentum in Q3, while Corporate Data revenues rose 13% quarter-on-quarter, signaling an emerging rebound in enterprise digitalization efforts, and EBITDA margins remained above target, highlighting the strength of our core operations. Mynt continued to be a key contributor to earnings, reaffirming the expanding role of our digital platforms. Together, these pillars demonstrate how Globe continues to drive sustainable growth and long-term value through innovation, disciplined execution, and a deep commitment to the communities we serve,” said Carl Raymond R. Cruz, president and CEO of Globe Telecom Inc. 

“Looking ahead, our focus remains firmly on our customers, with our key differentiator being the ability to elevate their experience and strengthen loyalty. We view the accelerated B2B growth as the next engine of Globe’s sustainable expansion. We remain steadfast in our vision of becoming the most valuable, trusted, and admired operator in the country in the medium term, by investing in world-class connectivity and driving innovations that help build a more inclusive and digitally empowered Philippines.” Cruz added. 

Cash Capex, Network and Infrastructure Updates 

Globe’s cash capital expenditures as of end-September 2025 reached ₱31.4 billion, a 23% decrease from ₱41.0 billion in the same period last year. This reduction reflects the company’s sharper focus on strategic capital management while continuing to channel resources toward essential network improvements, in line with its full-year capex guidance of below US$1 billion. Notably, this level of spending is equivalent to 26% of the topline, further strengthening Globe’s positive free cash flow position and underscoring the company’s disciplined approach to capital efficiency. Globe remains steadfast in its goal of fortifying its financial position by further enhancing free cash flow generation. 

Consequently, the cash capex-to-revenue ratio improved to 26% from 33%, while the capex-to-EBITDA ratio narrowed to 49% from 63%. These results demonstrate Globe’s increased investment flexibility, paving the way for targeted network initiatives over the rest of the year. As in prior periods, about 89% of capex was directed toward data-related projects, reaffirming Globe’s commitment to advancing digital capacity and expanding connectivity nationwide. By pursuing focused investments and innovation shaped around customer demand, Globe continues to empower more Filipinos to thrive in a digitally connected economy. 

As of end-September 2025, Globe delivered significant progress in expanding and modernizing its network to address accelerating digital demand across the country. A total of 1,375 new cell sites were built, while 8,699 existing mobile sites were upgraded, enhancing reliability and service quality for mobile users. To accommodate rising requirements for fast and dependable internet, Globe rolled out 60,193 fiber-to-the-home (FTTH) lines during the nine-month period. 

Globe also reinforced its 5G footprint, rolling out 877 new 5G sites across strategic locations across the country. By end-September 2025, outdoor coverage reached 98.71% of Metro Manila and 98.31% of key cities in Visayas and Mindanao. Internationally, Globe kept an extensive global presence with 168 inbound and 183 outbound 5G roaming agreements across 99 destinations, ensuring uninterrupted service for Filipino travelers. 

These investments expand coverage, enhance service quality, and open greater access to education, commerce, and communication, reinforcing that stronger digital infrastructure is vital to securing the Philippines’ digital future and competitiveness in Asia. 

Globe’s ongoing network improvements affirm its role in driving innovation, fostering inclusive growth, and advancing the United Nations’ Sustainable Development Goal No. 9, reflecting the company’s broader commitment to equitable progress and long-term nation-building. 

Portfolio and Innovation Updates 

Globe Fintech Innovations, Inc. (“Mynt”) 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 accelerating financial inclusion through mobile money, financial services, and technology. Mynt primarily operates through two wholly-owned subsidiaries: G-Xchange, Inc. (“GXI”), the mobile wallet operator of GCash, offering convenient financial services to Filipinos, and Fuse Financing Inc. (“Fuse”), a technology-based lending company, which empowers Filipinos with access to microloans and business loans. 

Based on third-party provider data.ai, as of September 30, 2025, 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. 

In addition, Mynt has gone beyond the nation’s borders. As of September 30, 2025, it now offers payments in over 200 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. As of September 30, 2025, Mynt also empowers overseas Filipinos in 145 countries to manage their finances through GCash Overseas. They can now use the GCash app with their international mobile numbers, giving them access to services such as Send Money, Pay Bills, and Buy Load. 

Beyond Payments, the GCash application also features a range of Digital Financial Services through its CreditTech and WealthTech products. On CreditTech, backed by a proprietary trust platform and credit scoring via GScore, Fuse has provided credit access to millions of borrowers, of which the majority are from lower socio-economic classes as of September 30, 2025. These milestones were achieved through innovative lending products covering credit lines (GCredit), cash loans (GLoan), buy-now-pay-later (via GGives), and micro-credit starter loans (Sakto Loan and Borrow Load), providing loans to more Filipinos who need it the most. The GCash application also provides a comprehensive suite of WealthTech services, covering savings (via GSave), investments (via GFunds, GStocks, GCrypto, and the newly launched GBonds), and insurance products (via GInsure). 

Moving beyond transactions, GCash incorporates sustainability across its innovation initiatives. The GForest movement empowers users to accumulate green energy and plant trees by simply using GCash. As of September 30, 2025, more than 4.2 million trees have been planted, enabling GCash users to build a greener tomorrow. 

STT GDC Philippines: 

ST Telemedia Global Data Centres Philippines (STT GDC Philippines) is a joint venture partnership between Globe Telecom, ST Telemedia Global Data Centres, and Ayala Corporation. It is dedicated to providing state-of-the-art digital infrastructure and data center services, with a focus on operational excellence, sustainability, and innovation. 

During the quarter, STT Fairview 1 successfully opened its first data hall and is now operational with a key 1MW customer deployment. The Level 2 fit-out is ongoing, and STT Cavite 2 has been energized, with testing and commissioning currently in progress. STT GDC Philippines continues to pursue high-visibility activities focused on industry advocacy through key events, engagements with relevant business organizations, and various sales campaigns. 

Sustainability Highlights 

Globe’s Sustainability practice is anchored on the Globe Purpose to “Uplift Filipino Lives Everyday”. 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. 

The recently published 2024 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 

● United Nations Global Compact (UNGC) Principles 

● United Nations Sustainable Development Goals (UN SDGs) 

● Securities and Exchange Commission (SEC) recommendations 

o Integrated Annual Corporate Governance Report (i-ACGR) 

o Sustainability Reporting Guidelines 

● GSMA ESG Metrics for Mobile 

As of year end 2024, Globe has reached a 55.09% reduction in its Scope 1 and 2 emissions compared to its base year (2021) and 44.86% reduction in Scope 3 emissions (covered by SBTi near-term targets). Recalculation of base year GHG emissions inventory is ongoing until 2026. This process will incorporate updated emission factors and reflect changes in the business strategy, aligning with SBTi’s Corporate Net-Zero Standard and Near-Term Criteria.