GLOBE Telecom Inc. on Wednesday reported an 11-percent drop in net income for the first half, to P11 billion from P12.40 billion a year earlier, despite posting record service revenues of P85.4 billion, up 6 percent year on year.
In a disclosure, the telco attributed the drop in reported net income to a lower net gain from the dilution of its stake in Mynt Inc. — the operator of the popular e-wallet GCash — and higher nonoperating charges.
Excluding these factors, Globe said its operating performance remained healthy, supported by strong service revenues and higher earnings before interest, taxes, depreciation and amortization (Ebitda).
“Our first-half results demonstrate the strength of our core business and the solid contribution of our digital ecosystem to Globe’s overall performance,” President and CEO Carl Raymond Cruz said.
He said the results reflected disciplined execution, the resilience of Globe’s business model and its focus on creating sustainable long-term value for our customers and shareholders.
The mobile business remained the largest contributor to Globe’s service revenues, generating P60.40 billion, up 6 percent from a year earlier.
Globe said that as of end-June 2026, its mobile subscriber base stood at around 67.7 million.
The home broadband business generated P12.40 billion in revenues, also up 6 percent from a year ago, driven by the fiber segment.
The business segment posted 15-percent revenue growth to P11 billion while the non-telco segment contributed P863 million, down from P1.20 billion a year earlier.
Globe said the drop in non-telco revenue was due to the deconsolidation of Yondu, its joint-venture information technology arm with Singapore’s NCS, partly offset by higher revenues from Asticom, Globe’s tech-enabled shared services and digital outsourcing subsidiary.
Globe said earnings also received a boost from its equity share in Mynt, which amounted to P3.7 billion.
Following board approval on June 17, the telco said Mynt had submitted its registration statement with the Securities and Exchange Commission and its listing application with the Philippine Stock Exchange in connection with its proposed initial public offering.
Both applications have yet to be approved, Globe said.
The telco also reported significant milestones for ST Telemedia Global Data Centers Philippines, its joint venture with ST Telemedia Global Data Centers and Ayala Corp.. It said that at the STT Fairview 1 data center, Level 1 data halls were sold out, commissioning of Level 2 was under way and the design of Levels 3 and 4 had commenced.
Globe said it invested P26.30 billion in capital expenditures in the first half, up 39 percent from the previous year, with 91 percent of the spending directed toward data-related initiatives.
These included expanding its fiber footprint in the first half by deploying 80,052 new fiber-to-the-home lines and accelerating the rollout of its 5G network by adding 878 new sites.
Globe shares on Wednesday dropped P59, or 3.25 percent, to close at P1,755 each.
