GLOBE TELECOM, INC. saw its second-quarter (Q2) attributable net income drop by 29.46% to P5.46 billion as weaker revenues and higher expenses weighed on its earnings.
“Our second quarter performance underscores the growing impact of our cost and operational efficiency efforts. The sequential growth in revenues, core net income, stable margins, and rising contributions from Mynt reflect not just financial discipline but the operational strength of our entire organization,” Globe President and Chief Executive Officer Carl Raymund R. Cruz said in a stock exchange disclosure on Wednesday.
Its combined revenues for the second quarter declined by 1.92% to P43.47 billion from P44.32 billion in the second quarter of 2024, while the company’s gross expenses climbed to P39.21 billion, marking an increase of 0.72% from P38.93 billion in the comparable period a year ago.
For the first half, the company’s attributable net income plummeted to P12.44 billion, marking a decrease of 14.5% from P14.55 billion in the same period last year, after recording lower revenue for the six months ending June.
Globe’s gross revenue for the January-to-June period declined by 2.68% to P87.23 billion from P89.63 billion in the comparable period a year ago.
Its expenses rose by 1.54% to P79.86 billion from P78.65 billion in the same period last year.
Broken down, earnings from the service business accounted for the majority of the company’s topline, reaching P80.19 billion — a decrease of 2.48% from P82.23 billion a year ago. Service revenues are composed of earnings from its mobile, home broadband, corporate data, and fixed-line segments.
Non-service revenues also declined by 5% to P7.04 billion from P7.40 billion in the same period last year.
Globe’s net income decline was slightly tempered by its affiliates, particularly Globe Fintech Innovations, Inc. (Mynt), the holding company of the e-wallet platform GCash.
Mynt sustained strong performance for the first semester of the year, Globe said, noting that GCash helped mitigate a further decline in its net income.
Mynt’s equity earnings for the six-month period ended June 2025 surged to P3.8 billion, jumping by 78% from P2.1 billion in the same period last year. This accounts for 26% of Globe’s pre-tax net income, more than doubling its 12% contribution from the previous year.
In a separate disclosure, Globe said it is raising up to P25 billion after filing for the registration of up to 20 million non-voting preferred shares at P25 per share, to be offered over a period of three years.
The company has tapped BPI Capital Corp., BDO Capital & Investment Corp., and China Bank Capital Corp. as joint lead issue managers, joint underwriters, and bookrunners for the initial offer shares.
Globe also said it has completed the sale of its stake in Electronic Commerce Payments, Inc. (ECPay) to the parent company of the e-wallet platform GCash.
“[This] disclosure is being amended to reflect the closing of the transaction,” Globe told the stock exchange.
In May, Globe secured the approval of the Philippine Competition Commission (PCC) for the transaction. In 2023, Globe said that it had entered into an agreement with Mynt, the holding company of the e-wallet platform GCash, for the sale of its 77% stake in ECPay for P2.31 billion.
Payment One, Inc., which holds a 23% stake in ECPay, had also agreed to the transaction, allowing Mynt to fully acquire ECPay.
At the stock exchange on Wednesday, shares in the company closed P12, or 0.69% lower, to end at P1,718 apiece. — Ashley Erika O. Jose
