Globe Announces Second Quarter & First Half 2025 Financial and Operating Results

Globe delivered ₱80.2 billion in consolidated gross service revenues for the first half of 2025, compared
to ₱82.2 billion in the same period last year. Navigating a complex international macroeconomic
environment and shifting consumer preferences, the company improved its topline performance and
staged a sequential rebound in the second quarter. Consolidated gross service revenues ended the quarter
at ₱40.3 billion, 1% above the first quarter, fueled by improving mobility and stronger digital
engagement across segments.

The company’s digital portfolio served as a key growth engine, reinforcing its relevance in today’s
increasingly connected economy. Mobile and corporate data services together maintained a stable
contribution of 83.2% to total service revenues in the first semester, up slightly from 82.9% in the same
period last year. Data-driven offerings, including mobile data, home broadband, and corporate data,
further expanded to 88% of total service revenues from 85% a year ago, demonstrating Globe’s
leadership in tech-driven consumer experiences and enterprise digitalization.

The mobile business anchored Globe’s topline performance, posting ₱57.1 billion in service revenues in
the first six months of 2025, below the ₱58.4 billion recorded in the same period last year. Despite the
dip, mobile revenues for the second quarter came in at ₱28.8 billion, 2% above the previous three
months, signaling a firm sequential rebound. The recovery was driven by normalized mobility trends and
a steady resurgence in consumer usage. Solid mobile results were supported by sustained network
investments that enhanced service quality and competitiveness. By end-June 2025, Globe’s mobile
subscriber base stood at 62.5 million, 5% higher compared to 59.5 million last year.

Within the segment, mobile data revenues rose to ₱48.8 billion, showing a 2% uplift compared to the
previous year, as Filipinos deepened their reliance on mobile apps for messaging, streaming, and digital
payments. Revenue expanded notwithstanding a moderation in mobile data traffic, which eased to 3,187
petabytes from 3,256 the year earlier, strong proof of Globe’s ability to monetize data. The softer usage
in the first quarter was driven by extreme heat and nationwide transport strike, which restricted mobility
and limited on-the-go data consumption. In contrast, the second quarter saw renewed momentum, with
mobile data traffic rebounding to 1,650 petabytes, 7% ahead of the prior quarter. This was partly due to
the sustained increase in 5G traffic contribution, indicating wider adoption across the base.
Despite persistent inflation and pressure on consumer spending, Globe’s mobile data users grew to 37.8
million, with mobile data now accounting for 86% of total mobile revenues, up from 82% a year earlier.
This reflects the company’s expanding digital footprint, effective data monetization, and the vital role of
connectivity in everyday life.

Meanwhile, traditional voice and SMS services remained on a downward trajectory, with revenues
falling by 17% and 28%, respectively, consistent with the broader shift toward data-centric usage.
Alongside these shifts, average daily mobile top-ups remained stable across the first six months of 2025.
Globe’s home broadband business played a key role in its digital expansion strategy. During the first
half of 2025, revenues amounted to ₱11.7 billion, 3% less than the same period of 2024, owing to the
decrease in fixed wireless contributions, as more customers transitioned to fiber. However, home
broadband revenues showed signs of stabilization, with second-quarter revenues inching up 1% to ₱5.9
billion, underpinned by continued momentum in fiber adoption. Fiber’s share in total broadband
revenues rose to 90.2% from 85.4% a year ago, boosted by the widening fiber user base, underpinned by
the rising demand for GFiber Prepaid (GFP). As a result, fixed-wired users grew to 1.6 million from 1.2
million.

GFiber Prepaid maintained its growth momentum, solidifying its reputation as the fastest-growing
prepaid fiber brand. GFP subscribers hit 544,000 by end-June, a 37% surge from the previous quarter.
Its flexible and affordable model proved effective in drawing more users, with reload rates at 68%, the
highest in its segment. Average daily top-ups for GFP also rose sharply, growing by over 4.5x in 2Q25
compared to the 2024 average, indicating stronger usage and deeper monetization per subscriber. These
results underscore Globe’s success in expanding fiber access and improving internet service for more
homes. Overall, the home broadband base grew to 1.9 million, compared to 1.7 million in the same
period last year.

Meanwhile, corporate data revenues dipped by 2% to ₱9.6 billion, largely from the 12% contraction in
core data services as cautious business sentiment in the first half of the year weighed on the segment.
This was partly offset by a 15% uplift in ICT revenues, backed by sustained demand for business
application services and the growth across cybersecurity, data center, Big Data, and IoT solutions. The
performance highlights Globe’s strategic pivot toward high-value, future-ready ICT offerings that
address the changing priorities of its enterprise clients.

Non-telco revenues amounted to ₱1.2 billion, a 2% reduction from the comparable period in 2024, due
mostly to lower earnings from AdSpark, partly offset by stronger contributions from Asticom.
Globe’s cost management initiatives again yielded positive results, with total operating expenses and
subsidy reaching ₱38.0 billion as of end-June of 2025, 3% lower year-on-year. This improvement was
led by an 18% reduction in marketing and subsidy, along with 10% lower staff costs. Utilities and
administrative expenses also eased by 5%, while services and others declined by 2%. These savings
helped offset increases in interconnect (+10%) and repairs and maintenance (+7%), as well as modest
upticks in lease and provisions.

EBITDA for the first half of the year stood at ₱42.1 billion, down 2% from a year ago. Despite the softer
print, Globe sustained a robust EBITDA margin of 52.6%, well exceeding its full-year guidance through
disciplined cost-efficiency initiatives.

Mynt, the parent company of GCash, maintained strong performance, solidifying its standing as the
Philippines’ top digital financial ecosystem. GCash boosted its user base and profitability, offering more
Filipinos accessible and inclusive financial services through continuous innovation. Globe’s share in
Mynt’s equity earnings for the six-month period ended June 2025 surged to ₱3.8 billion, a 78% jump
from ₱2.1 billion in the same period last year. This now makes up 26% of Globe’s pre-tax net income,
more than doubling its 12% contribution from the previous year.

For the six-month period ended June 30, 2025, Globe reported a net income of ₱12.4 billion, a 14%
decrease from ₱14.5 billion in the same period last year. This included a ₱2.6 billion gross gain booked
last quarter from the deemed disposal of shares, following MUFG’s acquisition of an 8% stake in Mynt,
alongside higher equity earnings from affiliates. These gains helped temper the impact of higher
depreciation, interest expense, and non-operating charges. Stripping out one-off items, normalized net
income amounted to ₱10.0 billion, or 16% lower year-on-year.

Excluding non-recurring items such as gains from the Mynt disposal, tower sale and leaseback, and
foreign exchange and mark-to-market adjustments, Globe’s core net income reached ₱10.4 billion, 11%
lower than ₱11.7 billion in the same period last year. Notably, core earnings in the second quarter posted
a solid sequential gain, rising 30% to ₱5.9 billion from ₱4.5 billion in the previous quarter.

Despite these headwinds, Globe maintained a healthy and stable financial position. Total debt decreased
by 1% to ₱247.9 billion as of end-June 2025, from ₱249.5 billion at the close of 2024. Key financial
ratios remained well within covenant limits: Gross Debt to EBITDA stood at 2.65x, Net Debt to
EBITDA at 2.44x, and Debt Service Coverage Ratio at 3.12x, underscoring the company’s disciplined
financial management and strong balance sheet.

“Our second quarter performance underscores the growing impact of our cost and operational
ef iciency ef orts. 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. These results are a reflection of our strong execution, focused on delivering value to our
customers even in a mature and competitive market.” said Carl Raymond R. Cruz, President and CEO
of Globe Telecom Inc

“At Globe, we see digital connectivity as a catalyst for national progress. The continued momentum of
GFiber Prepaid and rising demand from enterprises reflect how our strategy is delivering real
empowerment to every Filipino. Whether it’s helping families stay in touch, supporting small businesses,
or expanding access to learning, these are the moments that matter. As we look to the future, we will
push beyond traditional boundaries to expand the business, powered by technology, our people, and a
shared vision of a digitally resilient Philippines.” Mr. Cruz added.

Cash Capex, Network and Infrastructure Updates

Globe’s cash capital expenditures for the first six months of 2025 totalled approximately ₱18.9 billion,
representing a 33% reduction from ₱28.3 billion in the corresponding period of the previous year. This
decline is consistent with the company’s ongoing efforts to optimize capital deployment while
sustaining critical investments in network infrastructure, well in line with the guidance of below US$1
billion for the full year. As a result, the cash capex-to-revenue ratio improved to 24% from 34%, and the
capex-to-EBITDA ratio decreased to 45% from 66%, underscoring enhanced capital efficiency in the
first half and maintaining flexibility for calibrated investments over the remainder of the year. Similar to
prior periods, around 91% of total expenditures were directed toward data-related initiatives, affirming
Globe’s commitment to strengthening its digital infrastructure. With focused investments and innovation
shaped by consumer needs, Globe is helping more Filipino homes and small businesses thrive in today’s
connected world.

As of mid-2025, Globe made significant progress in expanding and modernizing its network to meet the
growing digital demand across the country. A total of 937 new cell sites were deployed, while 4,512
existing sites were upgraded with LTE technology, enhancing both reliability and service quality for
mobile users.

To support the rising need for fast and dependable internet, Globe deployed 35,821 new
fiber-to-the-home (FTTH) lines during the six-month period. This expansion plays a critical role in
advancing the Philippines toward a more digitally connected economy.

As part of its broader modernization push, Globe has now migrated over 600 towns nationwide to full
fiber connectivity, completely phasing out legacy copper lines in these areas. The shift delivers faster and
more stable broadband for everyday digital activities, whether for remote work, online learning,
e-commerce, or public services. Beyond performance, this copper-free transition supports Globe’s green
network strategy, reducing environmental impact and helping curb illegal copper scavenging that has
historically disrupted connectivity.

Globe also further strengthened its 5G footprint, rolling out 444 new 5G sites across key locations
nationwide. As of end-June 2025, 5G outdoor coverage reached 98.71% of Metro Manila and 98.19% of
key cities in the Visayas and Mindanao. On the international front, Globe maintained a robust global
footprint, with 168 inbound and 183 outbound 5G roaming partnerships across 99 destinations, ensuring
uninterrupted connectivity for Filipino travelers.

In parallel with its ongoing network expansion efforts, Globe is deepening its commitment to digital
inclusion by accelerating mobile connectivity in Geographically Isolated and Disadvantaged Areas
(GIDAs) and underserved communities. As of 2024, over 600 Globe cell sites are operational in GIDAs.
These efforts complement the DICT’s Bayanihan SIM initiative, which Globe actively supports to
provide connectivity for students, educators, frontline workers, and local governments in remote areas.

Building on these efforts to expand connectivity nationwide, Globe is also optimizing its infrastructure
assets to support long-term operational and financial resilience. Globe is approaching the final phase of its tower sale and leaseback initiative, with the recently announced sale to MIDC and PhilTower on July 30, 2025. The company closed the sale of 12 towers in Luzon to MIDC for approximately ₱144 million, and 84 towers in Visayas and Mindanao to PhilTower for around ₱1.2 billion. To date, Globe has turned over 6,945 towers, generating approximately ₱89.3 billion in proceeds as part of its broader strategy to effectively manage infrastructure and enhance capital efficiency

Through disciplined capital management and focused infrastructure investments, Globe remains
steadfast in its commitment to bridging the digital divide and empowering communities. These sustained
network enhancements reinforce the company’s role in driving innovation, supporting inclusive
economic development, and advancing the United Nations’ Sustainable Development Goal No. 9.

Portfolio and Innovation Updates

Mynt/GCash:

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 June 30, 2025, GCash remains as 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 June 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 June 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 June 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 June 30, 2025, more than 4.0 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.

STT GDC Philippines achieved significant progress in their data center construction projects. At STT
Fairview 1, cooling and power are now available in the Customer Data Halls, and dual commercial
power feeds have already been energized. Diverse cable entrance facilities are in place, with multiple
telco providers on-site. Equipment testing and commissioning are underway, and the occupancy permit
for Phase 1A has also been secured.

Meanwhile, at STT Cavite 2, the building has achieved water tightness, and all long-lead equipment has
been positioned. The commercial power feed is now energized, with testing, commissioning, and the
processing of occupancy and equipment permits progressing in parallel.

These advancements will increase STT GDC Philippines’ rack capacity to over 4,100 by August, up from
over 3,200 in Q1. The ongoing expansion is expected to provide 15MW in incremental capacity by
year-end, with current utilization at 69%.

Likewise, the AI Synergy Lab is now actively hosting two users (one currently onboarding) and is
running multiple use cases, operating at approximately 80% GPU utilization.

Sustainability Highlights

Globe’s Sustainability practice is anchored on Globe Purpose, “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.

Progress towards sustainability ambitions are disclosed in the Globe Sustainability website (https://www.globe.com.ph/about-us/sustainability.html) and in the annual Integrated Report (https://www.globe.com.ph/about-us/sustainability/integrated-report.html#gref).

The recently published 2024 Integrated Report 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 The annual integrated report is in compliance with the recommendations made in the Philippines SEC Memorandum Circular No. 4, series of 2019 on Sustainability Reporting for Publicly-Listed Companies (PLCs) and has undergone third-party External Assurance conducted by DNV AS Philippines Branch,
covering:
(1) select sustainability metrics
(2) GHG accounting

2Q 2025 Sustainability Updates
The following are among the updates on the key initiatives of Globe addressing the material topics and
corresponding key targets:

ENVIRONMENT

Sustainability Metric/Target

2Q 2025 Milestones

Net ZeroReach net-zero greenhouse gas emissions across the value chain by 2050 as approved by the Science Based Target initiative (SBTi)Near Term:42% absolute reduction target in Scope 1 and 225% absolute reduction target in Scope 3
Long Term:90% absolute reduction target in Scope 1 and 290% absolute reduction target in Scope 3

Launched ecoSIMs for prepaid and TM customers, expanding the reach of its 100-percent recycled plastic SIMs, previously available only to postpaid customers https://www.globe.com.ph/about-us/newsroom/sustainability/eco-sims-for-prepaid-users
Expanded the use of renewable energy to power a total of 33 high-energy utilization sites — and marking a significant milestone with the company’s first-ever batch of renewable energy-powered sites in Mindanao
https://insiderph.com/globe-steps-up-green-shift-powers-more-sit es-with-renewable-energy

SOCIAL

Sustainability Metric/Target

2Q 2025 Milestones

Digital Inclusion96.6% of population covered at -115dBm by 4G by year 2027Affordable andaccessible fiber connection

Launched the Bayanihan SIM initiative in Kalawakan, Bulacan, a GIDA, to address the digital divide https://www.globe.com.ph/about-us/newsroom/corporate/globe-d ict-bayanihan-sim
Donated ten refurbished laptops to several barangays in Bohol to start off their digitalization journey and adoption of eGovernance https://www.globe.com.ph/about-us/newsroom/corporate/globe-p rovides-laptops-to-bohol-barangays#gref
Turned over refurbished smartphones to 256 beneficiaries, a partnership among Globe, GCash, and the Department of Social Welfare and Development in support of the Pantawid Pamilyang Pilipino Program
https://www.globe.com.ph/about-us/newsroom/sustainability/digi tal-access-4ps-families-palawan#gref

Diversity, Equity, and InclusionFoster an inclusive environment	Celebrated Pride Month through upskilling sessions (SOGIE 101, Trans 101), launching of the Employee Resource Group on Pride Network, participation in the #LOV3LABAN march https://www.createeverydaypossibilities.com/post/together-we-lo ve-out-loud-globe-s-2025-pride-event Signed Philippine Financial & Inter-Industry Pride (PFIP) Pledge of Support https://www.createeverydaypossibilities.com/post/globe-champio ns-pride-and-inclusion-in-partnership-with-pfip
Learning and DevelopmentUpskill employees with relevant Digital Skills	Incorporated Artificial Intelligence in work experience such as how teams hire, plan, solve problems, and connect https://www.globe.com.ph/about-us/newsroom/corporate/globe-r edefines-work-experience-ai#gref
Customer ServiceDeliver seamless end-to-end customer experience	Opened a new Micro Shop in Boracay making essential digital services more accessible to locals and tourists in one of the country’s most iconic destinations https://www.globe.com.ph/about-us/newsroom/consumer/globe- micro-shop-boracay#gref Opened a new TM Tindahan in the heart of Vigan City https://www.globe.com.ph/about-us/newsroom/corporate/vigan-t m-tindahan-launch#gref Showcased the real-world impact of AI at the World Broadband Association (WBBA) Broadband Development Conference 2025 https://manilastandard.net/tech/314608522/globe-highlights-real- world-impact-of-ai-on-broadband-at-wbba-bdc-shanghai-2025.ht ml Migrated more than 600 towns nationwide to full fiber connectivity https://www.globe.com.ph/about-us/newsroom/corporate/600-to wns-full-fiber-connectivity#gref
Digital SkillsPromote digital skills to enable the digital-first FilipinoEmpower more MSMEs in their digital transformation through upskilling opportunities	Reached over 11,600 students and educators nationwide in 2025 in promoting responsible digital citizenship and privacy awareness https://manilastandard.net/business/314606405/globe-champions-online-privacy-and-digital-inclusion-through-the-digital-thumbp rint-program-in-celebration-of-national-ict-month-2025.html Conducted a digital learning and livelihood training for over 200 residents of Barangay Tatalon, Quezon City — a known hotspot for cable theft and fiber cuts https://www.globe.com.ph/about-us/newsroom/sustainability/digi tal-learning-session-tatalon-residents Convened top business leaders, digital pioneers, and technology partners for G Summit https://www.globe.com.ph/about-us/newsroom/business/g-summi t-2025#gref
Online safetyBlock URLs and domains containing Child Sexual Abuse	Launched a year-long exhibit called “Tumba-Tumba: A Retrospective” at the National Museum, a partnership between Globe and CANVAS, which aims to promote children’s literacy