MANILA — Globe Telecom reported Tuesday that it booked a net profit of P11 billion in the first half of 2026, down 11 percent from P12.4 billion last year, even as revenues hit an all-time high.
The Ayala-led telco said the lower reported net income after tax was due to the dilution of its stake in fintech powerhouse Mynt, which operates GCash, and due to higher non-operating charges.
Globe’s equity earnings from Mynt stood at P3.7 billion, down from P3.8 billion a year ago. However, Mynt’s contribution to the telco’s pre-tax income went up to 28 percent from 26 percent last year.
Mynt's quarterly revenues also reached a record P22.4 billion in the second quarter. Globe said this underscored Mynt’s role as a key earnings driver, as the fintech giant prepares for an initial public offering this year.
GCash parent Mynt moves to file for IPO at PSE
Despite the lower net profit, consolidated service revenues rose 6 percent year-on-year to an all-time high of P85.4 billion in the six months through June, driven by robust mobile data usage and enterprise growth.
“Globe's mobile business remained the largest contributor to service revenues, generating P60.4 billion in the first half of 2026, up 6 percent from the same period last year,” the company said.
Data-driven services accounted for 91 percent of total service revenues, underscoring the company's shift toward digital offerings. Core net income, which excludes foreign exchange and mark-to-market adjustments, slid 2 percent to P10.2 billion in the first half.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) gained six percent to P44.9 billion, maintaining a solid EBITDA margin of 52.6 percent.
"Our first-half results demonstrate the strength of our core business and the solid contribution of our digital ecosystem," CEO Carl Raymond Cruz said in a statement, citing resilient execution amid macroeconomic headwinds.
Capital expenditure jumped 39 percent to P26.3 billion as the firm accelerated 5G expansion and fiber line deployments nationwide.