Globe Telecom (GLO) Q1 2025 earnings summary

Executive summary

• 1Q25 service revenues reached Php39.9bn, down 3% YoY, with digital/data revenues now 87% of topline.

• EBITDA at Php20.8bn, margin 52.1%, above guidance; net income at Php7.0bn, up 3% YoY, driven by Mynt (GCash) and one-time gains.

• Core net income at Php4.5bn, down 22% YoY due to higher financing costs.

• GCash contributed 22% of pre-tax net income, up from 11% last year.

• Capex at Php8.5bn, down 38% YoY, with 92% allocated to data services.

Financial highlights

• Gross service revenues at Php39.9bn, down 3% YoY; EBITDA at Php20.8bn, margin 52.1%.

• Net income at Php7.0bn, up 3% YoY; core net income at Php4.5bn, down 22% YoY.

• OPEX and subsidy down 4% YoY, reflecting cost optimization.

• Total debt at Php242.0bn as of March 2025, down 3% YoY.

• Cash capex at Php8.5bn, 38% lower YoY; capex-to-revenue ratio at 21%.

Outlook and guidance

• 2025 revenue growth expected in low- to mid-single digits.

• EBITDA margin guided below ~50%.

• Cash CAPEX to remain below USD 1.0bn; positive free cash flow targeted by 2025.

• Focus on operational efficiency, digital expansion, and network upgrades.

• 5G rollout and fiber expansion to drive future growth, especially in enterprise and prepaid fiber.