Globe's first-half 2026 profit falls 11% to P11B

Ayala-led Globe Telecom Inc. on Wednesday reported a net income after tax of P11.0 billion for the first six months of 2026, down 11% from P12.4 billion in the same period last year. In a disclosure to the Philippine Stock Exchange, Globe said the decline in its bottom line was mainly driven by non-operating factors, including higher non-operating charges and a smaller net gain from the dilution of its stake in fintech firm Mynt, the parent company of GCash, compared with 2025. Globe's equity share in Mynt's net income reached P3.7 billion, slightly lower than the P3.8 billion recorded a year earlier, as earnings were weighed down by the delinking of mobile casino apps from e-wallets in late 2025. The telco holds about 33.8% of Mynt, which posted record second-quarter revenues of P22.4 billion, expanded GCash services into financial products such as lending and wealth management, and broadened its international coverage to more than 220 countries. Mynt is also preparing for an initial public offering in October that could raise up to P92 billion. Globe's core connectivity and data businesses likewise delivered strong results during the period, with consolidated gross service revenues reaching a record P85.4 billion in the first half, up 6% from P80.2 billion a year earlier. Second-quarter service revenues stood at P43.4 billion. Data-driven services accounted for 91% of total service revenues. Total operating expenses and subsidies increased 6% year on year to P40.5 billion, driven by higher interconnection, lease, marketing, utility, and personnel costs. However, a 25% decline in provisions helped temper the overall increase in expenses. Meanwhile, Globe's mobile revenues rose 6% year on year to P60.4 billion, with second-quarter revenues reaching P30.4 billion. Mobile data generated P53.9 billion, accounting for 89% of total mobile revenues, driven by a 5% increase in mobile data users to 39.6 million out of Globe's 67.7 million mobile subscribers. Mobile data traffic climbed to 3,723 petabytes, while average monthly data usage per subscriber increased to 17 GB. Globe At Home broadband revenues also grew 6% year on year to P12.4 billion, supported by a 32% increase in wired broadband subscribers to more than 2 million and 1.1 million GFiber Prepaid subscribers. Fiber services now account for 93% of total home broadband revenues. Globe Business corporate data revenues reached a record P11 billion, up 15% year on year. Non-telco revenues rose 17% year on year to P863 million. Globe's capital expenditures surged 39% year on year to P26.3 billion, equivalent to 31% of service revenues, with 91% allocated to data-related projects. The company said its capital spending during the period funded the rollout of 80,052 new fiber-to-the-home lines and 878 new 5G sites, expanding 5G coverage to more than 98% of Metro Manila and major urban areas, 215 non-key towns, and 130 international roaming destinations.— MCG, GMA News