Globe Telecom: Record Revenues, the GCash IPO, and a Data-Center Pivot

Globe's H1 outperformance is driven by mobile data, corporate ICT, and a fast-scaling STT GDC—while the impending GCash listing remakes its earnings mix.

GTMEY · Earnings Call · 2026-08-09

Record revenue, resilient margins

Globe Telecom's second quarter was, in its own words, a “record-breaking quarter” — Unknown Executive, Executive · 2026-08-09. Consolidated gross service revenues hit PHP 85.4 billion in the first half, up 6% year-on-year, with the second quarter alone setting a new all-time high of PHP 43.4 billion. EBITDA held at a healthy 52.6% margin, and core net income rose 7% sequentially to PHP 5.3 billion. The growth was broad-based, but the strongest signal came from mobile data: revenues grew 10% year-on-year to PHP 53.9 billion, as data usage per subscriber climbed to 17 GB a month. Corporate data was an even brighter spot, jumping 15% year-on-year and quarter-on-quarter to an all-time high of PHP 11 billion, driven by domestic internet services, cloud, cybersecurity, and business application solutions. As Darius Delgado put it, “corporate data actually grew 15% year-on-year and quarter-on-quarter as well driven by huge demand for domestic Internet services as well as ICT services.” — Darius Delgado, Corporate Data/B2B Executive · 2026-08-09

STT GDC: building the AI backbone

The most strategically significant development is the acceleration at STT GDC Philippines. STT Fairview 1 is fully sold out at Level 1, with design work already underway for Levels 3 and 4, and Cavite 2 has moved into Phase 2 design after Phase 1 reached service. Management reaffirmed that total capacity will surpass 30 megawatts by year-end. The company is positioning this as a sovereign AI infrastructure play, citing Executive Order 119's data residency rules as a demand catalyst. “The delta in the year-on-year on the first half net income is a function of the lower dilution gains that we got for Globe's Mynt stake versus the prior year,” — Juan Carlo Puno, Chief Finance Officer · 2026-08-09 explained CFO Juan Carlo Puno, but the underlying operating momentum is clearly shifting toward high-value digital infrastructure. The equity income from STT is still consolidated under nonoperating income, yet its importance to the Globe story is rising.

Mynt and the GCash IPO

Mynt contributed 28% of Globe's net income before tax and is now aiming for a Philippine Stock Exchange listing, with an offer of up to 8 billion shares at up to PHP 10 each. The filing highlights 40.4 million monthly active users and PHP 79.7 billion in adjusted 2025 revenue. Quarter-on-quarter, Mynt's earnings dipped, but Puno cautioned against reading too much into a single quarter. “I wouldn't read too much into the quarter-to-quarter performance... the net income margin of GCash has had some natural normalization,” — Juan Carlo Puno, Chief Finance Officer · 2026-08-09 he said, pointing to a longer-term view. The IPO is the clearest catalyst for Globe to unlock value from its digital ecosystem, and CEO Carl Cruz called it “the much awaited IPO, obviously, is hopefully going to happen within the next couple of months.” — Carl Raymond Cruz, President and Chief Executive Officer · 2026-08-09

We will continue to be disciplined in capital allocation, continued massive focus and brilliant execution, and we will continue to be committed to delivering sustainable long-term value.
Carl Raymond Cruz, President and Chief Executive Officer · 2026-08-09

Outlook and risk

Guidance remains intact: low- to mid-single-digit revenue growth, an EBITDA margin around 50%, and CapEx below USD 1 billion. The company is investing in 5G and fiber while keeping a tight rein on costs. The main risk is the nonoperating line: lower dilution gains and higher financing costs trimmed reported net income by 11% year-on-year, even as core earnings improved. But the shift toward Globe's digital platforms—GCash and STT GDC—suggests the earnings mix is becoming more diversified and less dependent on the traditional telecom cycle. The record first half and the impending GCash listing give investors a clearer path to re-rating, even as the macro environment stays uncertain.