GLOBE ANNOUNCES FIRST THREE MONTHS 2025 FINANCIAL AND OPERATING RESULTS

GLOBE SUSTAINS PROFITABILITY THROUGH OPERATIONAL DISCIPLINE AND FOCUSED EXECUTION:

SERVICE REVENUES AT ₱39.9 BILLION; MOBILE BUSINESS REVENUES AT ₱28.3 BILLION, CORPORATE DATA REVENUES AT ₱4.9 BILLION;

EBITDA AT ₱20.8 BILLION; EBITDA MARGIN REMAINS STRONG AT 52.1%; NIAT AT ₱7.0 BILLION; CORE NIAT AT ₱4.5 BILLION;

MYNT DRIVES GLOBE’S PROFITABILITY WITH CONTRIBUTION TO NET INCOME BEFORE TAX NOW AT 22%

GFIBER PREPAID (GFP) SOARS TO 400K SUBSCRIBERS, REINFORCING GLOBE’S LEADERSHIP IN AFFORDABLE FIBER CONNECTIVITY

BUILDING NETWORK STRENGTH WHILE ADVANCING FINANCIAL EFFICIENCY, GLOBE’S 1Q25 CAPEX DOWN 38% YOY

GLOBE RECOGNIZED FOR NETWORK CONSISTENCY, AI ENABLEMENT AT MWC25 BARCELONA, THE WORLD’S LARGEST AND MOST INFLUENTIAL CONNECTIVITY EVENT

Globe Maintains Strong Digital Momentum Amid Service Revenue Softness

Globe delivered ₱39.9 billion in consolidated gross service revenues for the first three months of 2025, reflecting a 3% decline year-on-year amid a challenging market environment. Despite the soft topline, the company’s digital services remained a strong pillar of growth, with combined mobile and corporate data revenues rising to 83.2% of total consolidated gross service revenues, a slight improvement from 82.8% in the same period last year. This strengthened digital contribution underscores Globe’s continued success in addressing the evolving needs of consumers and businesses, solidifying its leadership in the rapidly expanding digital economy. Further reinforcing this trend, total data revenues, which include mobile data, broadband and corporate data, rose to 87% of total gross service revenues, up from 85% in 2024.

Globe’s mobile business generated ₱28.3 billion in revenues as of end-March 2025, compared to ₱29.1 billion in the same period last year. While mobile revenues saw a 3% year-on-year decrease, the segment remained a key driver of Globe’s overall topline, maintaining a steady 71% contribution to total consolidated gross service revenues. The mobile business continued to demonstrate resilience, supported by ongoing network investments that enhanced competitiveness and improved customer experience. Globe’s mobile customer base also expanded to 61.6 million subscribers by end-March 2025, up 5% from 58.8 million a year earlier.

Breaking down the mobile segment, mobile data revenues stood at ₱24.1 billion for the period ending March 31 this year, or up 1% from the same period in 2024. This continued expansion was attributed to the widespread adoption of mobile applications for essential online activities, including communication, entertainment, and financial transactions. This revenue growth occurred despite a 5% dip in mobile data traffic, which fell to 1,537 petabytes from 1,610 petabytes in the same period last year. However, on a quarter-on-quarter basis, mobile data traffic grew by 2%. Mobile data performance was also partly impacted by limited mobility due to work and class suspensions triggered by dangerously high heat index levels and a transport strike, which likely redirected data usage from mobile to fixed broadband
networks. At the same time, sustained high consumer prices continued to strain household budgets, potentially reducing discretionary spending on mobile data. Notably, the number of mobile data users increased by 3% year-on-year, affirming Globe’s expanding digital reach and customer base. As a result, mobile data now accounts for 85% of total mobile revenues, up from 82% a year ago.

Meanwhile, average daily mobile top-ups held steady through the quarter, while daily wireless traffic trended upward in the latter half. These improving usage patterns signal recovery and support Globe’s targeted monetization strategy. In contrast, traditional mobile voice and SMS services weakened further, with revenues down 17% and 28%, respectively, as customers increasingly adopted data-based
alternatives.

The home broadband business remained at the core of Globe’s digital expansion strategy as the company refined its service offerings to address shifting market demands and ensure sustainable growth. For the first three months of 2025, home broadband revenues reached ₱5.8 billion, marking a 5% drop year-on-year, mainly due to the decreasing contribution of fixed wireless services as customers migrated
to fiber. Fiber services upheld its strong momentum, growing to 89.7% of total broadband revenues, compared to 85.0% in the previous year. This improvement highlights Globe’s success in accelerating fiber adoption, supported by a 26% expansion in its fiber subscriber base and the growing popularity of GFiber Prepaid (GFP). These developments highlight Globe’s commitment to delivering reliable,
affordable and high-quality connectivity to Filipino households. This transition also resulted in a 23% growth in fixed-wired subscribers rising to 1.4 million from 1.2 million during the same period.

Furthermore, GFiber Prepaid (GFP) continues its rapid expansion, solidifying its position as the fastest-growing prepaid fiber brand. Subscriber count surged to 400 thousand, marking an impressive 53% quarter-on-quarter increase as more households embrace the flexibility and affordability of prepaid fiber services. GFP’s strong market traction is further reflected in its high customer engagement and retention, with reload rates reaching 70%, the highest among prepaid fiber brands. This sustained demand underscores the effectiveness of Globe’s strategic approach to expanding its fiber footprint, ensuring seamless and cost-effective internet access for more Filipinos.

Globe’s home broadband subscriber base was 1.83 million as of the end of March this year, compared to 1.72 million subscribers at the end of March last year. Additionally, the corporate data business reported ₱4.9 billion in revenues for the first three months of the year, a 2% dip from the same period last year. This was primarily due to the slowdown in core data services, which declined by 15% from a year ago, after a strong run of consistent growth. Helping cushion the shortfall, was the sustained momentum in ICT services, particularly in Business Application Solutions (BAS), cybersecurity, data center services, Big Data, and Internet of Things (IoT) offerings. The resilience of these high-growth areas proves Globe’s strategic shift toward digital enterprise solutions, providing stability to the overall corporate data portfolio.

Non-telco revenues held steady year-on-year at ₱567 million in the first quarter of 2025. The flat performance reflects strong growth from Asticom and a solid uptick from Yondu, which together helped counterbalance the decline in AdSpark’s contribution.

Globe’s ongoing cost-efficiency initiatives led to a 4% year-on-year reduction in total operating expenses (including subsidy), declining from ₱19.8 billion in the same period of 2024 to ₱19.1 billion this period. This reduction was achieved through disciplined spending across nearly all expense line items, except for interconnect costs and repairs and maintenance.

Consolidated EBITDA stood at ₱20.8 billion for the first three months of 2025, down 3% from ₱21.4 billion in the similar period of 2024. The decrease was primarily attributed to lower revenues during this period. Despite this, Globe maintained a strong EBITDA margin of 52.1%, exceeding its full-year guidance of 50%, underscoring the company’s ongoing commitment to operational efficiency and strategic cost management.

Mynt, the holding company of GCash, continued to deliver robust results, further reinforcing its position as the country’s leading digital financial ecosystem. Mynt expanded both its user base and profitability, providing more Filipinos with accessible and inclusive financial services through continuous innovation. Globe’s share in Mynt’s equity earnings for the first three months of 2025 rose to ₱1.8 billion, an 86% increase from ₱962 million in the same period the year earlier. This now accounts for 22% of Globe’s pre-tax net income, up from 11% in the first quarter of 2024.

Globe reported a net income of ₱7.0 billion as of end-March of 2025, a 3% increase from ₱6.8 billion in the same period of 2024. The growth was mainly fueled by higher equity earnings from affiliates, particularly Mynt, and a ₱2.6 billion gross gain on the deemed disposal of Mynt, arising from the dilution of Globe’s Mynt ownership. This dilution occurred after Mitsubishi UFJ Financial Group
(MUFG) acquired an 8% stake in Mynt. These gains helped offset the impact of higher depreciation, increased interest expenses and other non-operating charges. Excluding the one-time gains, normalized net income would have stood at ₱4.6 billion, or a 21% year-on-year decline, mainly due to higher financing costs.

Excluding non-recurring items such as the one-time gain on the deemed disposal of Mynt and gain on sale and leaseback of towers, as well as foreign exchange and mark-to-market adjustments, Globe’s core net income reached ₱4.5 billion for the first three months of 2025, 22% lower than the ₱5.8 billion recorded in the comparable period of 2024.

Globe maintained a strong and stable balance sheet, comfortably meeting all bank covenants. Total debt declined by 3%, from ₱249.5 billion as of end-December 2024 to ₱242.0 billion as of end-March 2025. The company’s key gearing ratios held strong, with Gross Debt to EBITDA at 2.54x, Net Debt to EBITDA at 2.34x, and a Debt Service Coverage Ratio of 3.11x, affirming Globe’s solid financial
position and sound financial strategy.

“Notwithstanding our first-quarter results, we remain steadfast in driving our strategic agenda forward and unlocking greater operational efficiency across the business. The growth in net income, healthy margins, and rising contributions from Mynt are a testament to our disciplined and effective execution. These results reflect the solid foundation we’ve built as we continue to transform into a digital solutions partner of choice for Filipinos,” said Carl Raymond R. Cruz, President and CEO of Globe Telecom Inc.

“While acknowledging the maturity of the telecommunications industry, we are particularly encouraged by the opportunities for growth in other significant verticals, notably the enterprise sector and the strong growth momentum of our GFiber Prepaid, all while maintaining our position as the number one mobile network in the Philippines. With a customer-first mindset, a strong sense of purpose, and a drive for operational excellence, we are confident in our ability to create long-term value and lead in this dynamic digital landscape.” Mr. Cruz added.

Cash Capex Down 38% YoY; Strengthening Network While Driving Financial Efficiency

Globe’s cash capital expenditures (capex) totaled approximately ₱8.5 billion this period, reflecting a 38% year-on-year decline from ₱13.7 billion as the company continues to optimize capital allocation while maintaining strong network investments. This approach supports Globe’s focus on financial discipline while ensuring seamless digital connectivity for customers. The cash capex to revenue ratio decreased from 33% in the same period last year to 21%, while the cash capex to EBITDA ratio improved from 64% to 41%. As in previous quarters, the bulk of the cash capex or around 92% was allocated to data services, reinforcing Globe’s commitment to expanding its digital infrastructure.

Globe remains focused on enhancing service quality and coverage through continuous network upgrades. By end-March 2025, the company deployed 4871 new cell sites and upgraded 3,940 existing mobile sites with LTE technology, improving network reliability and capacity. Globe also expanded its fiber footprint with the deployment of 17,502 fiber-to-the-home (FTTH) lines for the first three months of the year.

Globe sustained its focus on 5G rollout, deploying 235 new sites across key locations nationwide. As a result, 5G coverage now reaches 98.71% of the National Capital Region and 97.97% of key cities in the Visayas and Mindanao. Globe’s 5G expansion resulted in an average of 9.5 million devices connected to its network during the quarter. On the global front, Globe strengthened its international presence with 168 inbound and 183 outbound roaming partners across 99 destinations, ensuring seamless connectivity for travelers.

Globe’s leadership in digital connectivity and innovation was further solidified at the Mobile World Congress held in Barcelona, Spain in March 2025. The company received Ookla®’s Speedtest Verified™ claim for the Most Consistent Network in the Philippines from 2022 to 2024, and the Excellent All-Optical Network for AI Enablement award at the Green All-Optical Network Forum 2025. These recognitions underscore Globe’s commitment to providing stable, high-quality connectivity and advancing energy-efficient all-optical infrastructure to support seamless AI applications and sustainable digital transformation.

Through strategic capital management and targeted infrastructure investments, Globe remains dedicated to bridging the digital divide and empowering communities across the Philippines. By continuously enhancing its network, the company reinforces its role in driving innovation, economic growth, and sustainable development, in line with the United Nations’ Sustainable Development Goal No. 9.

Recent Developments:
Tower Sale and Leaseback Deal:
● On 21 February 2025, Globe closed 12 towers for approximately ₱178 million as part of the 1,350 towers to be acquired by PhilTower. With this transaction, Globe has closed a total of 1,160 towers for PhilTower. On the same date, Globe likewise closed 44 towers for approximately ₱528 million, as part of the 2,180 towers to be acquired by MIDC. This brings the total number of closed towers
for MIDC to 1,713.

● On 27 March 2025, Globe closed on the remaining 121 towers for approximately ₱1.45 billion, thereby completing the sale of all 447 towers to be acquired by Unity.

Globe has now officially turned over 6,849 out of the 7,506 towers included in its Sale and Leaseback portfolio, generating approximately ₱87.9 billion in proceeds. This represents 91.2% of the total tower deal, with 2,410 towers transferred in 2022, 2,057 in 2023, and 2,205 in 2024. As of March 2025, 177 towers have already been transferred, resulting in proceeds of around ₱2.16 billion.

Joint Venture Update:
● On March 26, Globe, with the cooperation of NCS Pte. Ltd. (NCS), entered into an agreement with NCSI Holdings Pte. Ltd. (NCSI) to hold 51% ownership in Globe’s subsidiary, Yondu, Inc. (Yondu), as well as Yondu’s acquisition of NCSI Philippines (NCSI PH) from NCSI, making NCSI PH a fully owned subsidiary of Yondu. Upon closing, Globe will retain 49% ownership in Yondu and NCSI PH. The resulting joint venture will have an Enterprise Value of Php 1,868Mn.

NCS is a leading Pan-APAC technology services company, and the joint venture between NCSI and Globe is projected to expand the client base to include international clients, particularly in the telco and adjacent sectors .

Product Update:
● Globe launched its enhanced GoRoam UAE offering, designed to provide affordable and reliable connectivity to Filipinos living and working in the United Arab Emirates. The new GoRoam UAE offers a substantial increase in data allocation, providing 10 GB valid for 30 days, close to offers of local SIMs in the UAE. This ensures that OFWs can stay connected with family and friends in the Philippines while staying within budget. OFWs can access their favorite messaging apps without any restrictions via roaming, particularly voice and video calling services that are inaccessible in the UAE.
https://www.globe.com.ph/about-us/newsroom/consumer/goroam-uae-launch

● Globe Rewards offered its customers more ways to maximize their points before they expired on March 31, 2025. G-Gantic Goals allowed customers to support animal welfare and provide rescued animals with a second chance at life by redeeming just 1 Rewards point. G Raffle Rush offered Filipino families a chance to win prizes such as gadgets, vacations, GCash credits and more for as little as 1 Globe Rewards point. G Swipe for All gave customers an opportunity to win prizes without using any Rewards points. Every Monday in March, customers could redeem a free G Swipe on the GlobeOne app, unlocking various instant rewards. Globe Rewards points could only be redeemed via the GlobeOne app. https://www.globe.com.ph/about-us/newsroom/consumer/maximize-globe-rewards-march-2025

Data Center Update:
● STT Fairview achieved Customer Early Access by April 30, 2025, allowing early fit-out and system integration activities even ahead of formal launch. Commissioning activities are progressing on track, with Level 2 commissioning covering mechanical and electrical systems validation completed, and Level 3 underway. STT Fairview has already secured its first anchor customer well ahead of full commercial launch validating both its infrastructure and its operational credibility.

● Structural completion for STT Cavite 2 was achieved earlier this year, and the project is pacing towards Ready-For-Service by late 2025. Key deliverables are advancing, including watertightness testing, transformer and RMU inspections, UPS commissioning, and MEP system integration. Operational preparation runs in parallel ensuring that commercial go-live will be underpinned by both physical infrastructure and trained, site-embedded operational teams.

● Earlier this year, STT GDC Philippines launched the STT GDC Philippines AI Synergy Lab — the first and only data center in the Philippines operating live AI workloads on a direct-to-chip liquid cooling setup. While other providers market themselves as “AI-Ready,” STT GDC Philippines is AI NOW — operationally proven, technically validated, and already enabling real AI workflows inside
a production environment. In an industry where “AI-ready” often remains theoretical, STT GDC Philippines stands apart by already operating at the frontier of emerging compute needs.

Network Related Update:
● Advancing network innovation and sustainability, Globe has started rolling out 32T32R Massive MIMO (Multiple Input, Multiple Output) technology for enhanced LTE capacity and 5G expansion in 200 dense urban areas, set for completion within the year. The cutting-edge solution from vendor partners including Nokia boosts efficiency and reduces energy consumption, marking a significant step in Globe’s commitment to increasing network capacity and delivering world-class service while minimizing its environmental impact.
https://www.globe.com.ph/about-us/newsroom/corporate/energy-efficient-tech-lte-5g

● Globe further strengthens its mobile and data services in Baguio City with the construction of new cell sites in three barangays, reinforcing its commitment to enhancing connectivity in the country’s summer capital. Globe also upgraded existing sites in at least 40 locations across the city in response to growing connectivity needs, especially during major events such as the Panagbenga
Festival. https://www.globe.com.ph/about-us/newsroom/consumer/new-cell-sites-baguio-city

● Globe is set to connect 100 more Geographically Isolated and Disadvantaged Areas (GIDAs) to its network in 2025, bringing vital digital services to more underserved communities across the country. With 600 operational cell sites already in place, Globe aims to expand this further to 700 by the end of the year as part of its commitment to nationwide connectivity. This initiative is driven by the Connectivity Plan Task Force (CPTF) under the Private Sector Advisory Council (PSAC) in partnership with the country’s three mobile network operators (MNOs). MNO leaders have pledged to construct 1,050 new towers in GIDAs between 2025 and 2028, providing connectivity to approximately 12 million Filipinos in remote and underserved regions.
https://www.globe.com.ph/about-us/newsroom/corporate/connectivity-to-100-remote-areas-2025

Non-Telco Business Maintains Steady Pace in Q1 2025 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. Mynt has three main business segments today: (i) Payments, (ii) Digital Financial Services, and (iii) Value-Added Services.

Based on third party provider data.ai, as of March 31, 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. To complement its ubiquity across its consumers, Mynt has also built a large network of online and offline merchants and social sellers (estimated at over 6 million micro, small, and medium businesses) through the GCash application, while hosting over 1,000 merchant partners via the GLife feature as of March 31, 2025.

In addition, Mynt has gone beyond the nation’s borders. As of March 31, 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 March 31, 2025, Mynt also empowers overseas Filipinos in 16 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 and six out of ten are women as of March 31, 2025. These
milestones were achieved through innovative lending products covering credit lines (GCredit), cash loans (GLoan), buy-now-pay-later (via GGives), and the newly-launched 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, and GCrypto), 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 March 31, 2025, more than 4.0 million trees have been planted, enabling our users to build a greener tomorrow.

Brave Connective Holdings, Inc. (BCHI):
○ AdSpark, an AdTech expert and data driven digital media and creative agency which has launched more than 3,000 digital campaigns.

○ M360, largest A2P multi-channel messaging platform, capable of sending messages to 700+ mobile partner operators. Generates more than 17 billion annual traffic and helped over 10,000 business accounts.

○ iNQUiRO, suite of data-driven products and solutions designed to create value for enterprises and their customers.

Leading the Charge Towards a Sustainable Future Through Innovative Environmental Stewardship and Social Responsibility

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

1Q 2025 Sustainability Updates
ENVIRONMENT

SOCIAL

Sustainability Metric/Target 1Q 2025 Milestone