The company remains on track for its 2025 target, focusing on key financial goals and robust operational performance, the Ayala-controlled telecommunications firm said in a statement.
For 2024, Globe projects low to mid-single-digit revenue growth from the record-breaking level of 2023, supported by sustained demand for data-related services.
The company is targeting an earnings before interest, taxes, depreciation, and amortization (EBITDA) margin of 50% and anticipates its cash capital expenditure to be around $1 billion, 23% lower than last year’s investment.
As of the end of March, Globe’s cash capex spending reached P13.7 billion, representing a 22% reduction compared to the same period last year.
"Despite economic challenges impacting consumer spending, we are maintaining our guidance for full year 2024. This approach aligns with our goal to optimize spending and remain on track to achieve positive free cash flow by 2025,” Globe's chief finance officer Rizza Maniego-Eala said.
In the first quarter, Globe reported consolidated gross service revenue growth of 3%, reaching P41.1 billion, driven by strong momentum in mobile and corporate data businesses.
Consolidated EBITDA rose by 4% to P21.4 billion, with the EBITDA margin improving from 51% to 52%, surpassing the full-year guidance of 50%.
Globe said its disciplined capex management and strong financial performance highlight its dedication to operational excellence, capital efficiency, and customer satisfaction.
