The contribution of GCash operator Mynt also soared to ₱3.8 billion, up 59 percent from ₱2.4 billion in 2023, now accounting for 12 percent of Globe’s pre-tax income, compared to just 7 percent the previous year.
This rapid growth came from GCash’s deeper market penetration, higher transaction volumes, and an expanding suite of financial services, which helped offset declines in legacy telecom revenues.
Management’s view
“As a leading digital company, we remain committed to driving digital transformation in the Philippines. The strong results we delivered in 2024 serve as a strong foundation to propel our momentum into 2025," Globe Telecom president and CEO Ernest Cu said.
“By prioritizing network enhancements, pioneering digital innovations, and fortifying our core telco business, we are well-positioned to expand our market presence and create greater value for our stakeholders,” he added.
Historic high revenues, Ebitda
Service revenues hit a record ₱165 billion, up 2 percent, with mobile and corporate data making up 83 percent of total revenues, up from 81 percent in 2023.
Despite weaker broadband earnings, mobile data remained the strongest driver, with revenues climbing 7 percent to ₱97.4 billion, fueled by Filipinos’ increasing reliance on digital services and app-based transactions.
Earnings before interest, taxes, depreciation, and amortization (Ebitda) reached an all-time high of ₱86.8 billion, up 7 percent, driven by improved network monetization, cost efficiencies, and disciplined spending.
Globe’s Ebitda margin exceeded expectations at 52.6 percent, signaling the company’s ability to manage expenses and sustain profitability. Normalized net income climbed 13 percent to ₱21.7 billion, reinforcing the strength of Globe’s core operations even without the one-time gains from tower sales.
Broadband revenues fell 5 percent, largely due to lower fixed wireless earnings, though fiber adoption helped soften the impact, growing 2 percent in revenues and 16 percent in subscribers.
Globe’s eyes more spending cutbacks
Meanwhile, Globe’s capital expenditures dropped 22 percent to ₱55 billion in 2024, down from ₱70.6 billion last year, as it focused on cost efficiency while expanding its network.
For 2025, capex is set to decline further to below $1 billion to balance growth with profitability.
