Message from the Chairman

Review of Philippine Economic Performance in 2025

In 2025, the Philippine economy expanded at a slower pace, with GDP closing at 4.4%, affected by a wider current account deficit coupled with a soft investment climate, and declines in public infrastructure spending and household consumption. This GDP growth was the slowest annual growth rate since 2011, barring the COVID-19 pandemic. Consequently, the unemployment rate came in at 4.2% at year-end versus 3.1% in 2024.

Inflation was a bright spot, which stayed subdued at 1.7% for the full year, below the BSP’s 2-4% target and the previous year’s 3.2%, driven by lower food prices and broad price stability. Complementing this, OFW remittances remained an important anchor for the economy, totaling USD 35.6 billion and higher versus last year’s USD 34.5 billion. 

Global trade uncertainties, tariff shifts, and climate-related shocks posed risks to exports and investments, while domestic governance challenges restrained public infrastructure and investor confidence. 

Likewise, with the ongoing hostilities between the US, Israel, and Iran, this would adversely affect OFW remittances and the country’s oil supply. The Middle East accounted for 18% of total OFW remittances for 2025. The spike in global oil prices will have direct and indirect effects on inflation due to its cascading effects on several CPI components. It will also compel the BSP to tighten the monetary reins. We hope that there will be a swift resolution.

Review of Globe’s Performance in 2025

Globe celebrated 50 years as a publicly listed company on the Philippine Stock Exchange in 2025. Being listed for five (5) decades underscores our unwavering commitment to good corporate governance, ensuring we remain a trusted partner of our nation in driving inclusive growth and creating lasting value across generations. 

Despite the challenging macroeconomic environment and increased competition, Globe delivered resilient growth, closing the year with unprecedented topline results. Gross service revenues reached an all-time high of PHP 165.1 billion, supported by strong demand for mobile data, fiber broadband, and enterprise services. Data revenues accounted for 88% of total service revenues.

Both mobile and corporate data businesses delivered record results, contributing a combined 74% to Globe’s GSR. Mobile data revenues continued to grow amid successful data habituation, 5G adoption, and hyper-personalization, resulting in a 4% year-on-year growth, while corporate data showed strong growth momentum in core-adjacent ICT-related businesses. More importantly, 2025 marked a turnaround year for broadband, as the strong growth of fiber fully offset the softening revenues from our legacy businesses. 

Globe’s capital expenditure showed calibrated spending discipline, ending at approximately PHP 46 billion in 2025, with 90% allocated to data-related investments, including 5G rollout, fiberization, and network upgrades. This led to a more efficient cash CAPEX-to-revenue ratio of 28%, while cash CAPEXto- EBITDA improved to 53%. Compared to earlier expansion cycles with CAPEX exceeding in excess of 60% of revenue, 2025 reflects a shift toward optimization and efficiency.

Maximizing Value Back to Core

Continuing the thrust to enable the country’s digitalization, Globe set out to be a hyper-focused digital company, strengthening its domain in core telco and fintech, while continuing to grow in adjacent areas that aim to deliver tangible value back to the core. 

Globe’s corporate venture builder, 917Ventures, maintained its strong digital services portfolio, including adtech and martech arm, Brave Connective, API monetization marketplace, Concati, loyalty and rewards platform, Rush, and pet care superapp, Pettr, among its digital ventures that maximize assets built from the strengths of the telco ecosystem and fintech businesses. 

STTelemedia Global Data Centers expanded its footprint in 2025, building data center campuses specifically designed to capture the artificial intelligence boom and next-generation computing needs. Maintaining highly sustainable, secure, and efficient operations, STT GDC is in rapid growth mode, already at 72% utilization rate of its existing capacity. 

In fintech, GCash remained the number one finance app in the country. From enabling access to delivering world-class innovations, GCash’s leadership is a testament to its unwavering commitment to Finance for All—pursuing financial inclusion for every Filipino. 

Beyond its send money and pay bills feature, GCash successfully expanded its fintech portfolio with steadily growing businesses in lending, insurance, and wealth management. Over 10.5 million Filipinos were given access to short-term loans via GLoans, powered by its very own credit scoring facility, GScore. Availment of affordable insurance via GInsure increased 198% year-on-year, with a steady base growing 45% annually. 

Similarly, GSave, GFunds, GStocks, and GCrypto continued to grow their user base, a healthy signal of the Filipinos’ readiness to participate in diverse financial instruments to build their wealth. 

GCash also strengthened its partnership with the public and private sectors to advance inclusion and progress. Through its work with the Department of Transportation (DOTr), various Local Government Units (LGUs), and Non-Government Organizations (NGOs), Filipinos can access government and social services with ease and security. 

GCash will continue to be a part of the Filipinos’ everyday lives, opening access to the underserved, deepening trust, and expanding its portfolio to financially empower every Filipino.

Embracing New Technologies of the Future

A step closer to ensuring 100% access to connectivity, Globe has partnered with satellite technology company Starlink to offer Direct to Cell service to all Filipinos with standard LTE devices. In this historic milestone, Globe is the first in Southeast Asia to leverage Starlink’s low-Earth orbit satellites to bridge coverage gaps in Geographically Isolated and Disadvantaged Areas (GIDA). 

Globe also actively engages the Department of Information and Communications Technology (DICT) to strengthen the standards and metrics of the telecommunications industry in support of the Konektadong Pinoy Act (KPA or Republic Act 12234), which aims to accelerate the country’s digital transformation by lowering the barriers of entry in the industry. 

Recognizing the risks and opportunities that the new law presents, Globe is committed to partnering with the government and multi-sectoral stakeholders to ensure that KPA delivers its intended goals while preserving security, stability, and public trust. 

The implementation of the KPA IRR, effective January 2, 2026, is a significant regulatory inflection point that could structurally benefit Globe’s operational and financial strategy. While further policies are pending, particularly spectrum management policies, lease rate structure, and the designation of players found to have significant market power, we view the KPA mandates as strategic levers to enhance efficiency and unlock asset value.

Commitment to Sustainable Development

Our pursuit of growth is inseparable from our commitment to environmental stewardship and social responsibility. 

Globe remains a dedicated participant in the United Nations Global Compact, aligning its operations with universal principles on human rights, labor, environment, and anti-corruption. This global alignment reinforces our mission to build a resilient and inclusive digital nation while ensuring that our business practices contribute positively to the collective goals of the domestic and international community. 

Our leadership in sustainable practices was further validated with our recognition this year as one of the World’s Most Sustainable Companies 2025 by TIME Magazine and Statista. This accolade reflects our rigorous efforts to integrate ESG metrics into our core strategy. Central to this journey is our commitment to achieve our SBTi-validated Net Zero targets, as we continue to decarbonize our operations and leverage technology to mitigate the impacts of climate change. 

In addition, Globe was honored as one of the Top 50 ASEAN Publicly Listed Companies (PLCs) and Top 5 PLCs in the Philippines. Globe also received the Five Golden Arrow Award from the Institute of Corporate Directors for the 4th consecutive year, cementing Globe’s leadership and consistency in corporate governance.

Generating Sustained Value for Shareholders

Consistent with Globe’s mission of delivering sustained shareholder value, the company has paid out PHP 14.4 billion in common share dividends, representing 67% of 2024 core net income. This is in line with Globe’s dividend policy of issuing common share dividends amounting to 60 to 90% of its prior year’s core net income. 

This also translates to a 4.6% dividend yield, highlighting our competitiveness against other Philippine-listed companies in terms of returning value to our shareholders. With this, Globe reiterates its commitment to a sustainable dividend policy in line with earnings and cash flow generation.

Closing Remarks

It is with pride that I congratulate Globe’s leadership team and the entire organization for delivering exemplary results amidst a challenging economic and industry backdrop. This year’s performance is a testament to the company’s commitment to stability and growth, delivered by a fresh perspective and renewed dedication to serve individuals, homes, and communities around the country. 

I would also like to thank our Board for its continued engagement, support, and enablement. And to our shareholders and stakeholders, my sincere gratitude for your continuing trust in Globe. 

With today’s volatile global economic and geopolitical environment, it is imperative for organizations to be agile and courageous as they strive to remain relevant to the changing times. I am encouraged that Globe continues to steadfastly adapt to today’s challenges through its constantly evolving portfolio, culture, and structure. 

Since its inception and throughout its history, Globe has been a valuable component of the Ayala Group and remains as a meaningful contributor to the country’s march towards progress. 

In the years to come, we will continue to be fueled by our mission to uplift the everyday lives of Filipinos. We commit to building an admired digital nation where connections, experiences, and services are all within every Filipino’s reach.