| THE AYALA WAY

Vol 6 No 10

"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."

ERNEST L. CU
Globe President and CEO

FULL-YEAR EARNINGS

Globe Delivers Solid Financial Performance in 2024

Globe ended 2024 with strong results, setting a new record consolidated gross service revenues of P165.0 billion, reflecting a steady 2 percent growth compared to 2023. The mobile and corporate data businesses were key drivers of this performance, contributing a combined 83 percent to total consolidated gross service revenues, up from 81 percent in the previous year. Notably, mobile revenues increased by 4 percent, while corporate data revenues surged by 11 percent in comparison to 2023. The shift towards data-driven services continues, with data revenues now representing 86 percent of consolidated gross service revenues, up from 83 percent in the prior year.

Consolidated EBITDA reached a new high of P86.8 billion, a 7 percent increase from the previous year's record of P81.4 billion. This was due to a 2 percent rise in consolidated gross service revenues and a 3 percent reduction in operating expenses, including subsidy. EBITDA margin finished the year at 52.6 percent, surpassing the full-year guidance of 50 percent.

Globe's net income stood at P24.3 billion this period, slightly down by 1 percent from the preceding year, primarily due to lower sale and leaseback closings in 2024. Excluding the one-time gain from the tower sale, normalized net income would have reached P21.7 billion, up 13 percent. Accordingly, excluding the impact of nonrecurring charges, foreign exchange, and mark-to-market charges, Globe's core net income expanded by 14 percent year on year to P21.5 billion. On a comparable basis, if ECPay had been deconsolidated in 2023, core net income would have grown by 16 percent.

Globe's balance sheet remained healthy, comfortably satisfying bank covenants. Total debt slightly improved from P250.0 billion in 2023 to P249.5 billion in 2024. Globe's key gearing ratios for this period include gross debt to EBITDA of 2.66x, net debt to EBITDA of 2.43x, and debt service coverage ratio of 3.42x.

Read the full disclosure and press statement on the company website or PSE Edge.