1 July 2024

Globe, the country’s mobile leader, is upbeat about achieving positive cash flow by 2025, as it continues to optimize spending in line with its strategic capital expenditure reduction.

As it remains on track for its 2025 target, Globe is steadfast in its commitment to achieve key financial targets and maintain robust performance across its operational fronts.

For this year, Globe is projecting low to mid-single-digit revenue growth from the record-breaking level of 2023, buoyed by the expected sustained demand for data-related services. The Company is also targeting an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin of 50%, and anticipates its cash Capital Expenditure (capex) to be around $1 billion, 23% lower than last year’s investment.

“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,” said Rizza Maniego-Eala, Globe’s Chief Finance Officer.

So far, Globe is maintaining its positive trajectory, reporting a consolidated gross service revenue growth of 3%, reaching Php 41.1 billion in the first quarter of the year. This performance was driven by the strong momentum in the mobile and corporate data businesses.

On the other hand, the Company’s consolidated EBITDA rose by 4% to Php 21.4 billion, reflecting a 3% increase in the topline. The EBITDA margin improved from 51% to 52%, surpassing the full-year guidance of 50%.

For 2024, Globe has set a cash Capital Expenditure (capex) guidance of $1 billion, marking a strategic reduction from previous years peak levels, and targeting even lower in 2025.

As of the end of March, Globe’s cash capex spending reached Php13.7 billion, reflecting a significant 22% reduction compared to the same period last year.

Globe’s solid financial performance in the first quarter and its disciplined capex management reflect its dedication to operational excellence, capital efficiency, and customer satisfaction. The consistent revenue growth, improved EBITDA margins, and strategic investments underscore Globe’s leadership in the telecom industry.

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