Welcome to the fourth quarter 2025 analyst briefing of Globe Telecom. We'll begin with the usual video presentation of our performance and a few updates on the digital platform businesses, to be followed by a Q&A session.
Welcome, everyone, and thank you for joining us for Globe's fourth quarter 2025 analysts briefing. We are pleased to report that Globe sustained its growth momentum in the fourth quarter, delivering record quarterly revenues of PHP 43.4 billion and buoying the company to post 2025 record results. This 5% quarter-on-quarter growth was fueled by the robust demand for data-related services, which became even more integral to Filipinos' daily lives as the country navigated a period marked by multiple weather-related disturbances and natural calamities, including extreme heat, typhoons, floods, and earthquakes. As a result, data-related services accounted for 88% of Globe's top line, with all-time high consolidated gross service revenues of PHP 165.1 billion, underscoring the resilience of the company's businesses amid increasingly volatile operating conditions.
While the macroeconomic environment remained challenging, Globe's cost management initiatives again delivered meaningful efficiencies through the fourth quarter, ultimately resulting in EBITDA expanding by a strong 6% sequentially to PHP 23.4 billion. For the full year 2025, Globe's EBITDA grew by 1% to a four year high of PHP 87.6 billion, reflecting Globe's ability to sustain healthy profitability while maintaining investments in service quality and customer experience. As such, the company's EBITDA margin remained at the healthy 53% level, well above our guidance. Core net income for the fourth quarter rebounded to PHP 5.4 billion, higher by 8% on a sequential basis, primarily due to the margin expansion brought about by higher top line, coupled with stable operating expenses.
For 2025, core net income reached PHP 20.9 billion, slightly lower on a year-on-year basis due to higher interest expense and depreciation charges, partly offset by cost efficiencies and improved equity contributions from affiliates. With that, we turn to some developments within Globe and its digital platform businesses, each of which we will be discussing in greater detail later in the presentation. Firstly, STT GDC Philippines locked in an incremental 1 MW of contracted capacity in the fourth quarter for STT Fairview 1. Second, Mynt, the parent company of GCash, contributed to 22% of Globe's net income before tax for the full year. Third, Globe is now the first to market Starlink's direct-to-cell satellite service in the country and Southeast Asia, and the second in Asia.
This launch is set to transform connectivity in areas where terrestrial coverage is unavailable or difficult to deploy, especially in an archipelagic country comprising over 7,600 islands. And lastly, given these consistently robust results, the board of directors has approved the first quarterly cash dividend of PHP 25 per share, consistent with our declarations over the past few years and reaffirming our commitment to a sustainable dividend policy. Let's talk about the company's operating performance now, starting with the mobile segment. For full year 2025, Globe delivered record high mobile revenues, reflecting strong execution across the company's growth and monetization initiatives. Total mobile revenues reached PHP 116.9 billion, surpassing prior year's record level and supported by a 5% quarter-on-quarter uplift in the fourth quarter.
The segment ended the year on a strong note, with growth driven by robust customer activity and sustained data usage across both prepaid and postpaid customers. As a result, mobile data revenues grew by 4% year-on-year to another all-time high of PHP 101.2 billion for the full year, now accounting for 87% of total mobile revenues. This more than offset the continued structural year-on-year decline in legacy voice and SMS revenues, which softened by 14% and 28%, respectively, reinforcing the company's ability to consistently deliver reliable, high-quality services that adapt to the ever-changing nature of the digital economy. This exceptional segment performance was anchored on deeper data habituation, accelerating 5G adoption and hyper-personalized offers that reinforced customer loyalty and engagement.
The company's sustained investments in network reliability and capacity expansion supported these gains, ensuring consistent service quality and an enhanced user experience nationwide. By end 2025, Globe's total mobile subscriber base rose to 65.8 million, up a solid 8% from 60.9 million in 2024, attesting to the brand's enduring market position and ability to attract new customers. Of these, 39.2 million were mobile data users, fueling the 4% expansion in mobile data traffic to 6,614 PB. Average monthly mobile data traffic per user remained steady at 15.1 GB. To give additional context, average daily mobile top-up activity and wireless traffic displayed a steady uptrend throughout the year, reflecting consistent reload behavior across Globe's prepaid brands. This momentum was further supported by a seasonal uplift in the fourth quarter, reinforcing the overall resilience of the mobile business.
These trends enabled effective data monetization as the company scales its network to support the Filipinos' ongoing shift toward digital and app-based communication. This monetization was further amplified by Globe's 5G customer base, which yields higher value per user versus non-5G subscribers. As of end December, average daily 5G mobile traffic grew by 96%, supported by a 29% jump in 5G ARPU. Moving on to broadband. 2025 was a turnaround year for the segment. Fiber broadband is now successfully offsetting the normalizing legacy business, contributing 91% of total segment revenues. Full year broadband revenues reached PHP 24 billion, up 1% year-on-year, as ongoing subscriber migration to fiber more than offset continued declines in fixed, wireless, and other legacy products, delivering the segment's first growth in four years.
With the mix shift accelerating, total fiber revenues increased by 6% year-on-year, while the fiber subscriber base expanded by 43%, lifting Globe's total broadband subscribers to 2.1 million as of end December. About 94% of the segment's total revenues were attributable to wired broadband technology. Quarter-on-quarter, home broadband revenues were steady at PHP 6.1 billion, reflecting Globe's continued focus on maintaining service reliability and expanding access nationwide, even amid weather-related disruptions and natural disasters. Much of the expansion in broadband was driven by G Fiber Prepaid, which delivered standout momentum in its first full year of operations, materially lifting total segment growth. G Fiber Prepaid, or GFP, closed 2025 with over 820,000 subscribers, up 18% quarter-on-quarter, reinforcing its position as the country's fastest growing prepaid fiber service.
The offer continues to resonate with Filipino households, anchored on affordable, flexible, pay-as-you-go fiber plans with no lock-in and speeds up to 300 Mbps, supporting broader adoption and higher value reload behavior. Beyond affordability and flexibility, G Fiber Prepaid delivers superior value for money by integrating a differentiated digital-first customer experience. Care and service visibility are embedded in-app through Globe One, with real-time outage queues, digital ticketing, and repair booking without reliance on hotlines. Reloading and payments are omni-channel, available via Globe One, GCash, other e-wallets, and even sari-sari stores, while instant digital sign-up in as fast as 8 minutes and installation within 24 hours, including same-day activation in select areas. Building on this momentum, Globe will continue to refine G Fiber Prepaid's digital experience and expand its footprint to sustain growth and deepen household penetration.
Meanwhile, Globe's corporate data business also reported record high revenues in 2025, in large part driven by the strong growth momentum of core adjacent ICT-related services. The segment generated PHP 20.7 billion for the full year, up 1% from 2024, marking a stabilization in enterprise spending. On a sequential basis, revenues rose 6% quarter-on-quarter to PHP 5.7 billion in the fourth quarter, reflecting the continued pickup in demand for ICT-related services. Globe is progressing its enterprise portfolio through AI integration and investments in high-impact digital infrastructure such as subsea cables and data centers, positioning the company to capture emerging demand from digital transformation initiatives across both the public and private sectors. The corporate data business remains a strategic pillar of Globe's enterprise portfolio, reinforcing the company's transition beyond connectivity toward integrated, technology-led solutions that power the country's evolving digital economy.
Beyond the core business, Globe's non-telco portfolio posted PHP 2.3 billion in revenues for 2025, with results being driven by the strong contributions from Yondu. On the other hand, Mynt, the parent company of GCash, continued to deliver strong performance. Globe's equity share in Mynt amounted to PHP 6.1 billion, contributing around 22% of the company's pre-tax income. While growth moderated versus the prior year's record base, Mynt was a strong contributor to Globe's earnings and a cornerstone of its digital ecosystem, supporting the country's ongoing digital and financial inclusion efforts. On a sequential basis, Globe's equity share in Mynt in the fourth quarter was affected by three factors. One, a change in accounting policy for loan processing fee revenue recognition. Two, regulatory change on licensed online gaming. And three, seasonally higher spending in the fourth quarter.
Nonetheless, Mynt's full year performance remains strong, underpinned by the rapid growth of its credit tech business and supported by its core payments and transfers business. Shifting the discussion to the company's capital expenditures. Globe's strategy of optimized spending has allowed for further strengthening of its healthy free cash flow position. Total cash CapEx for the full year 2025 amounted to PHP 46.2 billion, 18% lower than the figure in 2024 and in line with the company's guidance. This is equivalent to a CapEx to revenue ratio of just 28%, underscoring Globe's disciplined approach to investment. The lower spend reflects continued prioritization of high return builds and more efficient capital deployment without compromising service, reliability, or customer experience.
As a result, Globe was able to deliver positive free cash flow before dividends in the first half of 2025, earlier than expected, highlighting the company's strong financial execution. This also gave the company the financial flexibility and capacity to fund targeted network projects, with spending allocated strategically to critical infrastructure and return-generating investments. Approximately 90% of total CapEx was allocated to data-related initiatives, enabling investments in connectivity and digital infrastructure across the country. To support the accelerating shift to fiber connectivity, Globe deployed 115,082 new fiber to the home lines during the year, extending fast and stable internet access to more households nationwide....In parallel, Globe further strengthened its leadership in 5G by rolling out 1,549 new 5G sites across key areas.
This lifted outdoor population coverage to over 98% in NCR and key cities across Visayas and Mindanao, while also expanding 5G service to 151 additional towns outside major metropolitan areas, where coverage now exceeds 80%. These sustained investments, focused on elevating customer experience and broadening access to high-speed connectivity, has earned Globe third-party recognition. Globe has been named the Philippines' Most Consistent Fixed Network and Most Consistent Mobile Network for the period of second half 2025 and fourth quarter 2025. This recognition places Globe among the top selected mobile and fixed operators in Southeast Asia to achieve national-level consistency awards across both fixed broadband and mobile networks. Building on this network leadership, Globe is also investing in innovative solutions that extend connectivity beyond the reach of traditional infrastructure. We are thrilled to announce a historic milestone with our new Starlink partnership.
Globe is now the first in Southeast Asia to offer Starlink's direct-to-cell service to all Filipinos with standard LTE devices. By leveraging Starlink's low Earth orbit satellites, this service will bridge coverage gaps in geographically isolated and disadvantaged areas and will serve as resilient backup during emergencies or extreme weather. Further, our sustainability journey is a core part of our business, embedded in the operations of Globe. Starting with environment, we launched a major initiative to transition nearly 500 of our field sales service vehicles to a hybrid EV fleet by 2028. Our 2025 Energize Summit, attended by over 1,500 participants, also successfully tackled energy efficiency and Globe's transition to renewables. On the social front, we continue to advocate for online child safety, notably by joining forces with the IACAT in Zamboanga City.
To empower a digital-first Filipino, our digital skills program, including the Digital Thumbprint program, reached over 1,000 students and teachers across various regions. Furthermore, our community engagement provided over 6,200 relief packs to families affected by Cebu and Davao earthquakes and Typhoon Ulan. The Globe One app now features a direct link to the Ka Agapay donations portal. Finally, under governance, we have adopted a digital platform for our ESG data management, transforming how the company measures, manages, and reports its sustainability performance. This sustained commitment has earned Globe significant global and local recognition. We are proud to have achieved the Great Place to Work certification for the first time and to be honored as the recipient of the Best ESG Practices Telecom in the Philippines award from the International Finance Awards 2025.
Additionally, we received the Broadband Digital Inclusion Excellence Award at the World Broadband Association Broadband Excellence Awards 2025. Globe also sealed an A- score in climate change, a strong signal of our leadership and implementation of current best practices. Globe's Chief Sustainability Officer has also been recognized as a 2025 Private Sector Sustainability Champion Award by the Philippine SEC and as a 2025 Distinguished Tomasian Alumni awardee. These accolades underscore our commitment to providing sustainable and positive impact to society. Turning to Globe's digital platform businesses, starting with STT GDC Philippines, we are pleased to report that construction of STT Fairview 1 is proceeding on schedule. The building's facade is fully complete. More importantly, for our operational timeline, all level 1 data halls have been completed and the team has successfully moved into the ongoing commissioning of the level 2 data halls.
Simultaneously, we have already initiated the design pre-work for phase two, ensuring the company stays ahead of demand. This infrastructure is the physical manifestation of the strategy that this is not just about floor space. It is about building a 124 MW campus specifically designed for the era of artificial intelligence and next-generation computing needs. On the other hand, STT Cavite 2 is now in the midst of commissioning activities for phase one. It is on track for the company's incoming customer expansion for the second quarter of 2026. As we scale our physical footprint, we are equally focused on building a world-class culture. STT GDC Philippines has been certified as a great place to work for the December 2025 to December 2026 period.
Furthermore, the company continues to display technical rigor as we have secured International Data Center Authority, or IDCA, certifications ranging from G2 to G4 across our portfolio. These certifications validate that our operational protocols match the quality of our construction. On top of this, STT Fairview 1 also received IDCA G2 design certification. It is built to be highly scalable, resilient, and efficient. This technical excellence has likewise earned recognition beyond the Philippines. This past December, at the W Media Awards in Singapore, the company's AI Synergy Lab won the Southeast Asia Award for Innovation in Data Center Cooling. This is a critical win. As chip densities increase, cooling becomes the bottleneck for AI adoption. This award marks a significant milestone, proving that the Philippines is ready to host sustainable, high-density AI infrastructure that meets world-class standards.
In addition, on January seventeenth, STT GDC Philippines participated in the international launch of the Data Center Operators of the Philippines, or DCPH, in Honolulu. This was a landmark moment where STT GDC Philippines joined forces with 5 other major operators. Our objective in this coalition is clear: to advance infrastructure development and drive innovation while working closely with power providers, telecommunications firms, and government agencies to solve the sector's most pressing challenges. In summary, looking at the progress at STT Fairview One and STT Cavite Two, combined with the company's leadership in AI and sustainability, STT GDC Philippines is well-positioned for the year ahead. We are building more than just data centers. We are building the backbone of the AI economy in the Philippines. Moving on to Mynt. In 2025, GCash solidified itself as the No. 1 finance app in the Philippines.
The company continued to maintain its leadership and outpace the top finance apps in the country based on third-party analytics firm Sensor Tower. GCash's leadership is reflected in our commitment to our vision of finance for all, going beyond access towards delivering world-class innovations that Filipinos can experience in their everyday lives. With Commute QR, commuters can now easily pay by scanning their QR code in MRT-3 to experience a quicker first-world commute. With G Bonds, users can invest in secure government bonds from the convenience of their GCash app. Our Tap-to-Pay feature enables customers to make contactless and secure payments to over 150 million merchants worldwide. The launch of our virtual U.S. account has made it faster and easier for Filipinos to receive money from the U.S. directly in their GCash wallets. Sound Pay, our payment confirmation solution, has made payment tracking more convenient for MSME.
With GStocks, we didn't just improve the experience of investing in local stock, but also unlocked exciting opportunities through the IPO feature. The company also continued to pursue financial inclusion through its innovative offerings and expanded reach. Through our lending products, we have disbursed loans worth PHP 362 billion life to date, growing 65% from last year to over 10.5 million unique borrowers, all made possible by our in-house credit score, GScore. Through GInsure, we have sold 132.6 million policies to 20.6 million users, allowing them to prepare for different types of emergencies. Recently, we launched GLoan Protect, which provides free health insurance for eligible and approved GLoan transactions through the collaboration of Fuse and Oona Insurance.
This feature is available for a limited time only from January 16 to March 31, 2026, to borrowers with a loan amount of at least PHP 500. It automatically provides hospitalization allowance for confinements of at least 3 days, as well as life and disability coverage. In wealth management, we're giving our users more avenues to build their wealth. GSave now serves 16.2 million users, benefiting from our expanding portfolio of partner banks. GStocks now has 1.7 million registered users who can now enjoy a new and improved user experience. GFunds now has 8.8 million users who can easily invest in a diverse lineup of funds. Meanwhile, GCrypto enables 4.8 million users to trade different cryptocurrencies. And lastly, beyond innovation, GCash continues to strengthen its partnerships with the public and private sectors to help advance inclusion and progress.
Through our partnership with the Department of Transportation, we upgraded the commuter experience on the EDSA Busway by enabling them to pay fares via GCash by scanning QR codes on Sound Pay devices carried by bus conductors. We also continue to partner with LGUs to speed up their disbursements. In partnership with the Quezon City government, we enabled 20,000 students to receive their stipends efficiently and conveniently. Lastly, through our partnerships with more than 38 accredited NGOs, we have raised PHP 64 million worth of donations via the GBayanihan platform, enabling Filipinos to help their fellow countrymen in times they need it the most. As we move forward, GCash will continue to build on this momentum by expanding access, deepening trust, and delivering initiatives that improve the everyday lives of Filipinos. Now, on to the final portion of the presentation, Globe's financial highlights.
To summarize the earlier points made, Globe's consolidated gross service revenues for full year 2025 were at an all-time high of PHP 165.1 billion, remaining broadly at par with the record level achieved in 2024. Despite persistent inflation and the compounded impact of severe natural calamities during the year, Globe maintained stable top-line performance. Globe's ongoing cost management initiatives persisted in delivering operational efficiencies, with total operating expenses and subsidy amounting to PHP 77.5 billion for 2025, down 1% from the previous year. This led to the company's full year 2025 EBITDA of PHP 87.6 billion, higher by 1% compared to 2024, with our EBITDA margin ending at 53.1%, surpassing the company's guidance and highlighting Globe's ability to sustain healthy profitability while maintaining investments in service, quality, and customer experience.
These ongoing network investments resulted in increased depreciation and amortization expenses, which rose to PHP 53.9 billion in 2025 from PHP 50.5 billion the prior year. Stripping out the impact of capitalized leases, depreciation related to our network and non-network builds increased by just 2% year-on-year to PHP 42.2 billion. Overall, these resulted in an EBIT of PHP 33.8 billion for 2025. Non-operating charges stood at PHP 5.5 billion versus last year's PHP 6 billion, driven by the recognition of one-time gain on the dilution of our share in Mynt and stronger equity earnings from affiliates, partly offset by lower gains from the tower sale and leaseback deal and increased net interest expenses. As a result, Globe ended the year with net income of PHP 23.3 billion.
Core net income, which excludes non-recurring items such as gains from asset disposals, foreign exchange fluctuations, and mark-to-market adjustments, amounted to PHP 20.9 billion in 2025. On a quarterly basis, as highlighted earlier, Globe extended its strong growth momentum through year-end, with fourth quarter revenues reaching a record high of PHP 43.4 billion. Operating expenses and subsidy inched up by 3%, but our EBITDA still expanded by 6% to PHP 23.4 billion. This equated to a healthy margin of 54%. Depreciation for the fourth quarter ended at PHP 13.9 billion, higher by 2% sequentially. Non-operating charges reached PHP 2.5 billion, while net income amounted to PHP 5.6 billion. Lastly, Globe's core net income for the quarter improved by 8% sequentially to PHP 5.4 billion.
Looking at our costs for the full year, total operating expenses and subsidy for 2025 reached PHP 77.5 billion, lower by 1% compared to the 2024 figure. This was primarily driven by the PHP 1.2 billion decrease in marketing and subsidy expenses on lower commissions, ad spend, and subsidies. The PHP 400 million decrease in provisions and the PHP 669 million decline in services and other OpEx, due to lower expenses on insurance and taxes and licenses. Staff costs also softened by PHP 211 million. These lower costs and expenses more than offset the PHP 292 million increase in interconnect charges from data roaming and A2P domestic SMS payout. The PHP 1.4 billion uptick in network costs brought about by lease expenses and repairs and maintenance costs.
This controlled movement in operating expenses, complemented by the robust performance of our business, led to EBITDA growing by 1% year-on-year to PHP 87.6 billion in 2025. On a quarterly basis, the company's total OpEx and subsidy expanded by 2% to PHP 19.9 billion. Interconnection fees increased by 3% or PHP 16 million, primarily due to data roaming. Expenses related to marketing and subsidy increased by PHP 455 million, mainly from higher ad spending. Network costs increased by 3% or PHP 213 million on higher repairs and maintenance costs, while services and other operating expenses ticked up by PHP 184 million. These were nevertheless partially offset by the PHP 135 million lower staff costs and the 24% decline in provisions, equivalent to PHP 213 million.
Overall, this led to Globe's EBITDA improving by a strong 6% quarter-on-quarter to PHP 23.4 billion. Globe's healthy operating performance aided the company in maintaining its robust financial position, ensuring sufficient liquidity and comfortable gearing levels. Globe's unrestricted cash level stood at PHP 25 billion, with leverage increasing slightly to PHP 256.3 billion. Key financial ratios, meanwhile, remained comfortably within covenant thresholds. Globe's gross debt to EBITDA stood at 2.63 times, net debt to EBITDA at 2.38 times, and debt service coverage ratio at 3.2 times, underscoring the company's disciplined financial management that prioritizes balancing financial flexibility with sustained investments in critical infrastructure. As a result of the foregoing, Globe's board of directors has approved the payout of PHP 25 per share.
This is proof of Globe's commitment to a sustainable dividend policy that is in line with our earnings and cash flow generation, as well as to our commitment of delivering value to our shareholders. Key dates for this declaration are the payment date of March 5, 2026, to shareholders on record as of February 18, 2026. Finally, we are pleased to report that 2025 was a record-breaking year for Globe. This gives us enough confidence to extend our consolidated outlook through this year as the company is well positioned for continued momentum. For service revenues, we continue to guide low- to mid-single-digit growth versus the all-time high figures of 2025, buoyed by growth across existing product platforms and continued momentum in mobile, broadband, and fintech services.
The company's EBITDA margin is projected to remain in the low 50s%, with the expanding mix of lower margin data-related products, partially offset by ongoing cost management and operational efficiency initiatives. Meanwhile, 2026 CapEx is projected to be below $1 billion, reflecting Globe's disciplined approach to capital optimization and focus on extracting greater returns from prior network investments.
... lastly, and more importantly, underpinning the company's overall outlook for the year is our commitment to strengthening free cash flow, which turned positive before dividends in the first half of 2025 ahead of expectations. That ends the presentation. Thank you all for listening.
So the question was, what would be the reason for such strong fourth Q numbers, especially from the mobile side of the business, and what caused the surge in subscribers in Q4? So again, that's, I will repeat my answer. For the fourth quarter has demonstrated strong growth, driven by an 8% growth in MDS, supported by a 6% data traffic surge, as well as sustained Q on Q subscriber growth. First and foremost, these were results of very deliberate network investments, where we have been heralded by Ookla as the most consistent and reliable, most reliable network for the last four consecutive years.
We have also won the accolade as the most consistent fixed network in the same period last year, and this has allowed us to further optimize our portfolio and pricing, increase our ability to launch and monetize hyper-personalized offers that actually drove strategic value creation. This also indicated increasing 5G adoption, where we see that when customers actually migrate from 4G to 5G, their spend and usage actually grow by double digits. Accelerated and focused network builds in the latter part of the year also significantly increased our net additions quarter-over-quarter, where we prioritize network expansion areas, where we found out that the area has significant demand, high traffic and high churn. This was then complemented by a slew of synchronized on-ground execution across our brands and channels.
As the capital raising through debt, why did you choose to start it? Is there a debt-to-equity capital growth you're choosing to avoid?
This is really just simply a replacement of the USD perp that we were the USD perpetual security that will see a step up as well as a call date starting August 2026. The decision to use PHP convertible preferred shares is simply just to maintain the funding flexibility as well as the current capital structure. We don't. So debt to equity is not necessarily a requirement in our debt covenants. What we do typically look at is debt to EBITDA, which has a ceiling of 3.5x, which we are significantly below at 2.6x as of end 2023.
Very well. The next question is from Arthur Nuno of CP, which regarding KPH. So this is for Floyd. Can you provide us with an update on the work range access offers and spectrum management policies since the release of the IRR in 2025? How do you see this as impacting competition? And also, any timetable for this?
I will answer the issue of the office access offers and the spectrum management policy that will come out soon, but I will refer the competition issue to Darius.
So, the circular will be out by this year, and the spectrum management policy will also be out by January of next year. But just to give you a context, these are nothing new. There was already a wide submission rule up in the NTC. The NTC, by its mandate, has always had a duty to take a policy about spectrum resources in the country. And, under the existing rules itself, you cannot deploy a spectrum which are being utilized and which covers subscribers and serves subscribers. In the case of Globe, all of its spectrum has been utilized on serving customers, and we are confident that this will not affect our business in terms of spectrum building.
The spectrum now, we shall deploy our offer. We shall force cybersecurity standards, capacity standards, and of course, reasonable pricing.
Okay. Okay, I'm sorry. So I think, as what we've observed in the past, the customers actually value the experience they want to pay for. And we think while there will be some heightened competition there, because there will be more access players in the market, we have seen that whoever actually owns the experience and delivers the best experience actually wins in the market. So that's what, that's our plan moving forward when this is put into implementation, is stay the course and stick to our guns, and we know the strategy that works, as you've seen in Q4 and the previous years.
Okay, thanks, Darius and Tony. The next set of questions are from Derek Wong of CLSA. This is the first question for Darius. Can you share your strategies that increased mobile subscribers by 2.6 million in 4Q? And we will do this, do this. What led to the growth from mobile in 4Q?
... So I'll just summarize the salient points of my previous answer. Strong fourth quarter subscriber momentum that we've seen was driven by these factors. Number 1 is improved network reliability, sharper execution across media and channels, and more disciplined base management. On base management, we focused in terms of tighter base management through hyper, hyper-personalized efforts to manage churn. And what we mean by hyper-personalization is that we have specific anti-churn campaigns across automated flows, across all of the major digital channels that serve our customers. And we've seen that bearing fruit in the last few quarters, snowballing in Q4, hence you see that we have substantial net additions in the mobile base in quarter four.
Okay, guys. The next question is on broadband. This is for Danny. Can you share the churn rates for G Fiber Prepaid, and the typical ARPU for the product?
Thanks, Jermaine, for the question. At this stage, we don't openly disclose the product churn rates or ARPU for the G Fiber Prepaid plans. But instead, we actually manage the overall business through different operating indicators that are more relevant to the prepaid business model. But what we see today is actually pretty healthy renewal rates. You have strong repeat purchase behavior, growing active premium, and also towards the higher value renewals. Because not only we offer 50 Mbps plans, but there's also the 100 Mbps and also the 300 Mbps plans. And also the skew towards longer validity of 20 days SKU, as well as the annual SKU. So collectively, we see these things going very healthily. Customer stickiness is also there.
But more broadly, the G Fiber Prepaid, it's really engineered and built around how we want to deliver subscriber growth, improve the utilizations of their fiber assets. And we also mentioned earlier that we will be moving more lines this year, extending our total footprint. And what we've also realized, especially in the Seg-B households, is actually increasingly becoming a primary broadband. So that's where it hits the spot. And we continue to differentiate this overall experience through the Globe One app, where you can actually have real-time visibility from outage notifications to instant digital ticketing and also renewal. And not only we have renewals across GApp , but we also have it across the convenience stores and sari-sari stores, where customers can just do over-the-counter with cash on top of the digital means that they have, which is delivered through an end-to-end digital buyer flow.
Thank you.
Thank you, Danny. The next question is on CapEx again. So this is for Carlo P. We note that Globe expects more than $1 billion in CapEx. What is the comfortable level for CapEx intensity for next year?
Again, I think the intention is to sustain the current level of spending. We will be guided by our cash flow aspirations for 2026.
Thank you, Carlo. In terms of time, we now segue to the questions on the platform businesses. So we have the first question on Mynt coming from CP. We've seen another quarter of earnings contribution contraction. Can you give color on the various drivers on the earnings decline, online gaming, account of change, and additional marketing spend? And how this would trend into 1Q26, so that we can better predict earnings momentum. Is the risk over, or are we seeing sustained softness from Mynt in GCash?
... So first, this change in accounting policy for processing fee. So it's the revenue recognition processing. In the past, the loan processing fee is typically recognized at the point of collection. So it's recognized upfront. However, as this revenue base has started to increase and has become a bit more material, the Mynt team has proactively taken a more, which is essentially just, recognizing the revenues throughout the life of the loan receivable. So it's consistent under the IFRS 9 requirements. The second... So this, this major, this policy change, explains the majority of the quarter-over-quarter decline on the top line, and nearly half of the decline of the quarter-over-quarter EBITDA. Revenues that were reversed for 2025, though, is expected to be recognized throughout 2026.
The second factor is the regular regulatory change on licensed online gaming. Again, in terms of year-on-year revenue comparison, as we mentioned in the past, we do expect the first four quarters of 2026 to still be distorted, given the high base effect of recognizing the revenues from the licensed online gaming. Last factor, of course, is the seasonality, which is typical. The fourth quarter, we typically see some contraction in margin. I think historically, fourth quarter margins for Mynt are lower than third quarter margins, although we do see some improvements in the first quarter and the second quarter. You can think of the fourth quarter revenues as more or less a good baseline for quarter and quarter movements moving forward.
Of course, you have to think of the seasonality between the fourth quarter revenues and first quarter revenues. The bottom line is a bit more nuanced, simply because of all of the changes that happened. But I think the goal of the Mynt team is still to make sure that they focus on the other business lines. I believe there's still confidence in terms of the growth trajectory and particularly driven by their credit tech business, which is expected to provide near-term growth, supported by, of course, its core platform... Sorry, core payments and transfers business.
Thank you, Carlo. The next question is again on GCash. How does the volatility in GCash and momentum impact the plans to list the company? Is that still something the company wishes to pursue in 2026?
The independent shareholders remain open to various capital solutions, including an IPO. However, there is still no official decision regarding an IPO. The focus, as mentioned, is really growing this other business lines, given the macro, the evolving and changing macro and regulatory environment. We will make the necessary disclosures if and when a definitive decision has been made.
Thank you, Carlo. Moving on to, the data center business. This question is for Carlo Malana. Will there be changes to STT GDC Philippines' direction after the changing of hands in the partner's ownership?
Thanks for that question. Good morning. The recent announcement regarding the change in the ownership of our partner, ST Telemedia Global Data Centres, is a key development that really strengthens our partner's resources for the next chapter of their growth. They are set to become one of the fastest growing and largest data center platforms in the world. It highlights that increased focus on digital infrastructure globally, given the continued progress of digitalization and AI. For the Philippines, our strategy and execution remain the same, with the continued build-out of the country's digital infrastructure, especially in STT Fairview, which continues to grow towards our announced 124 MW capacity, with that first phase structure complete and 12 MW of operating capacity available this year.
In fact, we're already planning for the second phase of demand, with phase two starting its design phase this year. Lastly, you know, the entire global management team of STT GDC will remain as the reinforcement of the new owner's commitment to their existing strategy. So for us, it's, you know, steady as she goes, and we're continuing in our path as we have announced in the past.
Thank you, Carlo. So again, we go back to, another question on GCash. This is from John Doe of UBS. Could you provide more details on Mint's recurring profit run rate? How much higher would it be without the accounting changes, increased advertising, and promotions?
Thanks, John. As mentioned, the accounting policy change, the processes being accounted for nearly half of the quarter in quarter three. So historically, we have seen higher margins, higher net margins for Mynt in the first half versus the second half. So I believe you can create your or you can run your session with general trends.
Thank you, Carlo. We're in terms of time, I guess that's all we have for the Q&A portion. And we would now like to call on Carl for his closing remarks.
Thank you very much for joining us in this briefing this morning. As my colleagues have mentioned, the fourth quarter of 2025 is our best ever yet, with record high revenues across all segments of the business. More importantly, from a competitiveness lens, it's the third straight quarter that delivered quarter-on-quarter growth, proving indeed that our momentum is both sustainable and, of course, accelerating. The other good news that we received for our customers in the last quarter of 2025 was the fact that we continue to be the gold standard in providing best-in-class network experience, because Ookla just awarded us, as again mentioned and shown in the video, the most consistent network for mobile and home, specifically broadband fiber.
It was also in the last quarter of the year that we announced a landmark partnership with Starlink to deliver not only best in-country coverage, but putting the Philippines on the map. Because this kind of partnership of direct-to-cell technology is only the second in Asia, first in Southeast Asia, and as of that time, one of only eight countries globally with that kind of service being provided by an operator to its subscribers in the country. Our cost management initiatives continue to work well for us. EBITDA margin above guidance of 53%. And I think most importantly, we continue to monetize our investments. Darius did mention that the ratio of data traffic growth to revenue growth is at a very, very healthy level for us at Globe, and hopefully, the rest of the industry follows this suit.
That's a quick summary of quarter four, but it's been a very, very good quarter for us. We ended the year on a very strong footing, which again, will bode so well for us at Globe in 2026. Thank you, Jose Mari.
Again, we wish everyone a pleasant good morning. Stay safe, everyone.
Thank you, everyone.