Welcome everyone, and thank you for joining us for Globe's 4th quarter 2025 analysts briefing. We are pleased to report that Globe sustained its growth momentum in the 4th quarter, delivering record quarterly revenues of ₱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 ₱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 4th quarter, ultimately resulting in EBITDA expanding by a strong 6% sequentially to ₱23.4 billion. For the full year 2025, Globe's EBITDA grew by 1% to a 4-year high of ₱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 4th quarter rebounded to ₱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 ₱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 megawatt of contracted capacity in the 4th 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.

Lastly, given these consistently robust results, the Board of Directors has approved the 1st quarter cash dividend of ₱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 ₱116.9 billion, surpassing prior year's record level, and supported by a 5% quarter-on-quarter uplift in the 4th 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 ₱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 petabytes. Average monthly mobile data traffic per user remained steady at 15.1 gigabytes.

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 4th 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 ₱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 4 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 ₱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 GFiber Prepaid, which delivered standout momentum in its first full year of operations, materially lifting total segment growth. GFiber 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 megabits per second, supporting broader adoption and higher-value reload behavior. Beyond affordability and flexibility, GFiber Prepaid delivers superior value for money by integrating a differentiated digital-first customer experience.

Care and service visibility are embedded in-app through GlobeOne, with real-time outage cues, digital ticketing, and repair booking, without reliance on hotlines. Reloading and payments are omnichannel, available via GlobeOne, 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 GFiber 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 ₱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 ₱5.7 billion in the 4th 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 ₱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 ₱6.1 billion, contributing around 22% of the company's pretax 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 4th quarter was affected by 3 factors: 1, a change in accounting policy for loan processing fee revenue recognition; 2, regulatory change on licensed online gaming; and 3, seasonally higher spending in the 4th 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 ₱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 4th 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 Uwan.

The GlobeOne 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 Themisian 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 2, 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-megawatt 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 1. It is on track for the company's incoming customer expansion for the 2nd 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 17th, STT GDC Philippines participated in the international launch of the Data Center Operators of the Philippines, or DCOPH, 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 1 and STT Cavite 2, 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 number one 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 GBonds, 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 US account has made it faster and easier for Filipinos to receive money from the US, directly in their GCash wallets.

SoundPay, 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 dispersed loans worth ₱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 16th to March 31st, 2026, to borrowers with a loan amount of at least ₱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. 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 SoundPay 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 ₱64 million worth of donations via the G-Bayanihan 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 ₱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 ₱77.5 billion for 2025, down 1% from the previous year. This led to the company's full year 2025 EBITDA of ₱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 ₱53.9 billion in 2025 from ₱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 ₱42.2 billion.

Overall, these resulted in an EBIT of ₱33.8 billion for 2025. Non-operating charges stood at ₱5.5 billion versus last year's ₱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 ₱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 ₱20.9 billion in 2025.

On a quarterly basis, as highlighted earlier, Globe extended its strong growth momentum through year-end, with 4th quarter revenues reaching a record high of ₱43.4 billion. Operating expenses and subsidy inched up by 3%, but our EBITDA still expanded by 6% to ₱23.4 billion.

This equated to a healthy margin of 54%. Depreciation for the 4th quarter ended at ₱13.9 billion, higher by 2% sequentially.

Non-operating charges reached ₱2.5 billion, while net income amounted to ₱5.6 billion. Lastly, Globe's core net income for the quarter improved by 8% sequentially to ₱5.4 billion.

Looking at our costs for the full year, total operating expenses and subsidy for 2025 reached ₱77.5 billion, lower by 1% compared to the 2024 figure. This was primarily driven by the ₱1.2 billion decrease in marketing and subsidy expenses on lower commissions, ad spend, and subsidies, the ₱400 million decrease in provisions, and the ₱669 million decline in services and other opex due to lower expenses on insurance, and taxes and licenses.

Staff costs also softened by ₱211 million. These lower costs and expenses more than offset the ₱292 million increase in interconnect charges from data roaming and A2P domestic SMS payout, [and?]

the ₱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 ₱87.6 billion in 2025.

On a quarterly basis, the company's total opex and subsidy expanded by 2% to ₱19.9 billion. Interconnection fees increased by 3%, or ₱16 million, primarily due to data roaming.

Expenses related to marketing and subsidy increased by ₱455 million, mainly from higher ad spending. Network costs increased by 3%, or ₱213 million, on higher repairs and maintenance costs, while services and other operating expenses ticked up by ₱184 million.

These were nevertheless partially offset by the ₱135 million lower staff costs and the 24% decline in provisions, equivalent to ₱213 million. Overall, this led to Globe's EBITDA improving by a strong 6% quarter-on-quarter to ₱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 ₱25 billion, with leverage increasing slightly to ₱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 ₱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 5th, 2026 to shareholders on record as of February 18th, 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 US dollars, 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.

The question was, what would be the reasons for such strong 4Q numbers, especially from the mobile side of the business, and what caused the surge in subscribers in Q4? Again, as I repeat my answer, 4th, the 4th 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 most reliable network for the last 4 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, increased our agility 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-on-quarter, where we prioritized 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 for capital raising, two answers. One, Globe chose to spend...

is there debt-to-equity cap that Globe is choosing to avoid?

This is really just simply a replacement of the USD perps the USD perpetual security that will see a step-up as well as a call date starting August 2026. The decision to move to a PHP non-voting preferred shares is simply just to maintain funding flexibility as well as the current capital structure.

Debt-to-equity is not necessarily a requirement in our debt covenants. What we do typically look at is net debt to EBITDA, which has a ceiling of 3.5x, which we are significantly below at 2.6x as of end-2025.

Thank

you, Darius, and Carlo. The next question is from Arthur Pineda of Citigroup.

It's regarding capex. "Can you provide us with an update on the open access offers, the spectrum management policies considering the DICT's AO issued back in 2025?

How do you see this as impacting competition? Also, any timetable for this?"

I will answer the issue on the open access offers and the spectrum management policy, but I will talk about the competition issue afterwards.

The IRR is slated to be out by early next year, and the spectrum management policy will also be out by January of next year. Just to give you context, these are nothing new.

There's already a submission rule at the NTC, and the NTC, by its mandate, has always had the duty to make connectivity of all spectrum, to serve the country. Under the existing rules itself, you can recall spectrum which are being utilized to serve subscribers.

In the case of Globe, all of its spectrum are fully utilized in serving customers. We are confident that this will not affect our business in terms of spectrum holding, just like why we should improve our offer, we should always cyber security standards, capacity standards, and of course a reasonable pricing.

Carl, may I add, I'm sorry. I think, as what we've observed in the past, the customers actually value the experience they want to pay for.

I think while there will be some heightened competition then, 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. 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 in the previous years.

Thanks, Darius, and thank you, Carl. The next set of questions are from Derek Derwin of CLSA.

The first question is for Darius: "Can you share strategies that increased mobile subscribers by 2.6 million in 4Q? Related to this, what led to lower churn for mobile in 4Q?"

I'll just summarize the salient points of my previous answer. The strong 4th quarter subscriber momentum that we've seen was driven by 3 factors.

Number one is improved network reliability, sharper execution across media and channels, and more disciplined base management. Under base management, we focused in terms of tighter base management through hyper-personalized efforts to manage churn.

What we mean by hyper-personalization is that we have specific anti-churn campaigns across automated tools, across all of the major digital channels that serve our customers. 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 4.

Thank you, Darius. The next question is on broadband, this is for Danny.

"Can you share the churn rates for GFiber Prepaid and the typical ARPUs for the product?"

Thanks, Jomari, for the question. At this stage, we don't necessarily disclose what are our churn rates or ARPU for the GFiber Prepaid.

Instead, we actually manage the overall business through different operating indicators, that are relevant for the prepaid business model. What we see today is actually pretty healthy reload rates.

You have strong repeat purchase behavior, growing active tenure, and also towards the higher-value reloads, because not only do we offer 50 Mbps plans, but there's also the 100 Mbps and also the 300 Mbps plans. Also, the steer towards longer validity, upgrading SKU as well as the annual SKU.

Collectively, we see these things growing very healthily. Customer stickiness is also there.

More broadly, the GFiber Prepaid, it's really an engine for the brand, how we want to deliver subscriber growth. It boots the utilizations of the fiber assets.

We also mentioned earlier that we'll be moving more lines this year, extending our fiber footprint. What we also realized, especially in the secondary households, it's actually increasingly becoming a primary reload.

That squares the spot. We continue to differentiate this overall experience through the GlobeOne app, where they actually have real-time visibility from outage notifications to instant digital ticketing, and also reload.

Not only do we have reloads across GCash, but we also have it across the convenience stores and sari-sari stores, where customers can just go over the counter with cash on top of the digital means that they have, which is delivered through an end-to-end digital lifecycle. Thank you.

Thank you, Danny. The next question is on capex again, this is for Carlo, I think.

We note that Globe expects lower than $1 billion US 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 free cash flow aspirations for 2026.

Thank you, Carlo. In terms of time, now segue to the questions on the platform businesses, and so we have the first question on Mynt coming from Citi: "We've seen another quarter of earnings contribution contraction.

Can you give color on the various drivers on the earnings decline: online gaming, accounting change, additional marketing spend? How will these trend into 1Q 2026 so that we can better predict earnings momentum?

Is the worst over, or are we seeing sustained softness from Mynt and GCash?"

Hi, Arthur. The first is really the revenue recognition policy change.

In the past, the loan processing fee is typically recognized at the point of collection, it's recognized upfront. However, as this revenue base has started to increase and has become a bit more material, Mynt has to actively take a more conservative approach in revenue recognition, which is essentially just recognizing the revenues throughout the life of the loan receivable.

It's consistent of the PFRS 9 requirement. The second, this policy change explains majority of the quarter-on-quarter decline on the top line, and nearly half of the decline on the quarter-on-quarter NIAT.

The revenues that were reversed for 2025 though is expected to be recognized throughout 2026. The second factor is the 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 2-3 quarters of 2026 to still be a bit more distorted, given the high-base effect of recognizing the revenues from the licensed online gaming. The last factor, of course, is the seasonality of spend, which is typical.

The 4th quarter, we typically see some contraction in margin. I think historically, 4th quarter margins for Mynt is lower than 3rd quarter margins, although we do see some improvements in the 1st quarter and the 2nd quarter.

You can think of the 4th quarter revenues as more or less a good baseline for quarter-on-quarter movements moving forward. Of course, you have to think of the seasonality between the 4th quarter revenues and 1st quarter revenues.

The bottom line is a bit more nuanced because of all of the changes that happened. 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 of Mynt, particularly driven by their creditech business, which is expected to provide near-term growth, supported by, of course, its core payments and transfers business.

Thank you, Carlo. The next question is again on GCash.

"How does the volatility in GCash or Mynt momentum impact the plans to list the company? Is that still something the company wishes to pursue in 2026?"

Mynt and its shareholders remain open to various capital-raising options, including an IPO. However, there is still no official decision regarding the timing.

The focus, as mentioned, is really growing its other business lines, given 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 M.

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 just 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 a continued buildup of the country's digital infrastructure, especially in STT Fairview, which continues to go towards our announced 124-megawatt capacity, with that first phase, a structure complete and 12 megawatts of operating capacity available this year.

In fact, we're already planning for the second phase of demand with Phase 2 starting its design phase this year. Lastly, the entire global management team of STT GDC will remain as the reinforcement of the new owner's commitment to their existing strategy.

For us, it's steady as she goes, and we're continuing in our path as we have announced in the past.

Thank you, Carlo. Again, we go back to another question on GCash.

This is from John Teo of UBS: "Could you provide more details on Mynt's recurring profit run rate? How much higher would it be without accounting changes, increased advertising and promotions?"

Thanks, John. As mentioned, the accounting policy change on the loan processing fee accounted for nearly half of the quarter-on-quarter decline on the NIAT.

Historically, we have seen the higher NIAT margins for Mynt in the 1st half versus the 2nd half. I believe you can run your own sensitivity analysis on this general trend.

Thank you, Carlo. In the interest of time, I guess that's all we have for the Q&A portion.

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 4th 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 3rd 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%. 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 4, 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, Jomari.

We wish everyone a pleasant good morning. Stay safe, everyone.

Thank you, everyone.