GCash Owner Mynt’s Revenue Climbs, but Profit Growth Loses Momentum

 

The financial-technology company generated ₱43.3 billion in first-half revenue and an estimated ₱5.1 billion dividend for its shareholders as preparations for a public offering advanced.

Mynt Inc., the company behind the GCash mobile wallet, continued to expand rapidly in the first half of 2026. But its latest figures contained a cautionary signal: More revenue did not translate into more profit.

Mynt generated ₱43.3 billion in revenue during the six months ended June, an increase of about 10 percent from ₱39.2 billion a year earlier, according to the quarterly report of Globe Telecom, one of Mynt’s principal shareholders.

Net income, however, slipped about 2 percent to ₱10.8 billion, from ₱11 billion. The divergence suggests that Mynt’s costs, investments and other charges grew faster than its top line, although Globe’s filing did not provide a detailed breakdown of Mynt’s expenses.

The result portrays a company that is still growing at a substantial pace, but whose expansion is becoming more expensive. Mynt’s estimated net profit margin declined to approximately 24.9 percent, from 28.1 percent in the first half of 2025.

That is still an unusually strong level of profitability for a financial-technology platform. But the compression could receive greater scrutiny as Mynt moves closer to a planned stock-market listing and potential investors assess whether the company can preserve its margins while expanding lending, payments, wealth management and international services.

A Record Quarter With Lower Profit

The contrast was more pronounced in the second quarter.

Mynt’s quarterly revenue reached a record ₱22.4 billion, approximately 6 percent higher than ₱21.1 billion in the comparable quarter of 2025. Yet net income declined about 12 percent to ₱5.2 billion, from ₱5.9 billion.

The estimated quarterly net margin consequently fell to 23.2 percent, from approximately 28 percent a year earlier. 

The figures also suggest that Mynt’s profitability weakened sequentially. Subtracting the second-quarter results from the first-half totals implies that the company generated approximately ₱20.9 billion in revenue and ₱5.6 billion in net income during the first quarter.

Revenue therefore increased by about 7 percent from the first quarter to the second, while net income declined by roughly the same proportion. The implied net margin fell from approximately 26.8 percent in the first quarter to 23.2 percent in the second.

Globe’s report does not disclose whether the decline resulted from higher credit provisions, operating expenses, employee incentives, marketing, technology investments, funding costs or some combination of those factors. Mynt operates both the GCash payments platform and Fuse Financing, its consumer-lending business, making both transaction growth and credit performance important to its earnings.

An Increasingly Important Source of Globe’s Earnings

For Globe, Mynt remains a central source of earnings outside the telecommunications business.

Globe recognized ₱3.7 billion as its share of Mynt’s first-half net income, down slightly from ₱3.81 billion a year earlier. In the second quarter, Globe’s share amounted to ₱1.78 billion, compared with ₱2.02 billion in the same quarter of 2025. 

Even with the decline, Mynt accounted for approximately 28 percent of Globe’s consolidated income before tax, up from a 26 percent contribution in 2025. That increase partly reflects the pressure on Globe’s other earnings, including higher depreciation, finance costs and nonoperating charges.

Globe’s carrying value for its investment in Mynt increased to ₱26.5 billion at the end of June, from ₱24 billion at the end of December.

The broader value of the investment could be substantially higher. Mynt was valued at $5 billion after investments announced in 2024 by AC Ventures and Mitsubishi UFJ Financial Group. The eventual public offering would provide a more visible market valuation, subject to the final offer price and investor demand.

An Estimated ₱5.1 Billion Dividend

Mynt’s profitability is also beginning to translate into significant cash returns for its owners.

Mynt declared a dividend on June 17, 2026, and Globe received ₱1.6924 billion in cash on June 30.

Globe’s ownership had previously fallen from 36 percent to 34 percent after MUFG completed its investment in February 2025. Mynt’s issuance of shares under a long-term incentive plan subsequently diluted Globe’s interest by another 0.51 percentage point, implying ownership of approximately 33.49 percent by June 2026.

Assuming all Mynt shareholders received the same dividend per share and Globe held approximately 33.49 percent when the distribution was made, the total dividend can be estimated as:

$$\text{Estimated total dividend}=\frac{\text{₱1.6924 billion}}{33.49\mathrm{\%}}\approx \text{₱5.05 billion}$$Estimated total dividend=33.49%₱1.6924 billion​≈₱5.05 billion

On that basis, Mynt appears to have distributed approximately ₱5.1 billion to all shareholders.

There is a timing qualification. If Globe’s ownership was still exactly 34 percent on the dividend record date and the 0.51-percentage-point dilution took effect afterward, the estimated total distribution would instead be approximately:

$$\frac{\text{₱1.6924 billion}}{34\mathrm{\%}}\approx \text{₱4.98 billion}$$34%₱1.6924 billion​≈₱4.98 billion

The most reasonable estimate is therefore about ₱5 billion to ₱5.1 billion, with ₱5.05 billion as the central estimate.

Compared with Mynt’s ₱10.8 billion first-half net income, that distribution was equivalent to approximately 47 percent of first-half earnings. It should not, however, be treated as an official payout ratio: the dividend could have been paid from accumulated profits or other distributable reserves rather than solely from earnings generated during the first six months.

The Road to an Initial Public Offering

The results arrived as Mynt advanced plans for an initial public offering.

On June 17, Mynt’s board and shareholders approved preparations for an offering equivalent to 12 percent of the company’s post-IPO shares, with an overallotment option covering an additional 1.8 percent. The base offering is expected to include both new shares issued by Mynt and existing shares sold by current investors.

Mynt filed its registration statement with the Securities and Exchange Commission on July 2, 2026, and submitted its listing application to the Philippine Stock Exchange the following day. The Globe report did not disclose a final offer price, timetable, or post-offering valuation.

The proposed structure could have different consequences for Globe. Primary shares would raise capital for Mynt but dilute existing shareholders. Secondary shares could allow current investors to monetize part of their holdings. Globe’s filing does not specify how many shares Globe might sell, if any.

Growth Is Intact, but the Quality of Growth Matters

Mynt’s first-half report is not a story of business contraction. Revenue continued to expand, GCash remained a major financial platform, and Mynt produced more than ₱10 billion in six-month profit while returning an estimated ₱5.1 billion in cash to shareholders.

But the figures introduce a more demanding question ahead of the planned listing: How much must Mynt spend—or risk—to sustain its growth?

During the first half, revenue increased by approximately ₱4.1 billion, but net income declined by about ₱200 million. In the second quarter, record revenue coincided with a sharper reduction in profit and margin.

For prospective investors, the key measure may no longer be the size of GCash’s user base or transaction ecosystem alone. Attention is likely to turn toward credit quality, customer acquisition costs, operating leverage, and the durability of Mynt’s roughly 25 percent first-half net margin.

Mynt remains one of the Philippines’ most profitable digital-finance platforms. The first-half figures show that the company is still growing quickly—but also that the next stage of growth may be harder won.

We’ve been blogging for free. If you enjoy our content, consider supporting us!

Disclaimer: This is for informational purposes and is not investment advice. Figures are taken from company disclosures and exchange data; valuation ratios include the author’s calculations based on cited inputs.