GMA Network Inc.’s first-quarter results delivered a blunt reminder of how dependent Philippine free-to-air broadcasters remain on advertising cycles: when political placements disappear, earnings can fall much faster than sales. The Quezon City-based media company posted ₱3.36 billion in revenue for the three months ended March 31, 2026 , down 28% from ₱4.68 billion a year earlier, as advertising revenue dropped 31% to ₱2.98 billion . Management attributed the decline mainly to the absence of the significant election-related placements that boosted the comparable quarter in 2025. The fall in revenue rippled sharply through the income statement. EBITDA slid 62% to ₱632 million , while net income plunged 87% to ₱102 million from ₱801 million a year earlier. The results show the downside of operating leverage in a business where production costs, personnel expenses, programming commitments, and broadcast infrastructure do not fall as quickly as advertising sales. GMA did...