the Outsider - PSE Points to Ponder

  In Philippine telecoms, the contest between Manny Pangilinan’s PLDT and the Ayalas’ Globe is no longer only about whose network is faster, whose fiber reaches farther, or whose mobile brand occupies more Filipino pockets. It is increasingly a quieter struggle: who can carry the heavy debt of the 5G and fiber era with less strain? The first-quarter 2026 numbers show two giants trying to normalize after years of capital intensity. PLDT remains the larger machine, with ₱56.5bn in revenues and ₱28.3bn in EBITDA , against Globe’s ₱45.7bn in revenues and ₱22.2bn in EBITDA . Yet size is not the same as comfort. PLDT’s earnings engine is bigger, but its leverage and liquidity metrics look more stretched. Globe, smaller but nimbler, presents the cleaner deleveraging story. PLDT’s advantage is obvious at first glance. Its EBITDA base of ₱28.3bn in the first quarter exceeded Globe’s ₱22.2bn , giving Pangilinan’s group a broader cash-profit cushion to absorb interest, lease, depreciation,...

  The Ayala Group may find it harder to squeeze higher dividends from Globe Telecom Inc. as the phone carrier’s latest quarterly results show rising financial strain beneath otherwise resilient operating numbers. Globe, one of the Philippines’ largest telecommunications companies and a key dividend contributor to Ayala Corp., reported a 20% drop in first-quarter net income to ₱5.55 billion , even as service revenues climbed 5% to ₱41.97 billion . The divergence points to a growing challenge for shareholders: Globe’s core business is still expanding, but more of its cash and earnings are being absorbed by debt costs, capital spending, and foreign-exchange volatility. For investors counting on rising payouts, the message from the March quarter was mixed. Globe’s core net income rose 9% to ₱4.93 billion , and EBITDA increased 7% to ₱22.17 billion , with margin improving to 52.8% from 52.1% a year earlier. Yet reported net income fell sharply, reflecting the absence of prior-year one...