Converge Information and Communications Technology Solutions Inc. said Friday it is maintaining its earnings guidance for 2025, following a strong performance in the first quarter.
“Following our first quarter 2025 performance, we are maintaining our current guidance,” Maria Grace Uy, Converge president said during the company’s virtual annual stockholders’ meeting.
“Our projections remain aligned with our budget and expectations,” she said.
Uy said the company expects consolidated revenues to grow by 14 percent to 16 percent this year.
Converge’s consolidated revenues went up by 13.2 percent to P10.8 billion in the first quarter, reinforcing its position as the fastest-growing fixed broadband and technology services provider in the Philippines.
The company posted a net profit of P3 billion in the January to March period, up 18.3 percent from P2.6 billion in the same period last year.
Uy said the company has allocated between P20 billion and P25 billion for capital expenditures this year.
This substantial investment is primarily driven by one-off payments related to two major submarine cable system projects: the Bifrost Cable System and the Southeast Asia-Hong Kong Express Cable System (SEA-H2X).
A significant portion of this budget is also dedicated to port expansion, with plans to deploy 400,000 to 500,000 new ports this year.
Converge ended March 2025 with a total of 2,701,336 residential subscribers.
This comprises 2,340,208 postpaid and 361,128 prepaid subscribers.
Its BIDA Fiber and Surf2Sawa recorded 24,102 and 70,497 respectively net ads in the first three months of 2025.
