San Miguel Corporation announced a remarkable surge in its 2025 performance, with core net income leaping 52% to P79.6 billion. This wasn’t a stroke of luck, but the result of a carefully cultivated strategy focused on diversification and relentless execution across its vast business empire.
The company’s overall financial health demonstrated significant improvement, with earnings before interest, taxes, depreciation, and amortization (EBITDA) climbing 16% to P262 billion. Operating income followed suit, increasing by 13% to P181.6 billion – a clear indication of strengthened core operations and effective cost control.
Consolidated revenues reached a substantial P1.5 trillion, fueled by consistent performance in its food, beverage, and infrastructure divisions. This success partially mitigated the impact of fluctuating global crude oil prices and strategic divestments in certain power facilities.
According to Chairman and CEO Ramon S. Ang, the company’s diversified portfolio proved to be its greatest asset. “Our 2025 results underscore the power of a broad base and a commitment to delivering on our goals,” he stated, emphasizing a continued focus on long-term value creation.
San Miguel Food and Beverage, Inc. (SMFB) spearheaded growth within the group, reporting a 13% increase in net income to P46.3 billion. Record-breaking performance in the food sector, sustained demand for its spirits, and expanding international beer sales all contributed to this impressive result.
San Miguel Brewery maintained a steady course, with revenues reaching P155.4 billion. Despite cautious consumer spending, international sales rose by 3% to $285 million, demonstrating the brand’s growing global appeal.
Ginebra San Miguel, Inc. experienced a particularly strong year, with net income soaring 20% to P8.7 billion and revenues increasing 8% to P67.4 billion. This reflects a continued preference for its iconic gin products among Filipino consumers.
San Miguel Foods saw a 6% revenue increase to P196.3 billion, driven by robust demand for its animal feeds and poultry products. This highlights the company’s crucial role in supporting the nation’s food supply chain.
A significant boost came from San Miguel Global Power, with net income jumping 290% to P48.3 billion, largely due to a substantial transaction involving Chromite. Even excluding this one-time gain, underlying net income still rose by an impressive 113%.
While revenues for Global Power decreased due to the divestment of certain power plants, output from facilities like Masinloc and San Roque, along with the contribution of the Mariveles power plant and battery storage systems, helped stabilize overall performance.
Petron Corp. achieved a record-breaking net income of P15.6 billion, an 84% increase. This was fueled by strong domestic oil sales, improved refinery productivity, and effective financial management, despite a decline in average crude oil prices.
SMC Infrastructure also contributed to the positive results, with net income increasing by 5% to P14.8 billion. Higher traffic volumes across its toll roads drove a 7% increase in consolidated revenues to P40.2 billion.
The cement business, encompassing Eagle Cement, Northern Cement, and Southern Concrete, faced headwinds from softer demand and increased competition from imported cement. However, strategic cost management helped maintain stable margins despite a 5% revenue decline.
Despite the overwhelmingly positive financial report, SMC shares experienced a slight dip on Monday, closing at P67.30 apiece. This market reaction, however, doesn’t diminish the overall strength and promising trajectory of the conglomerate.
