Food, fuel units lift San Miguel core earnings 

Diversified conglomerate San Miguel Corp. (SMC) grew its core net income by 52 percent to P79.6 billion in 2025 on improved operations and cost discipline.

The Ramon Ang-led firm reported that net income reached P94.7 billion, helped by gains from the fair valuation of investments and foreign exchange movements.

SMC generated consolidated revenues of P1.5 trillion, flat from P1.57 trillion a year ago. Steady contributions from its food, spirits and infrastructure businesses cushioned the impact of softer crude prices and the deconsolidation of the Ilijan and EERI power facilities.

“Our 2025 performance shows the value of having a diversified portfolio and a clear focus on execution,” SMC chair and CEO Ramon Ang said.

SMC’s food and beverage arm, San Miguel Food and Beverage Inc. (SMFB), recorded a 13-percent increase in consolidated net income to P46.3 billion. This was backed by record results from its food unit, continued growth in spirits and higher international beer sales.

SMFB booked revenues of P419.1 billion, up 5 percent.

San Miguel Foods alone posted P196.3 billion in revenues, up 6 percent, driven by stronger feeds performance and robust demand for poultry. Net income climbed 38 percent to P11.6 billion.

Meanwhile, San Miguel Brewery Inc. generated P155.4 billion in revenues, supported by international operations, where sales rose 3 percent to $285 million. Domestic beer revenues reached P139.1 billion despite subdued consumer spending.

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Ginebra San Miguel Inc. grew revenues by 8 percent to P67.4 billion and net income by 20 percent to P8.7 billion.

SMC’s power arm posted mixed results as revenues declined 23 percent to P157.2 billion due to the divestment and deconsolidation of the Ilijan and EERI power plants. However, net income surged 290 percent to P48.3 billion, supported by a P21.9-billion gain from the Chromite transaction. Excluding this one-off gain, net income still improved 113 percent to P26.4 billion.

Petron Corp. delivered its strongest performance on record, with net income climbing 84 percent to P15.6 billion. This came despite a 7-percent decline in revenues to P809.8 billion, largely due to lower global oil prices.