San Miguel Corporation (SMC) posted a 52% increase in core net income to ₱79.6 billion in 2025, driven by stronger profitability across its key businesses, improved margins, and sustained cost discipline.
Reported net income reached ₱94.7 billion, supported by gains from the fair valuation of investments and foreign exchange movements.
Operating income rose 13% to ₱181.6 billion, while EBITDA increased 16% to ₱262.0 billion, reflecting improved operating performance, lower input costs, pricing initiatives, and continued efficiency measures across the group.
Consolidated revenues reached ₱1.5 trillion, with steady contributions from its Food, Spirits, and Infrastructure units helping cushion the impact of softer crude prices and the deconsolidation of the Ilijan and EERI power facilities.
“Our 2025 performance demonstrates the strength of our diversified portfolio and disciplined execution,” said SMC Chairman and CEO Ramon S. Ang. “This allowed us to navigate market shifts, enhance profitability, and remain prudent in our investments. We will continue strengthening our businesses and pursuing opportunities that create long-term value.”
Food and beverage
San Miguel Food and Beverage, Inc. (SMFB) reported a 13% increase in consolidated net income to ₱46.3 billion, supported by record performance from its Food unit, continued growth in Spirits, and higher international beer sales.
Consolidated revenues rose 5% to ₱419.1 billion, while operating income and EBITDA grew 9% and 10% to ₱61.0 billion and ₱80.6 billion, respectively, driven by margin improvements across GSMI and the Food Group.
San Miguel Foods generated ₱196.3 billion in revenues, up 6%, led by improved feeds performance and strong poultry demand. Operating income surged 30% to ₱17.3 billion, while net income climbed 38% to ₱11.6 billion.
San Miguel Brewery Inc. posted ₱155.4 billion in consolidated revenues, reflecting stable performance. International revenues increased 3% to US$285 million on higher volumes, while domestic beer revenues reached ₱139.1 billion despite subdued consumer spending. Operating income remained steady at ₱32.9 billion, with net income at ₱26.5 billion, supported by disciplined cost management and portfolio optimization.
Ginebra San Miguel Inc. sustained its growth momentum, with revenues rising 8% to ₱67.4 billion, driven by effective pricing and stable volumes. Operating income increased 21% to ₱10.4 billion, while net income grew 20% to ₱8.7 billion.
Power
San Miguel Global Power reported revenues of ₱157.2 billion, down 23%, as offtake volumes declined 20% to 29.2 million MWh due mainly to the divestment and deconsolidation of the Ilijan and EERI plants. Excluding this impact, volumes remained stable.
Stronger output from the Masinloc plant, higher generation from San Roque, and full-year contributions from the 600-MW Mariveles power plant and battery energy storage system (BESS) facilities supported overall performance.
Operating income rose 8% to ₱43.8 billion, with margins expanding to 28% from 20%, while EBITDA grew 27% to ₱70.5 billion.
Net income surged 290% to ₱48.3 billion, boosted by a ₱21.9 billion gain from the Chromite transaction. Excluding this one-off gain, net income still improved 113% to ₱26.4 billion.
Fuel and oil
Petron Corporation delivered its strongest financial performance to date, posting record net income of ₱15.6 billion, up 84% year-on-year.
The growth was driven by sustained domestic volume expansion, improved refinery productivity in the Philippines and Malaysia, financial cost savings, and effective working capital management.
Total volumes in both markets reached 113.4 million barrels, up 3%.
While revenues declined 7% to ₱809.8 billion, reflecting a 13% drop in Dubai crude prices to an average of US$69.44 per barrel, operating income surged 28% to ₱37.3 billion. EBITDA rose 22% to ₱52.4 billion, indicating stronger operating leverage.
Infrastructure
SMC Infrastructure sustained growth, with revenues increasing 7% to ₱40.2 billion, driven by higher traffic volumes across toll roads.
Combined average daily traffic reached 1.08 million vehicles, up 5% year-on-year.
Operating income rose 9% to ₱22.1 billion, while EBITDA grew 8% to ₱32.0 billion. Net income increased 5% to ₱14.8 billion, supported by strong revenue performance and effective cost management.
Cement
SMC’s Cement business, including Eagle Cement Corporation, Northern Cement Corporation, and Southern Concrete Industries, Inc., reported ₱33.2 billion in consolidated revenues, down 5% due to softer demand and lower average selling prices amid continued import influx.
Despite lower EBITDA and operating income of ₱9.3 billion and ₱6.3 billion, respectively, margins remained stable through ongoing operational efficiencies and cost management initiatives.