• Core net income surged 52 percent to P79.6 billion in 2025 as San Miguel Corp. (SMC) expanded margins and improved operating efficiency across businesses
• Reported net income reached P94.7 billion, boosted by investment valuation gains and foreign exchange movements
• Operating income rose 13 percent to P181.6 billion while earnings before interest, taxes, depreciation, and amortization increased 16 percent to P262 billion
• Consolidated revenue held at P1.5 trillion as strong food, spirits, and infrastructure results offset weaker fuel prices and power asset deconsolidation
San Miguel Corp., the conglomerate led by tycoon Ramon S. Ang, delivered a sharp profit jump in 2025, with core net income climbing 52 percent to P79.6 billion as margin expansion and improved operating efficiency across its major businesses offset mixed revenue trends.
SMC’s reported net income reached P94.7 billion, supported by gains from the fair valuation of investments and foreign exchange movements.
Management’s view
“Our 2025 performance shows the value of having a diversified portfolio and a clear focus on execution,” said Ang, the chair and CEO of SMC.
“The strength of our businesses allowed us to navigate market changes, improve profitability, and remain disciplined in how we invest. Moving forward, we will continue to strengthen our businesses and pursue opportunities that create long-term value,” he added.
Operating income jump
Despite relatively modest top line growth, profitability improved significantly. Operating income increased 13 percent to P181.6 billion while earnings before interest, taxes, depreciation, and amortization rose 16 percent to P262 billion.
The stronger profit performance reflected pricing initiatives, lower input costs, and tighter cost management across several business units.
Consolidated revenue stood at P1.5 trillion. Strong contributions from food, spirits, and infrastructure helped cushion the impact of softer crude prices and the deconsolidation of the Ilijan and Excellent Energy Resources, Inc. power plants.
Inside the numbers
San Miguel Food and Beverage, Inc. remained the group’s largest earnings contributor, posting a 13 percent rise in net income to P46.3 billion on revenue of P419.1 billion.
Growth was led by its food business, where revenue increased 6 percent to P196.3 billion while net income surged 38 percent to P11.6 billion on strong poultry demand and improved feeds performance.
San Miguel Beer
The beer business maintained stable earnings despite softer domestic consumer spending, while Ginebra San Miguel Inc. continued its growth momentum with net income rising 20 percent to P8.7 billion, supported by pricing actions and steady volumes.
Power, Petron
San Miguel Global Power saw revenue decline 23 percent to P157.2 billion following the divestment and deconsolidation of two power plants. However, improved margins lifted operating income 8 percent to P43.8 billion. Net income surged 290 percent to P48.3 billion, partly due to a one-off P21.9 billion gain from the Chromite transaction. Excluding this item, profit still more than doubled to P26.4 billion.
Petron Corp. posted record net income of P15.6 billion, up 84 percent, as refinery efficiency and cost controls offset a 7 percent decline in revenue to P809.8 billion caused by lower global oil prices.
—Edited by Miguel R. Camus
