San Miguel Food and Beverage Inc. (SMFB) started the year with resilient earnings as strong food and spirits demand helped offset rising costs, volatile fuel prices and geopolitical disruptions that continue to pressure consumer companies.
SMFB said net income rose 2 percent to P11.8 billion in the first quarter of 2026, while revenue increased 4 percent to P103.1 billion.
Operating income climbed 3 percent to P15.7 billion, while earnings before interest, taxes, depreciation and amortization grew 4 percent to P20.4 billion. Margin held steady at 20 percent.
“We cannot control how global conditions will evolve, but we can control how prepared we are,” SMFB chair Ramon Ang said in a statement on Wednesday.
“We will stay disciplined, manage our costs carefully, and continue investing across our supply chain to help ensure a stable and reliable food supply, especially in this environment,” he added.
Food lifts earnings
SMFB’s food unit was the strongest growth driver in the quarter, with revenue rising 7 percent to P49.6 billion on higher feeds sales and continued demand for branded consumer products.
Operating income climbed 10 percent to P4.9 billion, while net income increased 8 percent to P3.3 billion.
Beer weathers pressure
Beer revenue stood at P36.8 billion, including P32.7 billion from domestic operations.
Price increases helped cushion softer volumes and higher excise taxes, keeping operating income steady at P7.9 billion. Net income reached P6.2 billion.
International beer operations generated US$68.3 million in revenue, although exports were hit by the Middle East conflict.
Spirits remain stable
The spirits business posted 3 percent revenue growth to P16.7 billion.
Operating income totaled P2.8 billion, while net income came in at P2.3 billion as the segment maintained cost discipline amid a more volatile operating environment.
—Edited by Miguel R. Camus
