The Ramon Ang-led company earned P30.6 billion in the first nine months of 2026, down 9 percent, while revenue rose 2 percent to P309.6 billion as higher costs and cautious consumer spending squeezed margins.
Management’s view
"This has been a challenging year so far for Filipino consumers, so we continue to make every effort to keep our products affordable while managing our costs carefully," Ang, the chair of SMFB, said in a statement on Wednesday.
"Our brands remain strong and our balance sheet has strengthened further. We will continue to invest in capacity and in our brands so we are ready when demand picks up. We look forward to a strong holiday season, traditionally our busiest time of the year,” he added.
Food offers some relief
San Miguel's food business grew sales 6 percent to P151.4 billion, led by animal nutrition, processed meats and dairy products, helping offset softer demand for poultry and flour.
Beer remained the group's biggest earnings contributor, although weaker consumer spending pushed sales down 1 percent to P109.2 billion and net income 14 percent lower to P16.1 billion.
Holding the line on profits
Ginebra San Miguel proved more resilient, growing net income 3 percent to P6.5 billion despite softer sales volumes, supported by tighter cost management.
Across the group, operating income declined 9 percent to P40.6 billion as higher raw material, fuel and other expenses, alongside increased brand spending, weighed on profitability.
SMFB ended September with total equity of P203.9 billion, up 4 percent from December 2025, giving the company room to continue investing in production and distribution.
The group is also working to improve manufacturing and logistics efficiency as it balances affordability with the need to protect margins.
—Edited by Miguel R. Camus
