• Group earnings leap on valuation gains and stronger underlying margins
• Food and Beverage and Infrastructure extend steady operational momentum
• Energy and Petron post higher profit despite lower revenue
San Miguel Corp., led by tycoon Ramon S. Ang, delivered a strong profit rebound in the first nine months of 2025, with consolidated net income increasing P41.55 billion.
The upswing was propelled by a P21.93 billion fair value gain from revaluing the 33 percent stakes in South Premiere Power Corp. (SPPC), Excellent Energy Resources Inc. (EERI) and Island Power Philippines Energy Corp. (IPIEC), and by improved results across Food and Beverage, Infrastructure and Petron.
Why earnings accelerated
Consolidated operating income expanded P15.53 billion as San Miguel Food and Beverage Inc. (SMFB) posted stronger margins, Petron benefited from better domestic demand and Infrastructure saw higher traffic.
Cost of sales dropped P101.13 billion, driven by lower fuel costs at Petron and reduced coal prices that eased Energy generation expenses. Equity earnings rose P6.40 billion after the SPPC and EERI deconsolidation.
Other income turned around to P17.32 billion despite higher foreign exchange losses. Net income attributable to the parent grew P34.23 billion, while non controlling interests increased P7.32 billion on broader earnings strength.
How revenue performed
Group revenues reached P1,091.12 billion, a 7 percent decline tied to lower fuel prices, reduced Energy contributions after the SPPC deconsolidation and softer Cement volumes. Offsetting momentum came from Food, Ginebra San Miguel Inc. (GSMI) and Infrastructure, which maintained steady growth.
Food and Beverage delivered consistent gains
SMFB generated P302.92 billion in revenue, up 4 percent, and raised operating income 12 percent to P44.67 billion.
San Miguel Brewery Inc. (SMB) kept revenue stable at P110.74 billion and lifted operating income 2 percent on disciplined cost management. GSMI posted 7 percent revenue growth with a 19 percent rise in operating income.
The Food division delivered P143.51 billion in revenue, a 7 percent increase, with operating income up 32 percent as Protein margins widened and Flour efficiency improved.
Energy, Petron and Infrastructure added solid support
San Miguel Global Power Holdings Corp. posted P118.80 billion in revenue after the SPPC deconsolidation, yet operating income improved to P34.83 billion and net income rose to P42.40 billion.
Petron reported P594.90 billion in revenue as crude prices fell, but operating income rose 20 percent and net income grew 37 percent to P9.67 billion.
Infrastructure revenues increased 7 percent to P29.62 billion on higher traffic. Cement revenues totaled P25.53 billion amid import competition.
—Edited by Miguel R. Camus
