San Miguel Corporation (SMC) recorded a massive surge in its underlying financial health during the first half of 2026, driven by expanding energy sales and higher fuel revenues even as high living costs weighed on everyday consumer spending. The conglomerate reported a 48 percent leap in consolidated core net income to P54.2 billion, alongside a 34 percent surge in total revenues to P964.1 billion. The operational gain underscores SMC’s expanding footprint in the national economy, reinforcing its capacity to maintain long-term investments in critical energy, transportation, and agricultural infrastructure.
Despite these strong operational figures, SMC’s reported net income dropped 44 percent to P37.7 billion. The sharp shift in headline figures stems from foreign exchange fluctuations and a massive one-time accounting gain of P21.9 billion recorded in the previous year’s power asset adjustments, rather than an operational slowdown. SMC chairman and chief executive officer Ramon S. Ang noted that while market volatility and cost pressures remain persistent, the company’s core operations are structurally sound and positioned to support broader economic development.
For everyday households, the results mirror a shift in consumer habits toward essential goods over discretionary purchases. San Miguel Food and Beverage saw total revenues rise 2 percent to P205.3 billion as growth in affordable groceries, feeds, and core food staples like Magnolia dairy and Purefoods meats offset a slowdown in alcohol sales. Domestic beer revenues held flat at P65.9 billion as inflation and a weaker peso led buyers to cut back on leisure spending, while spirits revenues held steady at P32.3 billion due to strategic price adjustments.
The group’s biggest growth engines reflected wider macroeconomic trends in energy and travel. Petron Corporation’s revenues spiked 57 percent to P605.9 billion as global crude prices averaged $91 a barrel, though high import costs trimmed its net profits down 27 percent to P3.8 billion. Elevated fuel prices also impacted road travel, causing average daily traffic across SMC Infrastructure’s tollways to dip slightly by 1 percent, even as infrastructure revenues grew 3 percent to P20.5 billion. Meanwhile, San Miguel Global Power generated a 27 percent revenue bump to P101.9 billion and nearly doubled its operating income to P42 billion, while the group’s cement business posted modest revenue growth of 2 percent to P18.2 billion despite heavy foreign import competition.
