San Miguel Food and Beverage Inc. posted stronger earnings in 2025, with net income climbing 13 percent to P46.3 billion as its food, spirits and international beer businesses delivered steady growth despite a cautious consumer environment.
Consolidated revenues rose 5 percent to P419.1 billion, while gross profit increased 8 percent to P120.4 billion. Operating income expanded 9 percent to P61.0 billion, and earnings before interest, taxes, depreciation and amortization (EBITDA) grew 10 percent to P80.6 billion, lifting EBITDA margin to 19 percent. Net income attributable to equity holders of the parent jumped 17 percent, underscoring improved shareholder returns.
San Miguel Food chairman Ramon S. Ang credited the results to strong execution across the group’s portfolio.
“We will continue investing in our brands and operations so we can serve more Filipino families and deliver long-term value to our shareholders,” Ang said.
The company’s food division delivered record results, with revenues rising 6 percent to P196.3 billion. Operating income surged 30 percent to P17.3 billion while net income jumped 38 percent to P11.6 billion, driven largely by improved feeds operations and strong poultry demand.
Branded products also posted solid gains, led by Magnolia dairy and coffee lines and Purefoods processed meats, supported by steady sales of staples such as corned beef, luncheon meat, hams, bacon, longanisa and tocino.
The beer business generated revenues of P155.4 billion, broadly steady from the previous year. Domestic beer revenues reached P139.1 billion despite continued pressure on consumer spending from successive excise tax hikes since 2020.
Still, disciplined cost management and targeted marketing helped keep operating income at P32.9 billion and net income at P26.5 billion.
The spirits segment continued its momentum, with revenues climbing 8 percent to P67.4 billion. Operating income rose 21 percent to P10.4 billion, while net income increased 20 percent to P8.7 billion, supported by effective pricing and stable volumes.
Taken together, the results highlight San Miguel Food’s diversified earnings base—balancing staple food demand with steady alcohol sales—as the conglomerate navigates shifting consumer spending patterns.
