San Miguel Corporation (SMC) reported a 52 percent jump in core net income to P79.6 billion in 2025, driven by stronger profitability, improved margins, and continued cost discipline across its businesses.
Reported net income reached P94.7 billion, supported by gains from investment valuations and foreign exchange movements.
The conglomerate said operating income rose 13 percent to P181.6 billion, while EBITDA increased 16 percent to P262 billion. Consolidated revenues reached P1.5 trillion, with steady contributions from its food, spirits, and infrastructure businesses helping offset the impact of lower crude prices and the deconsolidation of some power assets.
SMC chairman and CEO Ramon S. Ang said the company’s diversified portfolio helped it navigate market changes and improve profitability.
San Miguel Food and Beverage, Inc. posted a 13 percent increase in net income to P46.3 billion, with revenues rising 5 percent to P419.1 billion, supported by strong performance from its food and spirits units.
San Miguel Global Power saw revenues decline 23 percent to P157.2 billion due to the divestment of the Ilijan and EERI power plants, though net income surged 290 percent to P48.3 billion partly due to gains from a Chromite transaction.
Petron Corporation recorded net income of P15.6 billion, up 84 percent, driven by higher fuel volumes and improved refinery performance despite lower oil prices.
SMC Infrastructure posted 7 percent revenue growth to P40.2 billion, with average daily traffic on its toll roads reaching 1.08 million vehicles.
Meanwhile, SMC’s cement business, including Eagle Cement Corporation, reported revenues of P33.2 billion, down 5 percent amid weaker demand and increased imports.
