San Miguel Corporation reported a strong first quarter for 2026, with revenues rising 19 percent to P428.3 billion, driven by solid performance across its food, power, fuel, infrastructure, and cement businesses.
Operating income climbed 31 percent to P59.6 billion as growth in the company’s energy business helped offset weaker margins at Petron Corporation. However, net income fell to P22.5 billion from P43.4 billion a year earlier, mainly because last year’s results included a one-time gain from the sale of power assets.
SMC said steady consumer demand and continued investments supported the group’s performance despite global economic challenges.
The food and beverage business remained stable, with San Miguel Food and Beverage, Inc. posting a 2 percent increase in net income. Growth was led by strong demand for branded food products and gains in the spirits business.
Its power unit, San Miguel Global Power, posted a sharp increase in operating income, boosted by contributions from battery energy storage facilities and power supply agreements.
Meanwhile, Petron’s earnings dropped 56 percent after refinery disruptions in the Philippines and Malaysia, worsened by storm damage and higher global oil costs linked to Middle East tensions.
SMC’s infrastructure and cement businesses also posted gains, supported by higher toll road traffic and stronger cement demand following anti-dumping measures on imported products.
The results show SMC’s diversified businesses continue to provide stability and growth even as some units face operational and global market pressures. Strong energy, food, and infrastructure performance helped cushion weaknesses in oil refining, highlighting the company’s broad role in the Philippine economy.
