San Miguel Corporation (SMC) maintained flat year‑on‑year core income for the first nine months of 2026 despite rising interest and input costs, showing the resilience of the Philippine conglomerate’s diversified portfolio. Excluding non‑core items and the 2025 Chromite‑transaction one‑time gain, core earnings held firm, while reported net income dropped 40 percent to P47.3 billion due to foreign‑exchange losses and last year’s special profit boost. Consolidated revenues jumped 34 percent to P1.5 trillion, driven by fuel‑and‑oil, power, food, and infrastructure businesses, pushing operating income up 3 percent to P141.8 billion and EBITDA 7 percent higher to P208.5 billion. SMC Chairman and CEO Ramon S. Ang said the group’s wide‑ranging businesses provided stability amid difficult market conditions, with management sticking to disciplined execution to adapt to economic headwinds.
San Miguel Food and Beverage recorded a 2 percent sales increase to P309.6 billion, offsetting weaker beer sales with gains from food and spirits, though inflation and slower household spending pulled segment net income down 9 percent to P30.6 billion. Petron’s revenues surged 56 percent to P928.2 billion on stronger retail sales, yet higher crude and freight costs dragged net income 44 percent lower to P5.4 billion. SMC Infrastructure’s revenue rose 4 percent to P30.9 billion, while net income climbed 35 percent to P14.5 billion, supported by NAIA Infra and Manila North Harbour contributions. San Miguel Global Power led the pack with a 25 percent revenue jump to P149.1 billion and a 53 percent rise in operating income to P53.4 billion, backed by new power facilities and power‑supply agreements. Meanwhile, SMC’s cement segment posted a 3 percent revenue increase to P26.4 billion, but elevated raw‑material and power costs pulled net income down 22 percent to P2.0 billion.
As one of the country’s biggest conglomerates, SMC’s nine‑month performance signals how large Philippine corporations are navigating inflation, geopolitical risks, volatile commodity prices, and soft consumer demand across key sectors that support local households and industries.
