ANG-LED conglomerate San Miguel Corp. (SMC) reported a 52% increase in core net income for 2025 to P79.6 billion, supported by stronger earnings across its businesses, improved margins, and value discipline.
The conglomerate’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 16% to P262 billion last yr, while consolidated operating income increased 13% to P181.6 billion, SMC said in an announcement on Monday.
SMC recorded consolidated revenues of P1.5 trillion, supported by regular performance from its food, spirits, and infrastructure segments, which helped offset the impact of weaker crude oil prices and the deconsolidation of the Ilijan and Excellent Energy Resources, Inc. (EERI) power facilities.
“Our 2025 performance shows the worth of getting a diversified portfolio and a transparent deal with execution,” SMC Chairman and Chief Executive Officer Ramon S. Ang said.
“The strength of our businesses allowed us to navigate market changes, improve profitability, and remain disciplined in how we invest. Moving forward, we’ll proceed to strengthen our businesses and pursue opportunities that create long-term value,” he added.
SMC’s food and beverage unit, San Miguel Food and Beverage, Inc. (SMFB), reported a 13% increase in net income to P46.3 billion as revenues grew 5% to P419.1 billion. Growth was driven by record performance within the food business, sustained spirits growth, and increased international beer sales.
San Miguel Brewery, Inc. posted consolidated revenues of P155.4 billion, reflecting regular performance compared with the previous yr.
International operations increased revenues by 3% to $285 million on higher volumes, while domestic beer revenues reached P139.1 billion despite subdued consumer spending. The beer business maintained operating income at P32.9 billion and net income at P26.5 billion through cost management, portfolio optimization, and targeted consumer investments.
Ginebra San Miguel, Inc. posted a 20% increase in net income to P8.7 billion in 2025, while revenues rose 8% to P67.4 billion.
San Miguel Foods reported revenues of P196.3 billion, up 6%, driven by stronger feeds performance and robust poultry demand.
San Miguel Global Power reported a 290% increase in net income to P48.3 billion, driven by a P21.9-billion Chromite transaction gain. Excluding this one-off item, underlying net income still rose 113% to P26.4 billion.
Revenues declined 23% to P157.2 billion as offtake volumes fell 20% to 29.2 million megawatt-hours (MWh), mainly resulting from the divestment and resulting deconsolidation of the Ilijan and EERI power plants.
“Excluding this impact, volumes remained stable. Strong output from the Masinloc plant, higher generation from San Roque, and the full-year contribution of the 600-megawatt Mariveles power plant and BESS (battery energy storage system) facilities supported overall performance,” SMC said.
Petron Corp. reported an 84% increase in net income to P15.6 billion in 2025, marking a record high. The expansion was driven by sustained domestic volume growth, improved productivity at its Philippine and Malaysian refineries, lower financial costs, and effective working capital management.
Combined oil volumes within the Philippines and Malaysia reached 113.4 million barrels last yr, up 3% from 110 million barrels a yr earlier.
Nevertheless, Petron’s revenues declined 7% to P809.8 billion, mainly resulting from a 13% drop in average Dubai crude prices to $69.44 per barrel.
SMC Infrastructure posted a 5% increase in net income to P14.8 billion in 2025. Consolidated revenues grew 7% to P40.2 billion, driven by higher traffic volumes across its toll roads.
SMC’s cement business — consisting of Eagle Cement Corp., Northern Cement Corp., and Southern Concrete Industries, Inc. — reported consolidated revenues of P33.2 billion in 2025, down 5% resulting from softer demand and lower prices amid rising imported cement. This was partly offset by regular sales volumes.
“Despite lower EBITDA and operating income of P9.3 billion and P6.3 billion, respectively, margins were held regular through ongoing operational efficiencies and value management initiatives,” the corporate said.
On Monday, SMC shares fell 2.6% to P67.30 apiece. — Alexandria Grace C. Magno