San Miguel Food and Beverage, Inc. (SMFB) announced its financial results for the first three months of 2026, showing that the company earned P11.8 billion in net income. This means the company made a profit that was 2% higher compared to the same period last year, according to a press release filed with the Securities and Exchange Commission on May 6, 2026.

What Does SMFB Do?

SMFB is one of the largest food and beverage companies in the Philippines. Think of them as the company behind many products you might see at home or in stores – like San Miguel Beer, Red Horse Beer, Magnolia dairy products, and Purefoods meat products. They make and sell food, drinks, and even animal feeds.

How Much Money Did They Make?

During the first quarter (January to March 2026), SMFB’s total revenue – which is all the money they earned from selling their products – reached P103.1 billion. This was 4% more than what they made during the same period last year.

Their operating income (money left after paying for the costs of running the business) grew by 3% to P15.7 billion. The company also reported that their EBITDA – a fancy business term that shows how much money a company makes before paying certain expenses – increased by 4% to P20.4 billion.

What Challenges Did They Face?

According to the company, they dealt with several difficulties during this period. These included tensions between countries (geopolitical tensions), changing fuel prices that go up and down, and other costs that made running the business more expensive. Despite these challenges, people continued to buy their products at steady levels.

SMFB Chairman Ramon S. Ang explained their approach: “We cannot control how global conditions will evolve, but we can control how prepared we are.” He said the company will keep managing their costs carefully and continue investing in their supply chain to make sure food remains available and stable, especially during uncertain times.

Breaking Down the Different Businesses

Food Business

This part of SMFB – which includes Magnolia dairy products, Purefoods meats, and animal feeds – performed well. Revenue increased by 7% to P49.6 billion. The feeds segment (food for animals like chickens and pigs) helped drive this growth, along with continued demand for branded products like Magnolia coffee and dairy, and Purefoods meat products.

The food business earned an operating income of P4.9 billion (up 10%) and net income of P3.3 billion (up 8%).

Beer Business

The beer division, which makes popular brands like San Miguel Pale Pilsen and Red Horse Beer, earned P36.8 billion in revenue. Performance was described as “stable” for the period.

In the Philippines, the beer business made P32.7 billion. The company mentioned that they adjusted prices due to volume pressures, rising costs, and higher excise taxes (special taxes the government charges on products like alcohol and cigarettes).

Operating income stayed at P7.9 billion, while net income was P6.2 billion. The company kept these numbers steady by controlling costs and investing in marketing and distribution for their brands, including newer products like San Miguel Mango Yuzu.

Their international beer operations (selling beer to other countries) brought in US$68.3 million in revenue. However, this was affected by the ongoing crisis in the Middle East, which hurt their export sales to that region.

Spirits Business

The spirits division, which makes alcoholic beverages other than beer, saw revenue grow by 3% to P16.7 billion. This business earned P2.8 billion in operating income and P2.3 billion in net income. Like the other businesses, this was supported by marketing their brands and carefully managing costs.

What’s Next for SMFB?

The company stated it will continue investing in its operations and supply chain while keeping strict control over costs. They also plan to strengthen their main businesses to support long-term growth.

About San Miguel Food and Beverage, Inc.

SMFB is registered with the SEC under registration number 11840. The company is located at 40 San Miguel Avenue, Mandaluyong City. As of December 31, 2025, SMFB had 5,909,220,090 outstanding common shares listed on the Philippine Stock Exchange under the ticker symbol “FB”.

This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.