San Miguel Corporation (SMC), one of the Philippines’ biggest companies, announced that it earned more money in the first three months of 2026. According to a press release dated May 15, 2026, the company’s revenues (the total money it made from selling products and services) went up by 19% to P428.3 billion compared to the same time last year.

What Made SMC Earn More Money?

Think of SMC like a big tree with many branches – each branch is a different business. The company made more money because several of its businesses did well:

• Fuel and Oil business sold more products
• Energy business contributed new earnings
• Food business kept growing and selling more products

The company’s operating income (the profit from running the business) increased even more – by 31% to P59.6 billion. This happened because the Energy business performed really well and made better profits, which helped balance out some challenges in their Petron fuel business.

Understanding Net Income

However, SMC’s net income (the final profit after everything is counted) was P22.5 billion, which is lower than the P43.4 billion they made in the same period last year. This happened because last year they made a big one-time profit of P21.9 billion from selling some power plants, and this year they also had some losses from foreign currency exchange rates.

SMC Chairman and CEO Ramon S. Ang explained that their businesses performed well because of steady customer demand and hard work from their teams. He acknowledged that global conditions remain challenging but promised the company would continue operating carefully and investing in projects that support the country’s growth.

How Each Business Performed

Food & Beverage

San Miguel Food and Beverage (SMFB) – the part that makes food and drinks – earned P11.8 billion in net income, up 2% from last year. Revenue (total sales) increased 4% to P103.1 billion.

San Miguel Foods grew its revenue by 7% to P49.6 billion. This means more people bought their products like Magnolia dairy products, coffee, and Purefoods meats. They also sold more animal feeds. Their net income went up 8% to P3.3 billion.

San Miguel Brewery (the beer-making business) made P36.8 billion in revenue. They had to increase prices because of higher taxes and costs, even though they sold slightly less beer. They managed to keep their operating income steady at P7.9 billion.

Ginebra San Miguel (the liquor business) increased revenues by 3% to P16.7 billion, with net income of P2.3 billion.

Power Business

San Miguel Global Power saw its revenues jump 26% to P53.6 billion. This big increase came partly from five new battery energy storage system (BESS) facilities – think of these like giant batteries that store electricity for when people need it.

However, they produced less electricity overall (down 13%) because they sold two power plants last year. Despite this, their operating income shot up 163% to P28.1 billion because the battery facilities and improved profit margins helped a lot.

Their net income was P23.9 billion, which is lower than last year mainly because last year’s numbers included that big P21.9 billion gain from selling power plants.

Fuel and Oil

Petron Corporation (SMC’s fuel business) earned P1.8 billion in net income, which is 56% lower than the P4.0 billion they made last year. This drop happened because both their refineries in the Philippines and Malaysia produced less fuel.

The Port Dickson refinery in Malaysia has been closed since November 2025 because Tropical Storm Senyar damaged it. Meanwhile, the Petron Bataan refinery in the Philippines was shut down temporarily for regular maintenance. Problems in the Middle East made things even more challenging.

Despite these problems, revenues increased 27% to P246.0 billion because fuel prices were higher (oil went from $77 per barrel to $86 per barrel) and they sold more products overall. However, they sold 7% less fuel (25.7 million barrels versus 27.6 million barrels last year) because the refineries weren’t producing as much.

Infrastructure

SMC’s Infrastructure Group (which operates toll roads) earned P10.4 billion in revenues, up 7% from last year. More cars used their toll roads – about 3% more, reaching 1.1 million vehicles per day on average. Operating income increased 12% to P6.0 billion.

Cement

The Cement business, which includes Eagle Cement and other cement companies, made P9.2 billion in revenues, up 3% from last year. They sold more cement, but at lower prices because many companies were competing for customers. The good news is that the government started charging extra fees on imported cement in February, which helped local cement makers sell more. Operating income reached P1.7 billion, 3% higher than last year.

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.