San Miguel Corporation (SMC), one of the Philippines’ largest and most diversified companies, announced that its core net income grew by an impressive 52% to reach P79.6 billion in 2025, according to a press statement released on March 16, 2026.

To put this in simpler terms: imagine SMC earned P100 last year. This year, they earned P152. That’s how much their profits grew!

What Does “Core Net Income” Mean?

Core net income is the money a company makes from its regular business operations – like selling products and providing services. SMC’s reported net income (which includes some one-time gains from investments and currency changes) reached an even higher P94.7 billion.

Why Did Profits Grow So Much?

According to the company’s disclosure to the Philippine Stock Exchange, SMC’s strong performance came from several factors:

• Better profit margins across different businesses
• Lower costs for raw materials and supplies
• Smart pricing strategies
• Improved efficiency in operations

The company’s operating income increased by 13% to P181.6 billion, while its EBITDA (a measure of how much money the business makes before paying interest, taxes, and other expenses) grew 16% to P262.0 billion.

SMC’s total revenues reached P1.5 trillion. Chairman and CEO Ramon S. Ang explained that having different types of businesses helped the company stay strong even when some markets faced challenges.

Breaking Down SMC’s Different Businesses

Food and Beverage Business

San Miguel Food and Beverage, Inc. (SMFB) saw its net income jump 13% to P46.3 billion. Total revenues reached P419.1 billion, up 5% from the previous year.

Here’s how each part performed:

San Miguel Foods: This division, which includes chicken and animal feed, earned P196.3 billion in revenues (up 6%). Net income grew impressively by 38% to P11.6 billion, thanks to strong demand for poultry products and better performance in the feeds business.

San Miguel Brewery: The beer business posted P155.4 billion in revenues, staying stable compared to last year. While local beer sales faced some pressure due to consumers spending less, international beer sales grew 3%. The company maintained its net income at P26.5 billion through careful cost management.

Ginebra San Miguel: The spirits business continued its strong performance with revenues growing 8% to P67.4 billion. Net income increased 20% to P8.7 billion, driven by effective pricing and steady sales volumes.

Power Business

San Miguel Global Power’s revenues decreased 23% to P157.2 billion. This drop happened mainly because the company sold off its Ilijan and EERI power plants, so these are no longer included in the company’s consolidated numbers.

However, the power business actually performed very well. Operating income grew 8% to P43.8 billion, and profit margins expanded significantly from 20% to 28%.

Net income surged dramatically by 290% to P48.3 billion. This huge increase was helped by a P21.9 billion gain from the Chromite transaction (a one-time special gain). Even without this special gain, net income more than doubled, improving 113% to P26.4 billion.

Fuel and Oil Business

Petron Corporation had its best financial performance ever, delivering record net income of P15.6 billion – up 84% compared to the previous year.

This strong performance came from selling more fuel products locally, running their refineries more efficiently in both the Philippines and Malaysia, and managing their finances better.

Total fuel volumes sold reached 113.4 million barrels, up 3% from 110.0 million barrels the year before.

While revenues fell 7% to P809.8 billion (because crude oil prices dropped by 13% to an average of USD69.44 per barrel), operating income jumped 28% to P37.3 billion, showing the company became more efficient at making profits.

Infrastructure Business (Toll Roads)

SMC Infrastructure, which operates toll roads, grew its revenues by 7% to P40.2 billion as more vehicles used their expressways.

On average, 1.08 million vehicles traveled on their toll roads each day – that’s 5% more than last year. Net income increased 5% to P14.8 billion.

Cement Business

The cement business had a tougher year, with revenues declining 5% to P33.2 billion. This happened because of softer demand and lower selling prices, partly due to imported cement coming into the country.

Despite these challenges, the company managed to keep profit margins steady through cost management and operational improvements.

Understanding SMC’s Diversified Business Model

San Miguel Corporation is a conglomerate, which means it operates many different types of businesses. This diversity helped cushion the impact when some sectors faced challenges – while cement struggled and power underwent restructuring, food, spirits, fuel, and toll roads performed strongly.

Chairman Ramon S. Ang emphasized that the company will continue strengthening its businesses and looking for opportunities that create long-term value, while maintaining financial discipline in how they invest.

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.