SAN Miguel Corp. (SMC) on Friday reported a consolidated net income of P22.5 billion in the first quarter of 2026, 48-percent lower than P43.4 billion in the same period last year, as the absence of a large one-off asset sale gain and foreign exchange losses offset broad-based operating improvements.
In a disclosure, the conglomerate said revenues rose 19 percent to P428.3 billion from a year earlier, driven by stronger performance across its food, energy, fuel, infrastructure, and cement businesses.
Operating income increased 31 percent to P59.6 billion, supported by higher revenues and margin expansion in the energy segment, which helped offset pressure in its fuel operations.
“Our businesses performed well in the first quarter, supported by steady demand and the hard work of our teams across the group,” SMC Chairman and CEO Ramon S. Ang said.
“While global conditions remain challenging, we will stay disciplined in how we operate, serve our customers well, and continue investing where we can support our country’s growth,” he added.
Food and beverage unit San Miguel Food and Beverage Inc. posted a 2-percent increase in net income to P11.8 billion, supported by growth in its food and spirits businesses and stable beer operations.
Revenue rose 4 percent to P103.1 billion, while operating income climbed 3 percent to P15.7 billion.
San Miguel Foods generated a 7-percent revenue increase to P49.6 billion, driven by stronger feeds sales and sustained demand for branded products.
San Miguel Brewery Inc. reported revenues of P36.8 billion, with net income of P6.2 billion, supported by cost controls and pricing adjustments amid excise tax pressures.
Ginebra San Miguel Inc. posted a 3-percent revenue increase to P16.7 billion, with net income rising to P2.3 billion.
San Miguel Global Power Holdings Corp. saw revenues increase 26 percent to P53.6 billion, driven by contributions from battery energy storage systems and power supply agreements, although net income declined due to the absence of a prior-year one-off gain.
Moreover, Petron Corp. reported a 56-percent drop in net income to P1.8 billion as refinery disruptions in both the Philippines and Malaysia weighed on output, despite a 27-percent rise in revenues to P246 billion.
The infrastructure business posted revenues of P10.4 billion, up 7 percent, with operating income rising 12 percent on higher traffic volumes.
Meanwhile, the cement business recorded revenues of P9.2 billion, up 3 percent, supported by stronger volumes following reduced imports and earlier price adjustments, with operating income reaching P1.7 billion.
SMC shares on Friday dropped P0.60 or 0.85 percent, to close at P69.95 each.
