SHELL Pilipinas Corp. on Thursday reported a 69-percent increase in its 2025 net income to P2.1 billion, which it said was supported by stronger cash generation, improved operational efficiency and disciplined execution across its businesses.
Core earnings rose 28 percent to P3.3 billion while free cash flow turned positive to P2.1 billion, reversing from a P1.6 billion deficit in 2024.
Gearing improved to 52 percent from 56 percent, reflecting lower net debt and tighter capital discipline, the company said in a disclosure.
“2025 marked a year of steady progress for Shell Pilipinas, with stronger results delivered quarter after quarter,” President and CEO Lorelie Quiambao Osial said.
“The strategic priorities we sharpened — integrated channel growth, disciplined working capital, and tighter cost control — are translating into more consistent performance across our portfolio,” she added.
The company’s fuels business posted two-percent volume growth, led by its B2B and commercial segments, healthier product mix, and more efficient supply chains.
Mobility volumes stabilized, fleet solutions grew 11 percent and non-fuel retail also rose 11 percent.
Aviation volumes increased 11 percent, marking the strongest year in five years, while commercial fuels expanded three percent, driven by the mining and wholesale segments.
Non-fuels operations, including lubricants and bitumen, grew four to five percent, helping diversify earnings.
Lubricants were said to have strengthened market position through better distribution and e-commerce expansion, while bitumen supported key infrastructure projects despite weather and construction challenges.
Trading and supply operations improved efficiency, the company added, with the Davao Import Facility reducing logistics costs and boosting service levels in Mindanao.
With improved earnings, cash flow, and a stronger balance sheet, Shell Pilipinas also announced the resumption of dividend distribution, signaling restored financial resilience while maintaining capital prudence.
“We remain focused on safety, disciplined operations, and support for our customers,” Osial said. “Shell Pilipinas will continue to manage risks responsibly and strengthen long-term resilience.”
Shell Pilipinas shares dropped P1.60, or 14.41 percent, to close at P9.50 each on Thursday.
