Shell Pilipinas Corp. (SPC) reported a 33 percent surge in net income for the first nine months of the year, driven by stronger free cash flow and improved earnings.

In a disclosure to the Philippine Stock Exchange on Tuesday, Nov. 11, the company said its net income increased to ₱1.3 billion in January to September from approximately ₱1 billion in the same period last year.

Core earnings grew 10 percent to ₱2.5 billion as of the end of September, with the company attributing the steady performance to its premium fuels, retail segment, and fleet solutions. Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 7.7 percent to ₱8.85 billion, boosted by high premium product penetration across all sectors.

Meanwhile, net sales dropped 7.3 percent to ₱171.7 billion from ₱185.2 billion a year earlier. This decline was primarily due to lower pump prices, following a general decrease in global oil prices.

Despite the drop in sales, commercial fuels posted a steady one percent increase in volume, brought about by new customers and distributor expansion within the power sector.

SPC also noted that its Davao import facility helped support supply growth and improve competitiveness in Mindanao, which in turn minimized potential losses and strengthened cash flow.

“Our nine-month results show that our strategy is working, we are defending volumes, expanding where we hold advantage, and delivering on our commitments,” Shell Pilipinas President and Chief Executive Officer Lorelie Quiambao Osial said.

The company's capital expenditures (CAPEX) for the year remained between ₱2 billion and ₱3 billion, earmarked for expansion activities and supply chain improvements.

The fuel company stated that the majority of this CAPEX has been allocated for new mobility stations, growth projects, and upgrading existing supply and distribution facilities.

In a move addressing the growing electric vehicle (EV) fleet in the country, SPC recently partnered with Ayala-led ACMobility to co-develop a charging backbone.

SPC said the initiative aims to connect key corridor sites with Shell’s retail network, securing longer distance drives and better coverage for EV users.

“Our priorities remain unchanged: cash discipline, stronger returns on capital, and profitable growth. We enter the fourth quarter on the front foot and intend to finish the year stronger, setting a solid base for 2026,” Osial concluded.