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Manila Bulletin devider Business devider The Stock Market devider SMC sees even faster earnings growth in Q4

SMC sees even faster earnings growth in Q4

Published Nov 19, 2025 04:44 pm
Diversified conglomerate San Miguel Corp. (SMC) expects the holiday season to perk up its already high earnings growth rate in the first nine months of 2025.
“Despite factors outside our control, we delivered strong results and continued making steady progress on our major projects,” SMC Chairman and Chief Executive Officer (CEO) Ramon S. Ang said in a statement.
He added that the group is preparing for higher consumer activity in the final quarter of the year as holiday demand picks up.
SMC reported a 54-percent jump in core net income to ₱60.3 billion, excluding foreign exchange (forex) and one-off items, for the first nine months of the year, supported by improved operational efficiency across its key businesses and sustained cost management efforts.
Operating income grew 13 percent to ₱137.4 billion, while consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 16 percent to ₱194.3 billion.
Strong contributions from the food, spirits, power, and infrastructure units helped offset external pressures on the fuel and oil segment.
Total consolidated revenues stood at ₱1.1 trillion, slightly lower than the ₱1.2 trillion generated in the same period last year due to softening crude prices and the de-consolidation of select power assets.
San Miguel Food and Beverage Inc. (SMFB) posted consolidated revenues of ₱302.9 billion, up four percent year-on-year, led by Ginebra San Miguel and San Miguel Foods. EBITDA increased 13 percent to ₱58.4 billion, reflecting stronger profitability.
San Miguel Foods grew revenues seven percent to ₱143.5 billion, driven by higher demand and volumes across all its business segments. EBITDA increased 27 percent to ₱20 billion on cost discipline and margin improvements.
San Miguel Brewery posted steady revenues of ₱110.7 billion, driven by growth in international markets and stable domestic sales. EBITDA improved four percent to ₱30 billion.
Ginebra San Miguel sustained its momentum with revenues up seven percent to ₱48.7 billion. EBITDA rose 19 percent to ₱8.4 billion, driven by stable volumes and improved efficiency.
Petron Corp. achieved higher sales, reporting combined volume of 84.7 million barrels for the Philippines and Malaysia, up three percent from the same period last year. But due to lower Dubai crude prices, revenues decreased by 10 percent to ₱594.9 billion. Net income rose 37 percent to ₱9.7 billion.
SMC Global Power Holdings Corp. (SMGP) reported revenues of ₱118.8 billion, 23-percent lower year-on-year due to the deconsolidation of Ilijan and EERI and softer coal and spot market prices. Operating income rose four percent year-on-year to ₱34.8 billion, resulting primarily from increased contribution from its battery energy storage system (BESS) business.
SMC Infrastructure revenues increased seven percent to ₱29.6 billion, supported by higher traffic across all toll roads, with average daily vehicle count up four percent to 1.07 million. Operating income grew 12 percent to ₱16.7 billion.
SMC's cement business reported consolidated revenues of ₱25.5 billion, down six year-on-year, amid the continued influx of cheap imports and weaker volumes. Operating income stood at ₱5.1 billion.

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