Diversified conglomerate San Miguel Corp. (SMC) expects a stronger performance this year as its portfolio of businesses maintains a trajectory of profitability despite global economic headwinds.

SMC Chairman and Chief Executive Officer Ramon S. Ang said in a recent interview that every unit within the conglomerate is currently generating profit.

“All of our companies are profitable. Not a single one is losing money,” Ang said in Filipino during a chance interview.

The optimistic outlook follows a robust nine-month performance in 2025, with Ang anticipating that a surge in holiday spending will further accelerate earnings growth toward the end of the year.

Ang noted that the group has remained resilient, making steady progress on large-scale infrastructure projects while navigating external factors beyond its immediate control.

“Despite factors outside our control, we delivered strong results and continued making steady progress on our major projects,” he noted

For the first nine months of 2025, San Miguel’s core net income, which excludes foreign exchange fluctuations and one-off items, surged 54 percent to ₱60.3 billion. This growth was underpinned by a 13 percent increase in operating income to ₱137.4 billion, while consolidated earnings before interest, taxes, depreciation, and amortization rose 16 percent to ₱194.3 billion.

Although total consolidated revenues dipped slightly to ₱1.1 trillion from ₱1.2 trillion a year earlier—largely due to a drop in crude oil prices and the deconsolidation of certain power assets—the group’s food, beverage, and infrastructure units provided a significant buffer.

San Miguel Food and Beverage Inc. saw revenues rise four percent to ₱302.9 billion, supported by gains in its spirits and food divisions.

Within that unit, San Miguel Foods recorded a seven percent revenue increase to ₱143.5 billion, while its EBITDA jumped 27 percent to ₱20 billion as the company focused on cost discipline. The group’s beer division, San Miguel Brewery, maintained steady revenues of ₱110.7 billion, and Ginebra San Miguel reported a seven percent increase in turnover to ₱48.7 billion.

In the energy and fuels sector, Petron Corp. reported a 37 percent jump in net income to ₱9.7 billion, even as lower Dubai crude prices pulled revenues down 10 percent to ₱594.9 billion.

SMC Global Power Holdings Corp. also saw a revenue decline, falling 23 percent to ₱118.8 billion due to asset deconsolidation, though its operating income grew four percent to ₱34.8 billion on the back of its battery energy storage system business.

Meanwhile, the infrastructure arm remained a bright spot, with revenues rising seven percent to ₱29.6 billion as daily traffic across its toll road network averaged 1.07 million vehicles.