San Miguel Food and Beverage Inc. (SMFB), a core subsidiary of diversified conglomerate San Miguel Corp. (SMC), reported a 13-percent increase in consolidated net income to ₱46.3 billion last year.

In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, March 10, the firm said growth was driven by a record performance from its food business, continued growth in spirits, and higher international beer sales.

Consolidated revenues improved five percent to ₱419.1 billion, while gross profit grew eight percent to ₱120.4 billion. Operating income increased nine percent to ₱61 billion, and earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 10 percent to ₱80.6 billion.

SMFB Chairman Ramon S. Ang said, “2025 was a strong year for SMFB, and that is a credit to our people across the organization. We will continue investing in our brands and operations so we can serve more Filipino families and deliver long-term value to our shareholders.”

The food business delivered record results, with revenues increasing six percent to ₱196.3 billion. Operating income rose 30 percent to ₱17.3 billion, while net income jumped 38 percent to ₱11.6 billion.

This growth was driven by improved performance in feeds and strong demand for poultry. The branded businesses also posted solid results, led by Magnolia dairy and coffee and Purefoods meats, supported by strong sales of products such as corned beef, luncheon meat, ham, bacon, longganisa, and tocino.

The beer business recorded consolidated revenues of ₱155.4 billion, reflecting stable performance from the previous year. International operations continued to contribute positively, with revenues rising three percent to $285 million on higher sales volumes.

Domestic beer revenues reached ₱139.1 billion despite continued pressure on consumer spending from successive annual excise tax increases since 2020.

Even so, the beer business maintained operating income at ₱32.9 billion and net income at ₱26.5 billion through disciplined cost management, portfolio optimization, and targeted investments in consumer engagement.

Meanwhile, the spirits business sustained its strong momentum, with revenues increasing eight percent to ₱67.4 billion, driven mainly by effective pricing and stable volumes. Operating income rose 21 percent to ₱10.4 billion, while net income increased 20 percent to ₱8.7 billion.