San Miguel Corp., the Philippines’ largest conglomerate by sales, reported a 52 percent surge in full-year core net income as improved margins and aggressive cost discipline across its diverse portfolio offset a slight dip in consolidated revenue.

Core net income reached ₱79.6 billion in 2025, up from ₱52.3 billion a year earlier, the company said in an emailed statement. Reported net income, which includes one-time items, jumped 158 percent to ₱94.7 billion, bolstered by fair valuation gains on investments and favorable foreign exchange movements. 

Operating income rose 13 percent to ₱181.6 billion, while earnings before interest, taxes, depreciation, and amortization increased 16 percent to ₱262.0 billion.

Management attributed the growth to better operating performance, lower input costs, and strategic pricing initiatives. However, consolidated revenue softened to ₱1.5 trillion from ₱1.6 trillion in 2024. The decline was largely due to lower crude prices affecting the oil segment and the de-consolidation of the Ilijan and EERI power facilities.

“Our 2025 performance shows the value of having a diversified portfolio and a clear focus on execution,” Ramon S. Ang, San Miguel chairman and chief executive officer said.

The group’s food and beverage unit, San Miguel Food and Beverage Inc., saw consolidated net income rise 13 percent to ₱46.3 billion. Within that segment, the food division recorded ₱196.3 billion in revenue, a six percent increase, fueled by strong demand for poultry and animal feeds. Net income for the food business surged 38 percent to ₱11.6 billion.

The beer business, San Miguel Brewery Inc., maintained a steady performance with ₱155.4 billion in revenue. While top-line growth was flat, the unit kept net income at ₱26.5 billion through portfolio optimization and cost management.

Meanwhile, the spirits arm, Ginebra San Miguel Inc., saw a 20 percent jump in net income to ₱8.7 billion, driven by an eight percent increase in revenue to ₱67.4 billion.

In the energy sector, San Miguel Global Power’s revenue fell 23 percent to ₱157.2 billion after the divestment of key power plants. Despite the drop in volume, net income surged to ₱48.3 billion, aided by a ₱21.9 billion gain from its Chromite transaction.

Petron Corp., the group's oil refining and marketing arm, delivered its strongest financial performance to date. Net income for the fuel retailer soared 84 percent to ₱15.6 billion, supported by domestic volume growth and higher productivity at its refineries in the Philippines and Malaysia.

The conglomerate's infrastructure unit also maintained its upward trajectory. Revenue from toll roads rose seven percent to ₱40.2 billion as average daily traffic reached 1.08 million vehicles. The division's net income grew five percent to ₱14.8 billion.

The cement business, which includes Eagle Cement Corp., was the primary laggard, with revenue falling five percent to ₱33.2 billion. The company cited softer demand and pricing pressure from a continuous influx of imported cement, though it managed to maintain margins through operational efficiencies.