Metro Manila, Philippines – San Miguel Food and Beverage, Inc. (SMFB) delivered a resilient performance in the first nine months of 2026, with consolidated sales rising 2% to P309.6 billion. High inflation, elevated commodity prices, and slower economic growth put a strain on household budgets.
Gross profit was slightly lower at P85.7 billion and EBITDA was down 5% at P55.5 billion, with EBITDA margin at 18%. Operating income declined 9% to P40.6 billion, as the company increased brand spending to sustain demand in a period when consumers became more selective. Net income was also 9% lower at P30.6 billion.
San Miguel Foods posted sales of P151.4 billion, up 6%, driven by strong performances across its Animal Nutrition and Health, Processed Meats and Dairy businesses.
The Animal Nutrition and Health business led growth, with sales increasing 27%, supported by sustained demand across its product portfolio. Growth in the company’s branded food businesses also helped offset softer market conditions in its Protein and Flour operations.
Operating income reached P11.7 billion, while net income amounted to P8.3 billion, lower by 9% and 7%, respectively, compared to the previous year. Profitability was affected by lower poultry prices and higher operating costs, including fuel, raw materials, and foreign exchange-related pressures.
Beer remained SMFB’s largest earnings contributor. San Miguel Brewery Inc. posted consolidated sales of P109.2 billion, 1% lower, as softer consumer spending affected sales volumes. Domestic beer sales reached P96.7 billion, while international operations generated US$206.9 million, 5% lower, as the conflict in the Middle East affected volumes in the region. Beer operating income was P20.5 billion and net income P16.1 billion, both 14% lower.
Ginebra San Miguel maintained earnings growth despite softer sales volumes, with revenue increasing 1% to P48.9 billion. Operating income rose 7% to P8.0 billion and net income 3% to P6.5 billion, supported by continued cost management and operational efficiency.
SMFB will continue to strengthen its brand building campaigns, improve production and logistics efficiencies and grow its food, beer and spirits businesses.
SMFB ended September 2026 with total equity of P203.9 billion, up 4% from the end of 2025, with improved liquidity and leverage ratios.
“This has been a challenging year so far for Filipino consumers, so we continue to make every effort to keep our products affordable while managing our costs carefully,” said Ramon S. Ang, Chairman of SMFB. “Our brands remain strong and our balance sheet has strengthened further. We will continue to invest in capacity and in our brands so we are ready when demand picks up. We look forward to a strong holiday season, traditionally our busiest time of the year.”
