Metro Manila, Philippines – San Miguel Food and Beverage Inc. (SMFB) reported a 13% increase in consolidated net income to P46.3 billion in 2025, driven by a record performance from its food business, continued growth in spirits, and higher international beer sales.
Consolidated revenues reached P419.1 billion, up 5% from the previous year, while gross profit rose 8% to P120.4 billion. Operating income increased 9% to P61.0 billion, and EBITDA grew 10% to P80.6 billion. EBITDA margin improved to 19%.
Net income attributable to equity holders of the parent rose 17%, reflecting stronger shareholder returns.
“2025 was a strong year for SMFB, and that is a credit to our people across the organization,” said SMFB Chairman Ramon S. Ang. “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 6% to P196.3 billion. Operating income rose 30% to P17.3 billion, while net income grew 38% to P11.6 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, hams, bacon, longanisa, and tocino.
The beer business recorded consolidated revenues of P155.4 billion, reflecting a stable performance from the previous year. International operations continued to contribute positively, with revenues rising 3% to US$285 million on higher sales volumes.
Domestic beer revenues reached P139.1 billion despite continued pressure on consumer spending from successive annual excise tax increases since 2020. Even so, the beer business maintained operating income at P32.9 billion and net income at P26.5 billion through disciplined cost management, portfolio optimization, and targeted investments in consumer engagement.
Meanwhile, the spirits business sustained its strong momentum, with revenues increasing 8% to P67.4 billion, driven mainly by effective pricing and stable volumes. Operating income rose 21% to P10.4 billion, while net income increased 20% to P8.7 billion.
