SMFB posts 15% rise in H1 net income

Metro Manila, Philippines - San Miguel Food and Beverage Inc. (SMFB) reported a consolidated net income of ₱23.0 billion for the first half of 2025, up 15% from a year earlier driven by steady sales performance and improved cost management.

Revenues rose 4% year-on-year to P201.2 billion for the six months ending June 30. Operating income climbed 13% to ₱30.0 billion, while EBITDA increased to ₱39.3 billion, reflecting a 20% margin.

“Our first-half performance shows the strength of our operations and our ability to execute on long-term strategic goals,” said SMFB Chairman Ramon S. Ang. “We will continue to invest in capacity, improve efficiency, and expand our reach to deliver lasting value to our customers and stakeholders while making everyday food and beverages more accessible to Filipino families.”

Food

San Miguel Foods recorded ₱94.4 billion in revenues, up 7% from a year earlier, supported by higher volumes and favorable pricing across core categories such as chicken, canned meats, spreads, and coffee. Operating income jumped 41% to ₱8.6 billion, while net income rose 53% to ₱6.0 billion. The segment also posted a 34% increase in EBITDA to ₱13.1 billion, driven by improved margins and operating efficiencies.

Beer and spirits

San Miguel Brewery’s revenues were down 1% to ₱74.6 billion, as softer domestic demand offset gains overseas. International sales rose 2% to US$144.8 million, with growth in South China and Vietnam. Despite lower revenues, operating income rose 2% to ₱16.2 billion and net income edged up 3% to ₱13.0 billion.

Ginebra San Miguel, the group’s spirits business, posted a 7% rise in revenues to ₱32.2 billion, supported by better prices and stable volumes. Operating income rose 12% to ₱5.0 billion while net income grew 16% to ₱4.2 billion. EBITDA rose 17% to ₱5.6 billion.