Ginebra San Miguel (GSMI) Q1 2025 earnings summary

Executive summary

• Consolidated revenues rose 8% year-over-year to P16.27 billion, driven by a February price increase and higher sales volume.

• Net income increased 11% to P2.11 billion from P1.91 billion in Q1 2024, reflecting improved gross profit and higher interest and other income.

• Gross profit grew 10% to P4.08 billion, offsetting higher input costs and excise taxes.

• Operating expenses increased 12% due to higher advertising, promotional, and delivery costs.

• Marked-to-market gains on derivatives contributed to a 57% rise in other income.

Financial highlights

• Gross revenue: P16.27 billion, up from P15.12 billion year-over-year.

• Net income: P2.11 billion, up 11% from P1.91 billion year-over-year.

• Basic and diluted EPS: P7.38, up from P6.66 year-over-year.

• Cash and cash equivalents increased 30% to P14.71 billion from December 2024.

• Cash dividends declared: P4.00 per share (P2.50 regular, P1.50 special) for Q1 2025.

Outlook and guidance

• Management expects continued growth, supported by strong cash flows and robust capital structure.

• Ongoing capital expenditure projects are funded by operating cash and are expected to enhance operational capacity.