Ginebra San Miguel (GSMI) Q2 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 rose 7% year-over-year to P32.2 billion, driven by higher selling prices and modest volume growth.

• Net income for the six months ended June 30, 2025 increased 16% to P4.25 billion compared to the same period last year.

• Gross profit improved 14% year-over-year, with gross margin at 26% versus 25% in 2024.

• Higher selling and administrative expenses, up 17%, were offset by increased other income, mainly from derivative gains.

Financial highlights

• Sales for H1 2025: P32.2 billion, up from P29.99 billion in H1 2024.

• Net income: P4.25 billion, up from P3.68 billion year-over-year.

• Earnings per share (basic and diluted): P14.83 for H1 2025, up from P12.84 in H1 2024.

• Cash and cash equivalents increased 29% to P14.62 billion as of June 30, 2025.

• Book value per share rose to P83.46 from P76.63 at year-end 2024.

Outlook and guidance

• Management expects continued growth, supported by strong cash flows and ongoing capital projects.

• Ongoing capital expenditures for asset upgrades and expansions are expected to continue into the next quarter.