San Miguel (SMC) Q4 2025 earnings summary

Executive summary

• Philippine GDP growth slowed to 4.4% in 2025, but resilient performance was achieved through margin expansion and profitability, led by Food, Hard Liquor, Power, and Infrastructure segments.

• Sustainability initiatives advanced, including climate risk assessment, Net Zero roadmap, and ESG integration into capital investments.

Financial highlights

• Core net income rose 52% to P79.6 billion; reported net income surged 158% to P94.7 billion year-over-year.

• EBITDA increased 16% to P262.0 billion; operating income up 13% to P181.6 billion.

• Net sales grew 6% to P1.58 trillion compared to FY2024.

• Total assets reached P2.7 trillion; total equity at P747 billion as of December 31, 2025.

Outlook and guidance

• Focus on expanding renewable energy, automating sustainability data, and aligning disclosures with IFRS S1 and S2.

• Ongoing infrastructure projects and energy transition initiatives expected to drive growth in 2026.

• Disciplined operational and financial strategies to navigate economic and geopolitical uncertainties.