San Miguel Nine-Month Profit Falls 40% to P47.3 Billion

San Miguel Corporation (SMC) reported a 40% fall in consolidated nine-month net income to P47.3 billion (about US$740 million), as foreign-exchange losses and a one-off gain in 2025 weighed on the comparison. The San Miguel nine-month profit figure for January to September 2026 masked steadier underlying earnings. Core income was flat year on year despite higher interest and input costs, Context.ph reported on 13 November.

The P47.3 billion is the group’s total consolidated net income, compared with P78.6 billion a year earlier. It includes earnings that belong to minority holders in SMC’s listed units, so the profit attributable to SMC’s own shareholders, which the company had not broken out in the reports reviewed, is typically lower. Consolidated revenues rose 34% to P1.5 trillion (about US$23.4 billion), led by fuel and oil, power, food and infrastructure. Operating income increased 3% to P141.8 billion, while EBITDA climbed 7% to P208.5 billion (about US$3.3 billion).

San Miguel nine-month profit: results by business

The drop in reported profit reflects foreign-exchange losses and a high base. The 2025 figures included a one-time gain from the Chromite transaction. Stripping out non-core items and that gain, core earnings held steady.

Chairman and CEO Ramon S. Ang credited the group’s diversified businesses with providing stability in difficult market conditions.

Petron, the group’s fuel unit, lifted revenues 56% to P928.2 billion on stronger retail sales. However, higher crude and freight costs cut its net income 44% to P5.4 billion.

San Miguel Global Power was the strongest performer at the operating level. Revenue rose 25% to P149.1 billion, while operating income jumped 53% to P53.4 billion. New power facilities and power-supply agreements drove the gain.

SMC Infrastructure grew revenue 4% to P30.9 billion and net income 35% to P14.5 billion. NAIA Infra, the operator of Manila’s main airport, and Manila North Harbour supported the result.

Consumers feel the pressure

San Miguel Food and Beverage (SMFB) grew sales 2% to P309.6 billion. Gains in food and spirits offset weaker beer sales. Inflation and slower household spending cut the unit’s net income 9% to P30.6 billion.

Within the unit, food sales rose 6% to P151.4 billion, while beer sales slipped 1% to P109.2 billion. Beer net income fell 14% to P16.1 billion. Ginebra San Miguel, the spirits arm, grew net income 3% to P6.5 billion, according to Insider PH.

“This has been a challenging year so far for Filipino consumers,” Ang said when SMFB reported its results on 4 November.

The cement business also struggled. Revenue rose 3% to P26.4 billion, but higher raw-material and power costs pushed net income down 22% to P2.0 billion.

Why it matters for Philippine investors

San Miguel is one of the largest conglomerates in the Philippines, with interests across food and drink, fuel, power, infrastructure and cement. Its results are a broad reading of conditions across the economy.

The latest figures arrive at a difficult moment. The Philippine economy grew 2.1% in the third quarter, slowing from 2.4% in the second quarter and 4% a year earlier, according to official data. Weaker consumer demand is visible in the beer numbers.

Results across the conglomerate sector have been mixed. SM Investments, which reported on 11 November, lifted nine-month net income 9% to P70.2 billion. San Miguel’s heavy exposure to fuel and power, together with its foreign-exchange losses, leaves it more sensitive to oil prices and the peso.

For investors, the split between reported and core earnings is the key point. The 40% headline drop largely reflects foreign-exchange losses and a high 2025 base, while operating income and EBITDA continued to grow. The San Miguel nine-month profit decline will still weigh on sentiment as the market tracks currency risk.

What happens next

The fourth quarter is traditionally the busiest period for SMFB, and the holiday season will test whether consumer demand can recover.

Power and infrastructure remain the growth engines. New power capacity and the airport and port concessions should continue to support operating income.

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The main risks are outside the group’s control. Oil prices, freight costs and the peso will shape Petron’s margins and SMC’s foreign-exchange results. Investors will look to the full-year results for a clearer view of whether core income can return to growth.