San Miguel nine-month earnings drop 40% as revenue climbs
The conglomerate attributed the profit decline to unrealised foreign exchange losses and a one-time gain that lifted its 2025 result.
San Miguel Corporation said earnings for January–September 2026 totalled ₱47.3 billion, down 40%, despite a 34% increase in consolidated revenue to ₱1.5 trillion. It attributed the lower profit to unrealised foreign exchange losses and the effect of a one-off gain on the 2025 comparison.
Fuel and oil, power, food and infrastructure contributed to revenue growth, the conglomerate said. Chairman and CEO Ramon Ang said diversification had helped stabilise the group as its businesses faced varying market conditions.
SMC Infrastructure recorded ₱14.5 billion in net income, an increase of 35%. The company credited foreign exchange gains and greater earnings contributions from New NAIA Infra Corp. and Manila North Harbour. San Miguel Global Power earned ₱42.6 billion, broadly unchanged against a year-earlier figure that included a ₱21.9 billion Chromite transaction gain.
At San Miguel Food and Beverage Inc., profit fell 9% to ₱30.6 billion. The group cited weaker household spending amid inflation and slower economic growth, as well as more expensive commodities and additional brand spending intended to sustain demand.
Petron Corp. posted ₱5.4 billion in net income, down 44%, with the company citing cost pressures involving crude oil, import premiums and freight. Cement earnings fell 22% to ₱2 billion as increased raw material and power costs amid Middle East tensions outweighed revenue growth.
