SAN Miguel Food and Beverage, Inc. (SMFB) began 2025 with strong momentum, posting robust first quarter results driven by sustained demand, improved efficiencies, and disciplined cost management.
For the period ending March 31, 2025, consolidated revenues rose 4% year-on-year to ₱98.9 billion. Gross profit grew 11% to ₱28.6 billion, while income from operations rose 16% to ₱15.2 billion. Net income reached ₱11.6 billion, up 16%, with EBITDA increasing to ₱19.6 billion, translating to a 20% EBITDA margin.
“Our results this quarter reflect the strength of our diversified portfolio and our continued focus on execution,” said SMFB Chairman Ramon S. Ang. “We are optimistic about the rest of the year. Our continued investments in key growth areas, from expanding production capacities to strengthening our distribution network, are designed to meet the evolving needs of the Filipino consumer. With our strong brands and disciplined execution, we are well-positioned to sustain our growth trajectory in 2025 and beyond.”
Key Business Highlights
Food: San Miguel Foods reported revenues of ₱46.3 billion, up 8% from the previous year. The business delivered a strong start to 2025, driven by high-teens growth in poultry and steady performance across the Purefoods processed meats, Magnolia dairy and coffee, and flour. Gross profit rose 22% to ₱10.6 billion, reflecting improved efficiencies and a favorable mix. Operating income grew 70% to ₱4.4 billion, while net income surged 83% to ₱3.0 billion.
Beer: San Miguel Brewery Inc. generated sales of ₱36.3 billion, with domestic revenues at ₱32.0 billion and international sales at US$74.9 million. Despite tempered market conditions, the Beer business sustained healthy earnings through improved operating performance. Gross profit reached ₱13.9 billion. Operating income rose 1% to ₱8.2 billion, while net income improved to ₱6.6 billion.
Spirits: Ginebra San Miguel Inc. posted revenues of ₱16.3 billion, up 8% year-on-year, supported by sustained consumer demand and efforts to reach a broader base of customers. Gross profit increased 10% to ₱4.1 billion. Operating income rose 8% to ₱2.5 billion, while net income grew 11% to ₱2.1 billion. The Spirits business continues to benefit from ongoing brand investments that strengthen market presence and drive profitability.
Looking ahead, SMFB continues to build on strong fundamentals, with ongoing investments focused on building scale, strengthening operations, and supporting its role in ensuring reliable access to essential food and beverage products for Filipino families.
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