San Miguel Food and Beverage, Inc. (SMFB) today announced its financial results for the first quarter ended March 31, 2026, reporting a 2% increase in consolidated net income to P11.8 billion.
The company achieved this growth through robust performance in its food and spirits divisions, stable beer operations, and aggressive cost management despite a volatile global operating environment.
Financial highlights:
-
Consolidated Revenue: P103.1 billion (up 4% YoY)
-
Income from Operations: P15.7 billion (up 3% YoY)
-
EBITDA: P20.4 billion (up 4% YoY)
-
Net Income: P11.8 billion (up 2% YoY)
While consumer demand remained stable across SMFB’s core categories, the company noted that geopolitical tensions, fuel price volatility, and inflationary pressures continue to impact the broader market.
“We cannot control how global conditions will evolve, but we can control how prepared we are,” said SMFB Chairman Ramon S. Ang. “We will stay disciplined, manage our costs carefully, and continue investing across our supply chain to help ensure a stable and reliable food supply, especially in this environment.”
SMFB’s Food business was a primary driver of growth, with revenue rising 7% to P49.6 billion. Performance was bolstered by the feeds segment and sustained consumer demand for branded products, specifically Magnolia dairy and coffee lines and Purefoods meats. The segment’s operating income rose 10% to P4.9 billion, while net income climbed 8% to P3.3 billion.
The Beer business recorded P36.8 billion in revenue, with domestic sales contributing P32.7 billion. To offset volume pressures and rising excise taxes, the company implemented strategic price adjustments. Operating income remained steady at P7.9 billion, supported by stringent cost controls.
SMFB continued to invest in its core brands, including San Miguel Pale Pilsen and Red Horse Beer, while expanding its portfolio with innovative products like San Miguel Mango Yuzu. On the international front, the beer business generated US$68.3 million in revenue, showing resilience despite export challenges caused by the ongoing Middle East crisis.
The Spirits business reported a 3% increase in revenue to P16.7 billion. Through a combination of brand-building initiatives and disciplined spending, the segment achieved an operating income of P2.8 billion and a net income of P2.3 billion.
Looking ahead, SMFB remains committed to long-term growth by strengthening its core businesses and modernizing its supply chain. The company will continue to balance strategic investments with rigorous cost discipline to navigate the uncertain global landscape and maintain its market leadership.
