Despite a challenging operating environment, Ginebra San Miguel Inc. (GSMI), the hard liquor arm of San Miguel Corporation (SMC), reported it grew a modest 3 percent in consolidated revenues in the first quarter of 2026.
According to the company, consolidated revenues for the January-to-March 2026 period reached PHP16.7 billion, up 3 percent percent year-on-year, while operating income grew 15 percent to PHP2.8 billion. Gross profit improved 11 percent to PHP4.5 billion, supported by better selling prices, lower molasses cost, and improved distillery efficiencies.
First quarter net income reached PHP2.3 billion, 9 percent better than the same period last year.
GSMI’s first quarter performance builds on its strong full-year 2025 results, when it recorded its 12th consecutive year of volume growth and achieved a record 51 million cases sold.
For 2025, its revenues grew 8 percent to PHP67.4 billion, driven by effective pricing strategies and stable sales volumes. Operating income likewise rose 21 percent to PHP10.4 billion, while net income increased 20 percent to PHP8.7 billion in 2025 from PHP7.3 billion in 2024.
“Even with cost pressures affecting the broader economy, we stayed focused and disciplined in execution, ultimately expanding our market share and further reinforcing our leadership in the domestic industry,” said Ramon S. Ang, President and CEO of GSMI.
A key contributor to the company’s 2025 performance was the flagship Ginebra San Miguel campaign, “Kabayani Kita sa One Ginebra Nation,” together with the “Ginstanalo sa One Ginebra Nation” consumer promotion. These initiatives strengthened brand equity and increase in volumes, while helping the company defend its leadership in Luzon and expand further in the Visayas and Mindanao.
Other brands also sustained growth momentum, such as Vino Kulafu with its award-winning “Kul-disyon sa Naay Ambisyon” campaign. GSM Blue remained a preferred choice among younger consumers, while Primera Light Brandy expanded its consumer base.
The company also continues to roll out new campaigns to strengthen brand relevance and sustain consumption growth in 2026.
Beyond marketing initiatives, GSMI continues to invest in strengthening its operations and long-term growth capabilities, which include modernizing bottling lines and expanding its second-hand bottle-washing network, among others.
These investments are aimed at sustaining growth, strengthening its supply chain, deepening regional engagement, and expanding our premium portfolio to capture evolving consumer preferences.
GSMI is the producer of the world’s largest-selling gin, Ginebra San Miguel. Its other quality distilled spirits include GSM Blue Mojito, GSM Blue Lychee Martini, GSM Blue Margarita, GSM Blue Gin Pomelo, GSM Blue Light Gin, Ginebra San Miguel Premium Gin, 1834 Premium Distilled Gin, Archangel Reserve Premium Dry Gin, Antonov Vodka, Freedom Island Light Rum, Primera Light Brandy, the Philippines’ no. 1 Chinese wine Vino Kulafu, and Vamos Tequila Gold.
