San Miguel net income down 40% in Jan.-Sept. 2026

Conglomerate San Miguel Corporation (SMC) saw its net income decline in the first nine months of 2026 amid a challenging economic environment.

In a news release on Friday, SMC said its reported net income fell 40% to P47.3 billion from January to September.

The bottom-line decline reflected “unrealized foreign exchange losses and the comparison with 2025, when the one-time gain boosted profit.”

SMC’s consolidated revenues, meanwhile, grew 34% to P1.5 trillion, driven by contributions from the fuel and oil, power, food and infrastructure businesses.

“The operating environment remained challenging across many sectors during the period. While market conditions affected our businesses to varying degrees, our diversified portfolio helped provide stability across the group," SMC Chairman and CEO Ramon Ang said.

"We remain focused on disciplined execution and adapting to changing market conditions,” he added.

San Miguel Food and Beverage Inc.’s net income declined 9% to P30.6 billion as “inflation and slower economic growth weighed on household spending, while higher commodity costs and increased brand spending to sustain demand put pressure on earnings.”

Petron Corp.’s net income also fell 44% to P5.4 billion as “higher crude costs, import premiums and freight rates weighed on profitability.

Meanwhile, SMC Infrastructure saw its net income rise by 35% to P14.5 billion “driven by foreign exchange gains and higher income contributions from New NAIA Infra Corp. and Manila North Harbour during the period.”

San Miguel Global Power’s net income was broadly unchanged at P42.6 billion, compared with a year-earlier result that included a P21.9 billion gain from the Chromite transaction.

SMC’s cement operations likewise saw a net income decline of 22% to P2 billion amid higher raw material and power costs amid Middle East tensions, which more than offset the revenue gains. –NB, GMA News