San Miguel Food & Beverage books P22.1-billion net income in H1 2026

San Miguel Food and Beverage Inc. (SMFB) posted a net income of P22.1 billion in the first six months of 2026, down 4% year-on-year, weighed by high inflation, slower economic growth, and geopolitical disruptions which impacted consumer spending and some of its export markets.

In a disclosure to the Philippine Stock Exchange on Wednesday, SMFB also reported a 2% revenue growth to P205.3 billion during the period.

“Our business remained resilient through the first half of the year, supported by the strength of our operations and the hard work of our teams across the businesses,” said SMFB chairman Ramon Ang.

“We are managing our costs carefully, adding capacity where demand is growing, and keeping our brands within reach,” said Ang.

SMFB’s food revenue rose 5% to P99.3 billion, driven by its feeds segment and sustained demand for branded products, including Magnolia dairy and coffee products, Purefoods luncheon meats and Pinoy Favorites, as well as its more affordable product lines.

The company’s beer segment remained the SMFB’s largest earnings contributor, despite a 1% decline in revenues to P73.7 billion as consumers became more selective with discretionary spending amid elevated inflation and a weaker peso.

SMFB’s domestic beer revenue was steady at P66 billion, as a price adjustment earlier in the year to offset higher excise taxes helped cushion softer volumes.

Meanwhile, its international beer operations posted revenue of $128.5 million, lower than a year earlier, as shipping disruptions in the Middle East affected deliveries to the region.

Spirits revenue was steady at P32.3 billion as higher pricing offset softer volumes.

SMFB said it expects consumer demand to remain under pressure in the near term, but pointed out that its market-leading brands and stronger financial position leave it well placed to manage the current environment.

The company added that it will continue investing in capacity, operations and its supply chain while maintaining cost discipline to support longer-term growth. — Ted Cordero/BM, GMA News