Driven by stronger profitability across its businesses and gains from investments and foreign exchange movements, diversified conglomerate San Miguel Corp. (SMC) posted a net income of P94.7 billion in 2025.

The company reported on Monday that core net income rose 52 percent to P79.6 billion, while operating income grew 13 percent to P181.6 billion and EBITDA increased 16 percent to P262.0 billion.

Consolidated revenues reached P1.5 trillion, with steady contributions from its food, spirits and infrastructure units helping offset the impact of softer crude prices and the de-consolidation of the Ilijan and EERI power plants.

Value of a diversified portfolio

“Our 2025 performance shows the value of having a diversified portfolio and a clear focus on execution,” SMC chairman and CEO Ramon S. Ang said.

“The strength of our businesses allowed us to navigate market changes, improve profitability, and remain disciplined in how we invest. Moving forward, we will continue to strengthen our businesses and pursue opportunities that create long-term value.”

Food and beverage

Among its businesses, San Miguel Food and Beverage Inc. reported net income of P46.3 billion, up 13 percent, while Petron Corporation posted a record P15.6 billion, up 84 percent.

San Miguel Global Power Holdings Corp. saw net income jump 290 percent to P48.3 billion, boosted by a P21.9-billion gain from the Chromite transaction. Excluding the one-off gain, profit rose 113 percent to P26.4 billion.

Meanwhile, SMC Infrastructure posted P14.8 billion in net income, up 5 percent, as higher toll road traffic lifted revenues.