San Miguel Food and Beverage Inc. (SMFB) said Wednesday its first-quarter net income rose 2 percent to P11.8 billion, as growth in its food and spirits segments offset a more volatile operating environment.
The company posted a 4-percent increase in revenue to P103.1 billion in three months ended March 31, 2026. Income from operations climbed 3 percent to P15.7 billion, while earnings before interest, taxes, depreciation and amortization rose 4 percent to P20.4 billion.
SMFB executives said demand remained stable across its primary categories despite headwinds from geopolitical tensions, fuel price volatility and other inflationary pressures.
“We cannot control how global conditions will evolve, but we can control how prepared we are,” SMFB chairman Ramon Ang said.
“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,” said Ang.
The food division led the growth with a 7-percent revenue increase to P49.6 billion. The feeds segment and branded products like Magnolia dairy and Purefoods meats drove this performance, resulting in a 10-percent rise in operating income to P4.9 billion and an 8-percent increase in net income to P3.3 billion.
The beer business recorded stable revenue of P36.8 billion. Domestic revenue reached P32.7 billion, supported by price adjustments that helped mitigate volume pressures and higher excise taxes.
Operating income for the beer segment held steady at P7.9 billion, while net income reached P6.2 billion.
The company continued to promote core brands San Miguel Pale Pilsen and Red Horse Beer, while expanding newer offerings like San Miguel Mango Yuzu.
International beer operations generated $68.3 million in revenue, but the Middle East crisis affected export sales.
The spirits business reported a 3-percent rise in revenue to P16.7 billion. The segment produced an operating income of P2.8 billion and a net income of P2.3 billion, supported by marketing and cost-saving measures.
SMFB said it intends to continue investing in its supply chain and operations to maintain its market position and ensure long-term growth.
