Shell Pilipinas Corp. reported Thursday that its core earnings rose 28 percent to P3.3 billion, while net income increased 69 percent to P2.1 billion in 2025.
The company closed 2025 with higher earnings and an improved balance sheet, reflecting disciplined execution despite a volatile operating environment.
“2025 marked a year of steady progress for Shell Pilipinas, with stronger results delivered quarter after quarter,” said Lorelie Quiambao Osial, president and CEO in a statement.
“The strategic priorities we sharpened — integrated channel growth, disciplined working capital and tighter cost control — are translating into more consistent performance across our portfolio,” Osial said.
Shell Pilipinas ended the year with free cash flow of P2.1 billion, reversing a P1.6 billion deficit in the previous year. Gearing improved to 52 percent from 56 percent in 2024, supported by lower net debt.
The fuels business delivered 2 percent volume growth for the year, supported by stronger contributions from commercial segments and a more efficient supply chain. This helped the company defend its position as the country’s second-largest downstream player.
“We remain focused on the fundamentals that matter most — safety, disciplined operations, business continuity and support for our customers and partners through uncertainty,” Osial said.
Mobility volumes were broadly flat, recovering from earlier declines. Fleet solutions remained a key growth engine, posting 11 percent volume growth.
Nonfuel retail returned to double-digit growth at 11 percent, driven by the expansion of lubricants and convenience retail businesses. Aviation volumes rose 11 percent, delivering the strongest results in five years.
In commercial fuels, volumes grew 3 percent behind stronger performance in the mining and wholesale segments. Shell Pilipinas said nonfuel businesses, including lubricants and bitumen, delivered 4 percent volume growth.
Lubricants maintained 4 percent growth through sharper distribution and an integrated channel approach, supported by strong positions in motorcycle oils and e-commerce.
With stronger earnings and positive free cash flow, Shell Pilipinas announced the resumption of dividend distributions. The company said the move reflects progress in restoring financial resilience while maintaining prudence in capital allocation.
