SMFB earnings drop to P30.6 billion in 9 months

MANILA, Philippines — San Miguel Food and Beverage Inc. (SMFB) registered a nine percent decline in net income in the first nine months of 2026 as slower consumer demand and rising operating costs pushed down earnings.

The company said profit for the January to September period declined to P30.6 billion, while consolidated revenues inched up by two percent to P309.6 billion.

SMFB noted that high inflation, elevated commodity prices and slower economic growth have placed additional strain on household spending.

“This has been a challenging year so far for Filipino consumers, so we continue to make every effort to keep our products affordable while managing our costs carefully,” SMFB chairman Ramon Ang said.

The company also increased brand spending during the period to sustain demand as consumers have become more selective. This has caused operating income to drop by nine percent to P40.6 billion.

San Miguel Foods posted a six percent increase in sales to P151.4 billion due to better performances from its animal nutrition, processed meats and dairy products, helping offset slower demand for poultry and flour.

Beer remained the largest contributor, with San Miguel Brewery Inc. recording P109.2 billion in sales during the period. This was a one percent decline due to softer consumer spending affecting sales volumes.

Sales of beer in the domestic market reached P96.7 billion, while international sales slipped by five percent to $206.9 million as the Middle East conflict impacted sales volume.

Ginebra San Miguel’s net income expanded by three percent to P6.5 billion, driven by continued cost management and operational efficiency. Revenues went up by one percent to P48.9 billion during the nine-month period.

“Our brands remain strong and our balance sheet has strengthened further. We will continue to invest in capacity and in our brands so we are ready when demand picks up. We look forward to a strong holiday season, traditionally our busiest time of the year,” he added.