SMFB posts ₱205.3-B first-half revenue

San Miguel Food and Beverage Inc. (SMFB) posted a 2% increase in first-half 2026 revenue to ₱205.3 billion, driven by continued growth in its food business despite softer consumer spending, inflation, and geopolitical disruptions that affected some export markets.

Gross profit remained steady at ₱58.4 billion, while EBITDA slipped 1% to ₱38.8 billion. Operating income declined 4% to ₱28.8 billion and net income also eased 4% to ₱22.1 billion, although the company said demand across its core product categories remained generally stable.

“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 Ramon S. Ang. He said the company continues to manage costs while expanding capacity in growing markets and keeping its products affordable.

The food business remained the company’s main growth driver, with revenue rising 5% to ₱99.3 billion on strong demand for feeds, Magnolia dairy and coffee products, Purefoods luncheon meats and other value-for-money offerings. Operating income increased 2% to ₱8.8 billion, while net income climbed 8% to ₱6.4 billion.

Beer revenue slipped 1% to ₱73.7 billion as consumers became more cautious with discretionary spending. Domestic sales remained steady at ₱66 billion, while international revenue declined after shipping disruptions in the Middle East affected deliveries. Beer operating income fell 11% to ₱14.4 billion and net income dropped 12% to ₱11.4 billion.

The spirits business posted flat revenue of ₱32.3 billion, although higher pricing helped improve profitability. Operating income rose 8% to ₱5.4 billion, while net income increased 3% to ₱4.4 billion.

SMFB ended the first half with total equity of ₱205.3 billion, up 4%, supported by stronger liquidity and improved leverage ratios. The company said it will continue investing in production capacity, operations, and its supply chain while maintaining cost discipline to support long-term growth despite a challenging business environment.