San Miguel Income Statement

Financials in millions PHP. Fiscal year is January - December.

Millions PHP. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	1,486,977	1,575,379	1,446,703	1,506,591	941,193	725,797
Revenue Growth (YoY)	-4.99%	8.89%	-3.98%	60.07%	29.68%	-28.88%
Cost of Revenue	1,215,593	1,316,720	1,212,489	1,318,245	754,125	576,832
Gross Profit	271,384	258,659	234,214	188,346	187,068	148,965
Selling, General & Admin	73,909	76,714	71,134	63,984	60,474	58,861
Research & Development	89	89	80	45	38	50
Other Operating Expenses	2,701	2,107	3,478	17	3,534	6,998
Operating Expenses	89,604	91,815	87,159	75,442	74,546	76,396
Operating Income	181,780	166,844	147,055	112,904	112,522	72,569
Interest Expense	-97,107	-95,326	-86,800	-57,093	-45,521	-49,012
Interest & Investment Income	16,342	15,034	14,052	8,460	6,265	7,526
Earnings From Equity Investments	8,765	2,364	1,729	1,197	1,040	417
Currency Exchange Gain (Loss)	-22,518	-20,514	2,485	-21,518	-4,846	5,444
Other Non Operating Income (Expenses)	-6,410	-6,410	-4,822	-3,817	-3,289	-4,126
EBT Excluding Unusual Items	80,852	61,992	73,699	40,133	66,171	32,818
Impairment of Goodwill	-	-	-188	-789	-	-
Gain (Loss) on Sale of Investments	24,864	2,175	83	733	167	403
Asset Writedown	-73	-	-487	-	-386	192
Other Unusual Items	-	-	-	-	-	3,997
Pretax Income	105,643	64,167	73,107	40,077	65,952	37,410
Income Tax Expense	27,419	27,492	28,408	13,317	17,793	15,531
Earnings From Continuing Operations	78,224	36,675	44,699	26,760	48,159	21,879
Net Income to Company	78,224	36,675	44,699	26,760	48,159	21,879
Minority Interest in Earnings	-51,403	-44,086	-44,501	-39,728	-34,234	-18,906
Net Income	26,821	-7,411	198	-12,968	13,925	2,973
Preferred Dividends & Other Adjustments	9,197	9,518	6,192	6,450	8,006	6,940
Net Income to Common	17,624	-16,929	-5,994	-19,418	5,919	-3,967
Net Income Growth	433.22%	-	-	-	368.38%	-86.06%
Shares Outstanding (Basic)	2,384	2,384	2,384	2,384	2,384	2,384
Shares Outstanding (Diluted)	2,384	2,384	2,384	2,384	2,384	2,384
EPS (Basic)	7.39	-7.10	-2.51	-8.15	2.48	-1.66
EPS (Diluted)	7.39	-7.10	-2.51	-8.15	2.48	-1.66
Free Cash Flow	55,974	28,637	12,243	-88,379	-24,283	-7,697
Free Cash Flow Per Share	23.48	12.01	5.13	-37.07	-10.19	-3.23
Dividend Per Share	1.400	1.400	1.400	1.400	1.400	1.400
Gross Margin	18.25%	16.42%	16.19%	12.50%	19.88%	20.52%
Operating Margin	12.22%	10.59%	10.17%	7.49%	11.96%	10.00%
Profit Margin	1.19%	-1.07%	-0.41%	-1.29%	0.63%	-0.55%
Free Cash Flow Margin	3.76%	1.82%	0.85%	-5.87%	-2.58%	-1.06%
EBITDA	234,244	215,236	193,987	157,898	150,046	107,219
EBITDA Margin	15.75%	13.66%	13.41%	10.48%	15.94%	14.77%
D&A For EBITDA	52,464	48,392	46,932	44,994	37,524	34,650
EBIT	181,780	166,844	147,055	112,904	112,522	72,569
EBIT Margin	12.22%	10.59%	10.17%	7.49%	11.96%	10.00%
Effective Tax Rate	25.95%	42.84%	38.86%	33.23%	26.98%	41.52%
Advertising Expenses	-	7,934	7,015	5,885	5,586	5,375

Source: S&P Global Market Intelligence. Standard template. Financial Sources.