San Miguel Income Statement

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

Millions PHP. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	1,485,345	1,575,379	1,446,703	1,506,591	941,193
Revenue Growth (YoY)	-5.71%	8.89%	-3.98%	60.07%	29.68%
Cost of Revenue	1,204,575	1,316,720	1,212,489	1,318,245	754,125
Gross Profit	280,770	258,659	234,214	188,346	187,068
Selling, General & Admin	75,895	76,714	71,134	63,984	60,474
Research & Development	68	89	80	45	38
Other Operating Expenses	6,638	2,107	3,965	17	3,534
Operating Expenses	96,901	91,815	87,646	75,442	74,546
Operating Income	183,869	166,844	146,568	112,904	112,522
Interest Expense	-94,926	-95,358	-87,085	-57,093	-45,521
Interest & Investment Income	16,896	15,034	14,052	8,460	6,265
Earnings From Equity Investments	11,482	2,364	1,729	1,197	1,040
Currency Exchange Gain (Loss)	-8,709	-20,514	2,485	-21,518	-4,846
Other Non Operating Income (Expenses)	-7,349	-6,378	-4,537	-3,817	-3,289
EBT Excluding Unusual Items	101,263	61,992	73,212	40,133	66,171
Impairment of Goodwill	-	-	-188	-789	-
Gain (Loss) on Sale of Investments	22,910	2,175	83	733	167
Asset Writedown	-	-	-	-	-386
Pretax Income	124,173	64,167	73,107	40,077	65,952
Income Tax Expense	29,495	27,492	28,408	13,317	17,793
Earnings From Continuing Operations	94,678	36,675	44,699	26,760	48,159
Net Income to Company	94,678	36,675	44,699	26,760	48,159
Minority Interest in Earnings	-53,387	-44,086	-44,501	-39,728	-34,234
Net Income	41,291	-7,411	198	-12,968	13,925
Preferred Dividends & Other Adjustments	8,747	9,518	6,192	6,450	8,006
Net Income to Common	32,544	-16,929	-5,994	-19,418	5,919
Net Income Growth	-	-	-	-	368.38%
Shares Outstanding (Basic)	2,384	2,384	2,384	2,384	2,384
Shares Outstanding (Diluted)	2,384	2,384	2,388	2,384	2,384
Shares Change (YoY)	-	-0.17%	0.17%	-	-
EPS (Basic)	13.65	-7.10	-2.51	-8.15	2.48
EPS (Diluted)	13.65	-7.10	-2.51	-8.15	2.48
Free Cash Flow	103,765	28,637	11,923	-88,379	-24,283
Free Cash Flow Per Share	43.53	12.01	4.99	-37.07	-10.19
Dividend Per Share	1.400	1.400	1.400	1.400	1.400
Gross Margin	18.90%	16.42%	16.19%	12.50%	19.88%
Operating Margin	12.38%	10.59%	10.13%	7.49%	11.96%
Profit Margin	2.19%	-1.07%	-0.41%	-1.29%	0.63%
Free Cash Flow Margin	6.99%	1.82%	0.82%	-5.87%	-2.58%
EBITDA	243,644	215,236	204,189	157,898	150,046
EBITDA Margin	16.40%	13.66%	14.11%	10.48%	15.94%
D&A For EBITDA	59,775	48,392	57,621	44,994	37,524
EBIT	183,869	166,844	146,568	112,904	112,522
EBIT Margin	12.38%	10.59%	10.13%	7.49%	11.96%
Effective Tax Rate	23.75%	42.84%	38.86%	33.23%	26.98%
Advertising Expenses	8,430	7,934	7,015	5,885	5,586

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