San Miguel Corporation · PSE:SMC
San Miguel — 9M 2025 Earnings Presentation
23 slides from San Miguel's earnings presentation, Nov 19, 2025
Slide 1: SEC Form 17-C Current Report
C08204-2025 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER 1. Date of Report (Date of earliest event reported) Nov 19, 2025 2. SEC Identification Number 31171 3. BIR Tax Identification No. 000-168-801
Slide 2: Petron Corporation PSE Disclosure Form
PCOR SERIES G BONDS DUE 2030 (IN 15,910,000,000 PESOS) PCOR SERIES H BONDS DUE 2032 (IN 4,604,000,000 PESOS) PCOR SERIES I BONDS DUE 2035 (IN 11,486,000,000 PESOS) TOTAL DEBT AS OF SEPT 30 2025 (IN MIL 223,625 PESO-CONSO) 11. Indicate the item numbers reported herein Item 9 The Exchange does not war
Slide 3: Filed on behalf by
Filed on behalf by: Name Jhoanna Jasmine Javier-Elacio Designation Vice President - General Counsel and Corporate Secretary/Compliance Officer
Slide 4: Letter to PSE and PDEx
November 19, 2025 PETRON PHILIPPINE STOCK EXCHANGE, INC. Disclosure Department 6" Floor, PSE Tower 5" Avenue corner 28" Street Bonifacio Global City, Taguig City Attention: Atty. Johanne Daniel M. Negre Officer-in-Charge, Disclosure Department PHILIPPINE DEALING & EXCHANGE CORP. 29" Floor, BDO Equit
Slide 5: Analysts' Briefing 2025 9M YTD Results
2025 9M YTD RESULTS ANALYSTS’ BRIEFING NOVEMBER 19, 2025
Slide 6: Executive summary
| Executive summary » The Philippine economy registered a 4.0% GDP growth in the third quarter, slower than previous quarters as governance concerns and weather disturbances weighed on growth momentum. » Despite the slowdown, the SMC Group sustained its strong performance from the previous quarters
Slide 7: SMC's core net income surged by 54% to P60.3 billion
SMC’s core net income surged by 54% to P60.3 billion (In Million Php) 9M2025 9M2024 %Change EBITDA (in Million PHP) Net Sales 1,091,119 1,179,521 (7%) 16% 194,311 168,063 4% Income from 3% 2% 4% 18% 137,384 121,854 13% 2% 5% 14% 13% Margin Operations 13% Margin 19% 19% Net Income 78,643 37,094 112%
Slide 8: SMFB delivered strong 9M YTD results
SMFB delivered strong 9M YTD results on higher revenue, backed by improved pricing and cost efficiencies EBITDA (In Million Php) 9M2025 9M2024 %Change (in Million Php) Net Sales 302,921 291,108 4% 58,436 51,889 13% 15% 19% 14% Margin Income 18% 34% 30% Margin from 44,669 39,914 12% Operations 56% 51
Slide 9: SMF recorded strong performances across all key metrics
SMF recorded strong performances across all key metrics EBITDA (In Million Php) 9M2025 9M2024 %Change (In Million Php) Net Sales 143,514 134,329 7% 27% 19,649 Income 15,526 13% 14% 13% 15% Margin from 12,920 9,805 32% 20% 12% Margin 28% Operations 31% 44% 36% Net Income 8,920 6,701 33% 9M2024 9M2025
Slide 10: SMB recorded a slight increase in operating income
SMB recorded a slight increase in operating income for 9M2025 EBITDA (in Million Php) (In Million Php) 9M2025 9M2024 %Change 4% 27% Margin Net Sales 110,742 111,220 0% 26% Margin Income 28,934 30,039 from 23,899 23,433 2% Operations Net Income 18,795 18,533 1% 9M2024 9M2025 Operating income grew 2%
Slide 11: GSMI maintains strong results into 9M2025
GSMI maintains strong results into 9M2025 EBITDA (in Million Php) (In Million Php) 9M2025 9M2024 %Change 19% 17% Margin Net Sales 48,663 45,562 7% 8,436 Income from 7,509 6,336 19% 7,112 16% Margin Operations Net Income 6,347 5,441 17% 9M2024 9M2025 Despite a challenging market, GSMI recorded EBITDA
Slide 12: Petron Corporation net income surged 37% to P9.7 billion
Petron Corporation net income surged 37% to P9.7 billion Fuel Volumes (In Million Barrels) (In Million Php) 9M2025 9M2024 %Change 3% 594,900 657,933 (10%) 82.6 84.7 Net Sales 44% 42% Income from 26,636 22,245 20% Operations 56% 58% Net Income 9,670 7,068 37% 9M2024 9M2025 EBITDA 37,460 32,693 15% Ph
Slide 13: The Packaging Group posted stable operations in 9M25
The Packaging Group posted stable operations in 9M25 EBITDA (In Million Php) (In Million Php) 9M2025 9M2024 %Change 3% 15% 14% Margin Revenue 28,395 28,480 (0%) Margin 4,146 4,029 Income from 2,173 2,098 4% Operations 9M2024 9M2025 Operating income increased by 4% driven by the successful implementa
Slide 14: SMGP's EBITDA improves by 22% to P54.1 billion
SMGP’s EBITDA improves by 22% to P54.1 billion EBITDA (in Million Php) (In Million Php) 9M2025 9M2024 %Change 46% Net Sales 118,795 153,592 (23%) Margin 22% Income from 34,834 33,481 4% 29% 54,112 Margin Operations 44,505 Net Income 42,399 13,465 215% 9M2024 9M2025 Results were driven by better marg
Slide 15: SMC Infrastructure's operating income grew 12% to P16.7 billion
SMC Infrastructure’s operating income grew 12% to P16.7 billion Average Daily Traffic EBITDA (Vehicle Count) (in Million Php) 4% (In Million Php) 9M2025 9M2024 %Change 1,024,881 1,068,337 80% 80% Margin Margin Revenue 29,618 27,654 7% 8% 23,783 22,040 Income from 16,681 14,936 12% Operations 9M2024
Slide 16: The Cement Business' revenue fell 6%
The Cement Business’ revenue fell 6% on account of lower selling prices EBITDA (in Million Php) (In Million Php) 9M2025 9M2024 %Change 3% 28% 29% Margin Margin Net Sales 25,531 27,041 (6%) Income from 5,092 5,305 (4%) 7,561 7,319 Operations 9M2024 9M2025 EBITDA margins improved to 29%, reflecting im
Slide 17: SMC sustained its strong financial position
SMC sustained its strong financial position, with total assets reaching P2.7 trillion as 9M2025 (In Billion Php) September 30, 2025 December 31, 2024 Cash 344 294 Total Current Assets 891 900 Total Assets 2,701 2,677 Interest-bearing debt 1,581 1,560 Total Current Liabilities 663 737 Total Liabiliti
Slide 18: Highlights of SMC 9M2025 Sustainability Performance
Highlights of SMC 9M2025 Sustainability Performance MANILA TIMES ASIAN WATER AWARDS 2025 San Miguel Northern Cement Malita Power Inc. Masinloc Power Co., Ltd. Corporation Corporation • Outstanding Water • Environmental Upgrade of the Year PH • One of the • Water Conservation Resources • Operational
Slide 19: Highlights of SMC 9M2025 Sustainability Performance
Highlights of SMC 9M2025 Sustainability Performance Environmental Stewardship: ✓ Integrated a formal assessment of ESG impacts in the Capital Projects review process flow effective September 1, 2025 ✓ Completed Climate Risk Assessment on October 6, 2025 which identified potential physical and transi
Slide 20: 9M2025 Energy Updates
9M2025 Energy Updates Green Energy Auction 3 (GEA-3) • Apayao Gened 1 150 MW • Apayao Gened 2 150 MW • Apayao Maton Pumped Storage 2,000MW • San Roque, Pangasinan (Lower East & West) Pump Storage 1,600MW • Aklan Pumped-Storage 300 MW Green Energy Auction 4 (GEA-4) • Angat Floating Solar 1,040 MW • G
Slide 21: 9M2025 Business Updates & Outlook
| 9M2025 Business Updates & Outlook » Despite the country’s current political climate and global economic headwinds. SMC continues to advance its growth and expansion strategy, underpinned by a strong operating performance. » Under the Infrastructure group, progress on the New Manila International A
Slide 22: Q&A
Q&A | 18
Slide 23: Investor Relations contacts
SMCInvestorRelations@sanmiguel.com.ph C O R P O R AT E W E B S I T E S www.sanmiguel.com.ph www.smfb.com.ph www.sanmiguelbrewery.com.ph www.ginebrasanmiguel.com.ph www.petron.com www.smcglobalpower.com.ph I N V E S T O R R E L AT I O N S +632 8632 3581 (SMC) +632 8632 3417 (SMFB) +632 8884 9265 (PET