San Miguel Corporation · PSE:SMC
San Miguel — H1 2026 Earnings Presentation
22 slides from San Miguel's earnings presentation, Aug 17, 2026
Slide 1: 2026 1st Semester Results Analysts' Briefing
2026 1 st SEMESTER RESULTS ANALYSTS’ BRIEFING August 17, 2026
Slide 2: Executive summary
| Executive summary » The first half of 2026 was marked by a more challenging Philippine operating environment, with GDP growth slowing to 2.3% in the second quarter and 2.6% for the first half, as weaker investment, softer household spending, elevated inflation, peso depreciation, and Middle East-r
Slide 3: SMC core net income up 48%, reflecting strong underlying performance
SMC core net income up 48%, reflecting strong underlying performance (In Million Php) 1H2026 1H2025 %Change EBITDA (in Million PHP) 126,341 12% 141,924 964,102 718,205 34% 5% 4% Net Sales 2% 2% 4% 3% 13% Margin 12% 15% Income from 14% Margin 102,289 87,658 17% 18% Operations 27% 38% Net Income 37,67
Slide 4: SMFB's consolidated revenues grew 2% to P205.3 billion
SMFB’s consolidated revenues grew 2% to P205.3 billion (In Million Php) 1H2026 1H2025 %Change EBITDA (in Million PHP) 39,256 38,795 14% -1% 15% Net Sales 205,254 201,200 2% 34% 20% 36% Margin 19% Margin Income from 52% 28,811 30,041 (4%) 49% Operations 1H2025 1H2026 Net Income 22,052 22,964 (4%) Bee
Slide 5: SMF grew revenues 5% to P99.3 billion and net income 8%
SMF grew revenues 5% to P99.3 billion and net income 8% to P6.4 billion (In Million Php) 1H2026 1H2025 %Change EBITDA (in Million PHP) 13,796 13,085 1% 4% Net Sales 99,267 94,379 5% 13% 5% 13% 17% 18% 28% 14% 14% Margin 32% Margin Income from 8,833 8,648 2% Operations 41% 33% 1H2025 1H2026 Net Incom
Slide 6: Pricing sustained SMB revenues at P73.7 billion
Pricing sustained SMB revenues at P73.7 billion (In Million Php) 1H2026 1H2025 %Change EBITDA (in Million PHP) -7% Net Sales 73,654 74,588 (1%) 27% Margin 26% Margin Income from 20,341 18,982 14,372 16,214 (11%) Operations Net Income 11,447 12,984 (12%) 1H2025 1H2026 Domestic revenues held steady in
Slide 7: GSMI grew operating income 8% to P5.4 billion
GSMI grew operation income 8% to P5.4 billion and expanded margin to 18% (In Million Php) 1H2026 1H2025 %Change EBITDA (in Million PHP) 3% Net Sales 32,335 32,235 0% 18% Margin 17% 5,816 Margin Income from 5,360 4,952 8% 5,622 Operations Net Income 4,381 4,247 3% 1H2025 1H2026 Pricing, lower materia
Slide 8: Petron posted P3.8 billion net income amid challenging first half
Petron posted P3.8 billion net income amid challenging first half (In Million Php) 1H2026 1H2025 %Change Fuel Volumes* (In Million Barrels) 56.2 52.9 Net Sales 605,891 386,395 57% -6% 42% 39% Income from 12,640 15,146 (17%) Operations 58% 61% EBITDA 19,792 23,057 (14%) 1H2025 1H2026 Net Income 3,811
Slide 9: Packaging revenues held steady at P19.3 billion
Packaging revenues held steady at P19.3 billion as strong international operations absorbed domestic demand softness EBITDA (In Million Php) (In Million Php) 1H2026 1H2025 %Change -11% 14% 13% Margin Revenue 19,314 19,284 0% Margin 2,769 2,477 Income from 1,151 1,592 (28%) Operations 1H2025 1H2026 L
Slide 10: SMGP's EBITDA surged 55% to P53.4 billion
SMGP’s EBITDA surged 55% to P53.4 billion on the back of stronger revenues and improved contract terms (In Million Php) 1H2026 1H2025 %Change EBITDA (in Million PHP) Net Sales 101,856 80,147 27% 55% 52% Margin Income from 43% 53,355 Margin 41,968 22,120 90% Operations 34,410 Net Income 32,151 34,573
Slide 11: SMC Infrastructure earnings remained resilient, revenues up 3%
SMC Infrastructure earnings remained resilient, with revenues rising 3% YoY Average Daily Traffic (Vehicle Count) EBITDA (In Million Php) 1H2026 1H2025 %Change (in Million PHP) 1,077,148 1% 1,070,355 8% Net Sales 20,522 19,857 3% 83% Margin 80% Margin 17,046 15,841 Income from 11,124 11,142 0% Opera
Slide 12: Cement revenues grew 2% as higher volumes offset pricing pressure
Cement revenues grew 2% as higher volumes offset pricing pressure amid intense market competition EBITDA (In Million Php) (In Million Php) 1H2026 1H2025 %Change -10% 5,235 Margin 29% Net Sales 18,150 17,822 2% 4,709 Margin 26% Income from 3,164 3,493 (9%) Operations 1H2025 1H2026 Stronger market pos
Slide 13: SMC closed 2025 with a robust balance sheet
SMC closed 2025 with a robust balance sheet, with total assets reaching P2.7 trillion (In Billion Php) June 30, 2026 December 31, 2025 Cash 454 352 Total Current Assets 1,083 883 Total Assets 2,996 2,726 Interest-bearing debt 1,798 1,588 Total Current Liabilities 826 715 Total Liabilities 2,202 1,97
Slide 14: Sustainability Update First Half 2026
Sustainability Update SUSTAINABILITY UPDATE First Half 2026 1
Slide 15: SMC 2025 Sustainability at a Glance
SMC 2025 Sustainability at a Glance FINANCIAL CAPITAL NATURAL CAPITAL P1,503 B+ 8.14 Mn trees Economic value generated Planted through reforestation programs P995 B+ P58 B+ 58 B liters 125% Operating costs incl. Employee wages and Water saved since Increase in number of payments to suppliers benefit
Slide 16: Better Rivers Program: Advancing Climate Resilience
Better Rivers Program: Advancing Climate Resilience
Slide 17: Sustainability Recognitions
Sustainability Recognitions 3G Excellence in Sustainable Development Award and the Eagle Cement 3G Community Development and Philanthropy Award. Green Leadership category: Waste Heat Recovery System Social Empowerment category: Wealth on Waste Program 2
Slide 18: Internal Culture & Awareness Development
Internal Culture & Awareness Development COMPOSTING OF BIODEGRADABLE WASTE 2
Slide 19: 2026 Progress: Advancing Sustainability Goals
2026 Progress: Advancing Sustainability Goals FOUNDATION ──────────► INTEGRATION • Evaluate individual facilities’ resilience and develop mitigation plans relative to each one’s physical climate Climate Risk Assessment risk assessment • Integrate climate risk with ERM across the Group • Embed ESG ri
Slide 20: 1H2026 Business Updates & Outlook
1H2026 Business Updates & Outlook » SMC’s recent P30 billion preferred shares follow-on offering was 3.27x oversubscribed, reflecting strong investor confidence in the Group’s long-term growth strategy and its continued investments in infrastructure and nation- building projects. » SMFB’s capacity e
Slide 21: Q&A
Q&A ff omer
Slide 22: Investor relations contact details
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