San Miguel Corporation · PSE:SMC
San Miguel — Q1 2025 Earnings Presentation
18 slides from San Miguel's earnings presentation, May 14, 2025
Slide 1: Analysts' Briefing: 2025 1st Quarter Results
SAN MIGUEL CORPORATION ANALYSTS’ BRIEFING 2025 1ST QUARTER RESULTS MAY 14, 2025
Slide 2: Executive Summary
| Executive Summary » SMC delivered strong 1Q 2025 results, achieving double-digit growth in both operating income and EBITDA on disciplined cost management and margin expansion in key segments. » On January 27, 2025, SMGP completed the transactions pursuant to the agreements for Chromite Gas Holdin
Slide 3: SMC started the year strong as operating income, EBITDA and core net income grew double-digit
SMC started the year strong as consolidated operating income, EBITDA and core net income grew double-digit EBITDA 1Q2025 % Cont. 1Q2024 % Cont. %Change SMC 64,157 100% 54,786 100% 17% (In Million Php) 1Q2025 1Q2024 %Change FB 19,648 31% 16,738 31% 17% Net Sales 360,911 392,713 (8%) Power 16,255 25%
Slide 4: SMFB starts 2025 strong: Net income rises 16% to P11.6bn
SMFB starts 2025 strong: Net income rises 16% to P11.6bn EBITDA 1Q2025 %Cont. 1Q2024 %Cont. %Change (In Million Php) 1Q2025 1Q2024 %Change SMFB 19,648 100% 16,738 100% 17% Net Sales 98,878 95,432 4% Beer and NAB 10,165 52% 9,630 57% 6% Income from Food 6,728 34% 4,615 28% 46% 15,204 13,119 16% Opera
Slide 5: SMB delivers resilient performance with P10.2bn EBITDA
SMB delivers resilient performance with P10.2bn EBITDA, driven by cost management and strategic brand initiatives EBITDA (in Million Php) (In Million Php) 1Q2025 1Q2024 %Change 6% 28% Margin Net Sales 36,297 37,367 (3%) 26% Margin 10,170 9,630 Income from 8,215 8,131 1% Operations Net Income 6,572 6
Slide 6: GSMI delivers P2.1bn net income, up 11%
GSMI delivers P2.1bn net income, up 11%, driven by resilient market demand and strategic brand initiatives EBITDA (in Million Php) (In Million Php) 1Q2025 1Q2024 %Change 11% 17% Margin Net Sales 16,270 15,117 8% 17% Margin 2,781 2,514 Income from 2,464 2,278 8% Operations Net Income 2,112 1,907 11%
Slide 7: SMF posts P4.4bn operating income, up 70% y-o-y
SMF posts P4.4bn operating income, up 70% y-o-y EBITDA 1Q2025 %Cont. 1Q2024 %Cont. %Change (In Million Php) 1Q2025 1Q2024 %Change SMF 6,599 100% 4,490 100% 47% Net Sales 46,313 42,950 8% Protein 2,620 40% 839 19% 212% Income from Prepared and 4,419 2,605 70% 1,958 30% 1,831 41% 7% Operations Package
Slide 8: Packaging operating income rose 13% Y-o-Y
The Packaging business’ operating income rose 13% Y-o-Y amid improvements in productivity and cost reduction programs EBITDA (In Million Php) 7% (In Million Php) 1Q2025 1Q2024 %Change 16% Margin 16% 1,335 Margin 1,424 Net Sales 8,971 8,407 7% Income from 788 696 13% Operations 1Q2024 1Q2025 EBITDA g
Slide 9: Petron net income increased 2% Y-o-Y to P4.0 billion
Petron Corporation’s net income increased slightly by 2% Y-o-Y to P4.0 billion (In Million Php) 1Q2025 1Q2024 %Change Volumes (in ‘000 1Q2025 1Q2024 %Change Net Sales 194,376 227,637 (15%) Barrels) Income from Total 30,676 35,285 (13%) 9,472 10,210 (7%) Operations Philippines 19,019 22,716 (16%) Net
Slide 10: San Miguel Global Power's operating income improves by 21% to P10.7 billion
San Miguel Global Power’s operating income improves by 21% to P10.7 billion (In Million Php) 1Q2025 1Q2024 %Change Offtake Volumes EBITDA (in GWh) (in Million Php) 35% 6% 7,956 16,255 Net Sales 42,497 44,123 (4%) 7,496 12,037 Income from 10,688 8,840 21% Operations Net Income 26,386 1,547 1,606% 1Q2
Slide 11: SMC Infrastructure marked a strong 7% y-o-y revenue growth
SMC Infrastructure marked a strong 7% y-o-y revenue growth Annual Average Daily Traffic EBITDA (in Million Php) (Vehicle Count) 4% 6% (In Million Php) 1Q2025 1Q2024 %Change 1,066,486 1,022,521 78% 79% Margin Margin Net Sales 9,732 9,080 7% 7,203 7,620 Income from 5,343 4,870 10% Operations 1Q2024 1Q
Slide 12: Cement Business' revenues were down 4% on lower average selling price
The Cement Business’ revenues were down 4% on lower average selling price EBITDA (in Million Php) (In Million Php) 1Q2025 1Q2024 %Change 29% 5% Margin 28% Margin Net Sales 8,934 9,276 (4%) 2,649 2,520 Income from 1,626 1,811 (10%) Operations 1Q2024 1Q2025 Revenues declined on lower average selling p
Slide 13: Financial Position
| Financial Position SMC maintained a robust balance sheet, with total assets over P2.6 trillion (In Billion Php) March 31, 2025 December 31, 2024 Cash 328 294 Total Current Assets 881 900 Total Assets 2,620 2,677 Interest-bearing debt 1,511 1,560 Total Current Liabilities 643 737 Total Liabilities
Slide 14: Highlights of SMC 2024 Sustainability Performance
Highlights of SMC 2024 Sustainability Performance Economic Environment P1,593 B+ P1,542 B+ 4%, 7%, 6% & 2% 8 Mn MT 7.8 B Liters Decreases in GHG emissions Of silt and waste Freshwater saved of economic of economic intensity for Power, Petron, removed from MM, through “Water for value value Cement an
Slide 15: SMC 2024 Carbon Disclosure Project (CDP) Scores
SMC 2024 Carbon Disclosure Project (CDP) Scores CDP Environmental Assessment 22,700+ companies (representing 2/3 of global market cap) disclosed through CDP in 2024 SMC’s CDP Scores (2021–2024) Score Level Definition Climate Change Forests Water Security A / A- Leadership Implementing current best p
Slide 16: 1Q2025 Business Updates & Outlook
| 1Q2025 Business Updates & Outlook » Despite global headwinds, SMC continues to advance its growth and expansion plans, driven by solid performance and resilient consumer demand. » SMC’s expansion projects are in full swing, with notable progress made on the NAIA rehabilitation, Manila Internationa
Slide 17: Q&A
Q&A | 17
Slide 18: Thank you!
Thank you! SMCInvestorRelations@sanmiguel.com.ph C O R P O R AT E w w w. s a n m i g u e l . c o m . p h w w w. s m f b . c o m . p h WEBSITES w w w. s a n m i g u e l b r e w e r y. c o m . p h w w w. g i n e b r a s a n m i g u e l . c o m . p h w w w. p e t r o n . c o m w w w. s m c g l o b a l