SAN Miguel Corp. (SMC) said on Thursday, Nov. 20, 2025, its nine-month core net income rose 54 percent to P60.3 billion, lifted by stronger operating efficiency and cost controls. Operating income grew 13 percent to P137.4 billion, while Ebitda increased 16 percent to P194.3 billion. Consolidated revenues slipped to P1.1 trillion on softer crude prices and the deconsolidation of select power assets. Petron posted a three percent rise in volumes but revenue fell 10 percent; net income climbed 37 percent to P9.7 billion. SMC Global Power’s revenues dropped 23 percent but operating income rose four percent on higher Bess contribution. Infrastructure revenues grew seven percent. Food and beverage revenues rose four percent, with Ginebra and San Miguel Foods driving profitability. Chairman Ramon Ang said SMC expects stronger demand in the fourth quarter. / KOC