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San Miguel
San Miguel (SMC) investor relations material
San Miguel Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary15 May, 2026
Executive summary
Consolidated sales for Q1 2026 rose 19% year-over-year to P428,321 million, driven by higher selling prices and volumes in fuel, energy, and food segments, partially offset by deconsolidation of certain energy subsidiaries.
Net income declined 48% year-over-year to P22,465 million, mainly due to the absence of a one-time gain from fair valuation of investments in 2025 and a net foreign exchange loss in 2026.
Operating income increased 31% year-over-year to P59,621 million, supported by higher revenues and improved margins in energy and food.
Financial highlights
Gross profit increased 22% to P85,179 million, with gross margin at 20%.
Operating margin improved to 14% from 13% year-over-year.
Net income attributable to equity holders dropped 75% to P7,559 million.
Earnings per share (EPS) fell to P2.31 from P11.67 year-over-year.
Cash and cash equivalents rose 21% to P424,462 million from December 2025.
Outlook and guidance
Management is closely monitoring the impact of Middle East geopolitical tensions on oil prices and supply chains, with risk mitigation strategies in place.
No material liquidity or cash flow issues are anticipated in the next 12 months.
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Latest events from San Miguel
- Core net income rose 52% on resilient margins, segment growth, and sustainability progress.SMC
Q4 202520 Mar 2026 - Net income rose 112% on one-off gains and margin expansion, despite a 7% revenue drop.SMCQ3 202519 Nov 2025
- Sales up 15% but net income down 42% as forex losses offset strong operating gains.SMCQ2 202415 Aug 2025
- Nine-month sales rose 11% and net income 19%, with major infrastructure and energy investments completed.SMCQ4 202415 Aug 2025
- Net income up 19% to P37.1B on 11% sales growth, led by energy and food segments.SMCQ3 202415 Aug 2025
- Net income soared 388% year-over-year on a one-time gain, despite an 8% sales decline.SMCQ1 202514 Aug 2025
- Net income surged 392% year-over-year, offsetting a 9% revenue decline from fuel and energy.SMCQ2 202514 Aug 2025
Next San Miguel earnings date
Q2 202613 Aug, 2026
San Miguel
Next San Miguel earnings date
Q2 202613 Aug, 2026
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