San Miguel Corporation and SSI Group report mixed H1 2026 earnings

San Miguel Corporation (SMC) reported a 48% increase in consolidated core net income to ₱54.2 billion for the first half of 2026. Revenue for the period rose 34% to ₱964.1 billion, supported by growth in the Fuel and Oil, Power, and Food sectors. While core income rose, reported consolidated net income fell 44% to ₱37.7 billion due to foreign exchange effects and non-core items.

San Miguel Food and Beverage Inc. (SMFB) saw first-half revenues of ₱205.3 billion, a 2% increase. While food revenue grew by 5%, EBITDA declined by 1% as softer consumer spending and export market disruptions impacted margins.

In the retail sector, SSI Group Inc. reported a 39.5% decline in first-half net income, totaling ₱273.3 million, despite a 12.3% increase in net sales to ₱15.1 billion. The profit slump was attributed to a 15.5% rise in operating expenses, including higher store rentals, personnel costs, and marketing fees.