San Miguel Corporation’s (SMC) power unit posted a 290% surge in net income to PHP 48.3 billion in 2025, driven by higher output from its Masinloc coal plant, new capacity from Mariveles, and the full-year contribution of battery energy storage systems (BESS), alongside non-recurring gains reflected in the company’s results.

In its full-year investor briefing, SMC said its energy arm, SMC Global Power Holdings Corp. (SMGP), also grew EBITDA by 27% to PHP 70.5 billion, underscoring the segment’s growing contribution to group earnings even as SMC faced softer revenues. 

“Strong volumes from Masinloc and the full-year contribution of the Mariveles plant and BESS facilities drove the company’s solid operating performance,” the company said in a disclosure today with the Philippine Stock Exchange. 

The power segment’s performance helped lift SMC’s consolidated operating income by 13% to PHP 181.6 billion, while core net income rose 52% to PHP 79.6 billion for the year. 

SMC said SMGP is pushing ahead with capacity expansion, including Units 4 and 5 of the Masinloc power plant, which were nearing completion as of early 2026, alongside renewable energy wins under the government’s Green Energy Auction Program. 

The conglomerate, led by President and CEO Ramon Ang, is building out its longer-term clean energy pipeline, with plans covering four hydro projects totaling 4,200 megawatts and three solar projects with 2,225 MW capacity. These projects form part of its broader push to expand renewable capacity while maintaining baseload reliability.

At the same time, the company flagged mounting climate risks to its assets, noting that “most significant risks are tropical cyclones, extreme heat and water stress,” as it integrates sustainability and resilience into investment decisions. 

SMC said its diversified portfolio and scale position it to manage macroeconomic headwinds, even as slower GDP growth and global uncertainties weigh on demand.

How do you see SMC’s 290% surge in power profits shaping competition, pricing, and the country’s energy transition?

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