Shell Pilipinas Corp. (PSE: SHLPH) posted a 33% jump in net income to PHP 1.3 billion in the first nine months of 2025, with core earnings rising 10% to PHP 2.5 billion. Free cash flow (FCF) swung to a PHP 5 billion surplus from last year’s deficit, while gearing held at 51%.

“We continue to maintain growth across key segments through September,” said President and CEO Lorelie Quiambao Osial. “Our stronger cash generation, higher earnings, and sustained improvement in gearing versus the prior year reflect a business that continues to deliver quality results even in a hypercompetitive environment,” she added.

Fuels volumes stayed flat year-on-year, but premium grades and B2B deals lifted margins. Fleet Solutions grew 13%, non-fuel retail profit rose 8%, and Shell Go+ membership hit 2.6 million* (+17%). The firm also partnered with ACMobility for the nationwide EV Spin charging network.

Aviation fuels soared 11%, lubricants 6%, and bitumen kept top spot. The Davao Import Facility cut inventory risks and boosted Mindanao reliability.

Shell bagged its third straight Three Golden Arrows for ASEAN corporate governance in September 2025.

“Our nine-month results show that our strategy is working, we are defending volumes, expanding where we hold advantage, and delivering on our commitments,” Osial said. “We enter the fourth quarter on the front foot and intend to finish the year stronger.”

Will Shell’s cash hoard and EV push shift downstream power? Comment below.

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