San Miguel Food and Beverage Inc., one of the core consumer arms of the San Miguel group led by Ramon S. Ang, opened 2026 with a performance that does not scream acceleration — but does signal durability. For the first quarter ended March 31, SMFB reported ₱103.1 billion in consolidated sales, up 4% from a year earlier. Net income rose 2% to ₱11.8 billion , while net income attributable to the parent increased 4% to ₱7.8 billion . The numbers reinforce SMFB’s role as a defensive pillar of the broader San Miguel empire: a branded consumer franchise that can still expand revenues, protect margins, and generate cash even as households face inflation, fuel-price pressure, higher excise taxes, and softer discretionary spending. Yet the quarter also showed the limits of defensive growth. SMFB is not immune to a tougher environment. Its beer business saw volume pressure, operating cash flow weakened relative to last year, and overall profit growth was more measured than the stronger...