San Miguel Food & Beverage’s 2025 results show a subtle but important shift: beer remains the profit king, but the company’s growth engine is moving elsewhere. San Miguel Food & Beverage Inc. is still, unmistakably, a beer-led profit machine. But its 2025 results show that the company is becoming less dependent on beer for growth, as Food and Spirits supplied most of the incremental earnings momentum during the year. Consolidated revenue rose 5% to ₱419.1 billion , while net income climbed 13% to ₱46.3 billion , with net income attributable to parent shareholders increasing 17% to ₱30.1 billion . The shift is clearest in the segment numbers. Beer remained No. 1 in absolute profit, generating ₱26.5 billion in 2025 net income, far ahead of Food’s ₱11.6 billion and Spirits’ ₱8.7 billion . But Beer’s net income rose only 3% , while Food surged 38% and Spirits increased 20% . That means the incremental growth story in 2025 was not beer. It was Food and Spirits. Food a...