On the surface, RFM still looks like the sort of company income investors are meant to love. In 2025, the group lifted revenue to ₱22.33 billion , up 3% from 2024, while operating income rose 8% to about ₱1.89 billion , net income climbed 14% to ₱1.62 billion , and EBITDA improved to about ₱2.69 billion . Liquidity also appeared comfortable, with the current ratio improving to 1.32x from 1.27x . At the parent-company level—the level that matters most for dividend declarations—sales rose to ₱15.23 billion , while net income increased to ₱1.75 billion and earnings per share improved to ₱0.52 from ₱0.46 . The board has rewarded shareholders accordingly. RFM declared ₱1.5 billion in cash dividends in 2025 , up from ₱1.3 billion in 2024 and ₱850 million in 2023 , maintaining a pattern of regular payouts through the year. At the parent-company level, that amounted to a payout of roughly 85%–86% of net income ; on some consolidated summaries in the annual report, the effective payout looke...