SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-Q

QUARTERLY REPORT PURSUANT TO SECTION 17 OF THE SECURITIES
REGULATION CODE AND SRC RULE 17(2)(b) THEREUNDER

1. For the quarterly period ended

Mar 31, 2025

2. SEC Identification Number

PW-277

3. BIR Tax Identification No.

000-060-741-000

4. Exact name of issuer as specified in its charter

SAN MIGUEL CORPORATION

5. Province, country or other jurisdiction of incorporation or organization

Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

No. 40 San Miguel AVenue, Mandaluyong City, Metro Manila, Philippines Postal Code 1550

8. Issuer's telephone number, including area code

(632) 8 632-3000

9. Former name or former address, and former fiscal year, if changed since last report

N/A

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
SMC	2,383,896,588
SMC2F	223,333,500
SMC2I	169,333,400
SMC2J	266,666,667
SMC2K	183,904,900
SMC2L	165,358,600
SMC2M	173,333,325
SMC2N	100,115,100
SMC2O	187,859,700

11. Are any or all of registrant's securities listed on a Stock Exchange?

Yes

No

If yes, state the name of such stock exchange and the classes of securities listed therein:

Philippine Stock Exchange; Common and Series 2 Preferred Shares

12. Indicate by check mark whether the registrant:

(a) has filed all reports required to be filed by Section 17 of the SRC and SRC Rule 17 thereunder or Sections 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of the Corporation Code of the Philippines, during the preceding twelve (12) months (or for such shorter period that the registrant was required to file such reports)

Yes

No

(b) has been subject to such filing requirements for the past ninety (90) days

Yes

No

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

San Miguel CorporationSMC

PSE Disclosure Form 17-2 - Quarterly Report References: SRC Rule 17 and
Sections 17.2 and 17.8 of the Revised Disclosure Rules

For the period ended	Mar 31, 2025
Currency (indicate units, if applicable)	Php in Millions

Balance Sheet

	Period Ended	Fiscal Year Ended (Audited)
	Mar 31, 2025	Dec 31, 2024
Current Assets	880,500	900,434
Total Assets	2,619,552	2,676,930
Current Liabilities	643,207	736,915
Total Liabilities	1,887,125	2,000,489
Retained Earnings/(Deficit)	195,369	169,262
Stockholders' Equity	732,427	676,441
Stockholders' Equity - Parent	330,112	282,507
Book Value per Share	81.81	61.62

Income Statement

	Current Year (3 Months)	Previous Year (3 Months)	Current Year-To-Date	Previous Year-To-Date
Gross Revenue	360,911	392,713	360,911	392,713
Gross Expense	315,306	352,249	315,306	352,249
Non-Operating Income	6,487	4,063	6,487	4,063
Non-Operating Expense	-718	30,369	-718	30,369
Income/(Loss) Before Tax	52,810	14,158	52,810	14,158
Income Tax Expense	9,429	5,271	9,429	5,271
Net Income/(Loss) After Tax	43,381	8,887	43,381	8,887
Net Income Attributable to Parent Equity Holder	30,215	509	30,215	509
Earnings/(Loss) Per Share (Basic)	11.67	-0.78	11.67	-0.78
Earnings/(Loss) Per Share (Diluted)	11.67	-0.78	11.67	-0.78

	Current Year (Trailing 12 months)	Previous Year (Trailing 12 months)
Earnings/(Loss) Per Share (Basic)	5.35	-6.42
Earnings/(Loss) Per Share (Diluted)	5.35	-6.42

Other Relevant Information
None