Top Frontier Investment Holdings Inc: Segment Analysis

Top Frontier Investment Holdings Inc (Top Frontier) is a Philippine holding company. It is the largest shareholder of San Miguel Corporation (SMC). SMC is one of the largest and most diversified conglomerates in the Philippines by revenues and total assets. Its businesses and investments cover food and beverage, packaging, energy, fuel and oil, infrastructure, cement, property development and leasing, car distributorship, and banking services. As of December 31, 2025, SMC and its subsidiaries had more than 100 production facilities in the Asia-Pacific region. Its food and beverage products are distributed throughout the Philippines through an extensive distribution and dealer network and exported to almost 70 markets worldwide.

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Top Frontier maintains ongoing research and development activities across its subsidiaries to support product improvement, process optimization and technical capability building. In FY2025, research and development activities covered brewing technology, new beverage and spirits product development, food reformulation, animal feed research, packaging innovation, fuel and lubricant development, and infrastructure planning studies. San Miguel Brewery introduced the limited-edition San Miguel Mango Yuzu in 2025, while Petron launched new Petron Sprint Scooter Oils and continued work on fuel, lubricant, and emissions-related development. The company has proposed implementation of EURO 5/V-PH automotive fuel and vehicle emissions standards by the Department of Energy and the Department of Environment and Natural Resources, and continued development of lubricant and grease products, including products carrying approvals from licensors and original equipment manufacturers. In the Energy business, research and development is linked mainly to expansion and diversification of the power portfolio, including BESS projects, LNG, hydropower, and solar projects, and the strategic siting of plants in high-demand areas near the grid. In FY2025, the company incurred expenses of PHP720 million on R&D.