Shell Pilipinas Sustains Momentum with Double-Digit Earnings Growth and Php5B FCF Turnaround in 9M25
Manila, Philippines — Shell Pilipinas Corporation (PSE:SHLPH, “SPC” or “the Company”) sustained its performance through the first nine months of 2025, delivering core earnings of Php2.5 billion, up 10% year-on-year, and net income of Php1.3 billion, up 33% year-on-year. Free cash flow remained strong at a Php5.0 billion surplus, a sharp turnaround from last year’s deficit, while gearing held firm at 51% on lower net debt and tight capital discipline.
“We continue to maintain growth across key segments through September,” said Lorelie Quiambao Osial, President and CEO of Shell Pilipinas. “Our stronger cash generation, higher earnings, and sustained improvement in gearing versus the prior year reflect a business that continues to deliver quality results even in a hypercompetitive environment.”
Stable fuels volumes; fleet growth and loyalty refresh support margins
Fuels volumes were mostly stable versus the prior year, reaffirming SPC’s position as the country’s second-largest downstream player. While focus has been maintained across all product types, premium product penetration delivered strong results in Q3, contributing to improved earnings alongside continued growth from B2B and Commercial accounts.
In Mobility, we continued to deliver strong results, supported by effective marketing and loyalty-led campaigns that are driving profitable customer engagement. Fleet Solutions continued to be a growth engine with 13% volume up year-on-year on new account wins and deeper penetration with existing partners. Non-Fuel Retail supported earnings diversification with operating profit up 8%, driven by new restaurant partnerships and promotions for Shell Lubricants and Shell Select.
Loyalty remains a key differentiator. Shell Go+ membership expanded 17% to over 2.6 million members, with the refreshed app driving personalized offers, higher visit frequency, and improved conversion, making it one of the most widely adopted B2C loyalty platforms in the country. In parallel, SPC advanced e-mobility by partnering with ACMobility, Ayala’s mobility solutions arm, to co-develop the Philippine EV Spine—a nationwide charging backbone that links corridor sites with Shell’s retail network, giving EV drivers more reliable long-distance coverage.
Commercial Fuels delivered 1% year-on-year volume growth on new customers and distributor expansion, particularly in the power sector. Premium B2B fuels continued to outperform, with Shell FuelSave Diesel (+14%) and Shell FuelOil Plus (+3%), reflecting demand for value-adding solutions. Aviation continued to outperform, with an 11% increase in volume driven by new contracts, capitalizing on the rebound in passenger traffic.
Non-fuels diversification earnings; lubricants grow on sharper route-to-market
Non-Fuels businesses remained a strong pillar of diversification and cash generation. Lubricants delivered 6% volume growth with stable earnings, supported by a sharper route-to-market, deeper distributor penetration, and upselling to premium products.
SPC signed an agreement with the Yanson Group of Bus Companies as exclusive lubricant solutions provider, backed by technical services to enhance performance, oil life, and fuel economy. The Company also concluded the Shell Mechanic League 2025, its largest combined car-and-bike competition, engaging 2,500+ mechanics across 32 provinces and reinforcing workshop advocacy for Shell Advance and Shell Helix.
Bitumen maintained market leadership through operational excellence and cost control, continuing to support priority infrastructure across highways, airports, and commercial developments.
Davao Import Facility boosts regional competitiveness and reliability
SPC’s supply chain continued to unlock efficiencies through optimized CAPEX and OPEX, and prudent inventory levels, reducing exposure to inventory-holding losses and tightening cash conversion. The Davao Import Facility remained a key enabler, improving competitiveness, supply flexibility, and service levels in South Mindanao.
On track with our Defend, Grow, Deliver strategy
SPC has once again been recognized by the Institute of Corporate Directors at the 2025 Golden Arrow Awards, earning Three Golden Arrows for its exemplary performance in the ASEAN Corporate Governance Scorecard. This milestone marks SPC’s third consecutive Golden Arrow Award, reflecting its unwavering commitment to uphold the highest standards of transparency, accountability, and integrity in business. This recognition reaffirms how deeply corporate governance is embedded in Shell Pilipinas’ culture as it continues to pursue excellence and uphold the trust of its investors, partners, and stakeholders.
Shell Pilipinas’ 9M25 results underscore consistent progress in line with strategy. The Company remains anchored on structural improvements and disciplined execution. Powered by the Shell brand and its nationwide network of teams, retailers, dealers, and partners, SPC enters the last quarter of the year with momentum and is positioned to sustain gains through year-end while providing a best-in-class customer experience for Filipinos.
“Our nine-month results show that our strategy is working, we are defending volumes, expanding where we hold advantage, and delivering on our commitments,” Osial added. “Our priorities remain unchanged: cash discipline, stronger returns on capital, and profitable growth. We enter the fourth quarter on the front foot and intend to finish the year stronger, setting a solid base for 2026.”
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