Shell Pilipinas posts higher earnings in 2025
Manila, Philippines — Shell Pilipinas Corporation (PSE:SHLPH, “SPC” or “the Company”) closed 2025 with higher earnings, stronger cash generation, and an improved balance sheet, reflecting disciplined execution across its businesses despite a challenging and volatile operating environment.
For the full year, core earnings rose 28% to Php3.3 billion, while net income increased 69% to Php2.1 billion. SPC also ended the year with free cash flow of Php2.1 billion, reversing the Php1.6 billion deficit recorded in the previous year. Gearing improved to 52% from 56% in 2024, supported by lower net debt and tighter capital discipline.
“2025 marked a year of steady progress for Shell Pilipinas, with stronger results delivered quarter after quarter,” said Lorelie Quiambao Osial, President and CEO of Shell Pilipinas. “The strategic priorities we sharpened—integrated channel growth, disciplined working capital, and tighter cost control—are translating into more consistent performance across our portfolio. These results demonstrate that our strategy is delivering as intended and that the business is becoming more resilient and better able to navigate a dynamic operating environment.”
Fuels business delivers growth in a hypercompetitive market
SPC’s Fuels business delivered 2% volume growth for the full year, supported by stronger contributions from B2B and Commercial segments, a healthier product mix, and more efficient supply chain. This helped the Company defend its position as the country’s second-largest downstream player in a market marked by persistent hypercompetition and aggressive pricing.
Within Mobility, volumes ended the year broadly flat, recovering from earlier declines, improving on the back of focused execution, a stronger value mix, and successful customer retention. Fleet Solutions remained a key growth engine, posting 11% volume growth driven by new account wins and stronger partnerships. Non-Fuel Retail also returned to double-digit growth at 11%, driven by continued expansion of its Alliance, Lubricants, and Convenience Retail businesses.
Aviation continued to outperform with 11% higher volumes, delivering its strongest results in the last five years, supported by new customer wins and efficient supply chain. In Commercial Fuels, volumes grew 3%, underpinned by stronger performance in Mining and Wholesale segments.
Non-Fuels businesses continue to diversify earnings
SPC’s Non-Fuels businesses, which include Lubricants and Bitumen, delivered 4% volume growth for the year and continued to support earnings diversification and cash generation.
Lubricants maintained 4% growth through sharper route-to-market execution, deeper distribution, and more integrated channel approach. It remained an important growth driver for the Company, supported by strong positions in key segments such as motorcycle oils and a broader expansion of customer touchpoints, including e-commerce and auto workshop channels.
Bitumen delivered a stronger second half in 2025. Full-year volumes grew 5%, supported by strong account management and reliable supply despite weather-related disruptions and a tighter construction spending environment. The business also maintained market leadership while continuing to support key infrastructure projects.
Trading and Supply strengthen competitiveness
The Company’s Trading & Supply operations continued to be a critical lever of efficiency and competitiveness, underpinning more consistent delivery across the enterprise. The Davao Import Facility strengthened SPC’s position in Mindanao by lowering logistics costs, improving supply flexibility, and enhancing service levels for customers in the region. Stronger integration across the Company also improved demand planning and import economics, supporting the recovery seen in the fourth quarter.
Dividend distribution resumes
With stronger earnings, positive free cash flow, and a healthier balance sheet, Shell Pilipinas also announced the resumption of dividend distribution. The declaration reflects the progress the Company has made in restoring financial resilience while continuing to apply prudence in capital allocation and preserving financial flexibility.
“We remain focused on the fundamentals that matter most—safety, disciplined operations, business continuity, and support for our customers and partners through uncertainty,” Osial added. “As the external environment continues to evolve, Shell Pilipinas will continue to manage risks with prudence and ensure that its decisions remain guided by safety, responsibility, and long-term resilience.”
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