Emperador Inc. EMI

SGD 0.31 +0.00% +0.00 Updated 23 Oct 2026, 17:16 SGT

Financials

SEC Form 17-A Annual Report – Emperador Inc.

Open annual report

Explore the statements

10 tables

Consolidated Statements of Financial Position

30 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statements of Financial Position from SEC Form 17-A Annual Report – Emperador Inc.
Metric / unit	2025Group, as at December 31, 2025	2024Group, as at December 31, 2024	Source
Current assets
Cash and cash equivalentsPHP	10,072,328,439	9,739,188,511	PDF p. 117
Trade and other receivables - netPHP	20,810,842,835	20,199,924,248	PDF p. 117
Financial assets at fair value through profit or lossPHP	596,292,935	543,477,409	PDF p. 117
Inventories - netPHP	55,955,403,462	48,649,145,978	PDF p. 117
Prepayments and other current assetsPHP	3,176,856,021	3,169,170,956	PDF p. 117
Total Current AssetsPHP	90,611,723,692	82,300,907,102	PDF p. 117
Non-current assets
Property, plant and equipment - netPHP	47,647,271,386	40,906,530,431	PDF p. 117
Intangible assets - netPHP	35,058,348,849	31,692,812,706	PDF p. 117
Investment in a joint venturePHP	4,202,448,347	3,640,406,308	PDF p. 117
Retirement benefit asset - netPHP	199,176,903	440,192,427	PDF p. 117
Deferred tax assets - netPHP	471,997,413	389,625,744	PDF p. 117
Other non-current assets - netPHP	84,150,562	156,825,996	PDF p. 117
Total Non-current AssetsPHP	87,663,393,460	77,226,393,612	PDF p. 117
Assets
TOTAL ASSETSPHP	178,275,117,152	159,527,300,714	PDF p. 117
Current liabilities
Interest-bearing loansPHP	984,769,817	679,108,834	PDF p. 117
Trade and other payablesPHP	18,410,478,780	17,157,695,057	PDF p. 117
Lease liabilitiesPHP	245,108,877	232,830,824	PDF p. 117
Income tax payablePHP	1,804,128,150	2,114,512,029	PDF p. 117
Total Current LiabilitiesPHP	21,444,485,624	20,184,146,744	PDF p. 117
Non-current liabilities
Interest-bearing loansPHP	40,994,332,847	32,753,446,587	PDF p. 117
Lease liabilitiesPHP	761,904,255	844,538,141	PDF p. 117
ProvisionsPHP	200,586,214	180,866,410	PDF p. 117
Put option liabilityPHP	248,391,682	-	PDF p. 117
Deferred tax liabilities - netPHP	6,497,357,673	5,037,395,096	PDF p. 117
Total Non-current LiabilitiesPHP	48,702,572,671	38,816,246,234	PDF p. 117
Liabilities
Total LiabilitiesPHP	70,147,058,295	59,000,392,978	PDF p. 117
Equity
Equity attributable to owners of the parent companyPHP	106,644,686,036	99,395,903,383	PDF p. 117
Non-controlling interestPHP	1,483,372,821	1,131,004,353	PDF p. 117
Total EquityPHP	108,128,058,857	100,526,907,736	PDF p. 117
Liabilities and equity
TOTAL LIABILITIES AND EQUITYPHP	178,275,117,152	159,527,300,714	PDF p. 117

Definitions & sources

Original report: PDF p. 117 ↗

(A Subsidiary of Alliance Global Group, Inc.)

Amounts in Philippine Pesos

See Notes to Consolidated Financial Statements.

Consolidated Statements of Comprehensive Income

22 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statements of Comprehensive Income from SEC Form 17-A Annual Report – Emperador Inc.
Metric / unit	2025Group, year ended December 31, 2025	2024Group, year ended December 31, 2024	2023Group, year ended December 31, 2023	Source
Income
REVENUES AND OTHER INCOMEPHP	57,042,804,216	61,645,652,583	65,643,761,074	PDF p. 118
Costs and expenses
Costs of goods soldPHP	39,577,762,031	41,959,005,518	43,346,168,289	PDF p. 118
Selling and distribution expensesPHP	7,090,994,572	7,151,983,463	6,758,279,313	PDF p. 118
General and administrative expensesPHP	2,825,923,678	2,699,374,268	3,022,236,234	PDF p. 118
Interest expensePHP	1,861,321,328	1,710,651,171	1,372,370,985	PDF p. 118
Other charges - netPHP	161,460,083	6,244,409	203,455,451	PDF p. 118
SubtotalPHP	51,517,461,692	53,527,258,829	54,702,510,272	PDF p. 118
Profit
PROFIT BEFORE TAXPHP	5,525,342,524	8,118,393,754	10,941,250,802	PDF p. 118
TAX EXPENSEPHP	1,520,078,039	1,632,967,373	1,997,373,601	PDF p. 118
NET PROFITPHP	4,005,264,485	6,485,426,381	8,943,877,201	PDF p. 118
Other comprehensive income - items that will be reclassified subsequently to profit or loss
Translation gainPHP	6,280,888,872	1,813,019,675	2,593,026,410	PDF p. 118
Other comprehensive income - items that will not be reclassified subsequently to profit or loss
Net actuarial gain (loss) on retirement benefit planPHP	(305,312,332)	190,465,801	(287,497,627)	PDF p. 118
Tax income (expense) on remeasurement ofPHP	74,651,271	(47,616,451)	71,874,407	PDF p. 118
SubtotalPHP	(230,661,061)	142,849,350	(215,623,220)	PDF p. 118
Other comprehensive income
Total Other Comprehensive IncomePHP	6,050,227,811	1,955,869,025	2,377,403,190	PDF p. 118
Total comprehensive income
TOTAL COMPREHENSIVE INCOMEPHP	10,055,492,296	8,441,295,406	11,321,280,391	PDF p. 118
Net profit attributable to
Owners of the parent companyPHP	3,858,028,043	6,322,070,571	8,705,726,613	PDF p. 118
Non-controlling interestPHP	147,236,442	163,355,810	238,150,588	PDF p. 118
Total comprehensive income (loss) attributable to
Owners of the parent companyPHP	9,703,123,828	8,793,324,708	11,035,730,629	PDF p. 118
Non-controlling interestPHP	352,368,468	(352,029,302)	285,549,762	PDF p. 118
Earnings per share
Earnings Per Share for the Net Profit Attributable to Owners of the Parent Company - BasicPHP per share	0.25	0.40	0.56	PDF p. 118
Earnings Per Share for the Net Profit Attributable to Owners of the Parent Company - DilutedPHP per share	0.24	0.39	0.53	PDF p. 118

Definitions & sources

Original report: PDF p. 118 ↗

(A Subsidiary of Alliance Global Group, Inc.)

Amounts in Philippine Pesos

See Notes to Consolidated Financial Statements.

Consolidated Statements of Comprehensive Income (Group)

21 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statements of Comprehensive Income (Group) from SEC Form 17-A Annual Report – Emperador Inc.
Metric / unit	2025Group, year ended Dec 31, 2025	2024Group, year ended Dec 31, 2024	2023Group, year ended Dec 31, 2023	Source
Income statement
REVENUES AND OTHER INCOMEPHP	57,042,804,216	61,645,652,583	65,643,761,074	PDF p. 118
Costs and expenses
Costs of goods soldPHP	39,577,762,031	41,959,005,518	43,346,168,289	PDF p. 118
Selling and distribution expensesPHP	7,090,994,572	7,151,983,463	6,758,279,313	PDF p. 118
General and administrative expensesPHP	2,825,923,678	2,699,374,268	3,022,236,234	PDF p. 118
Interest expensePHP	1,861,321,328	1,710,651,171	1,372,370,985	PDF p. 118
Other charges - netPHP	161,460,083	6,244,409	203,455,451	PDF p. 118
Income statement
PROFIT BEFORE TAXPHP	5,525,342,524	8,118,393,754	10,941,250,802	PDF p. 118
TAX EXPENSEPHP	1,520,078,039	1,632,967,373	1,997,373,601	PDF p. 118
NET PROFITPHP	4,005,264,485	6,485,426,381	8,943,877,201	PDF p. 118
Other comprehensive income - items that will be reclassified
Translation gainPHP	6,280,888,872	1,813,019,675	2,593,026,410	PDF p. 118
Other comprehensive income - items that will not be reclassified
Net actuarial gain (loss) on retirement benefit planPHP	(305,312,332)	190,465,801	(287,497,627)	PDF p. 118
Tax income (expense) on remeasurement of retirement benefit planPHP	74,651,271	(47,616,451)	71,874,407	PDF p. 118
Subtotal of items not reclassified (unlabelled)PHP	(230,661,061)	142,849,350	(215,623,220)	PDF p. 118
Other comprehensive income
Total Other Comprehensive IncomePHP	6,050,227,811	1,955,869,025	2,377,403,190	PDF p. 118
Total comprehensive income
TOTAL COMPREHENSIVE INCOMEPHP	10,055,492,296	8,441,295,406	11,321,280,391	PDF p. 118
Net profit attributable to
Owners of the parent companyPHP	3,858,028,043	6,322,070,571	8,705,726,613	PDF p. 118
Non-controlling interestPHP	147,236,442	163,355,810	238,150,588	PDF p. 118
Total comprehensive income (loss) attributable to
Owners of the parent companyPHP	9,703,123,828	8,793,324,708	11,035,730,629	PDF p. 118
Non-controlling interestPHP	352,368,468	(352,029,302)	285,549,762	PDF p. 118
Earnings per share
Earnings Per Share for the Net Profit Attributable to Owners of the Parent Company - BasicPHP per share	0.25	0.40	0.56	PDF p. 118
Earnings Per Share for the Net Profit Attributable to Owners of the Parent Company - DilutedPHP per share	0.24	0.39	0.53	PDF p. 118

Definitions & sources

Original report: PDF p. 118 ↗

Amounts in Philippine Pesos. Only consolidated (Group) statements are presented; no separate parent-company statement found in the pages read.

Net profit attributable and total comprehensive income attributable are split between Owners of the parent company and Non-controlling interest.

Consolidated Statements of Cash Flows (Group)

37 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statements of Cash Flows (Group) from SEC Form 17-A Annual Report – Emperador Inc.
Metric / unit	2025Group, year ended Dec 31, 2025	2024Group, year ended Dec 31, 2024	2023Group, year ended Dec 31, 2023	Source
Operating activities
Profit before taxPHP	5,525,342,524	8,118,393,754	10,941,250,802	PDF p. 120
Operating activities - adjustments
Interest expensePHP	1,861,321,328	1,710,651,171	1,372,370,985	PDF p. 120
Depreciation and amortizationPHP	1,710,196,265	1,564,921,588	1,453,925,808	PDF p. 120
Interest incomePHP	(358,082,544)	(293,267,490)	(400,254,627)	PDF p. 120
Share in net profit of a joint venturePHP	(83,269,846)	(77,607,480)	(111,644,188)	PDF p. 120
Impairment losses on inventoriesPHP	60,540,307	231,007,592	54,588,118	PDF p. 120
Share option benefits expensePHP	59,468,964	86,961,825	58,522,404	PDF p. 120
Impairment losses on trade and other receivablesPHP	53,204,642	90,953,844	120,264,334	PDF p. 120
ProvisionsPHP	30,303,936	36,707,116	34,159,365	PDF p. 120
Gain on sale of property, plant and equipmentPHP	-	-	(7,300,670)	PDF p. 120
Amortization of trademarksPHP	-	-	538,464	PDF p. 120
Operating activities
Operating profit before working capital changesPHP	8,859,025,576	11,468,721,920	13,516,420,795	PDF p. 120
Operating activities - working capital
Decrease (increase) in trade and other receivablesPHP	340,523,993	(899,903,557)	4,194,325,883	PDF p. 120
Decrease (increase) in financial instruments at fair value through profit or lossPHP	(970,346)	(169,510,019)	88,891,007	PDF p. 120
Increase in inventoriesPHP	(2,947,928,417)	(923,563,848)	(5,938,000,189)	PDF p. 120
Decrease (increase) in prepayments and other current assetsPHP	121,131,769	(27,039,465)	(1,120,237,517)	PDF p. 120
Increase in retirement benefit assetPHP	(95,078,675)	(32,625,289)	(53,153,154)	PDF p. 120
Decrease (increase) in other non-current assetsPHP	74,893,401	(58,471,634)	3,983,658	PDF p. 120
Increase (decrease) in trade and other payablesPHP	1,860,054,881	(2,519,415,043)	(2,241,226,941)	PDF p. 120
Operating activities
Cash generated from operationsPHP	8,211,652,182	6,838,193,065	8,451,003,542	PDF p. 120
Cash paid for income taxesPHP	(1,267,419,466)	(1,536,644,991)	(1,300,999,863)	PDF p. 120
Net Cash From Operating ActivitiesPHP	6,944,232,716	5,301,548,074	7,150,003,679	PDF p. 120
Investing activities
Acquisitions of property, plant and equipmentPHP	(6,675,800,843)	(7,510,353,613)	(4,784,942,658)	PDF p. 120
Interest receivedPHP	365,119,892	296,432,964	394,361,781	PDF p. 120
Acquisition of a new subsidiaryPHP	(128,670,037)	-	-	PDF p. 120
Proceeds from sale of property, plant and equipmentPHP	41,496,753	5,375,245	17,105,661	PDF p. 120
Net Cash Used in Investing ActivitiesPHP	(6,397,854,235)	(7,208,545,404)	(4,373,475,216)	PDF p. 120
Financing activities
Proceeds from interest-bearing loansPHP	6,846,008,059	7,925,241,802	24,454,462,162	PDF p. 120
Dividends paidPHP	(3,080,179,535)	(3,890,753,097)	(4,701,326,659)	PDF p. 120
Repayments of interest-bearing loansPHP	(1,980,055,780)	(1,046,806,584)	(23,111,368,380)	PDF p. 120
Interest paidPHP	(1,748,541,091)	(1,692,719,669)	(1,426,792,902)	PDF p. 120
Repayments of lease liabilitiesPHP	(265,870,206)	(161,902,224)	(216,495,315)	PDF p. 120
Exercise of share optionsPHP	15,400,000	-	-	PDF p. 120
Net Cash From (Used in) Financing ActivitiesPHP	(213,238,553)	1,133,060,228	(5,001,521,094)	PDF p. 120
Net change in cash
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTSPHP	333,139,928	(773,937,102)	(2,224,992,631)	PDF p. 120
Closing cash
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEARPHP	9,739,188,511	10,513,125,613	12,738,118,244	PDF p. 120
CASH AND CASH EQUIVALENTS AT END OF YEARPHP	10,072,328,439	9,739,188,511	10,513,125,613	PDF p. 120

Definitions & sources

Original report: PDF p. 120 ↗

Supplemental information on non-cash investing and financing activities is fully disclosed in Note 31 to the consolidated financial statements.

Consolidated Statements of Changes in Equity (Group) - Year 2025

7 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statements of Changes in Equity (Group) - Year 2025 from SEC Form 17-A Annual Report – Emperador Inc.
Metric / unit	2025Capital Stock	2025Additional Paid-in Capital	2025Deposit for Future Stock Subscription - ELS	2025Treasury Shares	2025Conversion Options Outstanding	2025Share Options Outstanding	2025Accumulated Translation Adjustments	2025Revaluation Reserves	2025Other Reserves	2025Retained Earnings Appropriated	2025Retained Earnings Unappropriated	2025Retained Earnings Total	2025Attributable to Owners of the Parent Company Total	2025Non-controlling Interest	2025Total Equity	Source
2025 movements
Movements during the yearPHP	-	-	-	-	-	-	-	-	550,969,396	-	-	-	550,969,396	-	550,969,396	PDF p. 119
Option expense during the yearPHP	-	-	-	-	-	59,468,964	-	-	-	-	-	-	59,468,964	-	59,468,964	PDF p. 119
Option forfeited during the yearPHP	-	14,525,315	-	-	-	(14,525,315)	-	-	-	-	-	-	-	-	-	PDF p. 119
Transfer to equity reservesPHP	-	-	-	-	-	-	-	-	(399,781,440)	-	399,781,440	399,781,440	-	-	-	PDF p. 119
Reversal of appropriationPHP	-	-	-	-	-	-	-	-	-	(122,000,000)	122,000,000	-	-	-	-	PDF p. 119
Total comprehensive income (loss) for the yearPHP	-	-	-	-	-	-	6,075,756,846	(230,661,061)	-	-	3,858,028,043	3,858,028,043	9,703,123,828	352,368,468	10,055,492,296	PDF p. 119
Cash dividends declared and paid during the yearPHP	-	-	-	-	-	-	-	-	-	-	(3,080,179,535)	(3,080,179,535)	(3,080,179,535)	-	(3,080,179,535)	PDF p. 119

Definitions & sources

Original report: PDF p. 119 ↗

Amounts in Philippine Pesos. Columns are equity components of the Group; rows are movements for the year 2025 (opening balance Jan 1, 2025 to closing Dec 31, 2025).

Blank cells in the printed 'Exercise of stock options' row are shown as empty strings; the placement of the three amounts (5,966,454; 15,930,640; (6,497,094)) follows the printed column positions.

Consolidated Statements of Changes in Equity (Group) - Year 2024

5 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statements of Changes in Equity (Group) - Year 2024 from SEC Form 17-A Annual Report – Emperador Inc.
Metric / unit	2024Capital Stock	2024Additional Paid-in Capital	2024Deposit for Future Stock Subscription - ELS	2024Treasury Shares	2024Conversion Options Outstanding	2024Share Options Outstanding	2024Accumulated Translation Adjustments	2024Revaluation Reserves	2024Other Reserves	2024Retained Earnings Appropriated	2024Retained Earnings Unappropriated	2024Retained Earnings Total	2024Attributable to Owners of the Parent Company Total	2024Non-controlling Interest	2024Total Equity	Source
2024 movements
Movements during the yearPHP	-	-	-	-	-	-	-	-	481,511,308	-	-	-	481,511,308	-	481,511,308	PDF p. 119
Issuances during the yearPHP	-	-	-	-	-	86,961,825	-	-	-	-	-	-	86,961,825	-	86,961,825	PDF p. 119
Transfer to equity reservesPHP	-	-	-	-	-	-	-	-	24,392,164	-	(24,392,164)	(24,392,164)	-	-	-	PDF p. 119
Total comprehensive income (loss) for the yearPHP	-	-	-	-	-	-	2,328,404,787	142,849,350	-	-	6,322,070,571	6,322,070,571	8,793,324,708	(352,029,302)	8,441,295,406	PDF p. 119
Cash dividends declared and paid during the yearPHP	-	-	-	-	-	-	-	-	-	-	(3,890,753,097)	(3,890,753,097)	(3,890,753,097)	-	(3,890,753,097)	PDF p. 119

Definitions & sources

Original report: PDF p. 119 ↗

Amounts in Philippine Pesos. Rows are movements for the year 2024 (Jan 1, 2024 to Dec 31, 2024).

In the printed 'Option forfeited during the year' row the Capital Stock cell is blank.

Consolidated Statements of Changes in Equity (Group) - Year 2023

5 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statements of Changes in Equity (Group) - Year 2023 from SEC Form 17-A Annual Report – Emperador Inc.
Metric / unit	2023Capital Stock	2023Additional Paid-in Capital	2023Deposit for Future Stock Subscription - ELS	2023Treasury Shares	2023Conversion Options Outstanding	2023Share Options Outstanding	2023Accumulated Translation Adjustments	2023Revaluation Reserves	2023Other Reserves	2023Retained Earnings Appropriated	2023Retained Earnings Unappropriated	2023Retained Earnings Total	2023Attributable to Owners of the Parent Company Total	2023Non-controlling Interest	2023Total Equity	Source
2023 movements
Movements during the yearPHP	-	-	-	-	-	-	-	-	139,993,042	-	-	-	139,993,042	-	139,993,042	PDF p. 119
Issuances during the yearPHP	-	-	-	-	-	58,522,404	-	-	-	-	-	-	58,522,404	-	58,522,404	PDF p. 119
Transfer to equity reservesPHP	-	-	-	-	-	-	-	-	252,352,226	-	(252,352,226)	(252,352,226)	-	-	-	PDF p. 119
Total comprehensive income (loss) for the yearPHP	-	-	-	-	-	-	2,545,627,236	(215,623,220)	-	-	8,705,726,613	8,705,726,613	11,035,730,629	285,549,762	11,321,280,391	PDF p. 119
Cash dividends declared during the yearPHP	-	-	-	-	-	-	-	-	-	-	(4,701,326,659)	(4,701,326,659)	(4,701,326,659)	-	(4,701,326,659)	PDF p. 119

Definitions & sources

Original report: PDF p. 119 ↗

Amounts in Philippine Pesos. Rows are movements for the year 2023 (Jan 1, 2023 to Dec 31, 2023). In 2023 the dividends row is labelled 'declared' (not 'declared and paid').

Key Performance Indicators (MD&A), Group, in Million Pesos

9 metrics

Units appear below each metric. Scroll to compare years

Key Performance Indicators (MD&A), Group, in Million Pesos from SEC Form 17-A Annual Report – Emperador Inc.
Metric / unit	2025Group, year-end/full year	2024Group	2023Group	2022Group	2025% growth yoy, 2025 vs 2024	2024% growth yoy, 2024 vs 2023	2023% growth yoy, 2023 vs 2022	Source
Key Performance Indicators
Sale of goods and servicesMillion PHP	56,207	60,743	64,499	60,671	-7.5	-5.8	6.3	PDF p. 74
Gross profitMillion PHP	16,630	18,784	21,153	19,130	-11.5	-11.2	10.6	PDF p. 74
Net profit [“NP”]Million PHP	4,005	6,485	8,944	10,212	-38.2	-27.5	-12.4	PDF p. 74
Net profit to owners [“NPO”]Million PHP	3,858	6,322	8,706	10,061	-39.0	-27.4	-13.5	PDF p. 74
EBITDAMillion PHP	9,097	11,394	13,768	13,807	-20.2	-17.2	-0.3	PDF p. 74
Interest expenseMillion PHP	1,861	1,711	1,372	610	8.8	24.7	124.8	PDF p. 74
Total current assetsMillion PHP	90,612	82,301	79,459	78,356	10.1	3.6	1.4	PDF p. 74
Quick assetsMillion PHP	31,479	30,483	29,966	36,176	3.3	1.7	-17.2	PDF p. 74
Total current liabilitiesMillion PHP	21,444	20,184	23,351	28,350	6.2	-13.6	-17.6	PDF p. 74

Definitions & sources

Original report: PDF p. 74 ↗

Amounts in million Pesos (P) as printed; ratios in % or x as printed. Definitions: Revenue growth – percentage change in revenues over a designated period; Net profit growth – percentage change in net profit; GPR/GPM – gross profit [sales less cost of sales] as % of sales; NPR/NPM – net profit to revenues; ROA – ratio of net profit to total assets; Current ratio – current assets divided by current liabilities; Quick assets [cash, marketable securities, accounts receivables] divided by current liabilities; Interest rate coverage ratio – EBITDA (profit before tax, interest expense and depreciation and amortization) divided by interest expense, also computed net of interest income from banks.

Row labels 'Revenues and other income', 'Sale of goods and services', 'Net profit to owners', 'Total current liabilities' and 'Interest cover [net of interest income]' wrap over two lines in the source; quotes use the contiguous value line.

Five-year results by segment (Brandy / Whisky), Group, MD&A results of operations

20 metrics

Units appear below each metric. Scroll to compare years

Five-year results by segment (Brandy / Whisky), Group, MD&A results of operations from SEC Form 17-A Annual Report – Emperador Inc.
Metric / unit	2025Group	2024Group	2023Group	2022Group	2021Group	2025YoY change amount, 2025 vs 2024	2025YoY %, 2025 vs 2024	2024YoY change amount, 2024 vs 2023	2024YoY %, 2024 vs 2023	2023YoY change amount, 2023 vs 2022	2023YoY %, 2023 vs 2022	2022YoY change amount, 2022 vs 2021	2022YoY %, 2022 vs 2021	Source
Five-year results
Revenue and other income [external customers]1Million PHP	57,043	61,646	65,644	62,767	55,936	(4,603)	(7.5)	(3,998)	(6.1)	2,877	4.6	6,831	12.2	PDF p. 77
Five-year results - Revenue
Brandy (revenue)Million PHP	35,774	36,390	39,973	40,687	37,232	(615)	(1.7)	(3,584)	(9.0)	(714)	(1.8)	3,455	9.3	PDF p. 77
Whisky (revenue)Million PHP	21,269	25,256	25,671	22,080	18,704	(3,988)	(15.8)	(414)	(1.6)	3,591	16.3	3,376	18.1	PDF p. 77
Five-year results
Gross profit ["GP"]2Million PHP	16,630	18,784	21,153	19,130	20,037	(2,154)	(11.5)	(2,369)	(11.2)	2,023	10.6	(907)	(4.5)	PDF p. 77
Five-year results - Gross profit
Brandy (GP)Million PHP	8,482	7,694	9,863	10,044	12,637	788	10.2	(2,169)	(22.0)	(181)	(1.8)	(2,593)	(20.5)	PDF p. 77
Whisky (GP)Million PHP	8,148	11,090	11,290	9,086	7,400	(2,942)	(26.5)	(200)	(1.8)	2,204	24.3	1,686	22.8	PDF p. 77
Five-year results
NP before taxMillion PHP	5,525	8,118	10,941	11,710	12,895	(2,593)	(31.9)	(2,823)	(25.8)	(769)	(6.6)	(1,185)	(9.2)	PDF p. 77
Five-year results - NP before tax
Brandy (NP before tax)Million PHP	3,015	2,559	4,955	6,568	8,894	456	17.8	(2,396)	(48.4)	(1,614)	(24.6)	(2,326)	(26.2)	PDF p. 77
Whisky (NP before tax)Million PHP	2,510	5,559	5,986	5,142	4,001	(3,049)	(54.9)	(427)	(7.1)	845	16.4	1,141	28.5	PDF p. 77
Five-year results
Tax expenseMillion PHP	1,520	1,633	1,997	1,498	2,747	(113)	(6.9)	(364)	(18.2)	499	33.3	(1,248)	(45.4)	PDF p. 77
Five-year results - Tax expense
Brandy (tax expense)Million PHP	896	582	999	893	1,314	314	54.0	(417)	(41.8)	106	11.8	(421)	(32.0)	PDF p. 77
Whisky (tax expense)Million PHP	624	1,051	998	605	1,433	(427)	(40.6)	53	5.3	393	65.0	(828)	(57.8)	PDF p. 77
Five-year results
NPMillion PHP	4,005	6,485	8,944	10,212	10,148	(2,480)	(38.2)	(2,458)	(27.5)	(1,268)	(12.4)	63	0.6	PDF p. 77
Five-year results - NP
Brandy (NP)Million PHP	2,119	1,977	3,956	5,675	7,580	142	7.2	(1,978)	(50.0)	(1,719)	(30.3)	(1,906)	(25.1)	PDF p. 77
Whisky (NP)Million PHP	1,886	4,508	4,988	4,537	2,568	(2,622)	(58.2)	(480)	(9.6)	452	10.0	1,969	76.7	PDF p. 77
Five-year results
NP to owners ["NPO"]Million PHP	3,858	6,322	8,706	10,061	9,971	(2,464)	(39.0)	(2,384)	(27.4)	(1,355)	(13.5)	90	0.9	PDF p. 77
Five-year results - NPO
Brandy (NPO)Million PHP	1,972	1,814	3,717	5,524	7,403	158	8.7	(1,904)	(51.2)	(1,807)	(32.7)	(1,879)	(25.4)	PDF p. 77
Five-year results
EBITDAMillion PHP	9,097	11,394	13,768	13,807	15,225	(2,297)	(20.2)	(2,374)	(17.2)	(39)	(0.3)	(1,418)	(9.3)	PDF p. 77
Five-year results - EBITDA
Brandy (EBITDA)Million PHP	5,296	4,889	7,279	8,090	10,713	407	8.3	(2,390)	(32.8)	(811)	(10.0)	(2,623)	(24.5)	PDF p. 77
Whisky (EBITDA)Million PHP	3,801	6,505	6,489	5,716	4,512	(2,704)	(41.6)	16	0.2	773	13.5	1,205	26.7	PDF p. 77

Definitions & sources

Original report: PDF p. 77 ↗

Notes: Numbers may not add up due to rounding. 1Segment Revenues presented in the table are from external customers only. 2GP is all-inclusive Sales less Cost of Sales. 3GPR is GP over Sales

Amounts in million Pesos; rate/margin rows are percentages with only the five level columns printed. Parentheses denote negatives. Brandy/Whisky rows follow the preceding aggregate row.

Earnings per share (Note 25), Group

6 metrics

Units appear below each metric. Scroll to compare years

Earnings per share (Note 25), Group from SEC Form 17-A Annual Report – Emperador Inc.
Metric / unit	2025Group	2024Group	2023Group	Source
Basic earnings per share
Consolidated net profit attributable to owners of the parent companyPHP	3,858,028,043	6,322,070,571	8,705,726,613	PDF p. 185
Divided by the weighted average number of outstanding common sharesshares	15,671,216,543	15,670,991,338	15,670,991,338	PDF p. 185
Basic earnings per sharePHP per share	0.25	0.40	0.56	PDF p. 185
Diluted earnings per share
Consolidated net profit attributable to owners of the parent company with dilutive effectPHP	3,858,028,043	6,322,070,571	8,705,726,613	PDF p. 185
Divided by the weighted average number of outstanding common shares and potential dilutive sharesshares	16,316,016,543	16,327,991,338	16,327,991,338	PDF p. 185
Diluted earnings per sharePHP per share	0.24	0.39	0.53	PDF p. 185

Definitions & sources

Original report: PDF p. 185 ↗

Amounts in PHP. Diluted computation considers potential dilutive common shares relating to employee share options and convertible ELS (475.0 million ELS shares not yet issued in 2025, 2024 and 2023). Share options granted: 118.0 million, 75.0 million and 5.0 million in 2015, 2021 and 2022; 26.0 million and 16.0 million cancelled as of December 31, 2025 and 2024.

Same basic/diluted EPS also printed on the Consolidated Statements of Comprehensive Income (page 118) as P 0.25/0.24 (2025), P 0.40/0.39 (2024), P 0.56/0.53 (2023).

Where the money comes from

Segment information

By business

Analysis of Segment Information (in millions, PHP) 17 lines

Analysis of Segment Information (in millions, PHP)
Item / unit	2025Brandy	2024Brandy	2023Brandy	2025Scotch Whisky	2024Scotch Whisky	2023Scotch Whisky	2025Segment Totals	2024Segment Totals	2023Segment Totals	Source
REVENUES AND OTHER INCOME
External customersPHP millions	35,774	36,390	39,973	21,269	25,256	25,671	57,043	61,646	65,644	PDF p. 144
Intersegment sales*PHP millions	783	630	600	334	331	486	1,117	961	1,086	PDF p. 144
Total revenues and other income (unlabelled subtotal)PHP millions	36,557	37,020	40,573	21,603	25,587	26,157	58,160	62,607	66,730	PDF p. 144
COSTS AND EXPENSES
Costs of goods soldPHP millions	27,080	28,190	29,301	12,498	13,769	14,045	39,578	41,959	43,346	PDF p. 144
Intersegment cost of goods sold*PHP millions	334	331	486	783	630	600	1,117	961	1,086	PDF p. 144
Selling and distribution expensesPHP millions	3,198	3,144	3,158	3,893	4,008	3,600	7,091	7,152	6,758	PDF p. 144
General and administrative expensesPHP millions	1,711	1,664	1,420	1,115	1,036	1,602	2,826	2,700	3,022	PDF p. 144
Interest expense and other chargesPHP millions	1,220	1,132	1,253	803	585	323	2,023	1,717	1,576	PDF p. 144
Total costs and expenses (unlabelled subtotal)PHP millions	33,543	34,461	35,618	19,092	20,028	20,170	52,635	54,489	55,788	PDF p. 144
Results
SEGMENT PROFIT BEFORE TAXPHP millions	3,014	2,559	4,955	2,511	5,559	5,986	5,525	8,118	10,941	PDF p. 144
TAX EXPENSEPHP millions	896	582	999	624	1,051	998	1,520	1,633	1,997	PDF p. 144
SEGMENT NET PROFITPHP millions	2,118	1,977	3,956	1,887	4,508	4,988	4,005	6,485	8,944	PDF p. 144
Assets and liabilities
SEGMENT ASSETS*PHP millions	138,433	138,186	150,747	94,358	80,811	67,607	232,791	218,997	218,354	PDF p. 144
SEGMENT LIABILITIES*PHP millions	43,221	43,450	55,604	34,002	25,201	17,485	77,223	68,651	73,089	PDF p. 144
Other segment information
Depreciation and AmortizationPHP millions	1,308	1,205	1,114	402	360	341	1,710	1,565	1,455	PDF p. 144
Interest ExpensePHP millions	973	1,126	1,210	888	585	162	1,861	1,711	1,372	PDF p. 144
Equity Share in Net Income of Joint VenturePHP millions	83	78	112	-	-	-	83	78	112	PDF p. 144

Notes

*Intersegment accounts are eliminated in consolidation. Numbers may not add up due to rounding off. See reconciliation in Note 4.5 in the succeeding page.

Segment information for the years ended December 31, 2025, 2024 and 2023 (in millions). Scotch Whisky pertains to the UK operations and the rest fall under Brandy.

The Group's revenues and other income in the three years presented range from 59% to 62% from the Asia Pacific, 26% to 28% from Europe and the remaining portion from North and Latin Americas, Middle East and Africa and other countries.

The two unlabelled subtotal rows have no printed label; the labels given are descriptors.

Reconciliation of segment totals to consolidated balances, 2025 (in millions, PHP) 8 lines

Reconciliation of segment totals to consolidated balances, 2025 (in millions, PHP)
Item / unit	2025Segment Totals	2025Intercompany Accounts	2025Consolidated Balances	Source
2025
Revenues and other incomePHP millions	58,160	(1,117)	57,043	PDF p. 145
Costs and expensesPHP millions	52,635	(1,117)	51,518	PDF p. 145
Net profitPHP millions	4,005	-	4,005	PDF p. 145
Total assetsPHP millions	232,791	(54,516)	178,275	PDF p. 145
Total liabilitiesPHP millions	77,223	(7,076)	70,147	PDF p. 145
2025 Other segment information
Interest expensePHP millions	1,861	-	1,861	PDF p. 145
Depreciation and amortizationPHP millions	1,710	-	1,710	PDF p. 145
Share in net profit of joint venturePHP millions	83	-	83	PDF p. 145

Notes

Reconciliation of total segment balances for the Group's operating segments to the consolidated balances (in millions).

Reconciliation of segment totals to consolidated balances, 2024 (in millions, PHP) 8 lines

Reconciliation of segment totals to consolidated balances, 2024 (in millions, PHP)
Item / unit	2024Segment Totals	2024Intercompany Accounts	2024Consolidated Balances	Source
2024
Revenues and other incomePHP millions	62,607	(961)	61,646	PDF p. 145
Costs and expensesPHP millions	54,489	(961)	53,528	PDF p. 145
Net profitPHP millions	6,485	-	6,485	PDF p. 145
Total assetsPHP millions	218,997	(59,469)	159,527	PDF p. 145
Total liabilitiesPHP millions	68,651	(9,650)	59,000	PDF p. 145
2024 Other segment information
Interest expensePHP millions	1,711	-	1,711	PDF p. 145
Depreciation and amortizationPHP millions	1,565	-	1,565	PDF p. 145
Share in net profit of joint venturePHP millions	78	-	78	PDF p. 145

Notes

Reconciliation of total segment balances for the Group's operating segments to the consolidated balances (in millions).

Reconciliation of segment totals to consolidated balances, 2023 (in millions, PHP) 8 lines

Reconciliation of segment totals to consolidated balances, 2023 (in millions, PHP)
Item / unit	2023Segment Totals	2023Intercompany Accounts	2023Consolidated Balances	Source
2023
Revenues and other incomePHP millions	66,729	(1,086)	65,643	PDF p. 145
Costs and expensesPHP millions	55,788	(1,086)	54,702	PDF p. 145
Net profitPHP millions	8,944	-	8,944	PDF p. 145
Total assetsPHP millions	218,354	(69,645)	148,709	PDF p. 145
Total liabilitiesPHP millions	73,089	(19,787)	53,301	PDF p. 145
2023 Other segment information
Interest expensePHP millions	1,372	-	1,372	PDF p. 145
Depreciation and amortizationPHP millions	1,455	-	1,455	PDF p. 145
Share in net profit of joint venturePHP millions	112	-	112	PDF p. 145

Notes

Reconciliation of total segment balances for the Group's operating segments to the consolidated balances (in millions). 2023 segment-total revenue is printed as 66,729 here versus 66,730 in Note 4.4.

Debt

Borrowings

Terms of each availed loan: balance, interest rate, security, maturity (Note 14)

Terms of each availed loan: balance, interest rate, security, maturity (Note 14) — Group outstanding balance
Item / unit	2025PHP	2024PHP	Source
Loan terms
(a) Margin of 0.825% plus EURIBOR; Unsecured; maturity 2028PHP	20,681,384,724	18,909,997,520	PDF p. 161
(b) 0.8% over SONIA; Secured; maturity 2028PHP	20,225,314,955	13,506,215,085	PDF p. 161
TotalPHP	41,979,102,664	33,432,555,421	PDF p. 161

Notes

Columns: Outstanding Balance 2025/2024; Explanatory Notes; Interest Rate; Security; Maturity Date.

(a) €310.0 million unsecured term loan of EIL from syndicate of foreign financial institutions, guaranteed by EMI and EDI; presented as non-current given €300.0 million refinancing mandate.

(b) WMG revolving asset-based-lending facility with foreign bank up to March 2028, secured by floating charge against WMG’s inventories; limit increased to £175.0 million.

(c) DBLC unsecured foreign-currency-denominated loans assumed from BLC. Loans are foreign bank loans (foreign currency denominated: EUR, GBP).

Row quotes for (a),(b),(c) are fragments of wrapped rows.

Lease liabilities undiscounted maturity analysis, December 31, 2025 (Note 9.3)

Lease liabilities undiscounted maturity analysis, December 31, 2025 (Note 9.3)
Item / unit	2025Within 1 year, PHP	20251 to 2 years, PHP	20252 to 3 years, PHP	20253 to 4 years, PHP	20254 to 5 years, PHP	2025More than 5 years, PHP	2025Total, PHP	Source
December 31, 2025
Lease liabilitiesPHP	289,319,143	218,999,537	176,715,680	122,381,771	108,265,941	248,676,983	1,164,359,055	PDF p. 153
Finance chargesPHP	(44,210,266)	(34,200,073)	(25,742,408)	(19,260,526)	(14,219,665)	(19,712,985)	(157,345,923)	PDF p. 153
Net present valuesPHP	245,108,877	184,799,464	150,973,272	103,121,245	94,046,276	228,963,998	1,007,013,132	PDF p. 153

Notes

The undiscounted maturity analysis of lease liabilities at December 31.

Lease liabilities undiscounted maturity analysis, December 31, 2024 (Note 9.3)

Lease liabilities undiscounted maturity analysis, December 31, 2024 (Note 9.3)
Item / unit	2024Within 1 year, PHP	20241 to 2 years, PHP	20242 to 3 years, PHP	20243 to 4 years, PHP	20244 to 5 years, PHP	2024More than 5 years, PHP	2024Total, PHP	Source
December 31, 2024
Lease liabilitiesPHP	276,532,366	200,095,583	176,653,168	153,079,863	110,580,573	349,627,196	1,266,568,749	PDF p. 153
Finance chargesPHP	(43,701,542)	(35,250,229)	(32,244,089)	(25,076,290)	(19,216,632)	(33,711,002)	(189,199,784)	PDF p. 153
Net present valuesPHP	232,830,824	164,845,354	144,409,079	128,003,573	91,363,941	315,916,194	1,077,368,965	PDF p. 153

Maturity profile of financial liabilities, contractual undiscounted payments, December 31, 2025 (Note 27.3)

Maturity profile of financial liabilities, contractual undiscounted payments, December 31, 2025 (Note 27.3)
Item / unit	2025Current: Within 6 months, PHP	2025Current: 6 to 12 months, PHP	2025Non-current: 1 to 5 years, PHP	2025Non-current: More than 5 years, PHP	Source
December 31, 2025
Interest-bearing loansPHP	1,261,842,989	1,257,903,910	43,232,037,710	-	PDF p. 191
Lease liabilitiesPHP	149,407,180	148,112,777	749,979,129	173,632,092	PDF p. 191

Notes

The contractual maturities of Trade and Other Payables and Interest-bearing Loans reflect the gross cash flows, which approximate the carrying values of the liabilities at the end of each reporting period.

Put option liability 248,391,682 in 1 to 5 years not included here (not debt).

Maturity profile of financial liabilities, contractual undiscounted payments, December 31, 2024 (Note 27.3)

Maturity profile of financial liabilities, contractual undiscounted payments, December 31, 2024 (Note 27.3)
Item / unit	2024Current: Within 6 months, PHP	2024Current: 6 to 12 months, PHP	2024Non-current: 1 to 5 years, PHP	2024Non-current: More than 5 years, PHP	Source
December 31, 2024
Interest-bearing loansPHP	1,108,244,958	1,105,528,522	36,667,959,803	-	PDF p. 191
Lease liabilitiesPHP	138,266,183	138,266,183	640,409,187	349,627,196	PDF p. 191

Borrowing notes 2 tables

Interest-bearing loans – current and non-current (Note 14)

Interest-bearing loans – current and non-current (Note 14) — Group
Item / unit	2025PHP	2024PHP	Source
Interest-bearing loans
CurrentPHP	984,769,817	679,108,834	PDF p. 161
Non-currentPHP	40,994,332,847	32,753,446,587	PDF p. 161
TotalPHP	41,979,102,664	33,432,555,421	PDF p. 161

Notes

The composition of the Group’s outstanding foreign bank loans is shown below [see Note 2.5(b)(ii)].

Total row has no printed label.

Lease liabilities – current and non-current (Note 9.3)

Lease liabilities – current and non-current (Note 9.3) — Group
Item / unit	2025PHP	2024PHP	Source
Lease liabilities
CurrentPHP	245,108,877	232,830,824	PDF p. 153
Non-currentPHP	761,904,255	844,538,141	PDF p. 153
TotalPHP	1,007,013,132	1,077,368,965	PDF p. 153

Notes

The lease liabilities are secured by the related underlying assets.

Payout

Dividends & distributions

Dividend policy

Item	Value	Period / scope	Source
DIVIDEND POLICY	The Company has declared approximately 40% of the preceding year’s consolidated net profit to owners as dividends when practicable.	Company	PDF p. 73
DIVIDEND POLICY	The Company maintains it as a policy to declare dividends when there are unrestricted retained earnings available, after taking into consideration a number of factors including restrictions that may be imposed by current and prospective financial covenants, projected levels of operating results, working capital needs and long-term capital expenditures of its businesses/subsidiaries; and regulatory requirements on dividend payments, among others.	Company	PDF p. 73

Dividends declared and proposed

Item	Value	Period / scope	Source
January 15, 2025	P0.1900	Cash dividend declared January 15, 2025 (reporting year 2025); record January 31, 2025; payable February 18, 2025; total P2,989,929,535	PDF p. 182
April 1, 2024	0.2400 pesos per share	Cash dividend declared April 1, 2024 (comparative year 2024); record May 2, 2024; payable May 24, 2024; total P3,776,753,097	PDF p. 182
Events occurring after the end of reporting period	P0.1351 per share	Cash dividend declared January 6, 2026 out of retained earnings as of December 31, 2025; aggregating P2,126.3 million; record January 20, 2026; payable January 29, 2026	PDF p. 196

Extracted from SEC Form 17-A Annual Report – Emperador Inc. and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

Item	Value	Period / scope	Source
Audit firm	PUNONGBAYAN & ARAULLO	Group, FY2025	PDF p. 116
Engagement partner	Ramilito L. Nañola	Group, FY2025	PDF p. 116
Auditors' report date	May 14, 2026	Group, FY2025 · As at 2026-05-14	PDF p. 116
Opinion	present fairly, in all material respects	Group consolidated financial statements, FY2025	PDF p. 110

Key audit matters

Item	Value	Period / scope	Source
Impairment Assessment of Goodwill and Trademarks with Indefinite Useful Lives	We considered the impairment of these assets as a key audit matter because the amounts of goodwill and trademarks are material to the consolidated financial statements.	Group, FY2025	PDF p. 111
Revenue Recognition	We considered revenue recognition to be a key audit matter due to its material impact on the consolidated financial statements	Group, FY2025	PDF p. 112
Existence and Valuation of Inventories	we considered the existence and valuation of inventories as key audit matter.	Group, FY2025	PDF p. 113
Consolidation Process	The Group’s consolidation process is determined to be a key audit matter due to the extent of judgment involved, the significance of foreign operations, and the complexity and manual nature of consolidation and elimination adjustments, which collectively increase the risk of material misstatement.	Group, FY2025	PDF p. 114

Extracted from SEC Form 17-A Annual Report – Emperador Inc. and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow SEC Form 17-A Annual Report – Emperador Inc., including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.