PASAY CITY, Philippines, Aug. 18, 2026 /PRNewswire/ — SM Investments Corporation (SM), the parent company of the SM Group, reported consolidated net income of PHP45.9 billion in the first half of 2026, up 8% from PHP42.6 billion a year earlier, as sustained consumer demand and the strength of its diversified business model supported growth across the Group.
Consolidated revenues for the January to June period increased 6% to PHP339.2 billion, from PHP319.2 billion in the same period last year.
“Consumer spending in our retail stores and malls remained healthy despite recent economic shocks,” said Frederic C. DyBuncio, President and Chief Executive Officer of SM Investments. “The Filipino consumer was tested during the first half of the year but our businesses proved to be resilient. Steady demand across our consumer-led businesses plus solid contributions from our portfolio companies continue to reflect the strength of our diversified business model. This gives us the confidence to keep investing for long-term growth.”
In terms of net income, banking contributed 47% followed by property at 27%, retail at 15% and portfolio investments at 11%.
SM Retail reported net income was up 5% to PHP8.9 billion while operating income grew 12% to PHP14.0 billion, demonstrating the company’s ability to efficiently manage expenses amid a higher inflation environment. Growth was also broad-based, driven by resilient consumer demand for everyday essentials and the continued expansion of the group’s store network.
Food retail posted steady sales growth across its supermarket and minimart chain formats.
Specialty retail registered higher sales, driven by the Home, Other Fashion and Kids categories. Growth in the Home category was due to sustained demand for power source alternatives. In the Other Fashion category, growth was led by Kultura and Crocs. The Kids category was bolstered by spending on toys, pets and stationery.
As the Group’s largest consumer-facing business, the unlisted SM Retail business contributes significantly to recurring cash flows at the parent level.
Consumer demand was equally evident in the Group’s mall business, where revenues grew 8% to PHP41.8 billion on the combined effect of higher occupancy, stronger tenant sales and improved operational efficiency.
Banks posted mid-teens loan growth and remained the Group’s largest earnings contributor, reflecting the continued strength of its core banking franchise.
Portfolio investments delivered a stronger performance, driven by a turnaround in Atlas Consolidated Mining and Development Corporation, buoyed by higher copper prices. 2GO Group, Inc. recorded revenue growth across all categories, supported by higher passenger volumes in the travel segment and higher volumes in the logistics category from online purchases. Philippine Geothermal Production Company, Inc. revenues increased amid adjustments in energy prices.
SM’s scale, recurring income, and broad exposure to the country’s consumer-driven economy enable it to generate cash reliably across economic cycles. The Group is able to allocate its resources toward expansion and long-term value creation, while the parent focusses on using its strong cash flows to increase returns to shareholders.
Total assets stood at PHP1.82 trillion, with a conservative capital structure of 31% net debt to 69% equity.
“We remain positive about the outlook for the second half of the year, while staying mindful of macroeconomic uncertainties,” Mr. DyBuncio said. “Our diversified portfolio, prudent balance sheet and disciplined approach to capital allocation position us well to continue investing in the Philippines and creating long-term value for our customers, communities and shareholders.”
About SM Investments Corporation
SM Investments Corporation (SM) is an owner-operator of market-leading businesses in retail, banking, and property, with investments in high-growth opportunities in the Philippine economy. Through its portfolio, SM generates resilient cash flows and reinvests with discipline to compound value over the long term.
Its retail operations are the largest and most diversified in the country. Its property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines. Its banking interests include BDO Unibank, Inc., the country’s largest bank, and China Banking Corporation, one of the country’s largest private domestic banks.
For more information, please visit www.sminvestments.com
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SOURCE SM Investments Corporation
