SM Investments Corporation posted a 9 percent rise in consolidated net income to ₱70.2 billion for the first nine months of 2026, from ₱64.4 billion in the same period last year. Consolidated revenues also grew 5 percent to ₱506.8 billion.
Banking remained the largest earnings contributor at 48 percent of total net income, followed by property at 26 percent, retail at 15 percent, and portfolio investments at 11 percent.
Frederic C. DyBuncio, SM Investments President and CEO, attributed the results to steady consumer demand lifting retail and mall operations, alongside improved earnings from the group’s investment portfolio.
SM Retail recorded a 7 percent increase in net income to ₱13.1 billion, with revenues rising 5.4 percent to ₱335.3 billion. Growth was driven by consistent sales at food retail outlets and stronger spending in specialty categories, including energy-saving products, toys, stationery, and pet supplies. Mall revenues climbed 10 percent to ₱63.7 billion, backed by more leasable space, high occupancy rates, and robust demand for dining and experiential offerings.
The group’s banking units also performed well, with BDO Unibank’s loan portfolio expanding 16 percent across all segments and China Banking Corporation reporting a 19 percent rise in net loans. Portfolio investments gained from improved earnings at Atlas Consolidated Mining on the back of higher copper prices. Other key units also delivered solid results: 2GO Group’s revenues rose 15 percent while Philippine Geothermal Production Company posted a 13 percent revenue increase due to higher steam prices.
SM noted its businesses generate steady, predictable cash flows, with over 60 percent of parent company cash flow coming from unlisted operations. All operating businesses fund their own expansion, keeping the parent’s balance sheet strong. As of September 30, total assets stood at ₱1.8 trillion, with a net debt-to-equity ratio of 31 to 69. The company said it will continue prioritizing shareholder returns through higher dividends and an active share buyback program.
“At the parent, we continue to allocate capital carefully and maintain the financial capacity to invest for the long term,” DyBuncio added.
