SM Investments profit climbs 10% to P90.5 billion

March 1, 2026 | 12:00am

MANILA, Philippines — The Sy family’s SM Investments Corp. delivered a double-digit profit increase last year, driven by sustained growth across its business segments.

The holding company of the SM group reported a 10 percent jump in its net income to P90.5 billion in 2025 from P82.6 billion a year ago.

Consolidated revenues rose by four percent to P681.7 billion in 2025 from P654.8 billion in 2024.

“Our strong fourth quarter performance reinforced our full-year results. This reflected resilient consumer spending, improved operational e?ciencies and prudent financial management across our core businesses,” SM Investments president and chief executive officer Frederic DyBuncio said.

Banking contributed the largest share of the group’s net income at 49 percent, followed by property at 27 percent, retail at 18 percent and portfolio investments at six percent.

In 2025, BDO delivered a record-high profit of P87.2 billion, up by six percent year-on-year, driven by the solid performance of its core businesses.

China Banking Corp.’s net income grew by 13 percent to P28 billion, with its core lending business as the main driver.

The group’s integrated property development arm, SM Prime Holdings Inc., registered a seven percent hike in net income to P48.8 billion, driven by stronger commercial property revenues and disciplined cost management.

SM Retail, for its part, saw a one percent improvement in net income to P21.1 billion, with retail revenues rising by five percent year-on-year to P458.1 billion.

DyBuncio said department store growth remained steady, fueled by strong performance in the kids category in the fourth quarter.

“Food retail benefited from sustained spending on essential items. Specialty retail spending saw growth across health and beauty, fashion, kids and home categories, while the stationery section performed well due to increased gadget purchases,” he said.

The performance of the group’s portfolio investments, meanwhile, was driven by Philippine Geothermal Production Co. and NEO buildings, which together accounted for 56 percent of total portfolio income, followed by 2GO and Goldilocks, with a combined 20 percent contribution.

“Looking ahead, we remain optimistic about the Philippine growth outlook, supported by easing inflation, steady employment, stable interest rates and sustained remittance flows that underpin household incomes and provincial market expansion,” DyBuncio said.

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