20 Years of Driving Progress

2025 Integrated Report

Leadership Perspectives

Conversations with Amando M. Tetangco, Jr., Chairman of the Board and Frederic C. DyBuncio, President and CEO

Leading Growth Forward

“We enter the next chapter fully aware of both global geopolitical uncertainties and the potential domestic challenges we must address. With our clear business focus, financial strength and strong competitive advantages we are confident we can continue to grow and outperform over the long term.”

Amando M. Tetangco, Jr.

Chairman of the Board

A Year of Growth

“SM has been part of the Filipino growth story for almost seven decades and twenty years as a publicly listed company. As we look ahead, what gives us confidence is the strength of our customers who remain resilient, employees who continue to serve with dedication and partners and communities who grow alongside us.”

Frederic C. DyBuncio

President and CEO

Our Mission and Vision

For a company as big as SM Investments, every word in this statement is chosen carefully. Each one reflects how we see ourselves, the world and the role we play in it.

Our Businesses

SM invests in businesses that drive economic growth by working together and creating synergies. Our ecosystem of businesses spans Retail, Properties, Banking, and Portfolio Investments. These work together to expand access, create opportunities and support long-term growth for Filipinos.

Two Decades of Purpose,
One Year of Progress

While 2025 marks a year of significant strategic progress, it is deeply rooted in twenty years of foundational growth. We invite you to look back at the 20-year journey since our IPO and specific milestones that define our performance this past year.

How We Operate

As the parent company of a group of dynamic market-leading businesses, each of which has a significant presence and role in the Philippines, there is much to review when we look back at 2025.

Despite the complexities around us, our priorities are clear and our approach is concise. Our shared vision, entrepreneurial culture and how we execute our businesses’ strategies follow common and effective themes. Our coordinated approach is key to our competitive advantage` and long-term success.

We have an ambitious and entrepreneurial growth mindset, which is applied across SM’s unique and synergistic business ecosystem. Our operations are grounded on uncompromising standards of responsibility and in practical environmental leadership. This approach has enabled us to create shared value for our many stakeholders and deliver high impact for all concerned.

These themes helped define our actions in 2025, as well as establish our uniqueness and outlook for the future.


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