PASAY CITY, Philippines, 11 November 2026 — SM Investments Corporation (SM), the parent company of the SM Group, reported consolidated net income of PHP70.2 billion in the first nine months of 2026, up 9% from PHP64.4 billion a year earlier.
Consolidated revenues increased 5% to PHP506.8 billion from PHP482.3 billion. Banking contributed 48% of consolidated net income, followed by property at 26%, retail at 15% and portfolio investments at 11%.
“Ongoing resilient consumer demand supported retail and malls, while portfolio investments delivered stronger earnings,” said Frederic C. DyBuncio, President and Chief Executive Officer of SM Investments.
Consumer resilience
SM Retail posted net income of PHP13.1 billion, up 7% from the previous year, as consolidated revenues grew 5.4% to PHP335.3 billion. Growth was broad-based, supported by resilient consumer spending.
Food retail posted steady sales growth across its supermarket and minimart formats, reflecting continued demand for everyday essentials.
Specialty retail recorded higher sales, supported by demand for power-source alternatives and spending on selected discretionary categories, particularly toys, stationery and pet products.
Revenues from the Group’s mall business increased 10% to PHP63.7 billion due to an increase in leasable space, higher occupancy and strong demand for dining and experiential offerings.
BDO Unibank’s loan portfolio grew 16%, with double-digit increases across all segments while China Banking Corporation reported a 19% jump in net loans.
Portfolio performance
Meanwhile, portfolio investments accounted for 11% of consolidated net income, led by a turnaround in Atlas Consolidated Mining and Development Corporation as higher copper prices supported earnings.
2GO Group, Inc. recorded revenue growth of 15%, supported by strong performance across its businesses, particularly sea travel and container services.
Philippine Geothermal Production Company, Inc.’s 13% higher revenues were driven by higher steam prices which track the Wholesale Electricity Spot Market (WESM).
The parent advantage
The SM Group’s businesses are largely in sectors that deliver strong predictable cashflows. Over 60% of parent annual cashflows are from non-listed businesses, including SM Retail, in addition to the dividends regularly received from listed subsidiaries.
All established businesses fund their own operations and expansion plans and do not require funding from the parent. With a strong balance sheet and reliable cash generation, SM Investments seeks to increase its returns to shareholders via higher dividends and an active share buyback program.
Total assets stood at PHP 1.8 trillion as of September 30, 2026, with net debt-to-equity of 31:69.
“At the parent, we continue to allocate capital carefully and maintain the financial capacity to invest for the long term,” Mr. DyBuncio said.