# SM Q1 net income grows 7% to PHP21.5 billion

- Link: https://www.thailand-business-news.com/pr-news/sm-q1-net-income-grows-7-to-php21-5-billion
- Published: 2026-05-04T10:17:00+07:00
- Author: PR Newswire

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PASAY CITY, Philippines, May 4, 2026 /PRNewswire/ — SM Investments Corporation (
SM), the parent company of the SM group, reported consolidated net income of PHP21.5
billion in the first quarter, up 7% from PHP20.1 billion in the same period last
year, reflecting steady performance across its portfolio.

Consolidated revenues for the January to March period rose 5% to PHP159.4 billion,
from PHP152.0 billion a year earlier.

"The first quarter continued to deliver good results for us, especially in retail.
We are aware of external challenges and will endeavor to maintain our performance
by being disciplined on costs and focused on meeting consumer needs even when their
spending is constrained," said Frederic C. DyBuncio, President and Chief Executive
Officer of SM Investments.

At SM, a diversified earnings base continues to underpin performance, with banking
contributing 49% of reported net earnings, followed by property at 28%, retail at
15%, and portfolio investments at 8%.

Retail performance reflected resilient consumer activity, with SM Retail reporting
net income of PHP4.1 billion, up 13% year-on-year. Growth was led by non-food retail,
particularly department stores, supported by seasonal demand including graduation-
related spending.

Meanwhile, there were steady contributions from specialty and food retail formats.
As the Group’s largest consumer-facing business, SM Retail contributes significantly
to recurring cash flows at the parent level.

Portfolio investments continued to provide incremental growth and diversification.
Atlas Consolidated Mining & Development Corporation benefited from higher copper
prices, while 2GO Group recorded growth across its logistics and travel segments.
Goldilocks Bakeshop also saw increased demand during the early graduation season.

At the parent level, SM’s scale, recurring income, and broad exposure to the Philippines’
consumer-driven economy enable it to generate cash across cycles and allocate capital
toward long-term value creation.

Total assets stood at PHP1.8 trillion, with a conservative capital structure of 
30% net debt to 70% equity, supporting continued flexibility in capital allocation.

**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](https://www.sminvestments.com/)

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