SM’s profit climbs to ₱45.9B in 1H 2026 as net income rises 8%

The Sy family-controlled SM Investments says stronger banking, property, and retail earnings helped drive growth amid resilient consumer spending.

The Sy family-controlled SM Investments Corp. grew its net income by 8% to ₱45.9 billion in the first half of 2026, with banking, property and retail delivering stronger earnings despite economic pressures.

Consolidated revenues rose 6% to ₱339.2 billion from ₱319.2 billion a year earlier, with banking remaining the group’s biggest earnings contributor at 47% of net income. Property accounted for 27%, retail 15% and portfolio investments 11%.

SM Retail’s net income increased 5% to ₱8.9 billion, while operating income climbed 12% to ₱14 billion. Its mall business also posted an 8% increase in revenues to ₱41.8 billion, helped by higher occupancy and stronger tenant sales.

“Consumer spending in our retail stores and malls remained healthy despite recent economic shocks,” said SM Investments president and CEO Frederic C. DyBuncio. “The Filipino consumer was tested during the first half of the year but our businesses proved to be resilient.”

Banks posted mid-teens loan growth, while portfolio investments benefited from higher copper prices, stronger passenger and logistics volumes at 2GO, and higher revenues at Philippine Geothermal Production Co.

With ₱1.82 trillion in assets and net debt at 31% of capital, SM said it remains positive on the second half while staying mindful of macroeconomic uncertainties.

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