SM Investments H1 2026 earnings report

SM Investments Corporation reported consolidated net income of PHP45.9 billion for the first half of 2026, an 8% increase from PHP42.6 billion in the same period last year. Consolidated revenues rose 6% to PHP339.2 billion. The growth was driven by sustained consumer demand across its retail, mall, and banking businesses, despite economic shocks. Banking contributed 47% of net income, property 27%, retail 15%, and portfolio investments 11%. SM Retail's net income grew 5% to PHP8.9 billion, with operating income up 12%. Mall revenues increased 8% to PHP41.8 billion. Banks posted mid-teens loan growth. Portfolio investments improved, led by a turnaround at Atlas Consolidated Mining and Development Corporation due to higher copper prices, revenue growth at 2GO Group, and increased revenues at Philippine Geothermal Production Company. Total assets reached PHP1.82 trillion with a conservative capital structure of 31% net debt to 69% equity. President and CEO Frederic C. DyBuncio expressed confidence in the second half outlook while remaining mindful of macroeconomic uncertainties.