SM Investments (SM) Q2 2025 earnings summary

Executive summary

• Consolidated earnings and revenues grew across all core businesses, supported by positive consumer sentiment and a favorable macroeconomic environment.

• Retail, property, and banking segments all posted higher revenues and net income, with retail and property showing double-digit net income growth.

• EBITDA reached P89.0B, up from P83.3B, and operating margin improved to 23.7%.

• Conservative gearing and a strong balance sheet were maintained.

Financial highlights

• Consolidated revenues reached PHP 319.2B, up 5.9% year-over-year; net income at PHP 42.6B, also up 5.9%.

• Net income after tax was P58.8B, up 6.7% year-over-year.

• Total assets increased 1.6% to PHP 1,726.0B; total equity rose 3.7% to P898.1B.

• Net debt to total equity ratio stood at 32:68.

• Earnings per share (basic/diluted) for the six months were P34.84, up from P32.90.

Outlook and guidance

• Positive outlook for 2025, underpinned by supportive macroeconomic trends and continued momentum in core businesses.

• Plans to invest P100B in 2025 for mall expansion, integrated communities, and property upgrades.

• Retail to continue new store openings and improvements; new business ventures to be pursued as opportunities arise.