SM Investments (SM) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue rose 5.1% to P506.8B and net income attributable to owners increased 9.0% to P70.2B; operating income grew 6.5% to P121.0B.

• Q3 revenue was P167.6B, operating income P40.4B, net income P31.7B and EPS P20.17, versus P163.1B, P38.0B, P30.0B and P17.89 a year earlier.

• Earnings remained diversified across Retail, Banking, Property and portfolio investments, helping withstand external volatility.

Financial highlights

• 9M net income after tax increased to P94.1B from P88.8B; basic and diluted EPS were P57.99 versus P52.73.

• Operating cash flow was P70.6B; investing and financing activities used P34.8B and P62.4B, respectively, leaving P75.3B in cash and equivalents at Sep. 30, 2026.

• Total assets rose 1.8% to P1,844.8B, liabilities declined 1.4% to P844.6B and equity increased 4.7% to P1,000.2B from Dec. 31, 2025.

Outlook and guidance

• 2026 expansion plans continue across retail, property, banking and portfolio investments; SM Retail expects 100–150 store openings in Q4, while SM Prime plans to open SM Nuvali in Sta. Rosa.

• Positive Q4 outlook maintained, with continued caution around macroeconomic uncertainties.