SM Prime Holdings (SMPH) Q1 2025 earnings summary

Executive summary

• Consolidated revenues rose 7% year-over-year to P32.8B in 1Q 2025, driven by higher rental income, real estate sales, and other revenues.

• Net income attributable to parent increased 11% to P11.7B, with EBITDA up 12% to P20.2B.

• EBITDA margin improved to 62%, up 3 percentage points from the previous year.

• Total assets reached P1,047B, up 3% from December 2024, and total equity grew to P444.73B.

Financial highlights

• Rent revenues increased 8% to P20.02B, with malls contributing 85%.

• Real estate sales rose 5% to P9.22B, supported by ongoing project sales and construction progress.

• EBIT grew to P16.7B (+13% YoY), and EBITDA to P20.2B (+12% YoY).

• Net income attributable to parent was P11.7B, an 11% increase year-over-year.

• Costs and expenses rose just 1%, reflecting improved operating efficiency.

Outlook and guidance

• Three new malls are set to open in 2025, adding over 0.3 million sqm of GFA.

• Continued expansion in residential, commercial, and hotel segments, with 67 residential projects and 22 office buildings in the pipeline.

• Macro tailwinds include strong GDP growth (~6%), moderating inflation (~3%), and low unemployment.

• Cooling interest rates and robust OFW remittances support residential demand.

• Tourism resurgence and government campaigns to boost hotels and convention centers.