SM Prime Holdings (SMPH) Q1 2026 earnings summary

Executive summary

• Largest integrated property developer in the Philippines with a diversified portfolio and strategic presence in China, supporting sustained growth and value creation.

• Consolidated revenues rose 2% year-over-year to P33.28 billion in Q1 2026, driven by higher rental and other revenues.

• Market capitalization at P588B, consolidated assets at P1,111B, and total equity at P475B as of 1Q 2026.

• Strong brand equity, resilient earnings with 65% of revenues from rentals, and disciplined fiscal management.

• Net income attributable to equity holders was P11.66 billion, flat compared to Q1 2025.

Financial highlights

• 1Q 2026 revenue rose 2% year-over-year to P33.3B, driven by higher rental income and other revenues.

• Rental revenues increased 8% to P21.61 billion, with malls contributing 81%.

• EBIT and net income remained flat at P16.7B and P11.7B, respectively, as costs outpaced revenue growth.

• EBITDA margin steady at 62%; EBITDA up 2% to P20.6B.

• EPS at P0.41, up from P0.40 year-over-year.

Outlook and guidance

• Three new malls and Seaside Arena in Cebu City scheduled to open in 2026, adding over 0.6 million sqm of GFA.

• Expansion of projects in Tagaytay Highlands and Costa del Hamilo ongoing.

• Ongoing expansion in residential, office, and hotel segments, with 68 residential projects and 23 offices as of Q1 2026.