SM Prime Holdings (SMPH) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was ₱103.06B, nearly flat YoY; parent-attributable net income fell 5% to ₱35.41B amid higher costs, inflation and weaker consumption.

• Q3 revenue declined 11% to ₱31.40B, and parent-attributable net income fell 15% to ₱10.87B YoY.

• 9M EBITDA rose 1% to ₱63.42B; EBITDA margin was 62%, while operating income was nearly flat at ₱51.76B.

• Malls remained the largest revenue stream, with 9M revenue of ₱63.7B, or 62% of total revenue.

Financial highlights

• 9M revenue was ₱103.06B vs ₱103.40B; costs and expenses were ₱51.30B vs ₱51.50B, and operating income was ₱51.76B vs ₱51.90B.

• 9M net income was ₱36.20B vs ₱37.89B; parent-attributable net income was ₱35.41B vs ₱37.24B. Basic/diluted EPS was ₱1.236 vs ₱1.291.

• Q3 revenue was ₱31.40B vs ₱35.36B; operating income was ₱15.69B vs ₱17.48B; parent-attributable net income was ₱10.87B vs ₱12.79B.

• 9M rent revenue rose 8% to ₱65.96B, real estate sales were ₱23.96B vs ₱31.20B, and other revenue increased 17% to ₱13.15B.

• EBITDA margin was 62% in both Q3 and 9M, down 2pp and 1pp YoY, respectively; capex fell 25% to ₱44.43B in 9M.

Outlook and guidance

• Malls: add market-first brands and experiential retail; invest in energy efficiency and renewable energy.

• Residences: prioritize ready-for-occupancy sales and project completions; begin the first phase of Susana Heights redevelopment in Muntinlupa.

• Hotels and convention centers: partner with Shangri-La on Shangri-La Santelmo Cove at Hamilo Coast; launch SMX Seaside Cebu and trade halls in four cities.

• Offices: develop a Grade A high-rise corporate office tower in Nuvali, described as Southern Luzon's first.

• SM Nuvali was planned to open in Q4 2026; the opening and mall expansions were expected to add more than 0.3M sqm of GFA. Planned 2026–2029 projects and land banking are supported by ₱170B of appropriated retained earnings.