SM Prime Holdings (SMPH) Q4 2025 earnings summary

Executive summary

• Full year 2025 revenues grew 1% year-over-year to P141.1B, with net income up 7% to P48.8B and operating income up 5% to P71.7B.

• Rental and other income drove topline gains, while disciplined management led to operating income outpacing revenue growth.

Financial highlights

• 4Q 2025 revenues declined 7% year-over-year to P37.7B, while full year revenues rose 1% to P141.1B.

• Net income for 4Q 2025 was P11.6B (-1% YoY); full year net income reached P48.8B (+7% YoY).

• EBITDA margin was 63% in 4Q 2025 and 61% for FY 2025.

• CAPEX for 2025 totaled P81.9B.

Outlook and guidance

• New mall openings planned for 2026, including SM City Zamboanga and 2-3 additional malls in 2H 2026.

• Signature Series residential project to launch in Susana Heights in 1H 2026; accelerated development at M Village, Marina Estates, and Hamilo Coast for 2028 completion.

• SixE-Com Center and SMX Seaside Cebu scheduled to open in 2026; Park Inn by Radisson SM City Dasmariñas to open in 4Q 2027.