SM Investments Corp. (SMIC) reported a 9-percent increase in consolidated net income in the first nine months of 2026, supported by growth across its retail, banking and property businesses.
In a disclosure on Wednesday, the Sy family-led conglomerate said net income reached P70.2 billion from P64.4 billion in the same period last year.
Consolidated revenues rose 5 percent to P506.8 billion from P482.3 billion a year earlier.
Banking accounted for the largest share of consolidated net income at 48 percent, followed by property at 26 percent, retail at 15 percent, and portfolio investments at 11 percent.
"Ongoing resilient consumer demand supported retail and malls, while portfolio investments delivered stronger earnings," SM Investments President and CEO Frederic DyBuncio said.
SM Retail posted a 7-percent increase in net income to P13.1 billion, while consolidated revenues grew 5.4 percent to P335.3 billion.
The company attributed the performance to broad-based growth across its retail businesses.
Revenues from the group's mall business increased 10 percent to P63.7 billion, supported by additional leasable space, higher occupancy and demand for dining and experiential offerings.
In banking, BDO Unibank Inc. recorded 16-percent growth in its loan portfolio, with double-digit increases across all segments, while China Banking Corp. reported a 19-percent increase in net loans.
Portfolio investments contributed 11 percent of consolidated net income, led by the turnaround of Atlas Consolidated Mining and Development Corp. as higher copper prices supported earnings.
Other portfolio companies also recorded revenue growth.
2GO Group Inc. posted a 15-percent increase, driven by its sea travel and container services businesses, while Philippine Geothermal Production Co. Inc. recorded a 13-percent increase on higher steam prices linked to the Wholesale Electricity Spot Market.
SM Investments said more than 60 percent of the parent company's annual cash flows came from non-listed businesses, including SM Retail, alongside dividends from listed subsidiaries.
It added that established businesses funded their own operations and expansion plans without requiring funding from the parent company.
The conglomerate said it continued to prioritize capital allocation and shareholder returns through higher dividends and an active share buyback program.
As of Sept. 30, SMIC’s total assets stood at P1.8 trillion, while the net debt-to-equity ratio was 31:69.
"At the parent [level], we continue to allocate capital carefully and maintain the financial capacity to invest for the long term," DyBuncio said.
SMIC shares on Wednesday dropped P8.00, or 1.38 percent.
