SM Investments profit grows 8% in first half of 2026

Sy family-led conglomerate SM Investments Corp. (SMIC) posted an 8% increase in net income in the first half of 2026, driven by sustained consumer demand despite a challenging economic environment.

In a disclosure to the Philippine Stock Exchange on Wednesday, SMIC reported a consolidated net income of ₱45.9 billion, up from ₱42.6 billion in the same period last year.

Consolidated revenues for the January-to-June period rose 6% to ₱339.2 billion from ₱319.2 billion year-on-year.

“We continue to see stable and healthy consumer spending… despite the fact that fuel prices took a big jump in quarter two,” SMIC president and CEO Frederic DyBuncio said at a press briefing in Pasay City.

“Consumer spending in our retail stores and malls remained healthy despite recent economic shocks. The Filipino consumer was tested during the first half of the year but our businesses proved to be resilient," DyBuncio said.

"Steady demand across our consumer-led businesses plus solid contributions from our portfolio companies continue to reflect the strength of our diversified business model. This gives us the confidence to keep investing for long-term growth,” he added.

SM Retail posted a 5% increase in net income to ₱8.9 billion.

SMIC’s mall business, meanwhile, saw revenues rise 8% to ₱41.8 billion, driven by higher occupancy, stronger tenant sales and improved operational efficiency.

The company said its banking businesses posted mid-teens loan growth, while its portfolio investments delivered stronger performance.

SMIC’s total assets stood at ₱1.82 trillion as of end-June 2026.

“We are more confident that our second half will be resilient,” DyBuncio said.

SMIC executive vice president for finance Franklin Gomez said the company is revising its capital expenditure guidance while maintaining its provincial expansion plans.

“We’re changing our guidance for capex (capital expenditures)… our focus on provincial expansion continues to be on track and we’re not scaling back,” Gomez said.

“We are very well positioned to fund all our capex ambitions,” he added.— MCG, GMA News