SM Investments Corp. (SM Investments), the holding company of the SM Group, reported a 10 percent rise in consolidated net income to P90.5 billion in 2025, driven by resilient consumer demand and solid performance across its banking, property and retail businesses. Revenues climbed 4 percent to P681.7 billion from P654.8 billion the previous year.

Banking: biggest earnings contributor

Banking remained the group’s biggest earnings contributor, accounting for 49 percent of consolidated net income, followed by property at 27 percent, retail at 18 percent and portfolio investments at 6 percent.

Retail operations under SM Retail generated P21.1 billion in net income, slightly higher year-on-year, as revenues grew 5 percent to P458.1 billion. Department stores saw steady demand, while food retail benefited from continued spending on essential goods. Specialty retail also expanded across health and beauty, fashion, children’s items and home products.

BDO Unibank’s record earnings

SM’s banking arm likewise posted strong results. BDO Unibank booked record earnings of P87.2 billion, supported by a 13 percent increase in customer loans to P3.7 trillion and a 10 percent rise in deposits. Asset quality improved as the bank’s non-performing loan ratio fell to 1.68 percent.

China Banking Corp. also delivered record income of P28 billion as loans crossed the P1-trillion mark for the first time, reflecting strong corporate and consumer demand. Deposits rose to P1.4 trillion, while asset quality remained stable.

Malls continued to anchor the business

In property, SM Prime Holdings reported net income of P48.8 billion, up 7 percent, led by stronger commercial property revenues and disciplined cost management. Malls continued to anchor the business, contributing 60 percent of total revenues.

SM Investments ended 2025 with total assets of P1.8 trillion and a conservative capital structure with net debt accounting for 30 percent and equity 70 percent.

Strong Q4 performance

SM Investments president and chief executive officer Frederic C. DyBuncio said stronger fourth-quarter performance helped sustain full-year growth.

“Our strong fourth quarter performance reinforced our full year results,” DyBuncio said, noting improved operational efficiency and prudent financial management across the group’s core businesses.

He added that the group remains optimistic about the Philippine economy, citing easing inflation, stable interest rates and steady remittances that continue to support consumer spending and expansion into provincial markets.