(August 10, 2026, Pasay City, Philippines) SM Prime Holdings, Inc. (SM Prime) reported first-half net income of P24.5 billion, holding steady from a year earlier, as costs and expenses eclipsed revenue growth.

Total revenues grew 5 percent year-on-year to P71.7 billion from P68.0 billion, with rental income from malls, offices, hospitality and MICE accounting for 61 percent. Real estate sales contributed 27 percent, while cinema ticket sales, food and beverage, amusement and related offerings generated the remaining 12 percent.

Costs and expenses during the same period increased nearly 6 percent to P35.6 billion from P33.6 billion, due to higher depreciation and amortization charges, fixed overhead costs and construction expenses.

“Our focus on tenant relationships, customer experience and cost management supported our performance. Despite challenging market conditions, commercial demand remained resilient across our portfolio,” said Jeffrey C. Lim, SM Prime president.  

Mall revenues grew 8 percent to P41.8 billion from P38.6 billion on the combined effect of higher occupancy, stronger tenant sales and improved operational efficiency.

Residential revenues, covering core, leisure and premium offerings, slipped 1 percent to
P20.6 billion from P20.9 billion on lower revenue recognition from prior-year sales.

Revenues from hotels and convention centers expanded 8 percent to P4.4 billion from
P4.1 billion owing to higher bookings and average daily room rate.

Office and warehouse revenues rose 9 percent to P5.0 billion from P4.6 billion, driven by higher space take-up.

Second-quarter consolidated net income rose 1 percent to nearly P12.9 billion from
P12.8 billion, as costs grew in line with revenues.

Total revenues from April to June increased 9 percent to P38.4 billion from P35.3 billion. Meanwhile, costs and expenses rose nearly 9 percent to P19.0 billion from P17.5 billion, mainly due to higher construction costs.

As of June 2026, SM Prime’s total assets stood at P1.1 trillion. Capital expenditures declined
18 percent to P30.7 billion in the first half from P37.3 billion a year earlier.

###

For further information, please contact:

John Nai Peng C. Ong

Chief Finance Officer

SM Prime Holdings, Inc.

E-mail: [email protected]

Tel. no.: 8831.1000 loc. 7886

Forward-looking Statement

This document may contain forward-looking statements and forward-looking information that are subject to significant risks and uncertainties including, without limitation, statements relating to known and unknown risks; uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expected future results; performance or achievements expressed or implied by forward-looking statements; our overall future business, financial condition, and results of operations, including, but not limited to financial position or cash flow; our goals for or estimates of future operational performance or results; and changes in the regulatory environment including, but not limited to, policies, decisions, and determinations of governmental or regulatory authorities. Although: (1) SM Prime Holdings, Inc. has extensive experience; and (2) the forward-looking statements may be reasonable, nothing herein should be relied upon as a commitment from SM Prime Holdings, Inc. as we cannot guarantee future events, performance or events due to various risks and uncertainties.