Key Financial Results

  • Net income reached an all-time high of P24.5 billion in the first half; second-quarter earnings rose 10% to P12.8 billion
  • First-half consolidated revenues grew 5% to P68 billion, while second-quarter topline increased 4% to P35.3 billion
  • 60% of H1 revenues came from rental income
  • Costs and expenses in Q2/H1 mostly flat
  • Capex is at P37.3B in the first semester

Outlook

We remain optimistic, backed by strong consumption, lower interest rates and continued recovery in retail and tourism. With inflation contained and policy easing underway, we expect stronger consumer sentiment to drive demand across our businesses. Our P100 billion capex plan is on track, focused on high-impact developments that will build long-term value.

Pasay City, Philippines [August 04, 2025] – SM Prime Holdings, Inc. (SM Prime), one of the largest integrated property developers in Southeast Asia, recorded an 11% rise in first-half net income from P22.1 billion to an all-time high of P24.5 billion, driven by higher rental income, real estate sales and ancillary revenues.

Consolidated revenues rose 5% during the same period, from P64.7 billion to P68 billion. Rental income from malls, offices, hospitality and MICE contributed 60% of the total. Real estate sales made up 29%, while the remaining 11% came from cinema ticket sales, food and beverage, amusement and related offerings.

First-half EBITDA rose 10% to P41.6 billion from P37.9 billion, while operating income increased 11% to P34.4 billion from P31.1 billion.

“The redevelopment and new attractions at our flagship Mall of Asia drove strong foot traffic and tenant sales,” said SM Prime President Jeffrey C. Lim. “Robust consumer activity and improving business confidence also lifted contributions across our portfolio.”

Malls accounted for the largest share of earnings at 69%, contributing P17 billion—up 14% year-on-year—boosted by new openings, higher foot traffic and strong occupancy.

Income from residential projects rose 2% from P5.0 billion to P5.1 billion, supported by revenue recognition from completed units and prior-year sales. The segment accounted for 21% of total earnings.

The office and warehouse segment contributed 7%, with earnings increasing 9% from P1.6 billion to P1.7 billion owing to improved warehouse occupancy.

Hotels and convention centers accounted for 3% of total income after contributing P635 million, up 20% from P527 million. The increase was driven by strong room bookings and a busy MICE calendar.

“Our results underscore the resilience of our businesses and the strength of our diversified portfolio. With our capex program progressing as planned, we are well-positioned to drive long-term growth across key markets,” said Lim.

###

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.