Village Connect
SM Investments Corporation (SMIC) delivered another solid performance in the first nine months of 2025 as the conglomerate navigated economic headwinds with steady growth across its diversified businesses. The company reported a consolidated net income of ₱64.4 billion, a 6% increase from the ₱60.9 billion earned in the same period last year, while consolidated revenues rose 4% to ₱482.3 billion.
President and CEO Frederic C. DyBuncio said the results reflect the resilience of SM’s ecosystem despite weather-related disruptions and a softer economic environment. “Our third quarter performance remained within expectations. While external factors may temper overall growth, we maintain an optimistic outlook entering the fourth quarter,” he noted.
The banking segment remained SMIC’s largest earnings contributor at 50%, followed by property at 28%, retail at 15%, and portfolio investments at 7%.
In retail, SM Retail posted ₱12.2 billion in net income while revenues climbed 5% to ₱318.1 billion. Spending patterns shifted due to the earlier school opening in June, pushing some consumer activity into the second quarter. Still, health and beauty, fashion, kids, and essential categories performed strongly. Department stores grew 3%, food retail expanded 7%, and specialty retail increased 4% on the back of gains in kids and home merchandise.
BDO Unibank and China Bank propelled the banking segment’s stable earnings trajectory. BDO recorded ₱63.1 billion in net income, up 4%, supported by growth in loans and deposits and healthy asset quality. China Bank grew its net income 10% to ₱20.2 billion, driven by strong loan demand and a 15% rise in net interest income.
SM Prime Holdings delivered a 10% increase in net income to ₱37.2 billion, powered by its mall and convention center business. Revenues reached ₱103.4 billion, with malls contributing the largest share. Hotels and convention centers posted the highest growth at 9% due to robust MICE activity, while residential revenues eased slightly because of slower recognition from mid-market projects.
Portfolio investments also provided meaningful contributions, led by Philippine Geothermal Production Company, NEO, and 2GO, the latter achieving a 65% jump in net income driven by travel and logistics demand.
SMIC’s total assets grew 4% to ₱1.8 trillion, supported by a conservative balance sheet with a 31% net debt-to-equity ratio — positioning the group for continued expansion into the fourth quarter and beyond.
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