SM Prime Holdings (SMPH) Q2 2026 earnings summary

Executive summary

• Achieved consolidated revenues of P71.7B for 1H 2026, up 5% year-over-year, with net income at P24.99B, nearly flat from 1H 2025.

• Commercial properties, especially malls and offices, drove growth, offsetting residential market softness.

• EBITDA margin remained strong at 61% for both 2Q and 1H 2026.

Financial highlights

• 1H 2026 revenue rose 5% to P71.7B; EBIT up 5% to P36.1B; net income at P24.99B, flat year-over-year.

• Operating cash flow reached P39.2B; CAPEX for 1H 2026 was P30.7B, down 18% year-over-year.

• EPS remained at 0.85; total assets grew to P1,122.5B; equity at P475B.

Outlook and guidance

• New mall openings scheduled, including SM Nuvali in 4Q 2026.

• Balea Suites at Pico Terraces set for turnover by 4Q 2027; new convention centers and office towers planned.