SM Prime Holdings Net Income Rises to ₱48.8-B

SM Prime posted a 7% increase in net income to ₱48.8 billion in 2025 from ₱45.6 billion a year earlier.

Malls contributed ₱85.1 billion, accounting for 60% of revenue. (Photo: SM Prime)

Growth was driven by stronger commercial property revenues and disciplined cost management.

Consolidated revenues reached ₱141.1 billion, slightly above ₱140.4 billion in 2024.

Malls contributed ₱85.1 billion, accounting for 60% of revenues, followed by residential at ₱42.5 billion (30%), hotels and convention centers at ₱8.5 billion (6%), and offices and warehouses at ₱5.4 billion (4%).

Revenues from commercial properties rose more than 6% to ₱98.6 billion from ₱92.6 billion.

“Operational efficiency played a critical role in our performance in 2025,” said SM Prime President Jeffrey C. Lim. “It enabled us to protect margins and translate modest revenue growth into a solid bottom line.”

Total costs and expenses fell 4% to ₱69.4 billion due to lower operating expenses, film rentals, insurance and other items.

In the fourth quarter, net income held steady at ₱11.6 billion as lower real estate revenues were offset by reduced costs.

Revenues declined 7% to ₱37.7 billion, while expenses dropped nearly 12% to ₱17.9 billion.

Capital expenditures edged up to ₱81.9 billion, largely for mall, residential and estate projects, with the remainder going to office, hotel and convention developments.

SM Prime ended the year with a net debt-to-equity ratio of 46:54 and an interest coverage ratio of 6.61x. Total assets rose 7% to ₱1.1 trillion, with investment properties accounting for 61%. Cash and cash equivalents stood at ₱27.6 billion.