SM Investments Corporation (SM Investments) announced a 10% increase in its consolidated net income for 2025, reaching PHP 90.5 billion, compared to PHP 82.6 billion the previous year. The group’s consolidated revenues also rose by 4% to PHP 681.7 billion, up from PHP 654.8 billion in 2024.
The growth was anchored by a robust fourth-quarter performance and a diversified business ecosystem that capitalized on resilient consumer spending and operational efficiencies.
“Our results reflect improved operational efficiencies and prudent financial management across our core businesses,” said Frederic C. DyBuncio, President and Chief Executive Officer of SM Investments. “We remain optimistic about the Philippine growth outlook, supported by easing inflation, stable interest rates, and sustained remittance flows that underpin household incomes.”
SM Investments’ diversified portfolio continues to show a balanced contribution to its bottom line:
| Business Segment | Contribution to Net Income |
| Banking | 49% |
| Property | 27% |
| Retail | 18% |
| Portfolio Investments | 6% |
BDO Unibank, Inc. delivered a landmark performance with a record net income of PHP 87.2 billion, a 6% increase from the previous year.
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Loan Growth: Gross customer loans climbed 13% to PHP 3.7 trillion.
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Interest Income: Net interest income grew by 9%.
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Asset Quality: Non-performing loan (NPL) ratio improved to 1.68%, with a healthy NPL coverage of 133%.
SM Retail reported a steady net income of PHP 21.1 billion, with revenues growing 5% to PHP 458.1 billion.
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Food Retail: Increased by 7% as consumers prioritized essential items.
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Department Stores: Grew 3%, led by strong demand in the kids’ category during the fourth quarter.
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Specialty Retail: Rose 4%, driven by momentum in health and beauty, fashion, and stationery (gadget purchases).
Looking toward 2026, SM Investments intends to maintain its disciplined capital allocation and expansion strategy. The group is particularly focused on provincial market expansion, leveraging stable employment and remittance flows to reach more customers across the country.
“The Group will continue to strengthen its ecosystem to serve more customers while maintaining the financial discipline that has allowed us to navigate market shifts effectively,” Mr. DyBuncio added.
