SM Prime H1 2025 net income hits record P24.5B, up 11%

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.