SM Prime Holdings, Inc., one of the largest mall and property owners in the Philippines, announced on April 28, 2026, that it earned P11.66 billion in net income during the first three months of 2026. This amount stayed almost the same compared to the P11.65 billion they made in the same period last year.

What Does SM Prime Do?

Think of SM Prime as the company that owns and runs many of the SM malls you visit, the office buildings where people work, hotels where families stay on vacation, and residential buildings where people live. They make money from all these different businesses.

How Much Money Did They Make?

According to the press release filed with the Securities and Exchange Commission (SEC), SM Prime’s total revenues (the total money they collected) grew by 2% from P32.8 billion to P33.3 billion compared to last year’s first quarter.

Jeffrey C. Lim, the President of SM Prime, explained that “recurring income will remain central to our performance in 2026.” Recurring income means money that comes in regularly every month, like rent payments from mall stores and office tenants.

Where Did the Money Come From?

The company breaks down its earnings into four main areas:

1. Shopping Malls (61% of total revenue)
This is SM Prime’s biggest money-maker. Their malls earned P20.4 billion, which is 8% more than the P18.9 billion from last year. The increase came from more stores renting spaces in their malls and more people visiting for entertainment and dining experiences. Rental income alone jumped 8% from P20.0 billion to P21.6 billion.

2. Residential Buildings (25% of total revenue)
This segment made P8.3 billion, but this was actually 14% lower than the P9.7 billion from last year. The company sold fewer residential properties, with real estate sales declining 16% from P9.2 billion to P7.8 billion. The press release mentioned that some sales from previous years were completed, and there were some cancellations that affected the results.

3. Hotels and Convention Centers (7% of total revenue)
This business earned P2.2 billion, which is 8% higher than the P2.0 billion from last year. More rooms were occupied, hotels charged higher rates per night, and more events were held at their convention centers.

4. Office Buildings (7% of total revenue)
The office segment contributed P2.5 billion, up 10% from P2.2 billion last year, because more office spaces were rented out.

What About Expenses?

While SM Prime earned more money, they also spent more. Their costs and expenses increased 3% from P16.1 billion to P16.6 billion. The higher costs came mainly from depreciation (the decrease in value of their buildings and equipment over time) and fixed overhead costs (regular expenses they have to pay no matter what).

The Company’s Financial Position

As of March 2026, SM Prime’s total assets (everything the company owns) stood at P1.1 trillion. During the quarter, they spent P15.5 billion on capital expenditures (money spent to build or improve properties), which was 9% less than the P17.1 billion they spent in the same period last year.

Good News for Shareholders

On April 28, 2026, SM Prime’s Board of Directors approved a cash dividend of P0.42 per share. A dividend is like a reward given to people who own shares in the company. This dividend represents 25% of what the company earned in 2025, totaling approximately P12.2 billion. Shareholders will receive this payment on May 27, 2026, if they owned shares as of May 13, 2026.

About SM Prime Holdings, Inc.

SM Prime is listed on the Philippine Stock Exchange under the ticker symbol “SMPH.” As stated in the SEC filing, the company has 28,730,067,594 common shares outstanding and P137,896,480,000 in retail bond debt securities. The company is headquartered at the 7th Floor of MOA Square in the Mall of Asia Complex, Pasay City.

This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.