SM Investments Corp. (SMIC), the flagship of the Sy family’s SM Group, will continue expanding its various businesses amid optimism over the Philippines’ consumer-driven economy.

“Looking ahead, we remain optimistic about the Philippine growth outlook, supported by easing inflation, steady employment, stable interest rates, and sustained remittance flows that underpin household incomes and provincial market expansion,” said SMIC President and Chief Executive Officer (CEO) Frederic C. DyBuncio.

He added that, “The group will maintain its expansion strategy and disciplined capital allocation, while continuing to strengthen its ecosystem to serve more customers across the country.”

This comes after the firm disclosed to the Philippine Stock Exchange (PSE) that its consolidated net income grew 10 percent to ₱90.5 billion last year from the ₱82.6 billion earned in 2024.

Consolidated revenues improved by four percent to ₱681.7 billion in 2025 from ₱654.8 billion in the prior year after its banking businesses posted record earnings.

“Our strong fourth-quarter performance reinforced our full-year results. This reflected resilient consumer spending, improved operational efficiencies, and prudent financial management across our core businesses,” DyBuncio said.

Banking contributed the largest share of consolidated net income at 49 percent, followed by property at 27 percent, retail at 18 percent, and portfolio investments at six percent.

SM Retail reported that its net income inched up by one percent to ₱21.1 billion as revenues grew five percent to ₱458.1 billion last year from ₱434.5 billion in 2024.

“Department store growth remained steady, driven by strong performance in the kids category in the fourth quarter. Food retail benefited from sustained spending on essential items.

“Specialty retail spending saw growth across health and beauty, fashion, kids, and home categories, while the stationery section performed well due to increased gadget purchases,” DyBuncio noted.

Department store revenues grew three percent, while food retail revenues increased by seven percent. Specialty retail revenues rose by four percent.

BDO Unibank Inc. (BDO) delivered a record net income of ₱87.2 billion, an increase of six percent from ₱82 billion in 2024, driven by the solid performance of its core businesses.

China Banking Corp. (Chinabank) reported that its net income grew 13 percent to a record ₱28 billion, driven by the bank’s core businesses. The bank’s core lending business served as the main driver, with interest income climbing 12 percent to ₱105.2 billion.

SM Prime Holdings Inc. (SM Prime) reported its net income expanded seven percent to ₱48.8 billion in 2025 from ₱45.6 billion the previous year. Growth was driven by stronger commercial property revenues and disciplined cost management.

SM’s portfolio investments’ performance was driven by Philippine Geothermal Production Co. Inc. (PGPC) and NEO buildings, which together contributed 56 percent of total portfolio income, followed by 2GO and Goldilocks, with a combined 20-percent contribution.