Sm Investments Corporation · PSE:SM
Sm Investments — Investor Presentation (March 2026)
53 slides from Sm Investments's investor presentation, March 2026
Slide 1: Company Presentation
Company Presentation March 2026
Slide 2: Disclaimer
CONFIDENTIAL Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW. THESE MATERIALS ARE BEING PRESENTED TO YOU SOLELY FOR YOUR
Slide 3: Agenda
Agenda Section 1: Overview of SMIC and SMPH Section 2: SMIC Key Highlights Section 3: SMPH Key Highlights Appendix Appendix A: Additional information on SMIC Appendix B: Additional information on SMPH Appendix C: Other business segments Appendix D: Philippine macroeconomic overview
Slide 4: Presenters
CONFIDENTIAL Presenters Erwin G. Pato Franklin C. Gomez Timothy Daniels John Nai Peng Ong EVP and EVP – Finance Head of Investor Relations Chief Finance Officer Group Treasurer and Sustainability 4
Slide 5: Overview of SMIC and SMPH
Section 1 Overview of SMIC and SMPH
Slide 6: SM Investments
CONFIDENTIAL SMINVESTMENTS SM Investments is a leading Philippine conglomerate that is invested in market leading Retail Group Property Group businesses in retail, banking and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy 77.3% 49.8%
Slide 7: SMIC: a leading and dynamic conglomerate
CONFIDENTIAL SMIC: a leading and dynamic conglomerate Market cap: PHP 788.2bn (US$ 13.3bn)(1) Retail Property Banking Portfolio Investments 77.3% 49.8% 45.2% 22.5% ▪ Investments in key sectors in the Philippines with high growth potential, including: Market cap: PHP 568.3bn Market cap: PHP 648.2bn M
Slide 8: SM Prime
CONFIDENTIAL SMPRIME We build integrated property developments with malls serving as meeting centers, residential developments, hotels, convention centers and office spaces, helping facilitate the rapid urbanization of local communities EBITDA by segment 49.8% Commercial & Integrated Effective Inter
Slide 9: Largest integrated Philippines real estate developer
CONFIDENTIAL Largest integrated Philippines real estate developer Integrated property developer with operational capabilities across all major real estate sectors, with particular expertise in retail real estate development and operations Market cap: PHP 568.3bn (US$9.6bn)(1) Commercial & Integrated
Slide 10: Leading Philippine conglomerate
CONFIDENTIAL Leading Philippine conglomerate Four of our largest companies – SMIC, SM Prime, BDO and Chinabank – comprise ~26% of the value of the Philippine Index(1) Philippine conglomerates Philippine retailers Philippine banks Property developers Market cap (US$bn)(1) 9M2025 revenue (US$mn)(2) To
Slide 11: Our Business Footprint
Our 17% 12% Business 24% 33% 14% GDP Population Footprint Distribution Distribution 36% 27% 36% Philippines 4,831 retail outlets 89 malls 2024 Regional GDP Growth 2,545 bank branches NCR 5.59% Metro Manila (NCR) LUZON 5.63% 1,067 retail outlets 25 malls VISAYAS 6.18% 969 bank branches MINDANAO 5.62%
Slide 12: Integrated Property Developments
Integrated Property Developments h has integrated property developments in Metro Manila and in key provincial cities in the Philippines Key Provincial Cities Metro Manila Novaliches, Quezon City Clark, Pampanga Marilao, Bulacan Fairview, Quezon City Olongapo, Zambales North EDSA Taytay, Rizal Sta. M
Slide 13: Highly seasoned group leadership
CONFIDENTIAL Highly seasoned group leadership ▪ Appointed as Chairman of the Board in 2023 ▪ Appointed as Chairman of the Board in 2014 ▪ Independent director of Converge ICT ▪ Vice Chairman of SMIC, Chairman and CEO of SM Solutions, Inc., and Pilipinas Shell Petroleum Development Corporation, ViceC
Slide 14: Selected recent awards and recognitions
CONFIDENTIAL Selected recentawards and recognitions Consistent multi-awarded Governance, IR and Sustainability programs 2025 Asset Triple A Awards: Five Golden Arrow TIME Magazine and ASEAN Corporate Best Bond for Fortune 500 Awards from the Statista: World’s Best Governance Scorecard Certified as a
Slide 15: SMIC Key Highlights
Section 2 SMIC Key Highlights
Slide 16: SMIC's key credit highlights
CONFIDENTIAL SMIC’s key credit highlights Proxy for the consumer-led Philippine economy, with economic and consumer growth momentum Leading and dynamic conglomerate with dominant market position in its retail, 1 property and bankingbusinesses 2 3 Established and reputable brandwith over 65 years of
Slide 17: Resilient and defensive cash flows / balance sheet
CONFIDENTIAL Resilient and defensive cash flows / balance sheet Discipline, diversification and defensive business model underpins resilient cash flows and balance sheet Resilient and predictable top-line growth Operational excellence and discipline driving cashflow generation 178.3 188.1 681.7 166.
Slide 18: SMIC: key financial highlights
CONFIDENTIAL SMIC: key financial highlights Resilient topline and earnings growth underpinned by strong brand franchise and healthy consumer spending Revenue(5) 2022-25 CAGR: 7.2% Core Businesses 2022-25 CAGR 681.7 14.9% 654.8 0.4% (PHPbn) 616.3 553.0 0.5% 0.4% 0.4% 6.9% 6.3% 6.4% 6.8% 6.7% 6.6% 10.
Slide 19: SMIC: key financial highlights (cont'd)
CONFIDENTIAL SMIC: key financial highlights (cont’d) Strong operating cash flows and prudent balance sheet supports capex and debt servicing requirements Net cash provided by operating activities Total debt,net debt, and cash(1) 137.5 124.6 113.7 107.2 (PHPbn) (PHPbn) 117.0 505.7 501.7 500.6 511.5 1
Slide 20: SMIC: key credit metrics
CONFIDENTIAL SMIC: key credit metrics Robust credit metrics, with leverage ratios on downward trend Debt-to-EBITDA ratio and net debt-to-EBITDA ratio(1) SMICdebt maturity profile (as of 31 December 2025) 3.6x 3.0x 287.6 2.8x 2.7x 2.6x (PHPbn) 2.3x 2.2x 2.1x (x) 120.6 103.2 2022 2023 2024 2025 Within
Slide 21: SMPH Key Highlights
Section 3 SMPH Key Highlights
Slide 22: Key credit highlights
CONFIDENTIAL Key credit highlights 1 Largest Philippines integrated real estate developer 2 Builder of lifestyle communities, anchored around SMPH’s leading retail footprint 3 Robust income profile underpinned by significant recurring income 4 Strong balance sheet and prudent capital management 5 Ex
Slide 23: Robust income profile underpinned by recurring income
CONFIDENTIAL Robust income profile underpinned by recurring income Significant recurring income from mall portfolio, with consistently >70% EBITDA coming from recurring income segments in the past three years EBITDA by segment(1) Philippines mall portfolio – operational metric summary 53.6% 73.5% 74
Slide 24: SMPH: key financial highlights
SMPH: key financial highlights 2022-25 CAGR: 10.1% Revenue(1) 140.4 141.1 128.1 105.8 47.8 42.5 43.7 (PHPbn) 40.1 13.3 13.9 12.0 10.5 72.6 79.7 85.1 55.5 2022 2023 2024 2025 EBITDA and EBITDA margin(1),(2) Net income and net income margin(1),(3) 57.7% 57.8% 58.5% 61.2% 28.5% 31.2% 32.5% 34.6% 2022-2
Slide 25: SMPH: key financial highlights (cont'd)
SMPH: key financial highlights (cont’d) Operating cash flow Total debt, net debt, and cash(1) 42.1 31.8 31.2 27.6 74.9 67.3 422.8 62.7 389.9 395.1 352.4 366.7 358.7 334.8 310.3 (PHPbn) (PHPbn) 35.7 2022 2023 2024 2025 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 Total debt (PHPbn) Net debt (PHPbn) Cash (
Slide 26: Strong balance sheet and prudent capital management
CONFIDENTIAL Strong balance sheet and prudent capital management Healthy balance sheet and careful cash flow management, backed by disciplined investment assessment on land banking and project developments Total debt / EBITDA and net debt / EBITDA(1) SMPH maturity schedule(2) as at 31 December 2025
Slide 27: Q&A
Q&A
Slide 28: Additional information on SMIC
Appendix A Additional information on SMIC
Slide 29: Building an ecosystem of diversified, integrated businesses
CONFIDENTIAL Building an ecosystem of diversified, integrated and synergistic businesses with complementary services… We createmodern We develop integrated retailing to address the properties centered on our needs of millions of Filipinos malls as community centers We build our ecosystem by developi
Slide 30: Established and reputable brand
CONFIDENTIAL Established and reputablebrand Our distinctive logo and popular consumer brand are a fixture in the Philippines The SM brandis widely recognized by the industry … 1985 – 2003 … and championed by various programs 1975 – 1986 1986 – 2009 2023 – present SM’s social outreach SM’s corporate
Slide 31: A long track record of successful expansion
CONFIDENTIAL … with a long track record of successful expansion • 1920:China Bank was incorporated • 2005:SMIC undertook its IPO in the PSE • 2018:SMIC acquired a 35.0% stake in • 1947:China Bank undertook its IPO in the PSE • 2005:SMIC acquired a stake in China Bank Airspeed • 2009:SMIC acquired a
Slide 32: ESG initiatives and credentials
CONFIDENTIAL ESG initiatives and credentials Leading in financing 63 renewable energy projects No new coal loans policy NetZero - reduce exposure by 50%by 2033 SM Prime aims to reach net zero greenhouse gas (GHG) emissions by 2040, surpassing the global target of achieving net zero by 2050 Source: C
Slide 33: Additional information on SMPH
Appendix B Additional information on SMPH
Slide 34: SMPH: business segment overview
CONFIDENTIAL SMPH: business segment overview SMPH business segments by FY2025 operating income contribution (%) Malls Residential 69.2% 23.0% FY2025 revenue PHP85.1bn FY2025 revenue PHP42.5bn FY2025 operating income PHP49.7bn FY2025 operating income PHP16.5bn Gross floor area 11.5m sqm Reservation s
Slide 35: SMPH: Net-Zero ambition action plan
CONFIDENTIAL SMPH: Net-Zero ambition action plan Before2021 2021 – 2022 2023 2024 • Significantly reduced water use and waste • Joined the ranks of over 2,500 • Published the SM Prime Group-wide • Monitor and evaluate all science-based 5 6 7 8 companies globally in Sustainability Policy targets and
Slide 36: SM Smart City
SM Smart City PASAY 360 SM Prime’s most transformative integrated property development— an unprecedented urban estate that fuses connectivity, sustainability, livability, tourism and commerce. KEY HIGHLIGHTS ▪ Coastal land expansion is 86% complete ▪ Sand pouring and delivery were completed as per t
Slide 37: Established and reputable brand
CONFIDENTIAL Established and reputable brand SMPH’s well-established track record and strong brand equity, recognized time and again through multiple accolades, benefits from product, brand and service ecosystem synergies across the comprehensive SMIC Group companies 2024 Best Luxury Hotel, Spa Emin
Slide 38: Builder of lifestyle communities, anchored by retail
CONFIDENTIAL Builder of lifestyle communities, anchored by retail Extensive development capabilities across all real estate segments, focused on creating integrated property developments anchored around SMPH’s leading mall footprint Extensive development track record across property segment… …with S
Slide 39: Other business segments
Appendix C Other business segments
Slide 40: Retail
AppendixC 1 Retail
Slide 41: SM Retail business overview
SMRETAIL business overview Leadingretailer in the Philippines with a nationwide portfolio 77.3% PHP458.1bn PHP21.1bn 4,831 3,546 effective interest held(1) FY2025 revenue FY2025 net income stores(1),(2) across Philippines gross selling area(1) (‘000s sqm) SM RETAIL Food Group Specialty Retail ▪ Wide
Slide 42: SM Retail business highlights
CONFIDENTIAL SMRETAIL business highlights Leading • Largest footprint with 3.6mn sqm Gross Selling Area(1) Philippine • Leading grocer with multiple formats to address the market • Growing outside Metro Manila where over 80% of new stores are being opened Retailer • Anchor tenant in the SM malls in
Slide 43: SM Retail consolidated financials
CONFIDENTIAL SMRETAIL consolidated financials Financial Highlights FY 2025 FY 2024 FY 2025 vs. FY 2024 ▪ Retail performance Revenue 458.1 434.5 5% resilient in Q4 SSSG 2.7% 1.5% - ▪ Food Retail growth driven by volumes, store EBIT Margin 7.0% 7.2% - expansion, and stable margins Net Income 21.1 20.9
Slide 44: Banking
AppendixC 2 Banking
Slide 45: BDO Unibank business overview
CONFIDENTIAL BDO Unibank business overview Leading Philippine bank offering a complete array of financial products and services Business overview Key metrics(1) Loan portfolio (2025) Deposit breakdown (2025) ▪ Founded in 1976, BDO Unibank is a full- Consumer service universal bank which provides a w
Slide 46: Chinabank business overview
CONFIDENTIAL Chinabank business overview A trusted private universal bank delivering above-industry growth(1) consistently Business overview Key metrics (2) Loan portfolio (2025) Deposit breakdown (2025) ▪ Founded in 1920, China Banking Corporation Consumer (China Bank) is a private universal bank 6
Slide 47: Banking financials
CONFIDENTIAL Banking financials Financial Highlights FY 2025 FY 2024 Chg Financial Highlights FY 2025 FY 2024 Chg Net Income 87.2 82.0 6% Net Income 28.0 24.8 13% Net Interest Inc. 203.1 186.6 9% Net Interest Inc. 72.6 63.5 14% Non-Interest Inc. 77.1 70.9 9% Non-Interest Inc. 3.1 2.0 59% Gross Cust.
Slide 48: Portfolio Investments
AppendixC 3 Portfolio Investments
Slide 49: Portfolio Investments overview
CONFIDENTIAL Portfolio Investmentsoverview 100% 95.0%(1) 64.1% 34.1% ▪ Operates steam fields to supply ▪ Features a portfolio of 7 ▪ Largest bakeshop chain in the ▪ One of the largest copper concentrate third-party owned geothermal power commercial office buildings green Philippines producers in the
Slide 50: Portfolio Investments financials
CONFIDENTIAL Portfolio Investmentsfinancials (InPHP bn) Revenue 4.4 5.2 14.5 18.9 16.5 5.2 EBITDA (1) 2.6 3.9 1.8 2.9 5.7 3.5 EBITDA margin 60.1% 73.9% 12.3% 15.5% 34.6% 66.7% Net Income 1.6 2.5 0.8 1.0 (0.1) 2.0 Source: Company information Note: As of FYE 31 Dec 2025. Figures in PHPbn except percen
Slide 51: Philippine macroeconomic overview
Appendix D Philippine macroeconomic overview
Slide 52: Philippine macroeconomic overview
Philippine macroeconomic overview The Philippine economy has consistently exhibited strong growth over the decades GDP growth consistently 4.5% - 7.0% GDP growth exceeds regional average 9.0 GDP Growth Rate, PH vs. S.E. Peers 10.0 7.0 8.0 5.0 6.0 5.7 4.4 3.0 4.0 3.6 1.0 2.0 -1.0 0.0 2014 2015 2016 2
Slide 53: Philippine macroeconomic overview (cont'd)
CONFIDENTIAL Philippine macroeconomic overview (cont’d) Drivers for growth include a high dependency ratio, young labor force, and continued growth in OFW remittances & BPO revenues 2024 age dependency ratio OFW cash remittances 56.1 35.6 50.1 Average: 44.7 46.8 47.6 (% of working-age 43.1 41.9 34.5