Sm Investments Corporation · PSE:SM
Sm Investments — Q1 2026 Earnings Presentation
19 slides from Sm Investments's earnings presentation, Apr 29, 2026
Slide 1: Analyst & Investor Briefing
Analyst & Investor Briefing April 29, 2026 20 Years of Driving Progress
Slide 2: SMIC 3M 2026 Consolidated Results
SMIC 3M 2026 Consolidated Results ▪ Good Q1 results, especially in Retail ▪ Aware of externally-driven challenges, focused on meeting consumer needs and staying disciplined on costs ▪ Maintain a cautiously positive outlook for 2026 ▪ Gearing ratio remained conservative Portfolio Banking Investments
Slide 3: SMRETAIL Consolidated
SMRETAIL Consolidated Financials 3M 2026 3M 2025 Chg Revenue 106.0 100.3 5.7% SSSG 3.4% 4.1% ▪ Retail performance resilient in the 1st EBIT Margin 6.2% 5.5% Quarter Net Income 4.1 3.6 13.2% ▪ Food Retail growth driven by volume and Figures in PHP B except percentages increase in pantry load Profile
Slide 4: SMRETAIL – The SMSTORE
SMRETAIL – The SMSTORE Financials 3M 2026 3M 2025 Chg Revenue 24.5 23.5 4.1% SSSG 2.6% 4.6% EBIT Margin 2.5% 1.6% ▪ Spending uptick in Fashion and Kids Net Income 0.4 0.3 68.2% Figures in PHP B except percentages ▪ Margin expansion driven by more effective promotions and discount Profile 3M 2026 FY
Slide 5: SMRETAIL – Food Group
SMRETAIL – Food Group Financials 3M 2026 3M 2025 Chg ▪ Advanced purchase of essentials in Revenue 65.6 61.5 6.7% March ahead of expected price SSSG 3.8% 4.3% increase EBIT Margin 6.2% 5.8% Net Income 2.6 2.4 9.2% ▪ Alfamart opened net 28 stores, Figures in PHP B except percentages operating 2,337; S
Slide 6: SMRETAIL – Specialty
SMRETAIL – Specialty Specialty Retail Category Sales Growth 3M 2026 vs 3M 2025 Financials 3M 2026 3M 2025 Chg 13.7% Revenue 22.6 21.8 3.4% 10.7% SSSG 2.9% 3.2% EBIT Margin 9.0% 7.6% Net Income 1.4 1.3 8.8% 5.6% Figures in PHP B except percentages 1.8% Profile 3M 2026 FY 2025 Chg Store Count 2,005 2,
Slide 7: Portfolio Investments Financials
Portfolio Investments Financials (As of 3M 2026) Revenue 1.0 1.3 3.6 5.0 4.5 (Php B) Revenue Change -10% -3% 15% 9% 11% (%) Net Income 0.3 0.7 0.1 0.4 0.6 (Php B) Net Income Change -14% 5% 3% 93% 260% (%) Low energy prices in Occupancy rate at Ongoing High volumes due to All business verticals Notes
Slide 8: SM Group Proposition
SM Group Proposition We are a conglomerate that creates significant long-term value We will continue as an owner of growing, synergistic businesses; to nurture them; and to bring focus as an operator – not only as an armchair financial investor We build strong businesses, and they deliver strong res
Slide 9: SM Group Proposition: deliberate and unique synergies
SM Group Proposition 1 We are a conglomerate with deliberate and unique synergies. 2 We keep a conservative and resilient balance sheet. 3 We ensure high standards of governance and sustainability. 4 We are a long-term value compounder. 5 We are committed to the Philippines.
Slide 10: SMIC is a unique story – more than the sum of the parts
SMIC is a unique story – more than the sum of the parts Only way to access to the • Largest and most diverse Retail presence in the country unlisted Retail business • Consistent high returns and cash Benefits from the full • Only way to access all Group benefits synergies of the SM Group • Added ben
Slide 11: What Our Reliable Cashflows Allow Us To Do
What Our Reliable Cashflows Allow Us To Do Keep debt low Invest in growth Buy assets when Return cash to and maintain a without financial there are good shareholders strong balance strain opportunities sheet PHP149B Dividends since >10M Shares Bought Back to listing in 2005 Date 10
Slide 12: 2026 Dividend Announcement
2026 Dividend Announcement PHP 17.00 PHP 20,721M Per Share Total Cash Dividends ↑31% DPS from 2025 Record Date: May 14, 2026 Payable on May 28, 2026 11
Slide 13: We are increasing Dividends
We are increasing Dividends ▪ 2.4% Dividend Yield based on Dec 31, 2025 share price ▪ Dividend per share growth of 32% CAGR since 2021 ▪ Our dividend growth is enabled by strong parent cashflows from retail and listed subsidiaries ▪ Steady dividend growth supported by group 90% recurring earnings ▪
Slide 14: 3M 2026 Results Key Messages
3M 2026 Results Key Messages ▪ Q1 results remained good, especially in Retail ▪ Consolidated revenue growth of 5%, net income growth of 7% ▪ Group earnings continue to be diverse which allows us to weather external volatility ▪ Retail net income was up 13% YoY: ▪ Food growth driven by an increase vo
Slide 15: Q&A
Q&A 14
Slide 16: Annex
Annex 15
Slide 17: Banking – BDO
Banking – BDO BDO 3M 2026 Chg ▪ Consistent earnings growth, driven by core Net Income 20.1 2% businesses Net Interest Inc. 53.0 11% ▪ Loans up 16% on growth across all Non-Interest Inc. 19.8 6% segments Gross Cust. Loans 3,771.7 16% Deposits 4,428.5 15% ▪ Q1 2026 ROCE at 12.8% NIM 4.20% ▪ Improved a
Slide 18: Banking – China Bank
Banking – China Bank China Bank 3M 2026 Chg ▪ Record net income on strong core business Net Income 6.8 4% growth Net Interest Inc. 19.5 14% ▪ Loans grew 16% on strong demand from Non-Interest Inc. -1.6 95% both corporate and consumer segments Gross Cust. Loans 1,106.4 16% ▪ CIR remained efficient at
Slide 19: Property
Property 3M 2026 Malls Residential SMPRIME Rev Chg NI Chg 25% Total Property 33.3 2% 11.7 0% Revenue Malls 20.4 8% 8.8 4% 61% Mix 7% Residences 8.3 -14% 1.0 -52% Hotels and CC 2.2 8% 0.4 19% 7% Hotels & CC Offices 2.5 10% 1.5 74% Figures in PHP B except percentages Offices ▪ Malls revenue driven by