Slides
Page 1
SH SM PRIME SECOND QUARTER / FIRST HALF 2026 ANALYST AND INVESTOR BRIEFING August 10 , 2026
Page 2
voco Xiamen SM City FEATURED PROPERTY The first voco hotel under IHG Hotels & Resorts (IHG®) in Fujian Province has officially opened in Xiamen. Connected to SM Xiamen, Fujian’s largest commercial complex, the hotel offers 325 stylish rooms and suites that combine Southeast Asian aesthetics with local Xiamen elements. Guest stays are enhanced by exceptional dining, versatile event venues and premium leisure facilities. 2
Page 3
This presentation does not constitute a prospectus or other offering memorandum in whole or in part. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company. There shall be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to any qualification under the securities laws of such state or jurisdiction. This presentation has not been and will not be reviewed or approved by any statutory or regulatory authority or any stock exchange in the Philippines or elsewhere. Prospective investors should undertake their own assessment with regard to their investment, and they should obtain independent advice on any such investment’s suitability, inherent risks and merits and any tax, legal and accounting implications which it may have for them. This presentation contains statements about future events and expectations that constitute “forward -looking statements.” These f orward-looking statements include words or phrases such as the Company or its management “believes”, “expects”, “anticipates”, “intends”, “may”, “plans”, “foresees”, “targets”, “aims” “would”, “could” or other words or phrases of similar import. Similarly, statements that describe the Company's objectives, plans or goals are also forward -looking statements. All su ch forward -looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Such forward -looking statements are made based on management’s current expectations or beliefs as well as assumptions made by, and information currently avai lable to, management. These forward -looking statements speak only as at the date of this presentation, and nothing contained in this presentation is or should be relied upon as a promise or representation as to the future. This presentation and the contents hereof are for the exclusive use of the intended recipient(s). This presentation and the c ontents hereof should not be (i) forwarded or delivered or transmitted in any manner whatsoever, to any other person other than the intended recipient(s); or (ii) reproduced in any man ner whatsoever. Any forwarding, distribution or reproduction of this presentation in whole or in part is unauthorized. This presentation must not be distributed to the press or any media organization. By accepting this presentation, the recipient agrees to keep confidential at all times information contained in or made available in connection with this presentation. Neither the Company nor its advisor, nor any of their respective affiliates, shareholders, directors, employees, agents or advisers makes any expressed or implied representations or warranties as to the accuracy and completeness of the information contained herein or any other information (whether communicated in written or oral form) and each of the foregoing parties expressly disclaims any and all responsibility and liability of any kind (including any contractual, non-contractual, or third party liability) for any loss or damage, whether or not arising from any error or omission in compiling such information or as a result of any party’s reliance or use of such information. The information in this presentation has not been independently verified. The information and opinions in this presentation are subject to change without notice, and no obligation is assumed by the Company nor its advisor, nor any of their respective affiliates, shareholders, directors, employees, agents or advisers to provide the recipient(s) with access to any additional information or to update this presentation or to correct any inaccuracies in it which may become apparent. DISCLAIMER 3
Page 4
OVERVIEW 5 6 HIGHLIGHTS UPDATES OUTLINE OUTLOOKSEGMENTS 10 16 17 4
Page 5
OVERVIEW We are the largest integrated property developer in the Philippines, with a strategic presence in China. Our diversified and synergistic portfolio positions us strongly for sustained growth and value creation. P518B MARKET CAPITALIZATION 5 P1,122B CONSOLIDATED ASSETS P475B TOTAL EQUITY All figures as of end of 1H 2026
Page 6
9 4 2Q 2026 1H 2026 Revenue 9% P38.4B 5% P71.7B EBIT 9% P19.3B 5% P36.1B Net Income +1% P12.9B 0% P24.5B EBITDA Margin 0pp 61% 0pp 61% CAPEX -25% P15.2B -18% P30.7B CONSOLIDA TED HIGHLIGHTS 6 • Strong performance across commercial properties • Lower costs and expenses helped offset cyclical softness in the residential market • Rental income from malls, offices, hospitality and MICE account for 61% of the total revenues, 27% from real estate sales and 12% from cinema ticket sales, food and beverage, amusement and related offerings
Page 7
9 4 ASSET GROWTH LIQUIDITY POSITION DEBT AND LEVERAGE CAPIT AL STRUCTURE 9 P26.9B CASH AND CASH EQUIVALENTS P223.5B TOTAL CURRENT ASSETS P39.2B OPERATING CASH FLOW P638.3B TOTAL LIABILITIES 46:54 NET DEBT -TO-EQUITY RATIO P430.6B INTEREST -BEARING DEBT P690.9B INVESTMENT PROPERTIES P79.8B REAL ESTATE INVENTORY P1,122.5B TOTAL ASSETS Our robust trillion-peso balance sheet and conservative 46:54 net debt-to-equity ratio provide significant financial flexibility to fund sustainable growth and navigate evolving market conditions.
Page 8
9 4 STRONG BALANCE SHEET AND PRUDENT CAPIT AL MANAGEMENT 10 Healthy balance sheet and careful cash flow management, backed by disciplined investment assessment on land banking and project developments (PHP bn) (x) *(1)Net debt refers to total interest-bearing debt less cash and cash equivalents; (2) Refers to long-term debt less debt issue cost (1) (2) 5.77x 4.95x 4.75x 4.89x 4.86x5.08x 4.52x 4.37x 4.57x 4.56x 2022 2023 2024 2025 1H2026 (x) Total debt / EBITDA and net debt / EBITDA Total debt / EBITDA (x) net debt / EBITDA (x) 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 30-Jun-26 0.97x 0.93x 0.90x 0.91x 0.91x 0.85x 0.85x 0.83x 0.85x 0.85x (x) Debt-to-equity ratio and net debt-to-equity ratio Debt-to-equity ratio net debt-to-equity ratio (1) 5.43 5.59 5.93 6.78 7.28 2022 2023 2024 2025 1H2026 Interest rate coverage ratio Interest rate coverage ratio 2026 2027 2028 2029 2030 2031 2032 2033 onwards SMPH maturity schedule 54 47 60 60 76 77 27 29
Page 9
9 4 In Php mn 2Q 2026 2Q 2025 % CHANGE Malls 21,382 19,728 8% Residences 12,324 11,222 10% Hotels and CC 2,260 2,081 9% Offices and WH 2,580 2,375 9% Total Revenue (Net of eliminations) 38,380 35,270 9% REVENUE CONTRIBUTION PER SEGMENT 11 1H 2026 1H 2025 % CHANGE 41,833 38,654 8% 20,628 20,919 -1% 4,447 4,110 8% 5,052 4,624 9% 71,659 68,044 5% Malls 58% Residences 29% H&CC , 6% O&W, 7%1H 2026 P71.7B Malls 56% Residences 32% H&CC , 6% O&W, 7%2Q 2026 P38.4B
Page 10
9 4 MALLS 12 For PH malls only 1H 2026 1H 2025 % CHANGE Total GFA (in mn sqm) 9.8 9.5 3% Total GLA (in mn sqm) 5.1 5.0 3% Occupancy Rate (long-term) 96% 96% 0pp Occupancy Rate (short-term) 92% 93% -1pp Number of Tenants 23,174 22,192 4% Ave. Daily Foot Traffic (in mn) 3.7 3.8 -1% YTD Foot Traffic (in mn) 673.9 687.3 -2% In Php mn 1H 2026 1H 2025 % CHANGE Revenue 41,833 38,654 8% PH Malls Rental Income 31,050 29,958 7% Others 10,782 9,696 11% EBIT 24,625 22,013 12% EBITDA 30,818 27,745 11% LUZON 74 VIS 8 MIN 8 CH 9SM MALL NETWORK (99 malls) *Mall-adjacent office rental income is reported under Office business segment.
Page 11
9 4 1H 2026 1H 2025 % CHANGE Reservation Sales (in Php mn) 24,754 25,873 -4% Inventory (in units) 29,791 27,275 9% Inventory sales value (in Php bn) 200,358 174,616 15% RESIDENCES 13 In Php mn 1H 2026 1H 2025 % CHANGE Real estate sales, rentals and other revenues 20,628 20,919 -1% EBIT 6,886 8,411 -18% EBITDA 7,031 8,545 -18% 1H 2026 RESERVA TION SALES (in %) NCR 75 LUZON 17 VIS- MIN 7 CORE BY LOCA TION OVERSEAS FILIPINO 32 LOCAL FILIPINO 54 FOREIGNER 14CORE BUYERS
Page 12
9 4 14 HOTELS 1H 2026 1H 2025 % CHANGE Room Keys 2,602 2,602 0% Occupancy Rate 67% 62% +5pp Average Daily Rate 6,238 5,680 1% CONVENTION CENTERS 1H 2026 1H 2025 % CHANGE GLA (in sqm) 41,940 41,940 0% Occupancy Rate 53% 49% +4pp Visitors 4,347,643 3,673,578 18% In Php mn 1H 2026 1H 2025 % CHANGE Revenue 4,447 4,110 8% EBIT 1,078 910 19% EBITDA 1,510 1,316 15% HOTELS AND CONVENTION CENTERS HOTELS 3,581 HOTELS 3,351 CONVENTION CENTERS 866 CONVENTION CENTERS 760 1H 2026 1H 2025 REVENUE BREAKDOWN
Page 13
9 4 3PO 55 STANDALONE OFFICES 07 MALL-ADJACENT OFFICES 15 WAREHOUSES 05 Office Tenant Mix (in %) Developments (In Php mn) 1H 2026 1H 2025 % CHANGE Revenue 5,052 4,624 9% EBIT 3,483 3,092 13% EBITDA 4,452 4,007 11% OFFICES 1H 2026 1H 2025 % CHANGE GFA (in mn sqm) 1.6 1.6 5% GLA (in mn sqm) 0.9 0.8 3% Occupancy Rate 77% 71% +6pp OFFICES 15 STAND-ALONE OFFICES 7 MALL-ADJACENT OFFICES 16 DEVELOPMENTS 3PO 61 TRADITIONAL 22 SHARED SERVICE 17 TENANT MIX (in %) *Figures reported include all offices under SM Prime.
Page 14
9 4 3PO 55 STANDALONE OFFICES 07 MALL-ADJACENT OFFICES 15 WAREHOUSES 05 Office Tenant Mix (in %) Developments 16 SM Prime’s most transformative integrated property development— an unprecedented urban estate that fuses connectivity, sustainability, livability, tourism and commerce. PASA Y 360 Land Filling and Formation Soil Stabilization Revetment Works and Ground Improvement Infrastructure Planning and Development Land Titling Project Turnover 90% done 1% done ongoing on track100% done
Page 15
9 4 3PO 55 STANDALONFICES 07 MALL-ADJACENT OFFICES 15 WAREHOSES 05 Office Tenant Mix (in %) Developments 17 We remain committed in driving organic growth and expanding into new markets. STRA TEGIC UPDA TES MALLS Recently opened SM Seaside Cebu Arena driving foot traffic and activities in SM Seaside Cebu Complex. RESIDENCES Signature Series starts Susana Heights transformation; while Highlands Prime completes The Horizon community in Tagaytay Highlands and Provence, a residential enclave nestled within Tagaytay Midlands HOTELS AND CONVENTION CENTERS On schedule to open SMX Convention Center Seaside Cebu this 2026 as well as the new SMX Trade Halls in Santo Tomas in Batangas; and Santa Rosa in Laguna. OFFICES On schedule to open Six E-Com Center, SM City Cebu Towers; to develop tech Hub Tower 11 in Clark, Pampanga.
Page 16
OUTLOOK 18 HOTELS AND CONVENTION CENTERS Scheduled to open SM Nuvali in Sta. Rosa in Laguna in 4Q 2026. Set to turnover Balea Suites at Pico Terraces in Hamilo Coast by 4Q 2027 On-track to open SMXCite in Mall of Asia Complex, Pasay City in 2027 to capture growing demand in MICE venues in Metro Manila OFFICES Set to open North Tower 3 , adding almost 30,000 square meters of PEZA- accredited office space in Quezon City this 2026. MALLS 17 RESIDENCES
Page 17
Q&A 18
Page 18
JEFFREY C. LIM President CLOSING REMARKS 23 • Replace JCL photo NOEL E. TORRES Executive Vice President CLOSING REMARKS
Page 19
APPENDIX FINANCIAL STATEMENTS 22 OTHER BUSINESS UPDATES 25 ESG HIGHLIGHTS 28
Page 20
9 4 INCOME ST A TEMENT 22 Condensed, Unaudited In Php mn, except EPS 1H 2026 1H 2025 Revenues 71,659 68,044 Cost and Expenses 35,587 33,618 Operating Income 36,072 34,426 Other Charges -5,388 -4,183 Income Before Tax 30,684 30,243 Provision for Income Tax 5,689 5,364 Net Income 24,995 24,879 Net Income Attributable to Parent 24,539 24,455 EPS – Basic/Diluted 0.85 0.85
Page 21
9 4 ASSETS (in Php mn) 1H 2026 FY2025 Cash & Cash Equivalents 26,883 27,645 Equity instruments at FVOCI 16,946 19,008 Receivables and Contract Assets 94,849 86,190 Real Estate Inventories 79,757 74,108 Investment Properties 690,917 665,641 Other Assets 213,197 221,287 T otal Assets 1,122,549 1,093,879 BALANCE SHEET 23 Condensed, Unaudited LIABILITIES & EQUITY (in Php mn) 1H 2026 FY 2025 Loans Payable and Current Portion of Long-term debt 90,440 99,295 Accounts Payable & Other Liabilities 207,678 202,045 Long-term debt - net of current portion 340,196 323,460 T otal Liabilities 638,314 624,800 T otal Equity 484,236 469,079 T otal Equity Attributable to Parent 474,564 465,558
Page 22
9 4 CASH FLOW ST A TEMENT 24 Condensed, Unaudited In Php mn 1H 2026 1H 2025 Net cash from operating activities 39,207 33,591 Net cash used in investing activities -24,531 -35,116 Net cash from financing activities -15,517 -1,867 Currency Translation Impact 79 -4 Cash and cash equivalents at end of period 26,883 27,850
Page 23
9 4 In Php bn 2022 2023 2024 2025 1H 2025 1H 2026 Y o Y Malls 21.31 32.95 30.90 29.62 13.29 12.84 -3% Residences 36.75 25.49 23.13 16.93 6.35 9.91 56% Commercial and Integrated Commercial Development (formerly Coastal Dev’t) 11.44 22.16 25.28 33.05 16.94 5.90 -65% Hotels and Convention Centers 1.11 1.78 1.94 2.27 0.76 2.07 172% T otal 70.61 82.38 81.25 81.87 37.34 30.72 -18% CAPEX AND TREND BREAKDOWN 25 *Excludes capitalized interest PASAY 360 9.00 17.68 19.46 28.36 14.48 3.76 -74% Strategic Expansion (2022-1H2026) 346.83
Page 24
9 4 LANDBANK 26 Geographically diverse land bank in key growth areas, suited for mixed-use development. Strategic acquisitions to support expansion and portfolio growth. 4,165 HECTARES Luzon 84% Visayas 6% Mindanao 6% NCR 4% BY LOCATION Residential 49% Malls 44% Office and WH 1% Integrated Commercial Estates 6% BY BUSINESS UNIT
Page 25
9 4 PROGRAM DETAILS Authorization Date December 09, 2024 Total Authorized Amount P5 billion - P10 billion SHARE BUYBACK PROGRAM 27 EXCECUTION SUMMARY Execution Period (Start–End Dates) April – June 2026 Total Shares Repurchased 96,192,200 Total Amount Spent Php1,790,954,587 Price Range of Buybacks Php17.48 to Php20.00 Average Purchase Price Php18.62 % of Outstanding Shares Retired 0.33% UTILIZA TION RA TE VS. AUTHORIZED CAP (P10B) as of end Jun 2026 47.7% 2Q 2026 alone 17.9%
Page 26
ENVIRONMENT AL Under its Water for Tomorrow campaign , SM malls recycle sewage, treating 6.6 million m³ yearly for reuse across 89 malls. SM Cares marked Earth Day with #SaveWATTMatters. Students and mallgoers joined talks on energy-saving habits for “Our Power, Our Planet.” Slated to open by 4Q 2026, SM Nuvali, is being positioned to as a premier mall with sustainability embedded in its design and operations. It will feature solar panels, water recycling systems, energy efficiency, waste management and 24 EV charging stations. 19,000 kgs of ocean waste diverted SM Cares mobilized 7,500 volunteers for its World Oceans Day cleanup, under the banner “Empowering Communities for an SM Waste-Free Future.” SM Prime joined the DOE’s O.N.E. campaign, implementing weekly energy-saving measures across its properties every Saturday from 8–9 p.m. The initiative engages tenants, employees and customers in reducing electricity demand and promoting responsible energy use. 27 Net - zero emissions targeted by 2040 SM Cares diverted 19,000 kgs of ocean waste for World Oceans Day
Page 27
SOCIAL 28 SM Supermalls partnered with DOLE for nationwide Araw ng Manggagawa job fairs, connecting jobseekers with employers, on-the- spot hiring, and government services like SSS, PhilHealth and TESDA vouchers. SM Prime inaugurated the Henry Sy Sr. Hall at San Francisco High School in Quezon City, a new four-story, 24-classroom facility under its Adopt- A-School Program with DepEd—the 114th school building it has funded nationwide. Henry Sy Sr. Hall SM Cares led coastal cleanups across seven malls nationwide for World Water Day, mobilizing volunteers for waste segregation education alongside the bayanihan spirit of community-driven environmental care. The Autism Society Philippines named SM Book Nook its Autism Works Partner of the Year, honoring its role in opening pathways for talents on the autism spectrum through its Book Nook Ambassadors program. Book Nook: Partner of the Year Labor Day Job Fairs SM Supermalls hosted the first-ever PBF Youth Cup National Finals at SM North EDSA, capping its Learn to Bowl program and reinforcing its commitment to developing young Filipino athletes through the Philippines’ largest bowling network. Learn to Bowl & PBF Youth Cup SM Cares united 47 youth groups and schools for “Youth Rising,” the centerpiece of Women’s Month 2026, advancing gender equality and maternal health alongside UN Philippines and the Philippine Commission on Women. Women's Month: Youth Rising
Page 28
GOVERNANCE 29 SM Supermalls was named Organization of the Year, earning multiple awards for its innovation, customer experience and purpose- driven initiatives. SM Prime and ARISE Philippines brought together key partners to accelerate disaster resilience and technology-enabled risk reduction by 2030. Asia - Pacific Stevie Awards 2026 SM and ARISE PH with Partners Aim to Accelerate Resilience Four SM Group companies—SM Investments, SM Prime, SM Retail and BDO—were recognized by FinanceAsia for strong performance, governance and ESG commitment. FinanceAsia Asia’s Best Companies 2026 SM Prime published its 2025 Integrated Report, “Resilience Under Pressure,” referencing GRI standards and the ASEAN Governance Scorecard. 2025 Integrated Report Released SM Supermalls earned two Silver Awards at the ICSC MAXI Awards for “Art From All” and “The SM Green Movement,” recognizing its sustainability-driven campaigns globally. At its April 28 Annual Stockholders’ Meeting, SM Prime’s Board approved expanding to nine directors, on recommendation of its Corporate Governance and Sustainability Committee. Two Silvers at ICSC MAXI Awards Board Expanded to 9 Directors
Page 29
Thank you for attending. INVESTOR RELATIONS T: (02) 8 862-7942 E: INFO@SMPRIME.COM WWW.SMPRIME.COM