SM Prime Holdings, Inc. (SM Prime) recorded a first-quarter net income of P11.7 billion, largely stable compared to P11.65 billion a year earlier, as costs and expenses outpaced revenue growth.

Total revenues rose 2% year-on-year from P32.8 billion to P33.3 billion on higher rental income and other revenues, which helped cushion weaker revenue from real estate sales.

Malls remained the largest topline contributor, accounting for 61% of total revenues. The segment delivered P20.4 billion, up 8% from P18.9 billion the previous year, because of high occupancy and sustained interest in experiential offerings.

The office segment contributed P2.5 billion, accounting for 7% of total revenues, up 10% year-on-year from P2.2 billion on improved occupancy.

"Recurring income will remain central to our performance in 2026," said Jeffrey C. Lim, President of SM Prime. "We are prioritizing occupancy, customer experience and cost discipline to navigate the challenging operating environment."