SMDC Q1 earnings are best understood through SM Prime’s Q1 2026 report because SMDC is part of SM Prime’s residential business. For foreign condo buyers and expat investors, this matters because the report gives a clearer view of how the condo side performed, while the larger SM Prime group continued to earn from malls, offices, hotels, and other rental-based businesses. The main story is easy to understand: SM Prime stayed profitable, but the residential or condo side was we