All-Link Air & Sea (ALK) investor relations material

Executive summary

• H1 FY2026 revenue rose 38.2% YoY to US$40.1m, while profit after tax fell to US$2.4m from US$3.0m, largely reflecting US$1.0m of one-off listing expenses. Excluding these expenses, adjusted profit after tax was US$3.4m.

• Higher volumes from new business supported revenue growth; management expects stronger H2 performance and FY2026 revenue above FY2025, barring unforeseen circumstances.

Financial highlights

• Revenue was US$40.123m, up 38.2% YoY; gross profit increased 28.0% to US$4.623m.

• Profit before tax was US$2.805m versus US$3.562m; profit after tax was US$2.379m versus US$3.025m.

• Administrative expenses rose 420.8% to US$2.458m, reflecting higher staff costs and professional and legal fees, including US$997k of one-off listing expenses.

• Adjusted profit after tax, excluding the US$997k listing expenses, was US$3.376m; other income included a US$384k gain on settlement of contingent consideration.

• Operating cash flow was negative US$4.922m, mainly due to a US$6.9m working-capital outflow; cash and cash equivalents ended the period at US$19.944m.

Outlook and guidance

• H2 FY2026 performance is expected to be stronger due to seasonal shipment-volume peaks during Q4; FY2026 revenue is expected to exceed FY2025, barring unforeseen circumstances.

• Plans include acquiring a 30% stake in Vietnam ALLLink-TNR International Logistics, expanding into Thailand and establishing an Indonesian subsidiary; timing depends on commercial and regulatory considerations.

• Management plans to pursue sustainable growth, maintain customer relationships, improve operating efficiency, and manage costs and cash flow prudently.