Bonvests Holdings (B28) investor relations material

Executive summary

• H1 2026 revenue rose 4.7% YoY to S$111.404m, while EBITDA increased 0.9% to S$23.993m; lower finance costs and depreciation helped lift pretax profit 84.5% to S$5.910m.

• Profit after tax was S$3.648m versus S$1.373m; EPS increased to 0.909 cents from 0.340 cents.

• Total comprehensive income was S$1.470m, compared with a S$14.439m loss in H1 2025, when currency translation losses were substantially larger.

Financial highlights

• Revenue increased 4.7% YoY to S$111.404m; higher contributions across all divisions drove the increase.

• EBITDA rose 0.9% to S$23.993m, with higher Rental, Hotel and Industrial contributions partly offset by lower foreign exchange gains.

• Finance costs fell 29.2% to S$5.225m, reflecting lower interest rates, partial loan repayments and capitalised borrowing costs.

• Operating cash flow increased to S$18.344m from S$13.968m; net cash decreased S$2.991m after investing and financing outflows.

Outlook and guidance

• Rental performance is expected to remain stable.

• Hotel markets remain challenging; higher energy and food costs are expected to weigh on future results, while rising hotel supply increases competition and operating costs.

• Medina hotel construction is ongoing and, barring unforeseen circumstances, is scheduled for operational completion by end-2028.

• Industrial operations face intense competition and higher diesel and wage costs; priorities include preserving cash and improving operating efficiency.

• Investment results remain exposed to stock-market volatility; the Development Division has no active projects.