Combine Will International Holdings (N0Z) investor relations material

Executive summary

• H1 2026 revenue fell 14.9% to HK$744.716m, mainly as a large order shifted from Q1 2026 to Q4 2025; gross margin improved to 10.9%.

• Net profit rose 31.4% to HK$21.144m, while total comprehensive income fell 60% to HK$11.0m after a HK$10.1m foreign-currency translation loss.

Financial highlights

• Revenue was HK$744.716m, down 14.9% YoY; gross profit was HK$81.508m, down 7.8%.

• Operating profit was HK$35.882m, down 2%; profit before tax rose 11% to HK$23.444m, and net profit increased 31.4% to HK$21.144m.

• Selling and distribution expenses fell 3% to HK$10.774m, administrative expenses fell 20% to HK$44.093m, and finance costs fell 20% to HK$12.438m.

• Income tax expense declined 54% to HK$2.300m, including reversal of a HK$2.166m prior-year over-provision related to demolition compensation income.

Outlook and guidance

• Indonesia facility operations are scheduled to commence in Q4 2026; full ramp-up is expected to lift die-casting capacity ~125% and plastic toy capacity ~20%.

• Near-term conditions are expected to remain volatile; priorities include prudent execution, customer development, efficiency, manufacturing expansion, digitalisation and automation.