JustCo Holdings (JCO) investor relations material

Executive summary

• 1H2026 revenue rose 24% YoY to US$80.780m; net loss narrowed to US$0.839m from US$1.731m, while NPAT excluding one-off IPO expenses was US$0.1m.

• Cash EBITDA increased 147% YoY to US$10.554m; margin expanded to 13.1% from 6.6%.

• 57 operational centres and 21 committed locations supported a 78-centre network plan; workstation capacity reached 37,350 at Jun26.

• Net lease area comprised 59% traditional leases and 41% management contracts at 30 June 2026.

Financial highlights

• Revenue of US$80.780m comprised US$70.829m membership fees, US$9.640m service income and US$0.311m management fees.

• Free cash flow rose 256% YoY to US$3.2m from US$0.9m, as cash EBITDA more than covered new-centre capex.

• Operating result was US$10.354m vs US$5.281m; loss before tax was US$0.038m vs US$1.497m.

• Other operating expenses increased 8% to US$27.2m; employee benefits rose 28% to US$11.8m, primarily on higher average headcount and Japan consolidation.

• Depreciation and amortisation increased 26% to US$41.9m; net finance costs rose 50% to US$9.5m, mainly reflecting higher lease-liability interest.

Outlook and guidance

• Expansion remained on track toward 78 centres, including 21 committed locations; cash resources are expected to support growth without further fundraising.

• Target to open 28 new centres by end-2026 remained on track; three India centres were ramping up, with one additional centre expected to begin operations in Q3 FY2026.

• Board plans to distribute 50% of NPAT as dividends from FY2027, subject to unforeseen circumstances.

• Flexible-workspace demand outlook remained optimistic, with focus on expansion, operating capabilities and shareholder returns.