Koda (BJZ) investor relations material

Executive summary

• FY2026 revenue rose 21.1% YoY to US$63.855m; net profit attributable to owners increased to US$2.220m from US$0.547m, supported by higher US exports, stronger factory utilisation and improved efficiency.

• Higher sales and working-capital needs lifted receivables and inventories; operating cash flow was negative US$5.206m, funded partly by increased bank borrowing.

Financial highlights

• Revenue rose US$11.125m to US$63.855m; gross profit increased 18.3% to US$19.607m, while gross margin was 30.7% versus 31.4%.

• Profit before tax was US$2.508m versus US$0.898m; profit for the year was US$2.203m versus US$0.576m, up 282.5%.

• Adjusted for the prior-year US$0.642m inventory allowance reversal, gross margin was described as relatively consistent; FY2026 included a US$0.192m inventory allowance charge.

• Selling and distribution costs rose US$2.330m with higher freight and commissions; administrative expenses fell US$0.461m as idle-capacity costs eased.

Outlook and guidance

• Management expects profitability in FY2027, barring unforeseen circumstances, with focus on design-led products, operating efficiency, optimal capacity use and a healthy order backlog.

• US replenishment and demand recovery may support orders, but tariff uncertainty, inflation, cautious consumers and rising logistics costs cloud the outlook; European demand may remain stagnant and Asia-Pacific mixed.