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Vtech Holdings (303) investor relations material
Vtech Holdings Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary13 Nov, 2025
Executive summary
Revenue for the six months ended 30 September 2025 declined 9.0% year-over-year to US$991.1 million, with decreases across all regions and product lines except for some growth in European ELPs and TEL products.
Gross profit margin improved to 31.9% from 31.5%, driven by lower material costs, favorable product mix, and currency effects, despite higher tariffs and labor costs.
Operating profit dropped 10.8% to US$92.9 million, and net profit attributable to shareholders decreased 14.5% to US$74.7 million, mainly due to lower revenue, higher operating expenses as a percentage of revenue, and a higher effective tax rate.
Basic EPS declined 14.7% to US29.5 cents; interim dividend declared at US17.0 cents per share, unchanged from the prior year.
Strong financial position maintained, with no bank borrowings and US$147.9 million in cash as of 30 September 2025.
Financial highlights
Gross profit fell 8.1% to US$315.8 million, while gross margin rose to 31.9% from 31.5% year-over-year.
Operating profit margin decreased to 9.4% from 9.6% due to higher operating expenses as a percentage of revenue.
Net profit margin fell to 7.5% from 8.0%, impacted by a higher effective tax rate from BEPS Pillar 2 rules.
Basic EPS dropped to US29.5 cents from US34.6 cents.
Net cash balance as of 30 September 2025 was US$147.9 million, down from US$335.6 million at 31 March 2025.
Outlook and guidance
Full-year revenue is forecast to decline, but second-half sales are expected to improve, especially for ELPs and TEL products.
Gross profit margin for FY2026 is expected to remain stable year-over-year.
ELPs revenue is projected to rebound in the US and continue growing in Europe in the second half, though full-year sales will be lower than last year.
TEL products are set for full-year growth, led by new launches and expanded product lines in Europe and the US.
CMS revenue is forecast to decrease for the full year, with several product categories expected to remain in decline; expansion of manufacturing capacity in Malaysia is underway, with a new building to be completed by mid-2027.
Production strategy given tariff parity
AI's role in future ELP product development
H2 sales growth drivers given seasonality
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Next Vtech Holdings earnings date
Q3 202612 Feb, 2026
Next Vtech Holdings earnings date
Q3 202612 Feb, 2026
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Frequently asked questions
VTech Holdings Limited, known as VTech, is a company in the consumer electronics sector, focusing on electronic learning products designed for children from infancy through preschool. The company’s product range extends beyond educational toys to include a variety of telecommunication products for both home and business use. The company is headquartered in Hong Kong, and its shares are listed on the Hong Kong Stock Exchange.
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