Bonvests Holdings (B28) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 1.8% YoY to $228.236m; EBITDA, excluding investment-property fair value gains and other specified items, increased 15.2% to $54.744m.

• Profit after tax attributable to shareholders rose to $19.385m from $1.866m, supported by higher EBITDA, net fair value gains on investment properties, and lower depreciation and finance costs.

• Excluding fair value movements, related deferred tax, impairment and redevelopment, acquisition and termination costs, profit was $5.806m versus a $3.465m loss in FY2024.

Financial highlights

• Revenue: $228.236m, up 1.8% YoY; profit before tax: $29.114m versus $8.682m; profit after tax attributable to shareholders: $19.385m versus $1.866m.

• Net other gains were $16.610m versus $6.798m, including a $13.801m investment-property fair value gain; finance costs declined to $12.823m from $19.145m.

• Operating cash flow was $45.765m versus $46.029m; cash and bank balances were $36.181m at year-end, up from $29.663m.

Outlook and guidance

• Rental operations are expected to remain stable; hotel trading conditions are expected to remain challenging amid rising hotel supply, competition and operating costs.

• Medina of Tunis hotel construction is ongoing, with operational completion scheduled by end-2027, barring unforeseen circumstances.

• Perth development approval was granted in February 2026, subject to construction conditions; further timeline updates depend on greater project clarity.

• Industrial operations are expected to face intense competition and higher wage costs; investment results remain exposed to stock-market volatility, and Development has no active projects.