Coliwoo Holdings (W8W) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 10.4% to S$46.7m; core PATMI rose 62.6% to S$22.9m, while reported PATMI fell 51.4% to S$15.0m. Average occupancy reached 96.1%.

• Expansion plans include adding at least 800 rooms annually over three years and targeting nearly 4,000 rooms in Singapore by end-2026, supported by asset-light growth and capital recycling.

Financial highlights

• Revenue fell 10.4% to S$46.7m, mainly due to lower facilities services income after one-time FY2024 retrofitting income did not recur.

• Gross profit rose 5.5% to S$33.1m; gross margin expanded to 71% from 60%, partly reflecting the non-recurrence of lower-margin retrofitting income.

• Core PATMI rose 62.6% to S$22.9m; reported PATMI was S$15.0m versus S$31.0m in FY2024.

• Profit attributable to shareholders was S$15.0m; EPS was 4.82 Singapore cents and NAV per share was 40.30 Singapore cents.

Outlook and guidance

• Targeting nearly 4,000 rooms in Singapore by end-2026, from 2,933 at 30 September 2025, through acquisitions, master leases and management contracts; longer-term target is at least 800 rooms added annually over three years.

• Coliwoo Midtown's 212 rooms are expected to open in 2QFY2026; 159 Jalan Loyang Besar's 382 rooms are expected to begin operations in 3QFY2026.

• Renovation at 50 Armenian Street is expected to complete by 2027, with its 120-room boutique hotel planned to commence operations in 2028.

• Asset-light growth through master leases and management contracts, with capital recycling from stabilized assets.