Combine Will International Holdings (N0Z) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 23.1% to HK$1.81 billion, driven by a 27.0% increase in order volume from key customers, customer expansion and Indonesia plush production growth.

• Green materials exceeded 77% of production, a record high, supporting sustainability positioning and customer alignment.

Financial highlights

• FY2025 gross profit increased 22.8% to HK$188.8 million; profit from operations fell 15.7% to HK$77.3 million and profit after tax fell 18.8% to HK$37.1 million.

• H2 FY2025 revenue rose 15.9% to HK$935.3 million, gross profit rose 27.4% to HK$100.4 million, and profit after tax declined 13.6% to HK$21.1 million.

• FY2025 basic EPS was 114.91 cents, down from 141.47 cents; H2 basic EPS was 65.15 cents, versus 75.39 cents a year earlier.

Outlook and guidance

• FY2026 revenue growth is expected to be supported by Indonesia ramp-up, customer diversification and onboarding of new projects.

• Capital intensity is expected to moderate in FY2026 after significant capex over the past two years, subject to market conditions and business performance.

• Efficiency, working capital management, funding structure, sustainability and automation remain priorities; automation is expected to support productivity and margin improvement over time.