Food Empire Holdings (F03) H2 2025 earnings summary

Executive summary

• Fifth consecutive year of record revenue: FY2025 revenue rose 21.1% to US$576.9m; normalized NPAT reached a record US$68.6m.

• Operating profit increased 47.5% to US$93.4m; reported NPAT was US$36.0m, reflecting a one-off US$32.6m non-cash fair-value loss on redeemable exchangeable notes.

Financial highlights

• FY2025 revenue was US$576.9m vs US$476.3m; operating profit was US$93.4m vs US$63.3m.

• Normalized EBITDA rose 45.0% to US$113.5m and normalized NPAT rose 37.0% to US$68.6m; normalized basic EPS increased 32.8% to 12.55 US cents.

• 2H2025 revenue increased 20.6% to US$302.9m; normalized EBITDA rose 46.4% to US$61.3m and normalized NPAT rose 38.2% to US$37.1m.

• Operating cash inflow was US$87.1m; cash and cash equivalents reached US$180.8m at 31 Dec 2025 vs US$130.9m a year earlier.

Segment performance

• Russia revenue grew 34.8% to US$191.0m; like-for-like growth was 20.9% in local currency, supported by higher volumes, pricing and 10% ruble appreciation.

• South-East Asia revenue rose 14.3% to US$147.8m, supported by Vietnam, which contributed more than half of segment revenue.

• Central Asia revenue increased 25.6% to US$102.0m, driven by volumes and pricing; Kazakhstan benefited from promotions, improved availability and full-year consolidation of Tea House LLP.

• South Asia revenue rose 15.7% to US$71.0m on instant coffee sales and price adjustments; Europe grew 7.6% to US$48.6m on pricing and higher volumes.