Golden Leaf International Group (8549) H1 2026 earnings summary

Executive summary

• H1 revenue was HK$77.897m, broadly flat YoY, while gross profit fell 18.4% to HK$12.650m and results swung to a HK$3.604m net loss, including HK$7.600m listing expenses.

• Excluding listing expenses, adjusted net profit was HK$3.996m, versus HK$7.454m in the prior-year period; expansion plans emphasize maintenance, diversified MEP services and higher-value clients.

Financial highlights

• Revenue rose HK$71,000 YoY to HK$77.897m; service costs increased 4.68% to HK$65.247m, reducing gross profit to HK$12.650m from HK$15.496m.

• Loss before tax was HK$2.762m versus prior-year profit of HK$8.892m; net loss was HK$3.604m versus net profit of HK$7.454m.

• Listing expenses were HK$7.600m; excluding these, adjusted net profit was HK$3.996m and adjusted net margin was 5.13%, versus 9.58% in the prior-year period.

• Operating cash flow was HK$6.674m versus HK$1.374m used in the prior-year period; cash and cash equivalents ended at HK$12.697m, down from HK$16.072m at 31 March 2025.

Outlook and guidance

• Over the next 12–36 months, priorities include larger projects, expanded project and maintenance teams, higher-value commercial and public-sector clients, and diversification beyond HVAC.

• For H2 2025–2026, plans include improving bid conversion and contract margins, expanding framework and maintenance contracts, integrating HVAC, power and water systems, and strengthening delivery controls.

• Management expects steady expansion and quality cash flow in 2025–2026, while maintaining disciplined investment and capital expenditure amid an uncertain market recovery.