GP Industries (G20) H2 2025 earnings summary

Executive summary

• FY2025 revenue was S$1,104.7m, down 0.3% YoY; profit before finance costs and share of associates rose 23.9% to S$68.0m, supported by margin expansion and cost control.

• Profit attributable to equity holders was S$24.3m versus a reported FY2024 loss of S$58.7m; FY2024 included S$76.4m of attributable XIC losses, while FY2025 recorded no XIC loss in profit or loss.

Financial highlights

• Gross profit rose to S$330.2m from S$316.2m; gross margin increased 140 bps to 29.9%, reflecting product mix, commodity management and factory utilization.

• Profit after tax was S$40.1m versus a FY2024 loss of S$47.0m; basic EPS was 4.90 cents versus a loss of 12.14 cents.

• Distribution costs increased 1.1% to S$146.7m, mainly from higher Battery Business advertising and promotion; administrative expenses were stable YoY.

• Operating cash flow increased to S$73.0m from S$44.6m; cash and cash equivalents ended FY2025 at S$185.5m versus S$187.1m.

Outlook and guidance

• FY2026 outlook remains measured amid geopolitical and economic volatility; priorities include product innovation, brand development, operational efficiency and financial discipline.

• Southeast Asian capacity is being expanded for global markets, while China production is oriented primarily to Asian and European customers; China-to-U.S. direct exports represented ~14% of global revenue based on recent-year averages.

• Battery opportunities include IoT, industrial automation and emergency-preparedness demand; Celestion plans its first consumer audio system in FY2026.

• The global loudspeaker market is projected to grow at a 14.8% CAGR through 2030, aligning with wireless audio, smart-home and premium-audio initiatives.