Harvey Norman Holdings (HVN) H2 2025 earnings summary

Executive summary

• Net assets reached $4.84bn, up 6.8% from FY24, with total assets surpassing $8bn for the first time, reaching $8.37bn as of 30 June 2025, driven by property revaluations and disciplined capital management.

• Reported profit before tax (PBT) was $753.10m, up 39.0% year-over-year, with profit after tax & NCI at $518.02m, up 47.0% from FY24.

• Operating cash flows were $694.30m, up 1.1% from FY24, with a strong turnaround in 2H25 and a cash conversion ratio of 95.1%.

Financial highlights

• EBITDA rose 25.3% to $1.13bn; EBIT increased 33.4% to $870.98m year-over-year.

• Total system sales revenue was $9.35bn, with aggregated franchisee sales at $6.43bn (+6.1%) and company-operated sales at $2.92bn; total system sales revenue grew by $487.91m from FY24.

• Dividend per share was 26.56c, fully franked; board recommended a fully-franked final dividend of 14.5c per share, payable 3 November 2025.

• PBT excluding AASB 16 and property revaluations was $590.36m, up 9.3% from FY24.

• Net assets increased by $307.52m to $4.84bn.

Outlook and guidance

• Aggregated sales for July 2025 rose 9.9% year-over-year, with comparable sales up 8.7%; franchisee sales in July 2025 up 6.6% year-over-year.

• Positive sales momentum continues into FY26 across all regions and categories, with strong overseas company-operated store sales in July 2025.

• Plans to open new stores in Australia, UK, Croatia, Singapore, and Malaysia in FY26 and beyond.