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, 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.

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.

• Dividend per share was 26.56c, fully franked.

• Cash conversion remained high at 95.1%.

Outlook and guidance

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

• Positive sales momentum continues into FY26 across all regions and categories.

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