Karin Technology (K29) H2 2026 earnings summary

Executive summary

• FY2026 revenue rose 21.0% YoY to HK$2,334.3m, led by IT Infrastructure; adjusted net profit increased 18.1% to HK$19.6m, while a one-off accounting charge drove a reported net loss.

Financial highlights

• Revenue was HK$2,334.3m vs HK$1,929.5m; gross profit rose 3.5% to HK$182.8m.

• Reported net loss was HK$18.9m; adjusted net profit, excluding HK$35.3m catch-up depreciation and HK$3.2m deferred tax expense, was HK$19.6m vs HK$16.6m.

Outlook and guidance

• AI infrastructure adoption across public and private sectors is identified as the clearest growth opportunity; FY2027 initiatives target agentic AI, GPU-to-workstation enablement and AI-driven operations.

• Components business in China is recovering on resource optimisation and broad demand; consumer electronics is stabilising alongside a firmer smartphone replacement cycle and improving Hong Kong sentiment.