Kingboard Holdings (148) H2 2025 earnings summary

Executive summary

• Revenue grew 5% year-over-year to HK$45,375 million, driven by robust demand in electronics, AI, and high-tech sectors, with strong performance in laminates and upstream materials.

• Underlying net profit attributable to owners surged 207% to HK$4,984.7 million, reflecting improved margins and operational efficiency.

• The Group maintained a solid capital structure, with a net gearing ratio of 28% and ample liquidity.

• Final dividend of HK111 cents per share and special final dividend of HK40 cents per share proposed.

Financial highlights

• EBITDA rose 63% year-over-year to HK$9,547.7 million.

• Profit before tax increased 131% to HK$6,363.2 million (excluding fair value changes of investment properties).

• Reported net profit attributable to owners was HK$4,401.6 million, up 170%.

• Basic EPS based on reported net profit was HK$3.971, up 170%.

• Net asset value per share increased 8% to HK$58.3.

Outlook and guidance

• Electronics and AI-related demand expected to remain strong in 2026, with focus on high-performance laminates and specialty materials.

• Expansion of laminates and PCB production capacities in China and Southeast Asia to meet growing demand.

• Chemicals division to benefit from new caustic soda capacity and continued green transformation initiatives.

• Property division to maintain prudent strategy, leveraging stable rental income and high occupancy rates.