LHN (41O) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 8.6% YoY to S$131.5M; adjusted PBT increased 33.4% to S$45.7M, while profit attributable to shareholders fell 57.6% to S$20.1M.

• Gross profit rose 21.5% to S$75.6M and gross margin expanded 6.1ppt to 57.5%; adjusted PBT growth was led by Space Optimisation, Property Development and Facilities Management.

Financial highlights

• Reported PBT declined 48.9% to S$26.3M; adjusted PBT excludes investment-property fair-value gains/losses and other one-off items.

• FY2025 included a S$17.9M fair-value loss versus a S$14.7M gain in FY2024; other one-off items were negative S$1.5M versus positive S$2.4M.

• Group revenue increased S$10.5M, with first Property Development revenue offsetting lower Space Optimisation revenue.

Outlook and guidance

• Coliwoo plans to grow from 2,933 rooms to close to 4,000 by end-2026; pipeline includes 212 rooms at 141 Middle Road in 2Q FY2026 and 382 rooms at 159 Jalan Loyang Besar in 3Q FY2026.

• Work + Store plans ~10,000 sqft of air-conditioned storage at 202 Kallang Bahru in FY2026, alongside selective acquisitions and storage conversions.

• Plans include expanding FM technology and automation, entering new sectors, and pursuing solar opportunities beyond rooftop installations; solar pipeline has five projects in installation (~1.7 MW) and two in design (~0.4 MW).

• Remaining strata units at 55 Tuas South Avenue 1 are marketed for sale and expected to contribute in the next financial year.