Mobvista (1860) Q4 2025 earnings summary

Executive summary

• Achieved record revenue and profit in 2025, with revenue up 35.7% YoY to US$2,046.7 million and profit for the year at US$61.6 million, a 346.2% YoY increase.

• Programmatic advertising platform Mintegral contributed 95.8% of total revenue, growing 35.9% YoY to US$1,960.9 million.

• Smart bidding products based on AI and machine learning now account for over 80% of Mintegral's revenue.

• Mar-tech business revenue reached US$18.0 million, up 2.5% YoY, with continued product refinement and overseas expansion.

Financial highlights

• Gross profit rose 37.2% YoY to US$434.1 million, with a gross margin of 21.2%.

• Adjusted EBITDA increased 38.1% YoY to US$190.9 million; adjusted net profit nearly doubled to US$95.5 million.

• Net cash flow from operating activities was US$214.3 million, down 24.7% YoY due to a shift to more flexible working capital management.

• Gearing ratio improved to 66.5% from 72.7% last year.

• No final dividend was declared for 2025.

Outlook and guidance

• Focus remains on strengthening Mintegral’s competitive advantage, expanding verticals, and leveraging AI for further automation and efficiency.

• Mar-tech product portfolio to be upgraded and expanded globally, with emphasis on SaaS and data-driven services.

• Continued adherence to globalization, data privacy, and compliance frameworks.

• AI adoption to drive automation in ad creative, campaign management, and R&D processes.