Multi-Chem (AWZ) H2 2025 earnings summary

Executive summary

• FY2025 revenue was $653.9M, down 4.4% YoY; PBT fell 15.1% to $33.0M and net profit fell 14.2% to $26.4M.

• 2H2025 revenue rose 3.4% YoY to $352.9M, while PBT declined to $15.9M from $18.0M and PAT to $12.2M from $14.4M.

Financial highlights

• FY2025 gross profit was $89.6M versus $97.5M; reported gross margin was 13.7% versus 14.3%.

• FY2025 EBITA was $38.1M versus $42.3M; PBT was $33.0M versus $38.8M; net profit was $26.4M versus $30.8M.

• Basic and diluted EPS was 29.35 cents versus 34.21 cents; net asset value per share was 168.98 cents versus 171.16 cents.

• 2H2025 revenue increased 17.2% QoQ to $352.9M from $301.0M in 1H2025; PAT decreased 14.1% QoQ to $12.2M from $14.2M.

Outlook and guidance

• IT distribution is expected to remain the primary business; continued cybersecurity demand and security's role in IT infrastructure underpin the outlook.

• Priorities include focusing on best-of-breed products, selective product range management, regional expansion, M.Tech brand promotion and closer work with key partners.

• Regional offices across 24 cities in 13 countries are expected to contribute positively in 2026; mature operations are expected to contribute more.