PropNex (OYY) H1 2026 earnings summary

Executive summary

• Revenue for 1H2026 rose 0.7% year-over-year to $603.0 million, with net profit declining 4.4% to $43.5 million and EPS down 3.1% to 5.53 cents; net attributable profit reported at $40.9 million.

• Gross profit margin slipped to 10.6% from 11.0% in 1H2025, reflecting higher cost pressures and a shift in revenue mix.

• Interim dividend of 5.00 cents per share declared, with payout ratio above 90% of net profit.

• Maintained strong market leadership with 38.1% agent share and 64.3% transaction volume share in Singapore, with gains across all property segments.

• Market share expanded in New Launches, Private Resale, Landed Resale, HDB Resale, and Private Leasing.

Financial highlights

• Operating cash flow decreased to $33.2 million from $45.3 million year-over-year; net cash decreased by $18.9 million to $130.2 million.

• Net asset value per share increased to 16.73 cents from 15.69 cents at end-2025.

• Market capitalisation stood at $1.35 billion as of August 2026.

• Cost of services increased 1.2% to $539.1 million; finance income fell 39.6% to $1.5 million.

• Other income rose 12.6% to $7.1 million, mainly from higher referral fees.

Outlook and guidance

• Home prices expected to grow 3–4% for private residential and up to 1% for HDB resale in 2026.

• Transaction volumes forecasted at 9,000 private new sales, 14,000–15,000 private resale, and 26,000–27,000 HDB resale for 2026.

• The group remains cautiously optimistic for a strong full-year performance, supported by population growth, lower interest rates, and rising incomes.