PropNex (OYY) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 42.6% to $1,116.4m; profit for the year increased 79.5% to $74.7m, while profit attributable to owners rose 72.0% to $70.4m.

• Record revenue and net attributable profit marked the strongest performance in 25 years, driven by a rebound in private residential launches and strong sales activity.

• Salesforce expanded to over 14,000, representing nearly 38% of Singapore's real estate salespersons.

Financial highlights

• Gross profit increased 62.1% to $115.0m; gross margin improved 1.2 percentage points to 10.3%.

• Profit before tax rose 80.1% to $89.7m; EPS increased 72.0% to 9.51 cents.

• Net profit margin advanced 1.4 percentage points to 6.7%.

Outlook and guidance

• 2026 forecasts: private residential and HDB resale prices each expected to rise 3%–4%.

• 2026 transaction forecasts: ~9,000 private new sales plus 1,500 EC units; 14,000–15,000 private resales; 26,000–27,000 HDB resales.

• Continued strong FY2026 performance expected, supported by revenue recognition from robust 4Q2025 new private home sales and an expanded salesforce.

• Demand supports include a stable economy, low unemployment and interest rates, population growth, household formation and sensitive pricing.