QAF (Q01) H1 2025 earnings summary

Executive summary

• H1 2025 revenue was $306.1m, down 1% reported and flat in constant currency; net profit fell 66% to $4.2m and parent-attributable profit fell 69% to $3.9m.

• EBITDA declined 38% to $17.4m; higher operating expenses, FX translation losses and a larger joint-venture impairment weighed on earnings.

Financial highlights

• Operating profit was $8.2m versus $18.8m; PBT was $6.5m versus $16.8m, while tax expense decreased to $2.3m from $4.4m.

• Adjusted to exclude the GBKL impairment, PBT was $8.4m versus $18.0m, down 53%; adjusted PBT margin was 2.7% versus 5.8%.

• Net cash from operating activities was $19.8m, compared with $19.8m; ending cash and cash equivalents were $188.6m versus $190.5m YoY.

Outlook and guidance

• Near-term conditions are expected to persist; product-mix adjustments, new product launches and operational efficiencies are planned to mitigate margin pressure and pursue growth.

• Strategic actions have supported comparable revenue, but weaker demand and higher costs, particularly labour, are expected to continue weighing on bottom-line results.

• Balance-sheet strength is expected to support operations through challenging conditions, while long-term priorities remain strengthening competitiveness and expanding trading activities.