QAF (Q01) H1 2026 earnings summary

Executive summary

• H1 revenue was S$306.7m, essentially flat YoY; reported PATMI fell 51% to S$1.9m, while PBT excluding exceptional items and GBKL impairment rose 96% to S$16.5m.

• Operating profit increased 87% to S$15.3m, supported by lower utilities and marketing costs and a favorable currency translation swing; the S$10m relocation charge and higher JV impairment weighed on reported profit.

Financial highlights

• Revenue was S$306.7m versus S$306.1m YoY; constant-currency revenue increased 2%.

• Operating profit was S$15.3m versus S$8.2m; PBT was S$2.6m versus S$6.5m, and PAT was S$1.9m versus S$4.2m.

• PATMI was S$1.9m, down 51% YoY; tax expense declined 69% to S$0.7m, mainly on lower taxable profits.

• EBITDA before exceptional items rose 37% to S$23.9m; reported PBT excluding exceptional items and GBKL impairment increased 96% to S$16.5m.

Outlook and guidance

• Relocation of bakery production from Singapore to Malaysia is progressing; further investment and transition costs are expected in the near term, and the S$10m estimated incidental cost remains subject to refinement.

• Margin mitigation plans include pricing and product-mix changes, efficiency improvements and footprint optimisation; growth opportunities include product launches and expansion across regions and channels.

• An interim cash dividend of 1 cent per ordinary share was declared, tax-exempt under the one-tier system; payment and book-closing dates are to be announced.