QAF (Q01) H2 2025 earnings summary

Executive summary

• FY2025 revenue was $633.6m, marginally below $636.1m; attributable profit rose 15% to $39.8m, supported by improved EBITDA and a non-cash joint-venture impairment reversal.

• A $191m net cash position and proposed total FY2025 dividends of $0.05 per share support financial resilience and continued shareholder distributions.

Financial highlights

• Revenue was $633.6m vs $636.1m; excluding FX effects, revenue increased 1% in constant-currency terms.

• EBITDA before exceptional items rose 17% to $69.7m; EBITDA margin increased to 11.0% from 9.4%.

• PBT after exceptional items increased 7% to $47.8m; PAT rose 16% to $40.3m and PATMI rose to $39.8m from $34.7m.

• FY2025 had no exceptional items, versus $6.4m exceptional income in FY2024; FY2025 also included a $0.7m FX translation gain versus an $8.8m loss.

• Operating cash flow was $53.2m vs $65.3m; cash and cash equivalents ended the year at $214.1m.

Outlook and guidance

• 2026 outlook remains uncertain amid early-year geopolitical events; priorities include product-mix adaptation, new products, distribution-channel expansion and export-market growth.

• Singapore bakery plans more specialty loaves and single-serve buns, targeted value-oriented marketing and expansion into complementary food categories.

• Australian bakery plans to accelerate retail and tourism channels, pursue New Zealand exports and continue product innovation; Philippine growth is expected to be more moderate than in prior years.

• FY2030 resource targets: reduce energy consumption per metric tonne of sales volume by 4.5% and mobile fuel consumption per metric tonne by 1%, against FY2023 baselines.