Riverstone (AP4) H2 2025 earnings summary

Executive summary

• FY25 revenue was RM995.3 million, down 7.2% YoY; 4QFY25 revenue was RM250.7 million, up 1.3% QoQ.

• FY25 net profit was RM207.8 million, down 27.6% YoY; 4QFY25 net profit was RM54.0 million, up 3.7% QoQ, following three consecutive quarters of profit growth.

Financial highlights

• FY25 gross profit fell 23.4% YoY to RM298.7 million; profit before tax declined 26.3% to RM264.5 million.

• 4QFY25 gross profit was RM74.2 million, down 3.0% QoQ and 17.3% YoY; gross margin was 29.6%, down 1.3 ppts QoQ and 2.7 ppts YoY.

• FY25 diluted EPS was 14.02 sen, down 27.6% YoY; 4QFY25 diluted EPS was 3.64 sen, up 3.7% QoQ and down 23.0% YoY.

• Operating cash flow was RM306.3 million in 4QFY25; net cash position and positive operating cash flow have been maintained since 2006.

Outlook and guidance

• Cleanroom momentum is expected to continue into 2026, with gradual volume growth supported by AI hyperscaler capital expenditure.

• Near-term results face FX volatility and a temporary raw-material cost increase; raw-material costs are expected to normalise from 2QFY26.

• Strategic focus is shifting from low-margin generic volumes toward core cleanroom and customised healthcare segments, alongside R&D, product innovation and cost optimisation.