Sunway (SUNWAY) Q4 2025 earnings summary

Executive summary

• FY2025 revenue rose 24.5% YoY to RM9.81 billion, with Q4 FY2025 revenue declining 18.8% YoY to RM2.32 billion; profit before tax for FY2025 increased 23.0% to RM1.87 billion, and Q4 PBT surged 41.5% to RM698 million, driven by strong performance in construction, property development (notably from Sunway MCL/HLMCL acquisition and negative goodwill), and healthcare.

• Net profit attributable to owners for FY2025 was RM1.30 billion, up 13% YoY; PATMI for Q4 FY2025 increased 50% YoY to RM502 million.

• Total equity rose to RM17.1 billion as at 31 December 2025; net assets per share increased to RM2.38 from RM2.25.

• Major events included the conditional voluntary takeover offer for IJM Corporation Berhad and the proposed listing of Sunway Healthcare Holdings Berhad.

Financial highlights

• Construction revenue surged 79.3% YoY to RM4.42 billion, with PBT up 89.5% to RM533.1 million, reflecting peak progress on data centre projects.

• Property development revenue fell 26.1% YoY, but underlying PBT (excluding one-offs) rose 27.9% due to Sunway MCL/HLMCL acquisition and asset revaluation gains.

• Healthcare segment's net profit was RM215.6 million (down 0.2% YoY), with underlying growth offset by start-up losses at new hospitals.

• Trading & manufacturing revenue grew 28.5% YoY, PBT up 34.6%, led by automotive and equipment sales.

• Net gearing ratio increased to 0.48x from 0.41x a year earlier; total borrowings rose to RM15.0 billion (31 Dec 2024: RM10.9 billion); cash and bank balances at RM6.8 billion (31 Dec 2024: RM4.3 billion).

Outlook and guidance

• FY2026 earnings growth expected, supported by resilient domestic demand, robust investment, higher tourist spending, and major infrastructure projects.

• Property launches targeted at RM4.8 billion and sales at RM4.2 billion for 2026; construction order book replenishment target raised to RM6.0 billion.

• Healthcare segment to benefit from increased licensed beds and full-year EBITDA from new hospitals.

• Focus remains on core businesses: property development, construction, and healthcare.