Top Glove (TOPGLOV) Q4 2026 earnings summary

Executive summary

• FY2026 revenue rose 21% to RM4.232b, PAT increased 152% to RM310m and sales volume grew close to 30%; Q4 revenue reached RM1.248b, up 40% YoY.

• Q4 PAT was RM159m, up 413% YoY and 96% QoQ; results included a non-cash RM66m goodwill impairment.

• Installed production capacity was 95b gloves p.a. across 51 factories and 784 lines; running-capacity utilization was 79% in FY2026 and 77% in Sep 2026.

Financial highlights

• FY2026 operating profit was RM406m versus RM84m in FY2025; PBT was RM314m versus RM148m.

• FY2026 EBITDA increased 45% to RM649m; Q4 EBITDA was RM211m, up 97% YoY and 13% QoQ.

• Q4 operating profit reached RM190m versus RM28m a year earlier; PBT was RM129m versus RM42m.

• Net cash improved to RM141m at FY2026 year-end, versus net debt of RM267m at FY2025 year-end.

Outlook and guidance

• Industry outlook was described as promising, supported by steady glove demand across healthcare, industrial and F&B markets; idle capacity to be progressively reactivated as manpower permits.

• End-FY2027 running-capacity target is 78b pieces; global glove consumption was forecast at ~500b pieces p.a. in 2025F, versus ~250b in 2019.

• Cost responses to the natural gas tariff increase effective 1 Oct 2026 include heat-energy efficiency partnerships, AI and advanced automation; pricing, quality enhancement and cost optimisation support margin protection.

• Medium- and long-term priorities include product innovation, operational excellence, Industry 4.0 digital ecosystems, and diversification into glove-related and healthcare businesses.