Uni-President China (220) H1 2026 earnings summary

Executive summary

• Revenue for the first half of 2026 reached RMB17,321.0 million, up 1.4% year-over-year, with food business up 4.7% and beverages down 0.3%.

• Net profit attributable to equity holders increased by 9.0% to RMB1,402.4 million, driven by revenue growth and product mix optimization.

• Gross margin improved to 35.0%, and operating profit rose 9.5% to RMB1,804.7 million.

• The Group maintained a strong cash position and continued to invest in product innovation, branding, and marketing.

• EBITDA rose 7.5% year-over-year, reflecting operational improvements.

Financial highlights

• Gross profit increased 3.4% to RMB6,065.9 million, with gross margin up 0.7 percentage points to 35.0%.

• Basic and diluted EPS was RMB0.3247, up from RMB0.2979 year-over-year.

• Cash and cash equivalents stood at RMB13,792 million as of June 30, 2026, with net cash generated from operating activities at RMB926.7 million.

• Capital expenditure was RMB488.4 million, and net cash from financing activities was RMB1,458 million.

• No interim dividend was declared for the period; dividends for prior years were paid in July 2026 and June 2025.

Outlook and guidance

• The company expects increased uncertainties in the Chinese economy in the second half of 2026 but anticipates resilient economic growth.

• Focus remains on high-value, health-oriented, and differentiated products, with continued investment in product quality and consumer experience.

• Plans to accelerate innovation, deepen market penetration, and strengthen brand-consumer emotional connections.