Vitasoy International (0345) H1 2026 earnings summary

Executive summary

• Revenue declined 6% year-over-year to HK$3,227 million, mainly due to weaker performance in the Chinese Mainland segment, while profit attributable to shareholders rose 1% to HK$172 million and basic EPS increased 2% to HK16.2 cents.

• Gross profit margin was 51.1%, with operating profit down 4% to HK$247 million and EBITDA down 4% to HK$479 million.

• Interim dividend of HK4.0 cents per share declared, unchanged from the prior year.

Financial highlights

• Gross profit fell 7% to HK$1,648 million, with gross margin down 0.5ppt to 51.1%.

• EBITDA margin improved to 15% from 14% due to cost rationalisation.

• Capital expenditure increased to HK$57 million, mainly for production upgrades.

• Net cash balance at period end was HK$671 million; cash and bank deposits stood at HK$1,274 million.

• Gearing ratio stable at 20% (11% excluding lease liabilities); ROCE at 14%.

Outlook and guidance

• Focus on accelerating growth in Chinese Mainland and Hong Kong, strengthening sales execution, and expanding online and club store channels.

• Australia, New Zealand, and Singapore to continue market share gains, scale up operations, and reduce operating losses.

• Singapore to grow tofu business and improve beverage profitability; Philippines JV to sustain double-digit growth.

• Confidence in long-term scaling potential despite short-term macro and competitive challenges.