Vobile Group (3738) H1 2026 earnings summary

Executive summary

• Revenue for 1H 2026 grew 24% year-over-year to $230M (HK$1,805 million), with net profit up 93% to $25M (HK$195 million) and EBITDA reaching $44M (HK$344 million).

• Gross profit increased 26% year-over-year to $103M (HK$810 million), with gross margin improving to 44.9%.

• Platform compute services revenue grew 26% year-over-year, reflecting strong demand for AI-driven content and rights management solutions.

• Expanded client base across global content and platform companies, with high retention rates and deepening account penetration.

• AI content services transitioned to commercial execution, with DreamMaker platform generating over US$10 million in compute service revenue.

Financial highlights

• Total revenue rose to $230M (HK$1,805 million) in 1H 2026 from $186M in 1H 2025, with gross profit at $103M (HK$810 million) and gross margin at 44.9%.

• Net profit margin increased to 10.8% in 1H 2026, up from 7.0% in 1H 2025.

• Subscription services revenue reached $92M (HK$718 million), with monthly recurring revenue (MRR) at $16M.

• Value-added services revenue grew 29% year-over-year to $139M (HK$1,087 million), driven by growth in active assets.

• Adjusted net profit and adjusted EBITDA were $25M (HK$194 million) and $44M (HK$344 million), respectively, after adjustments.

Outlook and guidance

• Continued investment in AI infrastructure, Web3, and digital asset trading platforms to drive future growth.

• API-based services and platform integrations are positioned as core growth engines for the future.

• Strategic focus on expanding AI service capabilities and platform-based business to support content creators.

• No interim dividend declared for the period.