Wilcon Depot (WLCON) Q4 2025 earnings summary

Executive summary

• Net sales for FY2025 reached ₱35.4B, up 3.7% year-over-year, with net income after tax (NIAT) at ₱2.4B, down 3.3% from the previous year.

• Fourth quarter 2025 net sales were ₱9.1B, a 7.3% increase compared to 4Q2024, with NIAT up 41.3% year-over-year.

• Store network expanded to 104 locations nationwide by year-end, with several new stores and reopenings in key regions.

Financial highlights

• FY2025 gross profit margin was 38.6%, down from 39.1% in FY2024; EBITDA margin at 13.5%, net profit margin at 6.9%.

• 4Q2025 gross profit margin improved to 39.5%, with EBITDA margin at 12.8% and net profit margin at 6.4%.

• Depots contributed 96.3% of total sales in both FY2025 and 4Q2025, with depot sales growing 12.8% year-over-year.

• Comparable same-store sales growth (SSSG) for FY2025 was -0.3%; 4Q2025 SSSG was 3.5%.

Outlook and guidance

• Store expansion remains disciplined, focusing on selective growth and optimizing existing locations.

• FY2026 CAPEX budget set at ₱2.59B, up from ₱2.27B actual in FY2025.

• Continued emphasis on product and margin management, customer experience, and brand equity to drive sustainable returns.