Vitasoy International (0345) investor relations material

Executive summary

• Revenue declined 3% year-over-year to HKD 6.1 billion, mainly due to softness in Chinese Mainland and Hong Kong, partially offset by growth in Australia/New Zealand and Singapore.

• Profit from operations rose 18% to HKD 430 million, driven by a HKD 151 million gain from asset disposal in Chinese Mainland and effective cost management, partially offset by an impairment charge in Australia.

• Adjusted profit from operations (excluding special items) increased 4% to HKD 377 million; adjusted EBITDA was flat at HKD 832 million.

• Earnings per share increased to HKD 0.263; total dividend for the year was HKD 0.175 per share.

• Share buy-back of 53.2 million shares at HKD 418 million was completed.

Financial highlights

• Gross profit fell 4% to HKD 3,093 million; gross margin slightly decreased to 51.0%, impacted by higher promotional expenses and lower prices.

• EBITDA increased 6% to HKD 885 million; adjusted EBITDA nearly flat at HKD 832 million.

• Profit attributable to equity shareholders increased 17% to HKD 274 million; adjusted profit attributable to shareholders decreased 4% to HKD 225 million due to higher income tax expenses.

• Basic EPS was HKD 0.263, up from HKD 0.219 year-over-year.

• Cash on hand as of March 31, 2026, was HKD 1.2 billion; capital expenditure for the period was HKD 172 million.

Outlook and guidance

• New sales leadership in Chinese Mainland expected to accelerate omni-channel growth and restore general trade, with new product launches and marketing campaigns.

• Hong Kong operation to advance scale leadership through product innovation and improved Macau business.

• Australia and New Zealand to focus on top-line growth, market share, and profitability, with cost control and product innovation.

• Singapore to sustain tofu growth and improve supply reliability; Philippines JV to scale up plant-based categories.

• Proactive measures in place to mitigate global supply chain and material cost disruptions due to Middle East situation and oil price increases.