ASBISc Enterprises (ASB) Q4 2025 earnings summary

Executive summary

• Achieved record revenues and profit growth in Q4 and FY 2025, with Q4 revenue up 35% year-over-year and FY revenue up 28%, driven by robust demand for Apple products, data center components, and AI infrastructure.

• Net profit after tax for Q4 2025 reached $29.2m, up 19% year-over-year; FY 2025 NPAT exceeded $60m, up 11%.

• Significant expansion in premium and luxury retail, including new Apple and Bang & Olufsen flagship stores in the U.S., and new market entries in Africa and Saudi Arabia.

• Kazakhstan and Ukraine delivered strong sales growth despite challenging environments, with Kazakhstan up 27% and Ukraine up 32.3% year-over-year in Q4.

• Data center infrastructure projects and AI-driven demand are major growth drivers, with significant projects in Kazakhstan, Europe, and explosive growth in server CPUs and DRAM.

Financial highlights

• Q4 2025 revenue: $1,247.8m (up 35% YoY); FY 2025 revenue: $3,863.0m (up 28% YoY); Q4 net profit: $29.2m; FY net profit: $60.2m.

• Gross profit margin in Q4 2025 was 7.88% (down from 8.02% YoY); FY 2025 gross margin was 7.22%.

• Cash and cash equivalents at year-end rose to $257.6m, up 66% year-over-year.

• Net cash from operating activities in 12M 2025: $154.8m (up from $26.7m YoY).

• Maintained a strong cash position and minimal reliance on debt, with net debt (excluding factoring) at -$80.0m.

Outlook and guidance

• Management expects continued double-digit growth in 2026, targeting $2.2 billion in Apple sales and further expansion in server, data center, and retail segments.

• Data center components and AI infrastructure to remain primary growth drivers, with continued supply shortages benefiting margins.

• Plans to expand further in Africa, CIS, Western and Southern Europe, and the USA.

• Focus on optimizing SG&A costs, retaining gross profit margin, and continuing strong dividend payments.

• Market remains highly dynamic; guidance will be provided when conditions stabilize.