Kingboard Holdings (148) H2 2025 earnings summary

Executive summary

• Revenue increased 5% year-over-year to HK$45,375 million, driven by robust demand in electronics, AI, and high-tech sectors, with significant growth in laminates and upstream materials.

• Underlying net profit attributable to owners rose 207% year-over-year to HK$4,984.7 million, after deducting a HK$990.6 million impairment for unsold residential properties.

• EBITDA grew 63% to HK$9,547.7 million, and profit before tax increased 131% to HK$6,363.2 million year-over-year.

• The Group maintains a solid capital structure, with a net gearing ratio of 28% and ample liquidity.

Financial highlights

• Revenue: HK$45,375 million (+5% year-over-year).

• EBITDA: HK$9,547.7 million (+63% year-over-year).

• Profit before tax: HK$6,363.2 million (+131% year-over-year).

• Net profit attributable to owners: HK$4,984.7 million (+207% year-over-year, adjusted for property impairment).

• Basic EPS (underlying): HK$4.498 (+207% year-over-year).

• Dividend per share: HK220 cents (+57% year-over-year).

• Net asset value per share: HK$58.3 (+8% year-over-year).

• Net gearing: 28%.

Outlook and guidance

• Continued robust demand in electronics, AI, and high-tech sectors expected in 2026.

• Expansion of high-end laminates and specialty electronic fibreglass yarn/fabric production to meet 5G/6G and AI server demand.

• New production facilities and capacity expansions in Guangdong, Vietnam, and Thailand scheduled for 2026–2027.

• Chemicals division to benefit from new caustic soda plant in Guangxi and ongoing strong demand.

• Property division to maintain prudent strategy, with stable rental income and risk diversification.

• Ongoing investments in ESG initiatives, including solar and thermal energy recovery, to support long-term sustainability.