Stella International (1836) Q2 2025 TU earnings summary

Executive summary

• Consolidated revenue for Q2 2025 rose 2.9% year-over-year to US$444.0 million; H1 2025 revenue up 0.7% to US$775.0 million.

• Shipment volumes increased 4.1% in Q2 and 3.8% in H1 2025, mainly driven by the Sports segment.

Financial highlights

• Footwear manufacturing revenue grew 2.5% year-over-year in Q2 to US$433.0 million; H1 up 0.6% to US$753.5 million.

• Average selling price (ASP) declined 1.7% in Q2 and 3.2% in H1 2025 due to a higher proportion of lower-ASP Sports products.

Outlook and guidance

• On track to exceed Three-Year Plan targets: 10% operating margin and low-teens CAGR in profit after tax by end-2025.

• Expects to continue meeting targets despite temporary margin headwinds from expanded production and macroeconomic uncertainties.