ZO Future Group (2309) H2 2025 earnings summary

Executive summary

• Revenue increased by 63.9% year-over-year to HK$451.2 million, driven by growth in football club and new energy automobile segments.

• Net loss attributable to owners widened by 71.8% to HK$314.0 million, mainly due to lower broadcasting income, higher finance costs, and increased operating expenses.

• Football club segment promoted to EFL Championship for 2025/26 after finishing first in League One.

Financial highlights

• Revenue: HK$451.2 million (2024: HK$275.2 million), up 63.9%.

• Net loss: HK$511.98 million (2024: HK$319.19 million); loss attributable to owners: HK$313.96 million.

• Basic loss per share: HK38.04 cents (2024: HK23.37 cents).

• Operating expenses: HK$825.2 million, up 44.6% year-over-year.

• Finance costs: HK$116.1 million, up 215.3% year-over-year.

• Profit on sales of players' registration: HK$143.7 million.

Outlook and guidance

• Management remains optimistic about long-term opportunities in green and low-carbon transition, with plans to expand electric vehicle sales and enhance product innovation.

• Focus on prudent management, strategic flexibility, and risk mitigation to achieve commercial and social value.