SUPER HI FY2025 20-F: Revenue Climbs 8% to US$840.8 Million, Net Profit Rebounds to US$36.3 Million

Bulletin Express04-13

SUPER HI INTERNATIONAL HOLDING LTD. (SUPER HI; HKEX: 9658, NASDAQ: HDL) has filed its annual report (Form 20-F) for the financial year ended 31 December 2025.

Key Financials • Revenue rose 8.0% year on year to US$840.8 million (FY2024: US$778.3 million), following a 13.4% increase in FY2024. • Net profit rebounded to US$36.3 million, up from US$21.4 million in FY2024 and US$25.3 million in FY2023. • Income-from-operation margin slipped to 4.4% (FY2024: 6.8%; FY2023: 6.3%). • Restaurant-level operating margin stood at 8.7% (FY2024: 10.1%). • Cash and cash equivalents totalled US$144.6 million at year-end; the company remains debt-free.

Revenue Mix and Regional Split • Restaurant operations contributed 94.0% of revenue (US$790.0 million). Delivery and other businesses provided 2.2% (US$19.0 million) and 3.8% (US$31.8 million), respectively. • By geography, Southeast Asia generated 50.0% of restaurant turnover (US$395.1 million), followed by North America 20.8% (US$164.7 million), East Asia 16.4% (US$129.9 million) and Other regions 12.8% (US$100.3 million).

Operating Metrics • Store network expanded to 126 self-operated Haidilao restaurants across 14 countries, up from 111 at the start of 2023. • Same-store sales advanced 2.9% after 7.1% growth in FY2024. • Table turnover improved to 3.9 times per day (FY2024: 3.8; FY2023: 3.5). • Average daily revenue per restaurant increased to US$18,100 (FY2024: US$17,700; FY2023: US$16,300).

Capital Expenditure and Liquidity • FY2025 capex reached US$51.4 million, mainly for new restaurant openings and renovations. • Management believes current cash plus operating cash flow are sufficient for at least the next 12 months; no bank borrowings outstanding. • No dividends declared; future earnings expected to fund expansion.

Equity and Share-Based Incentives • A May 2024 Nasdaq IPO raised net proceeds of US$51.91 million. • 61.93 million ordinary shares (9.52% of total outstanding) are reserved under the company’s share award scheme; vesting terms remain undetermined.

Audit and Governance • Deloitte & Touche LLP (PCAOB ID 1046) serves as independent auditor. • The board maintains audit, remuneration and nomination committees; Ms. Ping Shu is chairperson of the board.

No material cybersecurity incidents or changes in internal controls were reported.

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