Super Hi International Holding Ltd. (Super Hi) released unaudited results for the three and twelve months ended 31 December 2025, highlighting solid top-line growth tempered by margin pressure.
Fourth-Quarter 2025 Performance • Revenue climbed 10.20% year on year to US$ 230.00 million. • Income from operations declined 25.71% to US$ 13.00 million, reducing the operating margin to 5.70% (Q4 2024: 8.40%). • Net profit reached US$ 4.47 million, reversing a loss of US$ 11.61 million a year earlier, aided by a US$ 22.20 million reduction in net foreign-exchange losses. • The quarter closed with 126 Haidilao restaurants, a net addition of four outlets over the past 12 months; average table turnover improved to 4.0 times per day (Q4 2024: 3.9).
Full-Year 2025 Highlights • Revenue grew 8.02% to US$ 840.76 million. – Haidilao restaurant operations contributed US$ 790.00 million, up 5.70%. – Delivery revenue surged 68.10% to US$ 19.00 million. – “Other business,” including condiments and secondary brands under the “Pomegranate Plan,” rose 61.40% to US$ 31.80 million.
• Income from operations fell 29.83% to US$ 37.43 million; the operating margin narrowed to 4.40% (2024: 6.80%), reflecting higher ingredient costs, employee incentives and impairment charges linked to network optimisation.
• Net profit advanced 69.58% to US$ 36.34 million, buoyed by a US$ 33.80 million swing to net foreign-exchange gains. Basic and diluted EPS increased to US$ 0.06 (2024: US$ 0.04).
Operating Metrics • Overall average table turnover improved to 3.9 times per day (2024: 3.8). • Guest visits exceeded 32.00 million, up 7.00%. • Same-store sales reached US$ 675.58 million, a 2.90% increase, with same-store turnover at 4.0 times per day versus 3.9 in 2024. • Restaurant-level operating margin stood at 8.70%, down 1.40 percentage points year on year.
Cost Structure and Cash Flow • Raw materials and consumables consumed 33.60% of revenue (2024: 33.10%), while staff costs represented 33.90% (2024: 33.30%). • Operating cash inflow totalled US$ 114.65 million; capital expenditure drove a US$ 177.31 million net outflow in investing activities. • Cash and cash equivalents decreased to US$ 144.59 million at year-end (31 December 2024: US$ 254.72 million), after allocating US$ 51.04 million to financing outflows, mainly lease payments.
Balance Sheet Snapshot (31 December 2025) • Total assets: US$ 745.88 million. • Total equity: US$ 391.64 million. • Lease liabilities: US$ 228.80 million (current and non-current combined).
Strategic Developments Management attributed the revenue uplift to network expansion, higher table turnover and growth in delivery and branded product sales. Margin compression stemmed from strategic investments in employee incentives, enhanced customer experiences and the rollout of secondary restaurant concepts. Super Hi reiterates its goal of building a global integrated restaurant group while deepening its presence and customer engagement in overseas markets.
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