Stella International Holdings Limited · HKEX:1836
Stella International — FY2025 Earnings Presentation
25 slides from Stella International's earnings presentation, March 2026
Slide 1: 2025 Annual Results
1 2025 Annual Results
Slide 2: Disclaimer
DISCLAIMER This presentation and the accompanying slides (the “Presentation”) which have been prepared by Stella International Holdings Limited (“Stella” or the “Company”) do not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for or be re
Slide 3: Financial Highlights
FINANCIAL HIGHLIGHTS 3 2025 Annual Results
Slide 4: Group Overview: 2025 Highlights
GROUP OVERVIEW: 2025 HIGHLIGHTS Group Volume Gross Profit Operating Profit Margin Revenue +3.8% Margin 9.5% US$ 1,570.2 m 21.8% Operating Profit +1.6% ASP - 2.5% US$ 149.2 m Net Profit Solid Total Full - Year US $ 137.0 m Net Cash Dividend 1 Net Profit = 145 HK cents/share margin US$ 367.4 m 8.7% Ac
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS FY 2024 FY 2025 Change Higher mix (audited) (audited) of lower - ASP Sports Shipment Volume (m pairs) 53.0 55.0 3.8% products ASP (US$) 28.4 27.7 - 2.5% US$ m Revenue 1,545.1 1,570.2 +1.6% Gross Profit 384.0 342.3 - 10.9 % • Affected by GP Margin 24.9% 21.8% - 310 bps efficiency
Slide 6: Capex and Cash Flow Summary
CAPEX AND CASH FLOW SUMMARY FY 2024 FY 202 5 Change US$ m (audited) (audited) Cash flows (used in)/ from operating 264.1 194.8 - 2 6.2 % activities Profit before Tax 198.8 161.2 - 18.9% Depreciation 55.3 56.7 2.5% Changes in trade working capital 34.9 (9.2) - 126.4% Other operating cash flows (24.9)
Slide 7: Strong Financial Position
STRONG FINANCIAL POSITION Solid net cash position $367.4m (includes ~$100m for the completion of 3 factories opening in 2026 and $120m for Excess Cash Return Program) FY 2024 FY 2025 US$ m (audited) (audited) Cash and cash equivalents 423.5 373.3 Debt 5.9 5.8 Net Cash / (Debt) 417.6 367.4 Net Gearin
Slide 8: High Dividend Payout Ratio + 3-Year Excess Cash Return Program
HIGH DIVIDEND PAYOUT RATIO + 3- YR EXCESS CASH RETURN PROGRAM (2024 – 2026) Committed to return excess cash up to US$60 million per year for a three - year period (2024 – 2026) to shareholders, not exceeding US$180 million in total, through a combination of share repurchases and special dividends, o
Slide 9: 2025 Full-Year Dividend
2025 FULL - YEAR DIVIDEND 2 2025 Final Dividend 1 2025 Interim Dividend 37 HK ¢ (Normal Dividend) 2025 Full - Year Dividend 56 HK ¢ (Excess Cash Return) ＝ 52 HK ¢ / share 93 HK ¢ / share 14 5 HK ¢ / share Final dividend and special dividend will be paid on 5 June 2026 1Based on total no. of shar
Slide 10: Valuation & Dividend Yield
VALUATION & DIVIDEND YIELD Special dividend 56 cents + Regular Dividend 89 cents = Full - Year dividend per share 14 5 cents Net Profit US$’m Dividend HK cents Dividend Yield 170.1 56 Adopting customer portfolio enhancement Special 160 70% Dividend strategy. Building luxury 11.8%140.3 137.0 Payout 1
Slide 11: Cost Structure
COST STRUCTURE BREAKDOWN FOR COSTS OF SALE (as % of Revenue) Direct Materials Direct Labour Manufacturing Overheads Depreciation Gross Profit 100.0% 24.9% 21.8% 80.0% 3.1% 3.0% 6.2% 5.8% 10.9% 60.0% 9.9% 40.0% 56.4% 58.0% 20.0% 0.0% 2024 2025 11 2025 Annual Results
Slide 12: Volume & ASP Trends
VOLUME & ASP TRENDS ASP Shipment Adopting customer portfolio enhancement strategy. Building luxury 80 & fashion business 36 60.2 59.4 (US$/pair) 58.2 56.6 60 55.8 56 .0 53.3 52.6 53.1 52.9 53 .0 55.0 50.8 50.8 49 .0 32 42.7 29.6 43.4 29.7 (m pairs) 29.3 40 28.6 28.3 28.5 28.4 28.1 27.7 27.1 27.1 28
Slide 13: Operating Profit and Margin
OPERATING PROFIT AND MARGIN Operating Profit Operating Profit Margin Adopting customer portfolio enhancement 200 strategy. Building luxury 14.0% & fashion business 185 180 167 12.0% 157 159 160 10% 149 137 136 12% 135 US$ ’m 10.0% 140 11% 129 10% 11% 129 11% 120 108 10% 103 8.0% 9% 100 100 88 8% 7%
Slide 14: Solid Net Cash Balance for Stella
SOLID NET CASH BALANCE FOR STELLA Net C ash / (Debt) Cash and Cash US$ m Equivalents 490 Adopting customer portfolio enhancement 424 407 strategy. Building luxury 390 & fashion business 373 407 355 360 418 317 367 355 360 294 290 317 264 252 249 287 264 213 252 249 190 132 145 206 135 109 132 127 82
Slide 15: Business Review
BUSINESS REVIEW 15 2025 Annual Results
Slide 16: World's Leading Brand Customers
WORLD’S LEADING BRAND CUSTOMERS Our client base includes well - known global Sports, Luxury, Fashion and Casual brands LUXURY & FASHION SPORTS CASUAL 16 2025 Annual Results
Slide 17: Breakdown of Manufacturing Revenue by Product Categories
BREAKDOWN OF MANUFACTURING REVENUE BY PRODUCT CATEGORIES LUXURY & FASHION SPORTS CASUAL • Softer demand from select US • Increased volume partially • Stable demand customers offset by ASP drop from existing customers • Some December shipments delayed • Supported a major customer’s to early 2026 reco
Slide 18: Geographic Breakdown of Group Revenue
GEOGRAPHIC BREAKDOWN OF GROUP REVENUE Others 1 Europe PRC 2025: 3.5 % 13.9% 2024: 3.1 % 202 5: 23.1% 0.2% 2025: 17.3 % 4.5 % 2024: 23.4 % 2024: 16.9 % N. America 202 5: 47.1% 0.8% 2024: 47.4 % 2025 Group Revenue: 2024: 9.2 % US$ 1,570.2m 2024 Group Revenue: US$ 1,545.1m 1PRC including Hong Kong 2 As
Slide 19: Expanding New Manufacturing Facilities in Asia
EXPANDING NEW MANUFACTURING FACILITIES IN ASIA GEOGRAPHIC MIX OF FOOTWEAR PRODUCTION 1 CHINA 3 2 22% 14 24% 28% 1 1 BANGLADESH PHILIPPINES 2 51% 52% 52% VIETNAM 27% 24% 20% 2024 2025 2026 2 (planned) INDONESIA Footwear China Vietnam Rest of Asia (Bangladesh, Indonesia & Handbags & Accessories Philip
Slide 20: Capacity Ramp-up/Expansion Plan
CAPACITY RAMP - UP/EXPANSION PLAN 7m pairs Indonesia – Solo ramp - up Commencing in 2H2026 Bangladesh – New 2 nd Factory 3m pairs Indonesia – New Sports factory >10m pairs Vietnam – New factory for a 1.5m pairs new premium Sports customer Total >20m pairs added 20 2025 Interim Results
Slide 21: Recognitions & Awards
Recognitions & Awards ESG -- MSCI ESG Rating upgraded to “AA” from “A” 21 2025 Annual Results
Slide 22: Three Year Plan (2026-2028) & Outlook
Three Year Plan (2026 - 2028 ) & 202 6 OUTLOOK 22 2025 Annual Results
Slide 23: 3-Year Plan Target
Strategic Growth and Market Leadership Focus on sustainable growth and expansion in 3 - YEAR PLAN Sports, Luxury, and high - end Fashion segments TARGET Production Capacity Expansion (2026 – 2028) Increase & diversify manufacturing capabilities in Indonesia, Vietnam, and Bangladesh to meet current a
Slide 24: 2026 Outlook – Investment Year
2026 OUTLOOK – INVESTMENT YEAR Commission Tariff and Focus on Expand Focus on three facilities trade executing handbag ROIC, to diversify relations still volume business as increasing (Indonesia, fluid and expansion the next shareholder Vietnam, impacting for new pillar of value, and Bangladesh) sup
Slide 25: Thank You
THANK YOU 25 2025 Annual Results
Stella International Holdings — FY2025 Earnings Presentation on 6ix