Stella International Holdings Limited · HKEX:1836
Stella International — FY2025 Earnings Presentation
25 slides from Stella International's earnings presentation, March 2026
Slide 1: Corporate Presentation | Annual Results 2025
CORPORATE PRESENTATION | ANNUAL RESULTS 2025
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 HIGHILIGHTS
Slide 4: Group Overview – 2025 Highlights
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 Group Overview – 2025 Highlights GROUP REVENUE VOLUME GROSS PROFIT OPERATING PROFIT MARGIN MARGIN 9.5% US$ 1,570.2m +3.8% OPERATING PROFIT +1.6% ASP 21.8% -2.5% US$ 149.2m NET PROFIT SOLID NET CASH TOTAL FULL-YEAR DIVIDEND1 US$ 137.0m NET PROFIT US$ 367.4m
Slide 5: Financial Highlights
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 Financial Highlights FY 2024 FY 2025 Change audited audited Shipment Volume (m pairs) 53.0 55.0 3.8% Higher mix of lower-ASP ASP (US$) 28.4 27.7 -2.5% Sports products Revenue (US$ m) 1,545.1 1,570.2 +1.6% Affected by efficiency issue Gross Profit (US$ m) 38
Slide 6: Capex and Cashflow Summary
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 Capex and Cashflow Summary FY 2024 FY 2025 Change audited audited Cashflows (used in) / from operating activities 264.1 194.8 -26.2% 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 o
Slide 7: Strong Financial Position
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 Strong Financial Position Solid net cash position $367.4m (includes ~$100m for the completion of 3 factories opening in 2026 and $120m for Excess Cash Return Program) FY 2024 FY 2025 audited audited Cash & Cash equivalents 423.5 373.3 Debt 5.9 5.8 Net Cash
Slide 8: High Dividend Pay-out Ratio + 3yr Excess Cash Return Program (2024-2026)
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 High Dividend Pay-out Ratio + 3yr Excess Cash Return Program (2024-2026) Committed to return excess cash up to US$ 60m per year for a three-year period (2024 – 2026) to shareholders, not exceeding US$180m in total, through a combination of share repurchases
Slide 9: 2025 Full-year Dividend
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 2025 Full-year Dividend 2025 Interim Dividend1 2025 Final Dividend2 2025 Full-Year Dividend 37 HK¢ Normal Dividend + 56 HK¢ Excess Cash Return ＝ 52 Æ 93 145 HK ¢ / share HK ¢ / share HK ¢ / share Final dividend and special dividend will be paid on 5 June 20
Slide 10: Valuation & Dividend Yield
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 70% 10.1% Valuation & Dividend Yield Payout Ratio1,2 Dividend Yield3 170.1 Net Profit US$’m Dividend HK ¢ Dividend Yield 160 Adopting customer portfolio Special Dividend 11.8% 140.3 enhancement strategy. Building 56¢ 137.0 12% luxury & fashion business 121.
Slide 11: Cost Structure
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 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
Slide 12: Volume & ASP Trends
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 Volume & ASP Trends 80 ASP Shipment Adopting customer portfolio enhancement strategy. Building luxury & fashion business 36 (US$/pair) 60.2 59.4 60 58.2 56.6 55.8 56.0 55.0 53.3 52.6 53.1 52.9 53.0 50.8 50.8 49.0 32 42.7 43.4 (m pairs) 29.6 29.7 29.3 40 28.
Slide 13: Operating Profit and Margin
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 Operating Profit and Margin Operating Profit Operating Margin Profit 200 14.0% Adopting customer portfolio 185 enhancement strategy. Building 180 luxury & fashion business 167 12.0% 157 159 160 149 10% 12% 137 136 135 10.0% 140 11% 129 10% 11% 129 11% US$ ’
Slide 14: Solid Net Cash Balance
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 Solid Net Cash Balance Net Cash / (Debt) Cash & Cash Equivalents US$ m Adopting customer portfolio 490 enhancement strategy. Building luxury & fashion business 424 407 373 390 355 360 407 418 317 367 355 360 294 290 317 264 252 249 287 264 213 252 249 190 1
Slide 15: Business Review
BUSINESS REVIEW
Slide 16: World's Leading Brand Customers
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 World’s Leading Brand Customers CLIENT BASE INCLUDES WELL-KNOWN GLOBAL SPORTS, LUXURY, FASHION & CASUAL BRANDS LUXURY FASHION SPORTS CASUAL 16
Slide 17: Manufacturing Revenue by Product Categories
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 Manufacturing Revenue by Product Categories LUXURY2 & FASHION SPORTS CASUAL1 • Softer demand from select US • Increased volume partially offset by ASP • Stable demand from existing customers customers drop • Some December shipments delayed to • Supported a
Slide 18: Group Revenue by Geographic Regions
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 Group Revenue by Geographic Regions Europe PRC1 Others 2025 Group Revenue 2025: 23.1% 0.2% 2025: 17.3% 4.5% 2025: 3.5% 2024: 23.4% 2024: 16.9% US$ 1,570.2m 13.9% 2024: 3.1% N. America Asia2 2025: 47.1% 0.8% 2025: 2024: 47.4% 0.2% 9.0% 2024: 9.2% 2024 Group
Slide 19: Expanding Manufacturing Base
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 Expanding Manufacturing Base CHINA 1 3 2 4 FOOTWEAR PRODUCTION BY GEOGRAPHY 1 BANGLADESH 1 1 22% 24% 28% VIETNAM 2 PHILIPPINES 51% 52% 52% 27% 24% 20% 2024 2025 2026 (planned) Footwear China Vietnam Rest of Asia INDONESIA Handbags & Accessories 2 (Banglades
Slide 20: Capacity Ramp-up / Expansion Plan
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 Capacity Ramp-up / Expansion Plan Indonesia - Solo ▶ 7m pairs ramp up Commencing in 2H2026 Bangladesh – New 2nd Factory ▶ 3m pairs Indonesia – New Sports Factory ▶ over 10m pairs Vietnam – New Factory for a new premium Sports ▶ 1.5m pairs Customer Adding ov
Slide 21: Performance Recognition – Sustainability
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 Performance Recognition – Sustainability MSCI ESG RATING UPGRADED TO ‘AA’ 21
Slide 22: Three-Year Plan & 2026 Outlook
THREE-YEAR PLAN (2026 – 2028) & 2026 OUTLOOK
Slide 23: 3 Year Plan Target (2026–2028)
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 3 Year Plan Target High-single-digit (2026 – 2028) Net Income CAGR Strategic Growth and Market Leadership Focus on sustainable growth and expansion in Sports, Luxury, and high-end Fashion segments » Production Capacity Expansion Increase & diversify manufac
Slide 24: 2026 Outlook - Investment Year
STELLA INTERNATIONAL | ANNUAL RESULTS 2025 2026 Outlook - INVESTMENT YEAR Commission three Tariff and trade Focus on Expand handbag Focus on ROIC, facilities to relations still fluid executing volume business as the increasing diversify and impacting expansion for new next pillar of shareholder valu
Slide 25: Thank You
Thflk You
Stella International Holdings — FY2025 Earnings Presentation on 6ix