March 31, 2026

Everything Fresh Limited (EFRESH)

Audited Financial Statements for the Year Ended December 31, 2025

Income Statement Commentary

Everything Fresh Limited (EFRESH) reported a 13% increase in revenue to $4.17 billion for the year ended December 31, 2025, compared to $3.68 billion in the prior year. On a standalone (company-only) basis, revenue increased 15% to $3.33 billion, up from $2.90 billion in 2024. Revenue for the fourth quarter declined 17% to $892.91 million, down from $1.07 billion in the comparable quarter of 2024. Cost of Sales for the quarter similarly declined 17% to $721.30 million (Q4 2024: $864.03 million).

Cost of Sales for the Group amounted to $3.33 billion (2024: $2.89 billion), an increase of 15% year over year. Consequently, Gross Profit increased by 7% to $841.86 million compared to $786.40 million for the year ended December 31, 2024. The Gross Profit Margin contracted to 20.2% from 21.4% in the prior year. Gross Profit for the fourth quarter declined 17% to $164.67 million, down from $199.03 million in the comparable quarter of 2024. Other Operating Income for the quarter recorded a loss of $0.26 million (Q4 2024: $0.007 million), resulting in Total Income for the quarter declining 17% to $164.41 million (Q4 2024: $199.03 million).

Total Income for the Group increased by 7% to $844.18 million (2024: $787.22 million), inclusive of Other Operating Income of $2.33 million (2024: $0.81 million). Total Operating Expenses amounted to $717.61 million, a 5% increase relative to $682.64 million reported in 2024, comprising Impairment Losses of $6.94 million (2024: $11.64 million), Administrative and Other Expenses of $671.02 million (2024: $621.06 million), and Selling and Promotion Expenses of $39.65 million (2024: $49.94 million). For the fourth quarter, Administrative Expenses increased 5% to $179.53 million (Q4 2024: $171.80 million) and Selling and Promotion Expenses increased 32% to $22.74 million (Q4 2024: $17.19 million), resulting in total Operating Expenses of $202.27 million, a 7% increase relative to $188.98 million in Q4 2024.

Operating Profit for the Group for the year ended December 31, 2025, amounted to $126.57 million, a 21% increase relative to $104.58 million reported in 2024. The fourth quarter recorded an Operating Loss of $37.86 million, compared to an Operating Profit of $10.05 million in Q4 2024, a deterioration of 477%. Finance Costs for the fourth quarter amounted to $20.03 million (Q4 2024: $16.85 million), an increase of 19%.

Finance Costs totalled $72.83 million for the full year, a 25% increase from the prior year (2024: $58.35 million).

Profit Before Tax for the Group amounted to $53.75 million, a 16% increase relative to $46.22 million reported in 2024. The fourth quarter recorded a Loss Before Tax of $57.89 million (Q4 2024: Loss Before Tax of $6.80 million), a deterioration of 751%.

Taxation for the Group decreased by 23% to $10.94 million (2024: $14.11 million). Taxation for the fourth quarter amounted to $15.87 million (Q4 2024: $18.85 million), a decrease of 16%. Net Profit for the Group amounted to $42.81 million (2024: $32.11 million), a 33% increase year over year.

Net Profit attributable to shareholders of the parent was $40.81 million (2024: $30.10 million. For the fourth quarter, the Group recorded a Net Loss of $63.89 million (Q4 2024: Net Loss of $16.18 million), a deterioration of 295%, with the Net Loss attributable to shareholders of the parent amounting to $59.60 million (Q4 2024: Net Loss of $14.26 million).

Earnings Per Share for the year amounted to $0.0523 (2024: $0.0386), representing a 35% increase year over year. The weighted average number of shares used in this calculation was 780,000,000. Notably, EFRESH’s stock price closed at $2.10 on March 30, 2026, with a corresponding trailing P/E ratio of 40.14x. Book value per share increased to $0.68 (2024: $0.63), reflecting the continued accretion of retained earnings during the year.

Balance Sheet Highlights

The Group’s total assets amounted to $1.93 billion (2024: $1.81 billion), an increase of 7% year over year, with the growth primarily attributable to a 46% increase in Inventories to $984.30 million (2024: $673.94 million).

Total Shareholders’ Equity increased 8% to $534.71 million (2024: $492.87 million), driven by the accretion of Retained Earnings to $170.09 million (2024: $129.29 million).

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