Stella International Holdings Limited · HKEX:1836
Stella International — H1 2026 Earnings Presentation
23 slides from Stella International's earnings presentation, August 2026
Slide 1: Corporate Presentation | Interim Results 2026
CORPORATE PRESENTATION | INTERIM RESULTS 2026
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
Slide 4: Group Overview – Interim Results 2026 Highlights
Group Overview – Interim Results 2026 Highlights 2026 – An INVESTMENT Year GROUP REVENUE VOLUME OPERATING PROFIT 27.5m GROSS PROFIT MARGIN MARGIN 9.4% +0% US$ 786.7m OPERATING PROFIT ASP +1.5% US$27.9 +1.8% 20.3% US$ 74.3m NET PROFIT ADJUSTED NET PROFIT1 HEALTHY NET CASH DIVIDEND per Share US$ 63.6m
Slide 5: Financial Highlights
Financial Highlights Higher mix of high-ASP Sports For the six-months ended 30 June products 2025 2026 Change unaudited unaudited - Increased raw material costs Shipment Volume (m pairs) 27.5 27.5 0.0% - Operating deleverage of ASP (US$) 27.4 27.9 +1.8% dedicated Sports factories in PRC Revenue (US$
Slide 6: Capex and Cashflow Summary
Capex and Cashflow Summary For the six-months ended 30 June 2025 2026 Change unaudited Unaudited Cashflows (used in) / from operating activities 3.9 (48.4) -1341.1% Profit before Tax 91.9 77.7 -15.5% Depreciation 28.1 30.7 9.3% Changes in trade working capital (106.3) (138.7) 30.5% Other operating c
Slide 7: Strong Financial Position
Strong Financial Position Healthy net cash position $191.7m (includes $100m for the completion of 3 factories opening in 2026 and $60m for Excess Cash Return Program) For the six-months ended 30 June 2025 2026 unaudited unaudited Cash & Cash equivalents 350.8 210.2 Debt 59.5 18.5 Net Cash 291.3 191.
Slide 8: Valuation & Dividend Yield
70% 9.5% Valuation & Dividend Yield Payout Ratio1,2 Dividend Yield3 170.1 Net Profit US$’m Dividend HK ¢ Dividend Yield Special Dividend 160 11.8% 140.3 56¢ Adopting customer portfolio 137.0 56¢ 12% enhancement strategy. Building Special Dividend 120.2 121.0 luxury & fashion business 117.2 11.2% 56¢
Slide 9: Cost Structure
Cost Structure BREAKDOWN FOR COSTS OF SALE (as % of Revenue) Direct Materials Direct Labour Manufacturing Overheads Depreciation Gross Profit 100.0% 20.3% 22.6% 80.0% 3.5% 3.1% 5.3% 6.2% 11.1% 10.8% 60.0% 40.0% 57.3% 59.8% 20.0% 0.0% 1H2025 1H2026 STELLA INTERNATIONAL 9
Slide 10: Volume & ASP Trends
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 28.6 28.3 28.5 28.4 $28.3 28.1 $27.9 27.7 $27.
Slide 11: Operating Profit and Margin
Operating Profit and Margin Operating Profit Operating Margin Profit 200 14% 185 Adopting customer portfolio 13% 180 enhancement strategy. Building 167 12% luxury & fashion business 157 159 160 149 11% 10% 12% 137 136 135 10% 140 11% 129 10% 11% 129 11% 9% US$ ’m 120 10% 108 8% 9% 100 103 99 100 88
Slide 12: Healthy Net Cash Balance
Healthy Net Cash Balance Net Cash / (Debt) Cash & Cash Equivalents US$ m 490 Adopting customer portfolio enhancement strategy. Building luxury & fashion business 424 407 390 373 407 355 360 418 351 335 317 367 355 360 294 290 317 264 326 252 249 287 291 264 213 210 252 249 190 145 206 132 135 192 10
Slide 13: Business Review
BUSINESS REVIEW
Slide 14: World's Leading Brand Customers
World’s Leading Brand Customers CLIENT BASE INCLUDES WELL-KNOWN GLOBAL SPORTS, LUXURY, FASHION & CASUAL BRANDS LUXURY & FASHION SPORTS CASUAL 14 STELLA INTERNATIONAL
Slide 15: Manufacturing Revenue by Product Categories
Manufacturing Revenue by Product Categories LUXURY & FASHION SPORTS CASUAL1 • Both Luxury and Fashion customers • Reduced shipments of largest Sports • Gain from a major customer’s requesting simpler, lower-ASP styles customer were more than offset by volume supplier consolidation expansion of other
Slide 16: Group Revenue by Geographic Regions
Group Revenue by Geographic Regions Europe PRC1 Others 1H26 Group Revenue 1H26: 26.9% 16.6% 1H26: 14.6% 4.5% 1H26: 3.0% 1H25: 23.4% 1H25: 15.5% US$ 786.7m 11.7% 1H25: 3.4% N. America Asia2 1H26: 46.2% 3.6% 1H26: 9.3% 5.4% 1H25: 48.7% 1H25: 9.0% 1H25 Group Revenue US$ 775.1m 1 PRC includes Hong Kong
Slide 17: Expanding Manufacturing Base
Expanding Manufacturing Base CHINA 1 3 2 4 FOOTWEAR PRODUCTION BY GEOGRAPHY 1 BANGLADESH 1 1 23% 25% 24% 28% VIETNAM 2 PHILIPPINES 52% 53% 52% 52% 25% 22% 24% 20% 1H25 1H26 2025 2026 (planned) Footwear China Vietnam Rest of Asia Handbags & Accessories INDONESIA 2 (Bangladesh, Indonesia & R&D Centre
Slide 18: Progress of Capacity Expansion & Ramp-up
Progress of Capacity Expansion & Ramp-up 3 new factories to commence operation in 2H2026 • Brought forward the onboarding of management teams • Started training earlier for readying new workers ahead of commencing production • Waiting for customer certification and regulatory approvals to commence
Slide 19: Building Handbag & Accessories Business
Building Handbag & Accessories Business Integration of newly acquired high-end factory in Vietnam into existing two factories in Vietnam and Philippines underway Investment in new product development for new customers and expanding the range of product styles: • Setting up a new R&D centre for h
Slide 20: Performance Recognition – Sustainability
Performance Recognition – Sustainability MSCI ESG RATING UPGRADED TO ‘AAA’ 20 STELLA INTERNATIONAL
Slide 21: 2H 2026 Outlook
2H 2026 OUTLOOK
Slide 22: Outlook - 2H2026: 2026 as an Investment Year
Outlook - 2H2026 2026 as an Investment Year Expect full-year shipment volumes broadly flat Operating deleverage of dedicated Sports factories in the PRC to continue in 2H2026 3 new factories to commence operation in 2H2026 as scheduled Phased shutdown of a small factory in Philippines with l
Slide 23: Thank You
Thank You
Stella International Holdings — H1 2026 Earnings Presentation on 6ix