Forward Fashion (International) Holdings Company Limited (HKG:2528)

HKG:2528 Financials Overview

Financials in millions HKD. Fiscal year is January - December.

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	844.77	870.18	938.32	1,008	959.9	1,228
Revenue Growth	-2.92%	-7.26%	-6.89%	4.99%	-21.85%	38.88%
Gross Profit Gross Profit Growth	409.5	413.91	420.78	467.81	454.24	651.12
Operating Income Operating Income Growth	84.87	59.7	-68.7	-4.12	-8.65	63.37
Net Income Net Income Growth	90.06	57.67	-76.89	-16.85	-33.14	32.16
Earnings Per Share EPS Growth	0.23	0.14	-0.19	-0.04	-0.08	0.08
EPS Growth	56.15%	-	-	-	-	-

Revenue by Geography

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Hong Kong and Others Hong Kong and Others Growth	39.13	41.09	91.45	123.42	103.81	125.71
Macau Macau Growth	556.26	590.03	490.9	492.43	440.35	588.67
Mainland China Mainland China Growth	292.87	287.85	396.55	426.15	450.47	557.95
Inter-Segment Inter-Segment Growth	-43.48	-48.79	-40.59	-34.2	-34.72	-44.02
Total Total Growth	844.77	870.18	938.32	1,008	959.9	1,228

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	98.88	92.55	94.29	130.46	131.83	205.08
Total Debt Total Debt Growth	155.44	163.78	311.49	389.37	403.04	555.58
Net Cash (Debt) Net Cash Growth	-56.57	-71.23	-217.2	-258.91	-271.2	-350.5
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	-0.14	-0.18	-0.54	-0.65	-0.68	-0.88

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	248.7	191.76	120.18	219.51	230.22	213.99
Capital Expenditures CapEx Growth	-42.43	-31.54	-38.02	-57.74	-62.57	-41.23
Free Cash Flow Free Cash Flow Growth	206.27	160.22	82.15	161.77	167.64	172.76
Free Cash Flow Growth	28.74%	95.03%	-49.22%	-3.50%	-2.96%	-50.86%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	48.48%	47.57%	44.84%	46.42%	47.32%	53.01%
Operating Margin	10.05%	6.86%	-7.32%	-0.41%	-0.90%	5.16%
Pretax Margin	11.16%	7.65%	-8.62%	-1.81%	-3.59%	3.84%
Profit Margin	10.66%	6.63%	-8.20%	-1.67%	-3.45%	2.62%
FCF Margin	24.42%	18.41%	8.76%	16.05%	17.46%	14.06%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 12, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	3.91	1.94	-	-	-	11.69
P/FCF Ratio	1.71	0.70	1.07	0.73	0.91	2.18
PS Ratio	0.42	0.13	0.09	0.12	0.16	0.31

Data Source: S&P Global Market Intelligence Last updated: Aug 28, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every six months for this company.

Update frequency:

Semi-annually

Last checked:

Sep 12, 2026

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