CROSBY Research – Johnson Electric (179 HK/NR): 1H26 results showed resilience amid trade shifts

14 November 2025

JE reports its 1H26 (Yr ended Mar) sales of USD1.8bn, representing a YoY marginal decline of 1.1%. Reported NP increased by 2.8% YoY to USD133.3m in 1H26. Stripping off the effect of forex effect and restructuring costs, adjusted NP declined by 7.7% YoY to USD123.0m. GPM edged up slightly by 0.4ppt to 24.0% in 1H26.