Apex Ace Holding Limited (6036.HK) Q4 2025 Earnings Report

Apex Ace delivered a robust QQ4 2025 quarter, characterized by a pronounced top-line rebound and a meaningful step-up in profitability, underpinned by a favorable product mix and disciplined cost management. Revenue reached HKD 3,524,762,000, up 383.3% year-over-year and 60.4% quarter-over-quarter, reflecting a low base in the prior-year period and improved demand for digital storage products and general components. Gross profit was HKD 302,292,000 with a gross margin of 8.58%, while EBITDA stood at HKD 132,846,000 and net income totaled HKD 55,876,000 (net margin 1.59%). EPS reported HKD 0.053 (diluted HKD 0.050). The quarter benefited from scale efficiencies and a tighter cost structure, as operating income reached HKD 128,048,000 with an EBITDA margin of 3.77%. Interest expense was HKD 25.9 million and pre-tax income HKD 102.4 million, yielding an effective tax outlay consistent with roughly a 21% tax rate. While the quarterly performance is encouraging, profitability remains lean by broader tech-distributor standards, and longer-term sustainability will depend on mix-driven margin expansion, channel inventory dynamics, and the ability to translate revenue momentum into steadier cash flow and balance-sheet strength.