Robinsons Retail Holdings, Inc.

For 4Q 2025, net sales increased 7% to PHP 61.1 billion. Gross profit and EBIT grew double digit to PHP 10.5 billion and PHP 3.8 billion, respectively. Net earnings rose 9.9% to PHP 2.9 billion, net income to parent increased 5.3% to PHP 2.6 billion, and EPS grew 38.4% to PHP 2.39 per share, helped by the lower share count from the DFI retail buyback. For full-year 2025, net sales rose 5.7% to PHP 210.4 billion, gross profit reached PHP 51.7 billion, EBIT was PHP 10.5 billion, earnings grew 6% to PHP 6.7 billion, and net income to parent declined 44.3% to PHP 5.7 billion because 2024 included a one-time gain from the BPI-RBank merger. Management guided 2026 net store additions of 130 to 170, same-store sales growth of 2% to 4%, gross margin expansion of about 15 to 20, and organic CapEx of around PHP 5.7 billion.

Stanley Co emphasized that 2025 performance was driven by strong same-store sales, new store openings, and the one-month consolidation of Premiumbikes. He highlighted that the food and drugstore formats remain the core of the business, while specialty is now being helped by Premiumbikes but still carries lower margins because of two-wheelers and clearance activity. His tone was constructive, pointing to continuing expansion, portfolio management, and further private label and premiumization efforts.

Mylene Kasiban noted that working capital was pressured by higher inventories, pushing the cash conversion cycle to 18 days, with inventory days at 80. Net debt rose to PHP 26.6 billion, mainly from the acquisition loan used for the DFI share buyback, but net debt to equity remained at 0.35x. She also cited organic CapEx of PHP 6 billion, up 17%, with Food taking 69% of spend, and said the company’s capital allocation framework remains balanced across CapEx, dividends, taxes, repayments, working capital, and M&A.

Analysts focused on the drivers of Food SSSG, the sustainability of Drugstore momentum, Premiumbikes, and capital allocation. Management said Food growth was helped by larger basket sizes, stable inflation, healthier employment, and remittances, while Drugstore strength came from price adjustments and higher house-brand penetration. On Premiumbikes, management said 2026 sales are expected to be about PHP 500 million with EBITDA around PHP 60 million and positive net income, and on dividends it reiterated a policy of 40% of prior-year net income. They also said January and February were within the 2% to 4% SSSG guide and that they view DIY as having passed the bottom.