Harvey Norman Holdings Ltd (ASX:HVN)

The Half Yearly Report and Accounts for Harvey Norman Holdings Ltd for the period ending 31 December 2025 reveal a robust performance with a 6.9% increase in system sales to $5.16 billion. The company-operated sales revenue increased by 11.6% to $1.66 billion, while aggregated headline franchisee sales revenue rose by 4.8% to $3.50 billion. Profit Before Tax (PBT) grew by 16.5% to $466.31 million, with PBT excluding net impacts from AASB 16 and property revaluations climbing 20.1% to $372.79 million. Significant contributions to this growth include the strong performance of international operations, particularly from New Zealand, Singapore, Malaysia, and Ireland, which collectively account for 25% of total PBT excluding property revaluations. Harvey Norman also maintains a low net debt to equity ratio of 13.02%, backed by solid cash reserves and strong operating cash flows of $392.88 million. The interim dividend per share is set at 14.5 cents, up from 12.0 cents in the previous period, reflecting a 20.8% increase.