MB

MasterBeef Group

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MB Income statement, annual periods, in HKD
HKD	FY2022	FY2023	FY2024	FY2025
Revenue	$456.69M	$532.29M	$503.98M	$459.10M
Cost of Revenue	$290.89M	$351.80M	$332.50M	$316.89M
Gross Profit	$165.80M	$180.49M	$171.48M	$142.22M
Research & Development	$6.28M	$7.26M	$5.93M	$7.00M
Selling, General & Admin	$36.40M	$55.61M	$55.13M	$64.34M
Operating Expenses	$122.38M	$176.47M	$177.28M	$174.50M
Operating Income	$43.42M	$4.01M	-$5.80M	-$32.28M
EBITDA	$113.97M	$65.92M	$124.41M	$30.75M
Pretax Income	$37.79M	-$29.79M	$35.61M	-$45.55M
Income Tax	$4.38M	$7.66M	$2.71M	$6.98M
Net Income	$33.41M	-$37.45M	$32.90M	-$52.53M
Diluted EPS	1.97	-2.20	1.94	—
Diluted Shares	17.00M	17.00M	17.00M	—

MB Balance Sheet statement, annual periods, in HKD
HKD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$196.30M	$146.21M	$117.34M	$147.72M
Receivables	$4.22M	$9.14M	$20.71M	$21.28M
Inventory	$31.23M	$25.79M	$20.35M	$23.46M
Current Assets	$244.52M	$228.15M	$176.39M	$210.32M
Total Assets	$455.86M	$393.08M	$308.32M	$304.03M
Current Liabilities	$305.08M	$315.12M	$212.72M	$135.46M
Long-Term Debt	$48.84M	$38.71M	$28.00M	$88.95M
Total Debt	$262.17M	$208.61M	$188.28M	$211.16M
Total Liabilities	$422.66M	$397.47M	$279.77M	$256.61M
Retained Earnings	—	-$4.38M	$28.52M	-$24.01M
Shareholders' Equity	$33.20M	-$4.39M	$28.54M	$47.42M
Working Capital	-$60.56M	-$86.96M	-$36.33M	$74.85M
Net Debt	—	—	—	$3.39M

MB Cash Flow statement, annual periods, in HKD
HKD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$141.02M	$83.82M	$60.17M	-$12.63M
Capital Expenditure	-$32.51M	-$44.51M	-$11.99M	-$1.38M
Free Cash Flow	$108.51M	$39.31M	$48.17M	-$14.00M
Depreciation & Amortisation	$68.57M	$84.26M	$78.60M	$66.60M
Stock-Based Compensation	—	$0.00	$0.00	$11.70M
Investing Cash Flow	-$32.29M	-$44.45M	-$12.18M	-$1.31M
Financing Cash Flow	$22.96M	-$81.57M	-$76.83M	$44.32M
Dividends Paid	$0.00	$0.00	$0.00	$0.00
Net Change in Cash	$131.69M	-$42.19M	-$28.85M	$30.39M

MB Balance Sheet statement, quarterly periods, in HKD
HKD	Q4 2024	Q2 2025	Q4 2025
Cash & Equivalents	$117.34M	$169.86M	$147.72M
Receivables	$20.71M	$19.15M	$21.28M
Inventory	$20.35M	$16.92M	$23.46M
Current Assets	$176.39M	$222.06M	$210.32M
Total Assets	$308.32M	$329.12M	$304.03M
Current Liabilities	$212.72M	$139.25M	$135.46M
Long-Term Debt	$28.00M	$86.83M	$88.95M
Total Debt	$188.28M	$217.57M	$211.16M
Total Liabilities	$279.77M	$260.97M	$256.61M
Retained Earnings	$28.52M	-$3.35M	-$24.01M
Shareholders' Equity	$28.54M	$68.14M	$47.42M
Working Capital	-$36.33M	$82.81M	$74.85M
Net Debt	—	—	$3.39M

MasterBeef Group is engaged in beef processing and distribution, providing meat products to retail and foodservice customers.