H&H Group Interim Results 2026 revenue up 23.7%

25 August 2026

• High-margin nutritional supplements[^1] have been a key growth driver, accounting for 60.2% of total Group revenue
• The Adult Nutrition and Care (ANC) segment achieved double digit growth (13.9%), led by Chinese mainland, Australia and New Zealand (ANZ) domestic market, and key Asian expansion markets Thailand, MEI (Middle East and India), Indonesia and Malaysia
• Baby Nutrition and Care (BNC) segment grew by 45.2%, driven by strong infant milk formula (IMF) sales (58.0% growth) in Chinese mainland, while growing market share in the super-premium IMF segment which reached an all-time high of 20.6%[^2]
• The Group’s Pet Nutrition and Care (PNC) segment saw 4.8% growth on a like-for-like (LFL) basis, driven by accelerated growth of 16.5% in the high-margin pet supplements category
• Adjusted EBITDA grew by 71.9%, with adjusted EBITDA margin reaching 21.8%. Adjusted net profit grew by 153.2%, with the adjusted net profit margin improving to 10.6%, thanks to investment phasing and improved spending efficiency
• Continued to strengthen balance sheet and accelerate deleveraging trajectory by reducing gross debt by over RMB 1 billion, reducing net leverage ratio from 3.45x (as of 31 December 2025) to 2.05x and signing a facility agreement for a new term loan equivalent to USD 320 million[^3].

Leading global family nutrition company, Health and Happiness (H&H) International Holdings Limited (“H&H Group” HKSE: 1112), has today announced its interim results for the six months ended 30 June 2026, reporting growth across all business segments to deliver 23.7% revenue growth on a LFL basis.

Akash Bedi, Group CEO and CEO for North America, India and the Middle East, comments that this growth demonstrates the strength of the Group’s business segments – with each unlocking or creating long-term structural drivers that will support a sustainable growth trajectory.

“High-margin nutritional supplements continue to make up over half (60.2%) of Group revenue as we invest in strategic new product launches and effective marketing initiatives, while focusing on key expansion markets where we are seeing strong growth momentum. Swisse bolstered its market leadership in core markets with double digit growth in Chinese mainland, Australian domestic market and key expansion markets. At the same time our BNC segment achieved remarkable 45.2% growth in a contracting market. This was down to stronger consumer engagement, our focus on new mother education, and successful conversions to Stage 3 IMFs.”

Mr Bedi adds, “Our PNC segment achieved 4.8% growth, as we continued to scale through high-margin pet supplements. Moving forward, we will focus on maintaining sustainable growth momentum across all three of our business segments, while continuing to invest in areas where we are seeing the most promise, including innovative new products and market-specific initiatives targeting our core markets and selected expansion markets.”

The Group remains committed to maintaining a steady track record of dividend payouts, in addition to steadily reducing its leverage and further improving the balance sheet – offering an interim dividend of HKD0.82 per ordinary share.

Regional highlights

The Group performed strongly in Chinese mainland, its largest and most significant market, reporting 30.9% growth. The ANC segment in this market grew by 20.5%, thanks to Swisse’s continuous efforts in premiumising its portfolio of core and innovative products, while benefiting from phasing effects from the Chinese New Year holidays in the first quarter of 2026.

“In the first six months of 2026, our ANC segment in Chinese mainland has excelled, thanks to our well-executed mega-brand strategy and expansion of our product portfolio under the Swisse Plus and Little Swisse sub-brands, which each grew by 18.6% and 60.2%, respectively,” says Mr Bedi. “These well-placed strategies enabled us to tap into new growth opportunities and expand our consumer base, despite increased competition, while solidifying our No.1 position in the online VHMS market in Chinese mainland[^4]. This period was also marked by strong performances in categories such as heart health, metabolism and joint health. The Douyin channel continued to be a powerful growth engine, where we demonstrated 57.5% growth and Swisse rising to No.3 in this market[^5]. Other new retail channels have also emerged as a strong contributor to growth, with sales growing by 34.2%. Amid further industry consolidation, our cross-border e-commerce (CBEC) and normal trade sales grew by 20.9% and 18.9% respectively, contributing 81.7% and 18.3% of total revenue in Chinese mainland.”

The BNC segment in Chinese mainland also reported a strong period, bolstered by IMF sales, which grew by 58.0% and outperformed the overall IMF market which declined by 3.5% (retail sales)[^6]. Biostime’s share of the super-premium IMF segment in Chinese mainland reached an all-time high of 20.6%, compared to 14.8% a year earlier[^7].

Mr Bedi comments, “Thanks to our perseverance, strong brand trust and targeted consumer engagement initiatives, we have continued to demonstrate strong growth in IMF and maintain our market share gains. This performance was partly supported by broader industry developments, including shifts in consumer demand. Our growth was further amplified through robust sell-through, well-executed channel strategies, the rollout of the first-ever imported IMF with Human Milk Oligosaccharide (HMO) in Chinese mainland, and the implementation of our strategic initiatives for new mother education and Stage 3 conversion. On a related note, our early-stage formulas continued to perform well, while providing a high-visibility pipeline and solid foundation for Stage 3 IMF conversion. During the first half of the year, our Stage 1 and Stage 2 IMFs recorded retail scan sales growth of 68.8% and 41.8%, respectively[^8].”

In North America, Zesty Paws sales grew by 16.7% on a LFL basis, while Solid Gold returned to growth with sales increasing by 6.3% on a LFL basis.

“I’m really pleased with the performance of our brands in North America during this period, with 15.5% overall growth in this market,” says Mr Bedi. “For Zesty Paws, we continued to see success across e-commerce including Amazon and Chewy, alongside expanded distribution in-store through Walmart, PetSmart, Petco, Tractor Supply, Target, Pet Supplies Plus and Menards. These efforts have further reinforced Zesty Paw’s position as one of the most recognised pet supplements brands in the US. At the same time, Solid Gold returned to positive growth of 6.3% as the brand advanced its product portfolio premiumisation strategy and continued to grow in the e-commerce channel. Our in-store presence continues to strengthen and, as of 30 June 2026, Zesty Paws and Solid Gold were present in more than 23,000 and 4,000 stores across the US, respectively.”

The Group’s ANZ domestic market delivered 12.2% growth, with Swisse maintaining its market leadership despite total ANZ revenue decreasing by 8.3% year-on-year on a LFL basis, reflecting the Group’s strategic choice to deprioritise the corporate daigou business.

Mr Bedi adds, “Our continued excellence in product innovation and ongoing channel expansion strategies led to double-digit growth in the domestic ANZ market in the first half of the year. This was driven by our focus on high-impact innovations, such as Swisse Magnesium Glycinate, and by capitalising on popular consumer formats such as gummies, supported by groundbreaking marketing campaigns targeting a new generation of consumers. We also prioritised strengthening our partnerships with key retailers across both pharmacy and grocery channels – seeing especially strong growth in independent pharmacy channel banners, online channels and in the New Zealand market. Collectively, these factors helped grow Swisse’s market share and solidified its position as Australia’s No. 1 vitamin and mineral supplements brand across the total market[^9].”

Other territories reported increased revenue of 20.5% year-on-year on a LFL basis, making up 7.8% of total Group ANC revenue. This was driven by 32.6% growth across nine key Asian expansion markets led by Thailand, MEI (Middle East and India), Indonesia and Malaysia – powered by rapid growth across digital commerce channels in all markets, product portfolio expansion, ongoing distribution gains and the launch of Swisse Nutra, a premium beauty supplement range. Swisse also reaffirmed its No.1 position in the liver health and men’s health categories in Singapore[^10], No. 2 position in Italy’s beauty VHMS market[^11] and No.1 position in the Hair, Skin and Nail category[^12]. Meanwhile, the Group’s IMF business in France experienced strong growth momentum in the first half, supported by a spike in demand for Biostime IMFs amid recent global industry developments, with Biostime’s share in organic IMF and goat milk in the French pharmacy channel reaching 41.8% and 57.9%, respectively[^13].

During the period, H&H reduced its gross debt by over RMB 1 billion compared with 31 December 2025. As a result, the Group’s net leverage ratio declined significantly to 2.05x, compared to 3.45x as of 31 December 2025. Following the period end, the Group also made a further voluntary prepayment of RMB300 million, further advancing its deleveraging trajectory. Furthermore, as of 30 June 2026, H&H maintained a robust cash position of close to RMB2.0 billion, with RMB-denominated and RMB hedged debts collectively representing 97.8% of total borrowings, effectively mitigating foreign exchange and external interest rate volatility. On 5 August 2026, the Group signed a new facilities agreement in an aggregate amount equivalent to approximately USD330 million in relation to the refinancing of its term loan facilities maturing in 2027. Upon drawdown, this transaction is expected to extend the Group’s debt maturity profile, reduce financing costs and further enhance financial flexibility.

Full year outlook

Looking ahead to the second half of 2026, the Group will continue to drive the sustainable growth of its high-margin, fast-growing nutritional supplements and IMF, while delivering a healthy level of profitability.

Mr Bedi ends, “For the remainder of 2026 we expect to see continued growth with a consistent level of underlying profitability, despite wider macroeconomic challenges around the world. Our ANC segment is well-positioned for continued growth across Chinese mainland, the ANZ domestic market and our expansion markets. In Chinese mainland, we will further maintain Swisse’s leading market position by investing in our leading categories, while expanding marketing investments to support innovative products, market expansion and brand-building initiatives to create a clear path for growth in the second half of 2026 and into 2027. At the same time, we will continue to prioritise high-growth channels to expand our consumer base, especially in the Douyin channel and new retail channels. For ANZ and expansion markets, we will focus on building on our current growth trajectory and market leadership through product innovation and channel expansion. Similarly for our BNC segment, we anticipate continued IMF growth as we leverage our market share to develop structural growth drivers. We will continue to focus on new mother education across e-commerce and baby-speciality channels and in product innovations such as our HMO IMFs, as well as improving conversion from early-stage to Stage 3 IMF products.”

The Group’s PNC segment is also expected to maintain its growth momentum, led by omni channel expansion and disruptive category innovation by Zesty Paws in North America. For Solid Gold, the Group will drive growth in high margin categories and further accelerate expansion across e-commerce channels in North America.

Finally, the Group remains committed to its deleveraging trajectory, while maintaining robust liquidity and a healthy capital structure. H&H will continue to optimise its debt profile, mitigate foreign exchange volatility and reinforce its financial resilience to support its sustainable long-term growth.

FINANCIAL RESULTS

Six months ended 30 June

Six months ended 30 June	2026	2025	Change
	RMB million	RMB million
(Unaudited)	(Unaudited)
Revenue	8,695.9	7,019.2	+23.9%
EBITDA*	1,583.3	1,033.1	+53.3%
Adjusted EBITDA*	1,891.9	1,100.7	+71.9%
Adjusted EBITDA margin	21.8%	15.7%	+6.1pts
Net profit	610.6	71.0	+760.0%
Adjusted Net profit**	919.2	363.0	+153.2%
Adjusted net profit margin	10.6%	5.2%	+5.4pts

*EBITDA refers to earnings before interest, income tax expense, depreciation and amortization. Adjusted EBITDA = EBITDA + Non-cash losses of RMB308.6 million for the six months ended 30 June 2026 (six months ended 30 June 2025: losses of RMB57.6 million) + Non-recurring losses of nil for the six months ended 30 June 2026 (six months ended 30 June 2025: losses of RMB10.0 million).[^14]

**Adjusted net profit = Net profit + EBITDA adjustment items of losses of RMB308.6 million for the six months ended 30 June 2026 (six months ended 30 June 2025: losses of RMB67.6 million) + Other non-cash losses of nil for the six months ended 30 June 2026 (six months ended 30 June 2025: losses of RMB224.4 million).[^15]

For media enquiries, contact:
H&H Group
Annabel Vinten
+44 7514535600
annabel.vinten@hh.global

Think Alliance Group
Matthew Schultz
+852 3481 1161
matt.schultz@think-alliance.com

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[^1]: Nutritional supplements include Biostime probiotic supplements, Biostime paediatric products, Swisse vitamin, herbal and mineral supplement (“VHMS”) products, and Solid Gold and Zesty Paws pet supplements.

[^2]: According to research statistics by Nielsen, an independent research company, market share data for the past twelve months ended 30 June 2026.

[^3]: Term loan facilities amounted to USD eqv. 320 million and revolving facility amounted to USD eqv. 10 million.

[^4]: According to research statistics by Early Data, an independent research company, market share data for the past twelve months ended 30 June 2026.

[^5]: According to research statistics by Feigua, an independent data provider, market share data for the past twelve months ended 30 June 2026.

[^6]: According to research statistics by Nielsen, an independent research company, market share data for the past twelve months ended 30 June 2026.

[^7]: According to research statistics by Nielsen, an independent research company, market share data for the past twelve months ended 30 June 2026.

[^8]: According to research statistics by Nielsen, an independent research company, market share data for the past six months ended 30 June 2026.

[^9]: According to research statistics by IQVIA, an independent research company, market share data for the past twelve months ended 30 June 2026.

[^10]: According to research statistics by Nielsen, an independent research company, market share data for the past twelve months ended 30 June 2026.

[^11]: According to research statistics by IQVIA, an independent research company, market share data for the past twelve months ended 30 June 2026.

[^12]: According to research statistics by IQVIA, an independent research company, market share data for the past twelve months ended 30 June 2026.

[^13]: According to research statistics by GERS, an independent research company, market share data for the past twelve months ended 30 June 2026.

[^14]: EBITDA refers to earnings before interest, income tax expense, depreciation and amortization. Adjusted EBITDA = EBITDA + Non-cash losses of RMB308.6 million for the six months ended 30 June 2026 (six months ended 30 June 2025: losses of RMB57.6 million) + Non-recurring losses of nil for the six months ended 30 June 2026 (six months ended 30 June 2025: losses of RMB10.0 million).

[^15]: Adjusted net profit = Net profit + EBITDA adjustment items of losses of RMB308.6 million for the six months ended 30 June 2026 (six months ended 30 June 2025: losses of RMB67.6 million) + Other non-cash losses of nil for the six months ended 30 June 2026 (six months ended 30 June 2025: losses of RMB224.4 million).