Super Hi (NASDAQ: HDL) grows sales as FX losses weigh on profit
Rhea-AI Filing Summary
Super Hi International Holding Ltd. reported solid operating growth for the first quarter of 2026. Revenue reached US$225.9 million, up 14.2% from US$197.8 million a year earlier, driven mainly by Haidilao restaurant sales, which rose to US$204.2 million, and rapid growth in delivery and other businesses.
Income from operation increased to US$14.0 million, up 70.7%, lifting the operating margin to 6.2% from 4.1% as cost ratios improved. However, profit for the period declined to US$4.1 million from US$11.9 million, mainly because net foreign exchange losses rose by US$11.7 million due to currency depreciation against the U.S. dollar.
The company earned basic and diluted earnings per share of US$0.01, versus US$0.02 a year earlier. Operationally, Haidilao’s international network grew to 127 restaurants across 14 countries, with total guest visits up to 8.1 million and overall average table turnover improving to 4.0 times per day.
Positive
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Insights
Operations improved strongly, but FX losses reduced reported profit.
Super Hi delivered Q1 2026 revenue of US$225.9 million, up 14.2% year over year. Restaurant revenue rose 8.4%, while delivery and other businesses grew 82.5% and 166.7%, respectively. Income from operation climbed to US$14.0 million, with margin expanding to 6.2% from 4.1%.
Cost ratios improved: raw materials and consumables fell to 33.9% of revenue and staff costs to 34.0%. This shows positive operating leverage as guest visits and average spending increased. Same-store sales reached US$183.5 million, modestly above US$176.4 million a year earlier, with overall average same-store table turnover stable at 4.0 times per day.
Despite better operations, profit for the period dropped to US$4.1 million from US$11.9 million, mainly due to higher net foreign exchange loss of about US$11.7 million. Net cash from operating activities improved to US$24.2 million, and cash and cash equivalents stood at US$104.2 million at quarter end, while total equity increased to US$399.6 million. Overall, underlying business trends appear constructive, though reported earnings remain sensitive to currency movements.
Key Figures
Key Terms
income from operation margin financial
same-store sales financial
average table turnover rate financial
financial assets at fair value through profit or loss financial
foreign exchange loss financial
lease liabilities financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2026
Commission File Number: 001-42101
SUPER HI INTERNATIONAL HOLDING LTD.
1 Paya Lebar Link, #09-04
PLQ 1 Paya Lebar Quarter
Singapore 408533
+65 6378 1921
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Exhibit Index
| Exhibit No. | Description | |
| Exhibit 99.1 | Super Hi Reports Unaudited Financial Results for the First Quarter of 2026 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SUPER HI INTERNATIONAL HOLDING LTD. | ||
| By: | /s/ Ping Shu | |
| Name: | Ping Shu | |
| Title: | Director and Chairperson | |
Date: May 20, 2026
Exhibit 99.1
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Super Hi Reports Unaudited Financial Results for the First Quarter of 2026
SINGAPORE, May 20, 2026 (GLOBE NEWSWIRE) -- Super Hi International Holding Ltd. (NASDAQ: HDL and HKEX: 9658) (“Super Hi” or the “Company”), a leading Chinese cuisine restaurant brand operating Haidilao hot pot restaurants in the international market, today announced its unaudited financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Highlights
| · | Revenue was US$225.9 million, representing an increase of 14.2% from US$197.8 million in the same period of 2025. |
| · | In the first quarter of 2026, the Company opened 1 new Haidilao restaurant in Southeast Asia. The total number of Haidilao restaurants expanded from 126 as of December 31, 2025 to 127 as of March 31, 2026. |
| · | Overall average table turnover rate1 was 4.0 times per day, compared to 3.9 times per day in the same period of 2025. Overall average same-store table turnover rate2 was 4.0 times per day, consistent with the same period of 2025. |
| · | The Company had over 8.1 million total guest visits, representing an increase of 3.8% from 7.8 million in the same period of 2025. |
| · | Same-store sales3 were US$183.5 million, representing an increase of 4.0% from US$176.4 million in the same period of 2025. |
| · | Income from operation4 was US$14.0 million, representing an increase of 70.7% from US$8.2 million in the same period of 2025. |
| · | Income from operation margin5 was 6.2%, compared to 4.1% in the same period of 2025, representing an increase of 2.1 percentage points year over year. |
Mr. Li Yu, CEO & Executive Director of Super Hi, commented, “In the first quarter of 2026, the Company’s total revenue increased by 14.2% year over year to US$225.9 million. Our income from operation margin5 rebounded to 6.2% this quarter, representing an increase of 2.1 percentage points from the same period last year. Our ‘Dual Focus on Employees and Customers’ has continued to drive improvements in Haidilao restaurants operational performance. With steady growth in guest visits, Haidilao restaurants achieved an overall average table turnover rate1 of 4.0 times per day this quarter. Revenue from Haidilao restaurants increased by 8.4% and same-store sales3 grew by 4.0% year over year. During the quarter, the Company continued to expand its revenue streams, with our delivery business and other business growing by a combined 130.9% compared to the same period last year.”
1 Calculated by dividing the total tables served for the period by the product of total Haidilao restaurant operations days for the period and average table count during the period.
2 Calculated by dividing the total tables served for the period by the product of total Haidilao restaurant operations days for the period and average table count at the Company’s same-stores during the period.
3 Refers to the aggregate gross revenue of Haidilao restaurant operations at the same-stores for the period indicated.
4 Calculated by excluding interest income, finance costs, unrealized foreign exchange differences arising from remeasurement of balances which are not denominated in functional currency, net gain arising on financial assets at fair value through profit or loss and income tax expense from profit (loss) for the period.
5 Calculated by dividing income from operation4 by total revenue.
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“Looking ahead, we remain committed to our long-term strategy of ‘Dual Focus on Employees and Customers’. We will continue to enhance customer experience while fostering a family-style culture to reinforce the competitive advantages of Haidilao restaurants and deliver sustainable long-term growth for the Company.”
First Quarter 2026 Financial Results
Revenue was US$225.9 million, representing an increase of 14.2% from US$197.8 million in the same period of 2025.
| · | Revenue from Haidilao restaurant operations was US$204.2 million, representing an increase of 8.4% from US$188.4 million in the same period of 2025. The increase was primarily attributable to (i) significantly improved operational performance at existing Haidilao restaurants driven by our ongoing operational optimization initiatives, with higher overall average table turnover rate1 and increased customer traffic, further strengthening brand influence; and (ii) continued expansion of the restaurant network, resulting in a year-over-year increase in the total number of restaurants. | |
| · | Revenue from delivery business was US$7.3 million, representing an increase of 82.5% from US$4.0 million in the same period of 2025, primarily due to (i) the continuous optimization of delivery products and services based on market demand; and (ii) strengthened strategic marketing collaborations with local food delivery platforms. | |
| · | Revenue from other business was US$14.4 million, representing an increase of 166.7% from US$5.4 million in the same period of 2025. The increase was mainly driven by (i) the increasing popularity of hot pot condiment products, Haidilao-branded and sub-branded food products among local customers and retailers; and (ii) the incubation of secondary branded restaurants under the “Pomegranate Plan” through diversification into multiple business concepts. |
Raw materials and consumables used were US$76.6 million, representing an increase of 14.0% from US$67.2 million in the same period of 2025, primarily driven by (i) business expansion, in line with the Company’s revenue growth; and (ii) increased sales of hot pot condiment products, Haidilao-branded and sub-branded food products, and the expansion of the secondary branded restaurants. In the first quarter of 2026, raw materials and consumables used as a percentage of revenue decreased to 33.9% from 34.0% in the same period of 2025.
Staff costs were US$76.7 million, representing an increase of 9.9% from US$69.8 million in the same period of 2025. The increase was primarily attributable to (i) increased number of employees to support the continued expansion of our restaurant network and to ensure superior customer experience across catering services, product quality, restaurant environment, and food safety; and (ii) increased piece-rate wages and total working hours driven by increased guest visits and improved overall average table turnover rate1. As a percentage of revenue, staff costs decreased to 34.0% in the first quarter of 2026 from 35.3% in the same period of 2025.
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Income from operation4 was US$14.0 million, representing an increase of 70.7% from US$8.2 million in the same period of 2025. Income from operation margin5 was 6.2%, compared to 4.1% in the same period of 2025. This increase in income from operation margin5 was mainly attributable to (i) the positive operating leverage effect driven by increased revenue and higher overall average table turnover rate1 as described above; and (ii) enhanced operational efficiency through ongoing optimization of operating costs.
Profit for the period was US$4.1 million, compared to US$11.9 million in the same period of 2025. This change was mainly due to an increase in net foreign exchange loss of US$11.7 million in the first quarter of 2026 compared to the same period of 2025, which was primarily attributable to foreign exchange fluctuations, particularly the depreciation of local currencies against the U.S. dollar. The impact was partially offset by the improved operating performance as described above.
Basic and diluted net profit per share were both US$0.01, compared to US$0.02 in the same period of 2025.
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Operational Highlights
Haidilao Restaurant Performance
The following table summarizes key performance indicators of Haidilao’s restaurants for the quarters indicated.
| As of/For the Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Number of restaurants | ||||||||
| Southeast Asia | 72 | 73 | ||||||
| East Asia | 21 | 19 | ||||||
| North America | 22 | 20 | ||||||
| Others(1) | 12 | 11 | ||||||
| Total | 127 | 123 | ||||||
| Total guest visits (million) | ||||||||
| Southeast Asia | 5.2 | 5.1 | ||||||
| East Asia | 1.3 | 1.1 | ||||||
| North America | 1.0 | 1.0 | ||||||
| Others(1) | 0.6 | 0.6 | ||||||
| Total | 8.1 | 7.8 | ||||||
| Average table turnover rate(2) (times per day) | ||||||||
| Southeast Asia | 3.8 | 3.7 | ||||||
| East Asia | 5.1 | 5.0 | ||||||
| North America | 3.6 | 4.0 | ||||||
| Others(1) | 3.6 | 4.0 | ||||||
| Overall | 4.0 | 3.9 | ||||||
| Average spending per guest(3) (US$) | ||||||||
| Southeast Asia | 19.6 | 18.7 | ||||||
| East Asia | 28.2 | 28.2 | ||||||
| North America | 41.4 | 39.6 | ||||||
| Others(1) | 41.3 | 38.2 | ||||||
| Overall | 25.3 | 24.2 | ||||||
| Average daily revenue per restaurant(4) (US$ in thousands) | ||||||||
| Southeast Asia | 16.2 | 15.3 | ||||||
| East Asia | 20.6 | 19.3 | ||||||
| North America | 21.0 | 22.2 | ||||||
| Others(1) | 22.9 | 24.1 | ||||||
| Overall | 18.4 | 17.8 | ||||||
Notes:
| (1) | Others include Australia, the United Kingdom, and the United Arab Emirates. |
| (2) | Calculated by dividing total number of tables served for the periods by the product of total Haidilao restaurant operations days for the periods and average table count during the periods in the same geographic region. |
| (3) | Calculated by dividing gross revenue of Haidilao restaurant operations for the periods by total guests served for the periods in the same geographic region. |
| (4) | Calculated by dividing the revenue of Haidilao restaurant operations for the periods by the total Haidilao restaurant operations days of the periods in the same geographic region. |
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Same-Store Sales
The following table sets forth details of the Company’s same-store sales for the quarters indicated.
| As of/For the Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Number of same-stores(1) | ||||||||
| Southeast Asia | 64 | |||||||
| East Asia | 16 | |||||||
| North America | 19 | |||||||
| Others(6) | 10 | |||||||
| Total | 109 | |||||||
| Same-store sales(2) (US$ in thousands) | ||||||||
| Southeast Asia | 94,348 | 88,701 | ||||||
| East Asia | 31,190 | 28,242 | ||||||
| North America | 35,665 | 37,576 | ||||||
| Others(6) | 22,303 | 21,925 | ||||||
| Total | 183,506 | 176,444 | ||||||
| Average same-store sales per day(3) (US$ in thousands) | ||||||||
| Southeast Asia | 16.5 | 15.5 | ||||||
| East Asia | 21.8 | 19.7 | ||||||
| North America | 20.9 | 22.0 | ||||||
| Others(6) | 24.8 | 24.4 | ||||||
| Overall | 18.8 | 18.1 | ||||||
| Average same-store spending per guest(4) (US$) | ||||||||
| Southeast Asia | 20.0 | 18.5 | ||||||
| East Asia | 28.3 | 28.1 | ||||||
| North America | 40.9 | 39.3 | ||||||
| Others(6) | 42.1 | 38.4 | ||||||
| Overall | 25.4 | 24.1 | ||||||
| Average same-store table turnover rate(5) (times/day) | ||||||||
| Southeast Asia | 3.8 | 3.7 | ||||||
| East Asia | 5.4 | 5.1 | ||||||
| North America | 3.7 | 4.0 | ||||||
| Others(6) | 3.7 | 4.0 | ||||||
| Overall | 4.0 | 4.0 | ||||||
Notes:
| (1) | Includes restaurants that commenced operations prior to the beginning of the periods under comparison and opened for more than 75 days in the first quarter of 2025 and 2026, respectively. | |
| (2) | Refers to the aggregate gross revenue from Haidilao restaurant operations at the Company’s same-stores for the periods indicated. | |
| (3) | Calculated by dividing the gross revenue from Haidilao restaurant operations for the periods by the total Haidilao restaurant operations days at the Company’s same-stores for the periods. | |
| (4) | Calculated by dividing gross revenue of Haidilao restaurant operations for the periods by total guests served for the periods at the Company’s same stores in the same geographic region. | |
| (5) | Calculated by dividing the total tables served for the periods by the product of total Haidilao restaurant operations days for the periods and average table count at the Company’s same-stores during the periods. | |
| (6) | Others include Australia, the United Kingdom, and the United Arab Emirates. |
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About Super Hi
Super Hi operates Haidilao hot pot restaurants in the international market. Haidilao is a leading Chinese cuisine restaurant brand. With roots in Sichuan from 1994, Haidilao has become one of the most popular and largest Chinese cuisine brands in the world. With over 32 years of brand history, Haidilao is well-loved by guests for its unique dining experience — warm and attentive service, great ambiance and delicious food, standing out among global restaurant chains, which has made Haidilao restaurants into a worldwide cultural phenomenon. Haidilao has been ranked as one of the “world’s most valuable restaurant brands” for seven consecutive years since 2019, earning the title of "World’s Strongest Restaurant Brand" for 2024 (Brand Finance). As of March 31, 2026, Super Hi had 127 self-operated Haidilao restaurants in 14 countries across four continents.
Forward-Looking Statements
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “aims”, “future”, “intends”, “plans”, “believes”, “estimates”, “likely to” and similar statements. Super Hi may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “SEHK”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Super Hi’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Super Hi’s operations and business prospects; future developments, trends and conditions in the industry and markets in which Super Hi operates; Super Hi’s strategies, plans, objectives and goals and Super Hi’s ability to successfully implement these strategies, plans, objectives and goals; Super Hi’s ability to maintain an effective food safety and quality control system; Super Hi’s ability to continue to maintain its leadership position in the industry and markets in which Super Hi operates; Super Hi’s dividend policy; Super Hi’s capital expenditure plans; Super Hi’s expansion plans; Super Hi’s future debt levels and capital needs; Super Hi’s expectations regarding the effectiveness of its marketing initiatives and the relationship with third-party partners; Super Hi’s ability to recruit and retain qualified personnel; relevant government policies and regulations relating to Super Hi’s industry; Super Hi’s ability to protect its systems and infrastructures from cyber-attacks; general economic and business conditions globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Super Hi’s filings with the SEC and the announcements and filings on the website of the SEHK. All information provided in this press release is as of the date of this press release, and Super Hi does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Contacts
Investor
Relations
Email: superhi_ir@superhi-inc.com
Phone: +1 (212) 574-7992
Public Relations
Email: media.hq@superhi-inc.com
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UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| For the three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| USD’000 | USD’000 | |||||||
| Revenue | 225,927 | 197,783 | ||||||
| Other income | 2,708 | 2,733 | ||||||
| Raw materials and consumables used | (76,574 | ) | (67,167 | ) | ||||
| Staff costs | (76,686 | ) | (69,832 | ) | ||||
| Rentals and related expenses | (6,303 | ) | (5,561 | ) | ||||
| Utilities expenses | (7,171 | ) | (6,963 | ) | ||||
| Depreciation and amortization | (20,658 | ) | (19,898 | ) | ||||
| Travelling and communication expenses | (1,715 | ) | (1,624 | ) | ||||
| Other expenses | (22,176 | ) | (19,525 | ) | ||||
| Other (losses) and gains - net | (5,370 | ) | 7,942 | |||||
| Finance costs | (2,990 | ) | (2,753 | ) | ||||
| Profit before tax | 8,992 | 15,135 | ||||||
| Income tax expense | (4,939 | ) | (3,255 | ) | ||||
| Profit for the period | 4,053 | 11,880 | ||||||
| Other comprehensive income (expense) | ||||||||
| Item that may be reclassified subsequently to profit or loss: | ||||||||
| Exchange differences arising on translation of foreign operations | 1,585 | (5,754 | ) | |||||
| Total comprehensive income for the period | 5,638 | 6,126 | ||||||
| Profit for the period attributable to: | ||||||||
| Owners of the Company | 4,089 | 11,938 | ||||||
| Non-controlling interests | (36 | ) | (58 | ) | ||||
| 4,053 | 11,880 | |||||||
| Total comprehensive income attributable to: | ||||||||
| Owners of the Company | 5,719 | 6,184 | ||||||
| Non-controlling interests | (81 | ) | (58 | ) | ||||
| 5,638 | 6,126 | |||||||
| Earnings per share | ||||||||
| Basic and diluted (USD) | 0.01 | 0.02 | ||||||
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UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As at March 31, | As at December 31, | |||||||
| 2026 | 2025 | |||||||
| USD’000 | USD’000 | |||||||
| Non-current Assets | ||||||||
| Property, plant and equipment | 162,923 | 160,301 | ||||||
| Right-of-use assets | 201,826 | 204,180 | ||||||
| Intangible assets | 288 | 311 | ||||||
| Deferred tax assets | 4,639 | 4,725 | ||||||
| Other receivables | 1,961 | 1,961 | ||||||
| Prepayment | 437 | 325 | ||||||
| Rental and other deposits | 20,730 | 20,709 | ||||||
| 392,804 | 392,512 | |||||||
| Current Assets | ||||||||
| Inventories | 36,312 | 37,519 | ||||||
| Trade and other receivables and prepayments | 33,233 | 35,652 | ||||||
| Financial assets at fair value through profit or loss | 34,691 | - | ||||||
| Rental and other deposits | 5,417 | 5,417 | ||||||
| Pledged bank deposits | 2,887 | 2,793 | ||||||
| Bank balances and cash | 237,110 | 271,990 | ||||||
| 349,650 | 353,371 | |||||||
| Current Liabilities | ||||||||
| Trade payables | 31,191 | 36,337 | ||||||
| Other payables | 40,293 | 42,980 | ||||||
| Amounts due to related parties | 1,686 | 2,177 | ||||||
| Tax payable | 5,986 | 7,031 | ||||||
| Lease liabilities | 45,619 | 45,662 | ||||||
| Contract liabilities | 10,665 | 10,658 | ||||||
| Provisions | 1,956 | 1,987 | ||||||
| 137,396 | 146,832 | |||||||
| Net Current Assets | 212,254 | 206,539 | ||||||
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UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As at March 31, | As at December 31, | |||||||
| 2026 | 2025 | |||||||
| USD’000 | USD’000 | |||||||
| Non-current Liabilities | ||||||||
| Deferred tax liabilities | 5,753 | 6,184 | ||||||
| Lease liabilities | 181,392 | 183,139 | ||||||
| Contract liabilities | 2,818 | 2,905 | ||||||
| Provisions | 15,506 | 15,179 | ||||||
| 205,469 | 207,407 | |||||||
| Net Assets | 399,589 | 391,644 | ||||||
| Capital and Reserves | ||||||||
| Share capital | 3 | 3 | ||||||
| Shares held under share award scheme | * | * | ||||||
| Share premium | 550,593 | 550,593 | ||||||
| Reserves | (154,775 | ) | (160,494 | ) | ||||
| Equity attributable to owners of the Company | 395,821 | 390,102 | ||||||
| Non-controlling interests | 3,768 | 1,542 | ||||||
| Total Equity | 399,589 | 391,644 | ||||||
| * | Less than USD1,000 |
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UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| USD’000 | USD’000 | |||||||
| Net cash from operating activities | 24,235 | 19,693 | ||||||
| Net cash used in investing activities | (53,545 | ) | (55,605 | ) | ||||
| Net cash used in financing activities | (10,148 | ) | (14,828 | ) | ||||
| Net decrease in cash and cash equivalents | (39,458 | ) | (50,740 | ) | ||||
| Cash and cash equivalents at beginning of the period | 144,590 | 254,719 | ||||||
| Effect of foreign exchange rate changes | (966 | ) | 954 | |||||
| Cash and cash equivalents at end of the period | 104,166 | 204,933 | ||||||
| Represented by: | ||||||||
| Bank balances and cash | 237,110 | 204,933 | ||||||
| Less: bank deposits with original maturity over three months | (132,944 | ) | - | |||||
| 104,166 | 204,933 | |||||||
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