Techtronic Industries (00669) reported its 2025 full-year results, with second-half sales reaching $7.43 billion. This figure represents a 2% year-on-year increase but a 5% decline compared to the first half of the year, slightly below both Morgan Stanley's and the broader market's consensus expectations. The performance was impacted by a temporary suspension of sales for some Milwaukee products and promotional activities that were particularly affected by tariffs. Regionally, sales in North America fell by 1% year-on-year, a contrast to the 5% growth seen in the second half of 2024. Sales in Europe grew by 15%, compared to a 14% increase in the latter half of 2024. Morgan Stanley has set a target price of HK$130 for the company with an "Overweight" rating.