JustCo Holdings Limited reported a pre-exceptional net profit of US$0.1 million for the six months ended Jun 30, 2026, reversing a US$1.7 million loss a year earlier as stronger pricing and an expanded centre network pushed revenue up 24% year-on-year to US$80.8 million.
Free cash flow climbed to US$3.2 million from US$0.9 million in 1H2025, while Cash EBITDA surged 147% to US$10.6 million, lifting the Cash EBITDA margin to 13.1% from 6.6% in the prior-year period. The group does not declare an interim dividend.
Revenue growth was underpinned by an 11% YoY increase in revenue per workstation to US$468 and a larger footprint that grew from 50 to 57 centres. Expansion in North Asia – particularly Japan – contributed to the sharper Cash EBITDA improvement.
A one-off charge related to the company’s May 2026 initial public offering resulted in a reported net loss of US$0.8 million. Even so, operating cash flow remained positive, aided by disciplined capital expenditure and a debt-free balance sheet that held US$169.4 million in cash at end-June, up US$65.4 million from Dec 31, 2025.
JustCo kept its network expansion on track, adding 2,283 workstations in the half and securing a committed pipeline of 21 additional centres that will raise the portfolio to 78 sites. In July, it announced “JustCo Place” at 160 Orchard Road, a management-contract project that combines coworking and coliving, with Deloitte Singapore taking all office space as anchor tenant.
Executive chairman and chief executive Kong Wan Sing said the first-half performance demonstrates the scalability of the business model, noting that margin expansion and positive cash flow were achieved despite the costs of listing. He added that management will remain focused on disciplined portfolio management and member service as it executes further growth plans.
Looking ahead, the board intends to institute a dividend payout of 50% of net profit from FY2027, subject to market conditions and capital requirements. Management also reiterated its intention to fund future expansion from existing cash resources, citing the absence of bank debt and the recent injection of IPO proceeds.