4 Surprising Stories from Yoma Strategic’s Latest Earnings

Introduction:

This post aims to distill the most surprising and significant stories from Yoma Strategic Holdings’ latest financial report for the first half of 2026. While the company posted strong overall growth, with revenue climbing 19.3% to US113.6 million and core EBITDA jumping an impressive 49.8% to US20.5 million, the real story lies in how each of its core business segments contributed to this success.

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1. The Fintech Paradox: How Revenue Fell but Profits Climbed

At first glance, the performance of Yoma’s Mobile Financial Services segment, Wave Money, seems counter-intuitive. Revenue for the segment actually declined by 32.0% year-on-year. Yet, despite this drop, its Core EBITDA increased by 6.8%. What makes this pivot even more remarkable is that it was achieved while navigating significant operational headwinds, including network outages and disruptions from a recent earthquake.

This paradox is explained by a successful strategic shift in the business model. The report reveals that the decline in revenue was driven by a fall in over-the-counter transactions as the business pivots significantly towards digital channels. This digital transition is proving highly effective:

• Overall transaction volumes surged by 41.7%, powered by a 52.1% growth in digital transactions.
• Crucially, interest income, recorded under ‘Other gains’, more than doubled. This was driven by higher trust account balances resulting from a larger and more active digital wallet ecosystem.

This dynamic shows a business that is successfully transitioning to a more profitable and scalable digital model, even if it results in a short-term drop in a specific type of traditional revenue.

2. Yoma Motors is Back in the Fast Lane

The most dramatic growth figure in the entire report comes from the Yoma Motors segment, where revenue increased by an astonishing 122.7% year-on-year to US$7.1 million.

The primary driver for this remarkable turnaround was the resumption of sales fueled by new inventory. Passenger vehicle sales restarted after restocking, while the delivery of backlogged Hino truck orders drove heavy equipment growth. While Heavy Equipment sales grew an impressive 56.5% to US4.7 million, the most explosive growth came from Passenger Vehicles, where revenue skyrocketed from just US0.2 million to US$2.4 million as inventory became available.

This signifies a powerful recovery from previous supply constraints. It demonstrates that the business is now able to meet significant pent-up demand in the market, putting the segment firmly back on a high-growth track.

3. Real Estate’s Engine: Smarter Growth, Not Just Bigger Sales

The Yoma Land Development segment remains the company’s largest revenue contributor, accounting for 60% of the total. It posted impressive growth, with revenue up 29.4% to US$68.5 million. However, the more impactful story is found in its exploding profitability, with the segment’s Core EBITDA jumping by 70.8%.

This significant margin improvement was driven by two key strategic factors:

• A deliberate “shift in project mix from Estella to projects at Pun Hlaing Estate which carry better margins,” exemplified by the newly launched Sandakuu project which alone generated US$24.6 million in revenue during the period.
• Successful “pricing escalations on ARA units sold this year.”

To underscore the segment’s future stability, the report notes that as of 30 September 2025, Yoma Land had US$93.0 million in unrecognised revenue from previously sold units. This revenue will be recognised over the next 18 to 24 months, providing a clear line of sight into future earnings. This shows that Yoma Land is not just selling more properties; it’s strategically managing its portfolio to sell more profitable ones, building a robust foundation for the future.

4. The Power of Brand Loyalty in a Tough Market

Yoma’s Food & Beverage segment, which operates its KFC and YKKO restaurant brands, delivered a robust performance, with revenue growing 18.5% to US$18.1 million. This growth was attributed to strong consumer demand, successful marketing campaigns, an expanded store network, and additional fees from its YKKO franchise expansion.

The most telling detail is that this growth was supported by “multiple pricing increases” implemented to counter rising costs. The fact that consumers absorbed these higher prices and continued to spend demonstrates powerful brand loyalty and significant pricing power in a tough market. However, it also highlights ongoing margin pressure, as the report notes these adjustments only partially mitigated cost inflation.

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Conclusion: Resilience and a Look Ahead

Beneath the headline figures, Yoma’s latest earnings report tells four distinct stories of strategic success: a well-executed pivot to a more profitable digital model in finance, a powerful operational recovery in motors, margin-focused growth in real estate, and resilient brand power in food and beverage.

The report shows a company successfully navigating a challenging environment through a series of smart, strategic shifts. As Yoma continues to adjust to market changes and enhance its financial resilience, which of these powerful growth engines will prove most critical for its long-term success?

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