MasterBeef Group (MB) Income Statement
MB 2025 at a glance
Fiscal year ended December 31, 2025 · Hong Kong dollarsMB revenue and net income
Where MB's revenue goes
2025Each bar shows an amount and its share of revenue. MB kept −11.4% of revenue as net income.
MB profit margins
MB growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −8.9% | +0.2% | −15.7% | — |
| Gross profit | −17.1% | −21.6% | −28.2% | — |
| Operating income | — | — | — | — |
| Net income | −259.7% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MB income statement in Hong Kong dollars
| 2025 | 2024 | 2023 | 2022 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|
| Revenue | HK$459.1M | HK$504.0M | HK$499.5M | HK$456.7M | HK$1.43B | HK$1.08B | HK$785.6M |
| Cost of revenue | HK$316.9M | HK$332.5M | HK$161.8M | HK$161.1M | HK$404.8M | HK$334.1M | HK$288.2M |
| Gross profit | HK$142.2M | HK$171.5M | HK$337.7M | HK$295.6M | HK$1.02B | HK$744.1M | HK$497.4M |
| Research & development | HK$7.0M | HK$5.9M | HK$7.3M | HK$6.3M | HK$279.5M | HK$235.1M | HK$178.7M |
| Sales, general & admin | HK$64.3M | HK$55.1M | HK$161.6M | HK$172.5M | HK$828.7M | HK$639.3M | HK$489.5M |
| Total operating expenses | HK$174.5M | HK$177.3M | HK$251.9M | HK$252.2M | HK$1.13B | HK$909.6M | HK$766.7M |
| Operating income | −HK$32.3M | −HK$5.8M | HK$85.8M | HK$43.4M | −HK$112.0M | −HK$165.4M | −HK$269.3M |
| Interest income | HK$484,236 | HK$682,409 | HK$515,980 | HK$28,253 | — | — | — |
| Interest expense | HK$9.7M | HK$10.2M | HK$9.6M | HK$7.6M | — | — | HK$7.4M |
| Income before taxes | −HK$45.6M | HK$35.6M | HK$10.7M | HK$37.8M | −HK$114.1M | −HK$175.7M | −HK$277.8M |
| Income taxes | HK$7.0M | HK$2.7M | HK$7.7M | HK$4.4M | HK$1.3M | HK$2.5M | HK$1.9M |
| Net income | −HK$52.5M | HK$32.9M | HK$3.0M | HK$33.4M | −HK$115.4M | −HK$178.2M | −HK$279.7M |
| EBITDA | HK$30.7M | HK$124.4M | HK$104.5M | HK$114.0M | −HK$42.7M | −HK$115.6M | −HK$219.9M |
| Gross margin | 31.0% | 34.0% | 67.6% | 64.7% | 71.6% | 69.0% | 63.3% |
| Operating margin | −7.0% | −1.2% | 17.2% | 9.5% | −7.9% | −15.3% | −34.3% |
| Net margin | −11.4% | 6.5% | 0.6% | 7.3% | −8.1% | −16.5% | −35.6% |
| Mar '26 | Sep '25 | Mar '25 | Jun '24 | Dec '23 | Jun '23 | Sep '18 | Jun '18 | Mar '18 | Dec '17 | Sep '17 | Jun '17 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$228.0M | HK$232.3M | HK$259.0M | HK$244.0M | HK$274.9M | HK$256.9M | HK$498.6M | HK$483.5M | HK$422.4M | HK$387.8M | HK$364.1M | HK$344.3M |
| Cost of revenue | HK$218.4M | HK$217.6M | HK$224.8M | HK$225.6M | HK$250.1M | HK$225.5M | HK$157.8M | HK$152.4M | HK$121.0M | HK$109.2M | HK$102.5M | HK$99.4M |
| Gross profit | HK$9.6M | HK$14.6M | HK$34.2M | HK$18.4M | HK$24.8M | HK$31.5M | HK$340.8M | HK$331.1M | HK$301.4M | HK$278.7M | HK$261.6M | HK$244.8M |
| Research & development | — | — | — | — | — | — | HK$148.2M | HK$137.7M | HK$92.5M | HK$73.2M | HK$70.1M | HK$68.7M |
| Sales, general & admin | — | — | — | — | — | — | HK$302.9M | HK$262.8M | HK$184.8M | HK$230.8M | HK$213.0M | HK$198.0M |
| Total operating expenses | HK$15.1M | HK$32.2M | HK$25.1M | HK$30.4M | HK$28.1M | HK$24.1M | HK$454.2M | HK$458.3M | HK$334.0M | HK$301.8M | HK$291.0M | HK$277.3M |
| Operating income | −HK$5.4M | −HK$17.6M | HK$9.1M | −HK$12.0M | −HK$3.4M | HK$7.4M | −HK$113.4M | −HK$127.2M | −HK$32.6M | −HK$23.1M | −HK$29.4M | −HK$32.4M |
| Interest expense | HK$5.0M | HK$4.7M | HK$4.8M | HK$5.4M | HK$5.9M | HK$5.6M | HK$31.6M | HK$10.5M | — | — | — | — |
| Income before taxes | −HK$15.4M | −HK$30.3M | −HK$7.1M | HK$42.7M | −HK$18.2M | −HK$11.6M | −HK$133.4M | −HK$131.9M | −HK$29.4M | −HK$23.8M | −HK$27.7M | −HK$33.2M |
| Income taxes | HK$5.2M | HK$1.8M | HK$127,538 | HK$2.6M | HK$3.4M | HK$4.3M | HK$1.3M | HK$612,063 | −HK$16.2M | −HK$1.4M | HK$648,298 | HK$921,012 |
| Net income | −HK$20.6M | −HK$32.1M | −HK$7.3M | HK$40.1M | −HK$21.6M | −HK$15.8M | −HK$134.8M | −HK$132.5M | −HK$13.3M | −HK$22.5M | −HK$28.4M | −HK$34.1M |
| EBITDA | HK$25.5M | HK$18.3M | HK$48.6M | HK$26.9M | HK$41.5M | HK$46.7M | −HK$25.4M | −HK$70.8M | −HK$8.6M | −HK$37.9M | −HK$38.5M | −HK$15.2M |
| Gross margin | 4.2% | 6.3% | 13.2% | 7.5% | 9.0% | 12.2% | 68.3% | 68.5% | 71.3% | 71.8% | 71.8% | 71.1% |
| Operating margin | −2.4% | −7.6% | 3.5% | −4.9% | −1.2% | 2.9% | −22.7% | −26.3% | −7.7% | −6.0% | −8.1% | −9.4% |
| Net margin | −9.0% | −13.8% | −2.8% | 16.4% | −7.9% | −6.2% | −27.0% | −27.4% | −3.1% | −5.8% | −7.8% | −9.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in Hong Kong dollars as reported in MB's financial statements (latest annual report filed May 15, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MB financial results
In fiscal year 2025 (ended December 31, 2025), MasterBeef reported revenue of HK$459.1 million, down 8.9% from the year before. It had a net loss of HK$52.5 million, a net profit margin of −11.4%. Over five years revenue grew at an average rate of −15.7% a year. Figures are in Hong Kong dollars, the currency of its financial statements.
See the MB stock overview for the latest quote and news, or the MB chart for price history and technical indicators.
MB income statement FAQ
What is MasterBeef's annual revenue?
MasterBeef reported total revenue of HK$459.1 million for fiscal year 2025, which ended on December 31, 2025. That was down 8.9% from HK$504.0 million the previous year.
Is MasterBeef profitable?
No. MasterBeef reported a net loss of HK$52.5 million in fiscal 2025, a net profit margin of −11.4%; its operating margin was −7.0%.
What is MasterBeef's gross margin?
MasterBeef's gross margin was 31.0% in fiscal 2025: for every $100 of revenue, MasterBeef kept $31 after the direct cost of its products and services.
How much does MasterBeef spend on research and development?
MasterBeef spent HK$7.0 million on research and development in fiscal 2025, 1.5% of revenue.
How fast is MasterBeef growing?
Revenue grew −15.7% a year on average over the last five fiscal years, from HK$1.1 billion to HK$459.1 million.
When does MasterBeef's fiscal year end?
MasterBeef's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on May 15, 2026.