JustCo cuts H1 loss to $1.02m

Cash EBITDA jumped 147% as revenue and free cash flow grew.

JustCo Holdings narrowed its net loss to $1.02m (US$0.8m) in the first half (H1) of 2026, from $2.18m (US$1.7m) a year earlier.

Net profit after tax (NPAT) before one-off initial public offering (IPO) expenses reached $0.13m (US$0.1m), whilst cash earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 147% year on year to $13.57m (US$10.6m) from $5.50m (US$4.3m).

Cash EBITDA margin increased to 13.1% from 6.6%, which the company attributed to economies of scale and growth in Japan.

Revenue rose 24% to $103.42m (US$80.8m) from $83.33m (US$65.1m), whilst revenue per workstation per month increased 11% to $599.62 (US$468.45).

Free cash flow rose 256% to $4.10m (US$3.2m) from $1.15m (US$0.9m), as Cash EBITDA covered capital expenditure on new centres.

The company’s cash position stood at $216.83m (US$169.4m) at 30 June, up $83.71m (US$65.4m) from 31 December 2025. The balance included proceeds from JustCo’s May 2026 IPO. The company had no bank debt.

JustCo expanded its network to 57 centres with 37,350 workstations at June-end, from 50 centres and 35,067 workstations at December-end.

It has a committed pipeline of 21 centres, which would take the network to 78 centres.

The company also launched JustCo Place at 160 Orchard Road, which includes a coworking centre and a coliving project under a management contract. Deloitte Singapore is the anchor customer and has committed to occupy 100% of the space.

The board plans to distribute a dividend equal to 50% of NPAT from financial year 2027, barring unforeseen circumstances.

(US$1 = SG$1.28)

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