FIAMMA Holdings Bhd, a Main Market-listed home appliance maker/distributor, healthcare industry player and property developer is cautiously optimistic about its 2026 outlook buoyed by steady execution and strategic progress achieved throughout 2025.
The group is in the midst of strengthening its core Trading & Services business while expanding selectively into adjacent categories to build a more balanced earnings profile.
These efforts are expected to enhance earnings resilience amid a challenging global operating environment.
Fiamma posted a pre-tax profit of RM70.6 mil for its 9M FY2025 ended Sept 30, 2025 which was more than double the RM29.7 mil achieved in the corresponding period the year before despite its revenue easing 5.2% year-on-year (yoy) to RM269.0 mil.
While part of this uplift was attributable to non-core items, the group’s core Trading & Services business remained profitable and resilient with segment pre-tax earnings improving slightly yoy to RM30.9 mil despite lower revenue.
Contributions from associate-led property projects also supported overall performance during the period.
Fiamma’s group CEO Jimmy Tan Chee Wee described 2025 as “a year of strengthening our foundations following disciplined execution across key businesses.
“Our Trading & Services segment continued to generate stable recurring income, contributing about 85% of group revenue while profitability improved on the back of a more favourable product mix and disciplined execution, despite higher operating costs,” he revealed.
“At the same time, contributions from our property associates began to support earnings as projects progressed.”
2026 targets
During 2025, Fiamma expanded its home appliances portfolio beyond its traditional kitchen offerings into adjacent household categories such as laundry and cleaning solutions.
These new categories are intended to increase household penetration and leverage Fiamma’s nationwide distribution network of over 2,000 retail and sales touchpoints which are supported by more than 100 authorised service centres across Malaysia.
Additionally, the group also entered the air-conditioner category with a nationwide roll-out in mid-2025, marking a strategic move into one of Malaysia’s largest consumer appliance segments which are estimated to exceed RM3 bil annually.
While still in its early phase, this category complements Fiamma’s existing product range and strengthens its positioning as a total home solutions provider.
Beyond consumer appliances, Fiamma continued to grow its medical and healthcare distribution business in 2025 by serving both institutional and consumer healthcare channels.
Supported by rising public healthcare spending and Malaysia’s aging population, the segment provides a more defensive and recurring revenue stream to the group.
Operationally, Fiamma initiated its ERP (enterprise resource planning) and digital transformation programme in 2025, beginning with a detailed review and blueprinting of existing systems and processes. These initiatives are expected to enhance execution quality and scalability as the Group grows.
Looking ahead, Fiamma remains cautiously optimistic for 2026. The group expects to continue strengthening its home appliances portfolio, including kitchen, laundry, cleaning and cooling solutions, supported by rising demand for smart and energy-efficient products.
Expansion in healthcare and medical devices – together with improving contributions from property associates – is expected to further diversify earnings.
While operating expenses are expected to increase next year due to strategic investments – including a new corporate office, ERP upgrades, smart appliance software development and enhancements to employee capabilities – the management views these as necessary investments to support long-term efficiency, customer experience and sustainable growth.
Added Tan: “Our strategy remains clear. We are building a diversified and resilient earnings base, growing within our means and investing where it strengthens our core. That positions us well as we move into 2026.”
At 3.25pm, Fiamma was unchanged at RM1.11 with no shares traded as yet and a market capitalisation of RM589 mil. – Jan 9, 2026
