Earnings call transcript: H&H lifts H1 2026 growth outlook as stock jumps 20%

Health and Happiness International Holdings (H&H) reported robust first-half 2026 results, with revenue up 23.7% year-on-year on a like-for-like basis. Adjusted EBITDA margin improved to 21.8%, driven by operating leverage, premiumization, and supply-chain gains. The Hong Kong-listed consumer health group raised its full-year guidance and lifted its interim dividend to HKD 0.82 per share.

H&H's adult nutrition, baby nutrition, and pet nutrition businesses each contributed to the company's strong performance. The company's gross debt fell by RMB 1 billion in the first half, ahead of its full-year deleveraging plan. H&H's strong growth trajectory is supported by its market expansion to over 20 markets and improved profitability, as reflected in the 3-percentage-point increase in gross margin and a drop in selling and distribution expense ratio. The stock surged 20.23% to $17.83, nearing its 52-week high of $17.86.