Dfi Retail Group Holdings Limited · SGX:D01
Dfi Retail — H1 2025 Earnings Presentation
23 slides from Dfi Retail's earnings presentation, Jul 23, 2025
Slide 1: DFI Retail Group 2025 Half-Year Results Presentation
DFI Retail Group 2025 Half-Year Results Presentation 23 July 2025
Slide 2: Disclaimer
Disclaimer This Document (the “Document”) is for information purposes only. This Document is not intended to form the basis of any investment decision nor does it constitute any recommendation or advice as to how the reader should, or should not, act on any matter. The information in this Document i
Slide 3: Agenda
Agenda 1. Key Highlights 2. Financial Results 3. Strategy & Business Updates 4. Business Outlook
Slide 4: Key Business Highlights
Key Business Highlights Macro backdrop • Prevailing macroeconomic and geopolitical uncertainties • Continued flight to value by consumers Key focus areas for driving growth and profitability • Accelerating growth in Health & Beauty through franchise model • Expanding ready-to-eat (RTE) proposition i
Slide 5: Agenda
Agenda 1. Key Highlights 2. Financial Results 3. Strategy & Business Updates 4. Business Outlook
Slide 6: Key Financial Highlights
Key Financial Highlights • Underlying profit of US$105m, up 39% year-on-year • Stabilising revenue growth trend with stable LFL subsidiary sales, excluding divestment and cigarette sales • Health & Beauty delivered strong sales and profit growth • Convenience profitability impacted by one-off windfa
Slide 7: Revenue and Underlying Profit
Revenue and Underlying Profit 1H 2025 (US$’ m) 1H 2025 1H 2024 Change Change2 (restated)1 Total Revenue Including Associates & JVs 8,196 12,643 -35% 7,605 +1% Subsidiaries 4,387 4,405 -0% 4,387 +0% Subsidiaries Underlying Operating Profit (pre-IFRS16) 123 121 +1% 123 +2% Subsidiaries Underlying Prof
Slide 8: Revenue Summary
Revenue Summary LFL (US$’ m) 1H 2025 1H 2024 Change (restated)1 Health and Beauty 1,291 1,211 +7% +4% Convenience 1,129 1,168 -3% -1% Food 1,545 1,579 -2% -1% Home Furnishings 328 349 -6% -6% Total revenue2 4,387 4,405 -0% +0% Key Associates3 Maxim's 1,373 1,369 +0% Robinsons Retail 2,430 1,744 +39%
Slide 9: Subsidiaries Operating and Underlying Profit
Subsidiaries Operating and Underlying Profit 1H 20241 (US$’ m) 1H 2025 1H 2024 Change2 Change %2 (restated) Health and Beauty 109 103 101 +8 +8% Convenience 38 47 47 -9 -18% Food 24 26 21 +3 +14% Home Furnishings 9 3 3 +6 +164% SG&A (56) (57) (51) -5 +12% Operating Profit (pre-IFRS16) 123 121 121 +2
Slide 10: Cash Flow Statement
Cash Flow Statement (US$’ m) 1H 2025 1H 2024 EBITDAR 598 580 Principal Elements of Lease Payments (333) (312) Interest Elements of Lease Payments (59) (54) ∆Working Capital (51) (52) Net Financing Costs (12) (19) Dividends Received 27 30 Other Operating Cash Flow (17) (17) Operating Cash Flow 153 15
Slide 11: Agenda
Agenda 1. Key Highlights 2. Financial Results 3. Strategy & Business Updates 4. Business Outlook
Slide 12: Strategic Framework Centred on Five Key Deliverables
Strategic Framework Centred on Five Key Deliverables OUR STRATEGIC PILLARS Customer First, People Led, Shareholder Driven OUR STRATEGIC 1 2 3 4 DELIVERABLES Retail Excellence Access to Customers Omnichannel & Lean & Agile Data Ecosystem Operating Model Deliver best-in-class Strategically expand Powe
Slide 13: Health and Beauty Update
Health and Beauty Update • +4% LFL sales growth underscores rising brand equity as trusted health & wellness advisor • Profit up 8% year-on-year supported by strong sales performance • Mannings HK LFL sales +6% on growing share in key wellness categories • Increased basket size across key Guardian (
Slide 14: Convenience Update
Convenience Update • LFL sales -1% excluding cigarettes • Positive momentum with overall sales recovery in 2Q25 • Profit decline due to one-off windfall gain from cigarette inventory purchase in 1H24 • Replacing low-quality cigarette margin with high-quality ready-to-eat (RTE) margin • Growing RTE s
Slide 15: Food Update
Food Update • LFL sales marginally declined by 1% excluding divestment of Hero Supermarket in 1H24 • EDLP (Everyday Low Price) strategic pivot in HK to counter Greater Bay Area competition • Strategic price reinvestment and sourcing through recent DingDong partnership • Increased footfall and items
Slide 16: Home Furnishings Update
Home Furnishings Update • Pivoting to a more value-driven omnichannel assortment across markets • HK: Reinvesting in pricing through sourcing and operating cost reduction • Taiwan: Continued resilience with over 10% PBIT margin • Indonesia: Driving sales through expanding digital presence and market
Slide 17: Expanding Digital Presence
Expanding Digital Presence Growing e-commerce penetration Our digital asset portfolio Website Direct +1.2% distribution 4.8% channels App / Mini Program +0.3% 4.0% 3.7% 3.6% Loyalty programme Marketplace Third-party platforms Quick Commerce1 FY23 FY24 1H24 1H25 Total eCommerce daily order volume of
Slide 18: Accelerating Momentum in Retail Media
Accelerating Momentum in Retail Media Through proprietary data, creating Unique online-offline proposition unparalleled scale and reach Online In-store Largest loyalty program in HK with 5m+ yuu members In-app opening and first page ads In-store screen media c.2,500 physical outlets 1 across formats
Slide 19: Driving Growth and Profitability with Own Brand Reset
Driving Growth and Profitability with Own Brand Reset No. of Own Brand Products Sales per SKU Gross profit per SKU (Food + H&B) (1H25 vs. 1H24) (1H25 vs. 1H24) Food: +13% Food: +12% 2,150+ H&B: +27% H&B: +39% Food1 Health & Beauty2 1. Own Brand reset in Food launched in Q1 2024; Health & Beauty rese
Slide 20: Agenda
Agenda 1. Key Highlights 2. Financial Results 3. Strategy & Business Updates 4. Business Outlook
Slide 21: Full-Year 2025 Outlook
Full-Year 2025 Outlook Organic growth of 0.5-1.0% Subsidiaries Revenue (previously ~2%) Underlying Profit US$250-270m Attributable to Shareholders (previously US$230-270m) Capex US$200-220m Ordinary dividend ~60% payout 21 21
Slide 22: Q&A session
Q&A session 2025 Half-Year Results Presentation
Slide 23: Thank you
Thank you If you have any queries, please email DFIinvestor@DFIretailgroup.com