Dfi Retail Group Holdings Limited · SGX:D01
Dfi Retail — Investor Day (December 2025)
112 slides from Dfi Retail's investor day presentation, Dec 3, 2025
Slide 1: DFI Retail Group 2025 Investor Day
DFI Retail Group 2025 Investor Day 3 December 2025
Slide 2: Session and Presenter Agenda
Session Presenter Karen Chan 09:00 – 09:05 Welcome Strategy & Investor Relations Director Scott Price 09:05 – 09:25 Opening remarks Group Chief Executive Andrew Wong 09:25 – 09:50 Health & Beauty – The Trusted Advisor for Wellness CEO, Health & Beauty Yoep Man 09:50 – 10:15 Convenience – Unlocking S
Slide 3: 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 4: DFI Retail Group Management Committee
DFI Retail Group Management Committee Martin Lindström Andrew Wong Scott Price Curtis Liu Yoep Man Ella Chan Chief Executive Officer, Chief Executive Officer, Group Chief Executive Chief Executive Officer, Chief Executive Officer, Group Chief Strategy DFI IKEA Health & Beauty Food 7-Eleven Officer C
Slide 5: Opening Remarks
DFI 2025 Investor Day Opening Remarks Presented by Scott Price Group Chief Executive
Slide 6: Asia's leading multi-format retailer across 12 markets
Asia’s leading multi-format retailer across 12 markets Laos Chinese mainland Taiwan Health & Beauty #1 player in Hong Kong #2 player in Malaysia and Singapore Macau Hong Kong Convenience Thailand #1 player in Hong Kong, Singapore and Macau #1 international player in South China Food #1 player in Hon
Slide 7: Well-diversified business portfolio
Well-diversified business portfolio 7,400+ Outlets1 28% 28% 12 Asian markets Health & Beauty Convenience 5 Formats c US$8.9B Total 2024 revenue3 22M Weekly transactions2 8% 36% Home 5M+ yuu members in HK Food Furnishings Note: 1. Include associates and joint ventures. 2. As of 2024. Include Health &
Slide 8: What we have achieved in the past two years
What we have achieved in the past two years ✓ Divested Yonghui Superstores for ~US$620 million Simplified ❶ portfolio ✓ Divested Robinsons Retail for ~US$280 million ✓ Divested Singapore Food for ~US$95 million ✓ Clear strategic growth and margin expansion priorities ❷ Reset strategy ✓ Strategic res
Slide 9: Where we want to be
Where we want to be Drive organic revenue growth by increasing store sales density across segments and strategically ❶ expanding our network in Health & Beauty and Convenience ❷ Disciplined capital investment in higher-growth and return businesses where we have the right to win c ❸ Build an accretiv
Slide 10: Building a winning customer proposition
Building a winning customer proposition Mindful of wellness Convenience is king Customers willing to spend 35% more on wellness products Convenience is the most important factor for 88% of customers • Expanding store network • Growing share in Wellness strategically with franchise model • Supporting
Slide 11: Retail excellence guided by clear strategic framework
Retail excellence guided by clear strategic framework Purpose Sustainably serve Asia for generations with everyday moments Strategic pillars Customer First, People Led, Shareholders Driven Strategic deliverables Access to Omnichannel & Lean & Agile Retail Excellence Customers Data Ecosystem Operatin
Slide 12: Best-in-class mass retailing
Best-in-class mass retailing #1 player across formats in Hong Kong Growing TSR & dividends Expanding presence in growth markets Disciplined capital allocation Omnichannel strength Scale benefits & global standards Data empowered 12
Slide 13: Driving TSR momentum
Driving TSR momentum DFI TSR1 and Div 1 Jan 2025 to 30 Nov 2025, % ble owth ide na le gr 83% pro stai b nd (61% if excl. special dividend) a Su gro fit wth Driving shareholder returns c a pi Di s c a l l o 29% CE tal i pl c RO 20% 16% ed in in 6% g at v io n Imp ro Peers STI (SG) HSI (HK) S&P (US) a
Slide 14: A TSR-accretive M&A strategy
A TSR-accretive M&A strategy Clear earnings synergy with 15% ROCE threshold strategic business fit Market Ownership Synergy Return Focus on existing formats Majority stake in Asia with attractive growth potential 14
Slide 15: Our progress and goals on sustainability
Our progress and goals on sustainability Scope 1 & 2 emissions Our progress Our commitment Reduction in Reduction in ↓22% emissions as of YE251 ↓50% emissions by 20301 Sustainable products Plastic & Waste 380 Low Carbon Rice 83%Plastic From Own Brand recyclable, reusable or compostable (+4% vs. FY24
Slide 16: Sustainably serve Asia for generations with everyday moments
Sustainably serve Asia for generations with everyday moments 16
Slide 17: Health & Beauty
Health & Beauty The Trusted Advisor for Wellness Presented by Andrew Wong CEO, Health & Beauty
Slide 18: Health and Beauty business overview
Health and Beauty 2024 Sales 2024 Operating Profit Business overview US$2.5B US$211M Chinese mainland 16 Stores Hong Kong 306 Stores #1 player in Hong Kong #2 player in Malaysia & Singapore Macau 22 Stores Vietnam 127 Stores Hong Kong ~60% Sales Brunei breakdown Brunei 28 Stores by geography Chinese
Slide 19: Wellness is the growing frontier within Health and Beauty
Wellness is the growing frontier within Health and Beauty Higher functional value vs. mass and conventional products Assortment built on trust and prevention Wellness to drive tangible value for customers Higher segmental growth ’25-’28 CAGR of ~8.5% vs ~3.7% for overall market1 Note. 1. Growth from
Slide 20: Wellness to drive overall market growth
Wellness to drive overall market growth Health & Beauty market size1 by category Wellness market potential2 Health Beauty Personal Care Wellness within the category +3.7% +8.5% ‘25-’28 CAGR ‘25-’28 CAGR US$21.7B ~US$4.3B US$19.5B ~US$3.6B 2025 2028 2025 2028 Note: 1. Market size excludes Chinese mai
Slide 21: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 3 4 Win in Wellness Franchising expansion Differentiate with in Indonesia personalised services 2 Own Brand reset
Slide 22: Becoming the Trusted Advisor for Wellness
Becoming the Trusted Advisor for Wellness Assortment Technology Personalisation 22
Slide 23: Expertise in Wellness assortment drives tangible value
Expertise in Wellness assortment drives tangible value Preventative brands and products built on trust and … translates to tangible financial benefits guided by expert advice for DFI Larger basket size Haircare with Derma skin care with Supplements functional solutions active ingredients to proactiv
Slide 24: Leveraging technology and services to deepen customer relationship
Leveraging technology and services to deepen customer relationship Technology-enabled services Personalised services Health Pod Skin & Scalp Assessment Professional Services Wellness assessment for 5-minute precise assessment to Expanding coverage of services at preventive care personalised recommen
Slide 25: Personalised recommendations to improve customer wellbeing
Personalised recommendations to improve customer wellbeing Skin analysis Scalp analysis Personalised product recommendation Measuring 20+ items in less than 5 minutes Skin 10+ metrics Scalp 10+ metrics 25
Slide 26: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 3 4 Win in Wellness Differentiate with Franchising expansion in Indonesia personalised services 2 Own Brand reset
Slide 27: Reinvigorating Own Brand to deliver value and relevance
Reinvigorating Own Brand to deliver value and relevance ~80K +30% Own Brand gross profit Customers surveyed productivity per SKU 1k+ +13% pax / market Survey on packaging End-to-end gross margin design uplift (vs. 2023) -40% +500bps Number of SKUs End-to-end gross margin vs rationalised national bra
Slide 28: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 3 4 Win in Wellness Franchising expansion Differentiate with in Indonesia personalised services 2 Own Brand reset
Slide 29: Expanding customer access through franchise model in Indonesia
Expanding customer access through franchise model in Indonesia Customer perception of Guardian Indonesia Main gap is breadth of network Accelerating total footprint through franchise Ranked by key purchase criteria1 Indonesia 32 750 ~stores 6 Most important #1 Wide selection of 3.76 products #2 prov
Slide 30: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 3 4 Win in Wellness Franchising expansion Differentiate with in Indonesia personalised services 2 Own Brand reset
Slide 31: Omnichannel capabilities to drive loyalty and retail media
Omnichannel capabilities to drive loyalty and retail media Grow online sales penetration1 Drive loyalty through Leverage extensive network and personalised data insights drive retail media monetisation Gondola End Front of Store 7-9% 5% Self-checkout & POS 2024 2028 Cashier Backwall Note 1. Includes
Slide 32: Our financial ambition
Our financial ambition Sales Operating margin ROCE 4-6% 9-11% 55-60% ’25-’28 CAGR 2028 target 2028 target (vs. 1% in 2024) (vs. 53% in 2024) (vs. 8.3%1 in 2024) ✓ Increase productivity per sqft and ✓ PBIT margin improvement ✓ Capex-light franchising expansion of network ✓ Growing Own Brand sales ✓ S
Slide 33: Key takeaways
Key takeaways 1 Trusted Advisor for Wellness 2 Wellness as a segment to grow to >35% sales penetration 3 Accelerate Indonesia network expansion to ~750 stores by 2028 via franchise 4 Enhance digital capabilities by investing in omnichannel enablers 33
Slide 34: Convenience
Convenience Unlocking Scalable Growth Presented by Yoep Man CEO, 7-Eleven
Slide 35: 7-Eleven business overview
7-Eleven 2024 Sales 2024 Operating Profit Business overview US$2.4B US$102M Hong Kong 1,087 Stores #1 player in Hong Kong, Singapore and Macau South China #1 international player in South China 1,833 Stores ~60% Macau 49 Stores Hong Kong Sales breakdown Macau Singapore by geography 467 Stores Singap
Slide 36: Trends shaping the convenience business
Trends shaping the convenience business Urban density drives Value and quality drive Omnichannel customers show convenience demand shopping decisions higher loyalty and spending power No. of convenience stores (CVS) Top 3 drivers Customer lifetime value per 10k population +30% Better value 39% Hong
Slide 37: We have a winning proposition
We have a winning proposition Gaining market share Leveraging high-margin categories Win in core CVS missions Ready-to-Eat sales Margin % RTE sales breakdown ’25-’28 CAGR by category +400bps +7-8% 4X 25% Breakfast 23% +4% Lunch 24% 26% Tea Dinner Late Night Market1 Cigarettes Ready-to-Eat 2024 2028
Slide 38: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 4 5 Refined assortment Expansion in China Omni-acceleration 2 Innovation 3 Store execution
Slide 39: Refined assortment meeting customer needs
Refined assortment meeting customer needs Sales breakdown, by % +6-8% ’25-’28 CAGR1 RTE Tapping into more shopping occasions RTE 23% 28% Other 46% 52% non-CIG Drinks CIG & Growth driven by shift towards healthier options Snacks 2024 2028 Gross profit breakdown, by % Innovation +7-9% Award 2025 Globa
Slide 40: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 4 5 Refined assortment Expansion in China Omni-acceleration 2 Innovation 3 Store execution
Slide 41: Innovation – Gain share with Japan-inspired, healthy, affordable choices
Innovation – Gain share with Japan-inspired, healthy, affordable choices 1 Japan-inspired range 2 Healthy and affordable products 3 Modern store experience 35%+ RTE basket penetration (2025) 50% RTE basket penetration (2028) International flavours with everyday meals New launches that are good for y
Slide 42: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 4 5 Refined assortment Expansion in China Omni-acceleration 2 Innovation 3 Store execution
Slide 43: New store concept drives results
New store concept drives results Initial 90-day results (store sales and RTE % excl. cigarettes) Hong Kong Causeway Bay +29% Store sales +420bps RTE penetration % 70+ new concept stores +170bps Store profitability % 1k+ re-fits for the full store network by 2028 43
Slide 44: Accelerating rollout of 7E Food Bars
Accelerating rollout of 7E Food Bars Initial 90-day results (Food bar vs. non-Food bar) Chinese mainland 7E Food Bar +200bps RTE penetration % +600bps Digital penetration % 1,250+ Food Bars by 2028 +120bps Store profitability % 44
Slide 45: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 4 5 Refined assortment Expansion in China Omni-acceleration 2 Innovation 3 Store execution
Slide 46: Expanding network in China, accelerated through proven store model
Expanding network in China, accelerated through proven store model Competitive franchise Leading international CVS Right to win proposition player in Guangdong Customer perception of 7-Eleven Int'l CVS stores in Guangdong (2025) 7-Eleven Peers 4.34 Right brands 1,879 4.25 4.28 Right products 391 4.2
Slide 47: Deeper penetration into Guangdong
Deeper penetration into Guangdong SG 2,400 No. of stores by 2028 QY MZ HY CZ ZQ Guangzhou JY ST HZ SW YF FS DG 8-10% Sales ’25-’28 CAGR ZS Shenzhen JM YJ ZH MM ZJ +70-80 ’25-’28 profit margin growth bps Legend 7E store density in Guangdong 47
Slide 48: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 4 5 Refined assortment Expansion in China Omni-acceleration 2 Innovation 3 Store execution
Slide 49: Growing online sales via multi-channel strategy
Growing online sales via multi-channel strategy Online sales penetration1, 2024-2028 Social commerce Own app / web 7-10% 3rd party platform 3% 2024 2028 Ambition Note: 1. Total sales excludes cigarettes. 49
Slide 50: Retail media drives deeper customer engagement and margin uplift
Retail media drives deeper customer engagement and margin uplift 7CAFÉ Menu Board Drinks Chiller Entrance 2 3 4 1 1% Checkout of sales Self-checkout 5 50
Slide 51: Our financial ambition
Our financial ambition Sales Operating margin ROCE 6-8% 5-6% 25-27% ’25-’28 CAGR1 2028 target 2028 target (vs. 5%1 in 2024) (vs. 4.3% in 2024) (vs. 24%2 in 2024) ✓ Shift towards high-margin ✓ Store network expansion ✓ Capex-light expansion through categories ✓ Acceleration of RTE drives footfall fra
Slide 52: Key takeaways
Key takeaways 1 6-8% sales CAGR driven by refined assortment, innovation and omnichannel 2 Store network to reach 4,000+ stores by 2028 3 Online sales penetration to reach 7-10% Margin expansion to 5-6% driven by favourable sales mix, enhanced operational efficiency 4 and scale benefits 52
Slide 53: Food
Food Always Fresh, Always Value, Always Here for You Presented by Curtis Liu CEO, Food
Slide 54: Food business overview
Food 2024 Sales 2024 Operating Profit Business overview US$3.1B US$58M US$2.3B (excl. SG Food) US$58M (excl. SG Food) Hong Kong 323 Stores #1 player in HK & Cambodia Macau 21 Stores ~90% Cambodia Hong Kong 85 Stores Sales breakdown by geography Cambodia Macau Note: Store network and operational figu
Slide 55: Key trends in the Food market
Key trends in the Food market Outbound travel and rise of e-commerce A deflationary cycle Rest of the Market 82.3% 81.3% +100bps Wellcome 17.7% 18.7% 2019 2024 Total Addressable US$12B US$11B CAGR -1.6% Market Size • Continued outbound travel in both Hong Kong and Macau • HK is experiencing a deflat
Slide 56: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 3 4 Strategic price Omni-acceleration Process optimisation reinvestment and AI/tech enabler 2 Store fleet upgrade
Slide 57: Strengthening price competitiveness and expanding market reach
Strengthening price competitiveness and expanding market reach Wellcome ranks #1 in customer value perception1: Cambodia 6 times vs. Key Competitor The Only nationwide modern trade operator Population: 17.5 million 45% 45% customers believe Wellcome 2024 GDP: US$46 billion offers the lowest prices 2
Slide 58: Strategic pivot to Everyday Low Price (EDLP)
Strategic pivot to Everyday Low Price (EDLP) 1 Everyday Value Tackle GBA price gap, enhance value perception 2 Own Brand Exclusivity, value and loyalty 3 Strategic sourcing & AI capability Drive efficiencies and maximise profits • Phase I: 150+ items, cover daily core basket • Drive innovation throu
Slide 59: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 3 4 Strategic price Omni-acceleration Process optimisation reinvestment and AI/tech enabler 2 Store fleet upgrade
Slide 60: Revitalising store network to drive footfall
Revitalising store network to drive footfall 1 Remodel 2 Store expansion • HK: Omni-focus smaller-sized store, e.g. Click & • Upgrade our offers to fit local needs for both everyday Collect and premium shoppers • New concept larger-sized store in strategic location • Remodel 5-10% stores every year
Slide 61: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 3 4 Strategic price Omni-acceleration Process optimisation reinvestment and AI/tech enabler 2 Store fleet upgrade
Slide 62: Accelerating omnichannel growth in Hong Kong
Accelerating omnichannel growth in Hong Kong Quick Click & Online sales penetration target Commerce Collect 3X volume growth 20X volume growth +300-500 7-9% 1m 1m bps Drive traffic 300k Unlock revenue 40k 2024 2028 2024 2028 4% Delivery Time 3X faster Same Day/ 3 Days Next Day 2024 2028 62
Slide 63: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 3 4 Strategic price Omni-acceleration Process optimisation reinvestment and AI/tech enabler 2 Store fleet upgrade
Slide 64: Investing in EDLP and driving profitability through improved efficiencies
Investing in EDLP and driving profitability through improved efficiencies Sourcing Digitalisation and Operational Retail media % of sales, vs ‘25 optimisation automation efficiencies monetisation • Fresh direct sourcing • AI-driven tools to • Continue to negotiate • Drive monetisation ↑ Margin to el
Slide 65: Our financial ambition
Our financial ambition Sales Operating margin ROCE 1-3% 2.5-4% 12-14% ’25-’28 CAGR1 2028 target 12 2028 Target (vs. -2% in 20242) (vs. 1.7%3 in 2024) (vs. 5% in 2024) ✓ Sourcing optimisation ✓ Stronger value proposition ✓ Cambodia to reach 15-17% ROCE ✓ Operational efficiencies through AI ✓ Omnichan
Slide 66: Key takeaways
Key takeaways 1 Drive Fresh and Value 2 Store remodel & revitalisation 3 Omnichannel & retail media monetisation 4 Improve margin and operational efficiencies via digital / AI capabilities 66
Slide 67: Home Furnishings
Home Furnishings A Focus on Value & Accessibility Presented by Martin Lindström CEO, DFI IKEA
Slide 68: IKEA business overview
IKEA 2024 Sales 2024 Operating Profit Business overview US$701M US$16M Hong Kong 10 Stores #1 player in TW, HK & MO Macau 1 Store Taiwan ~50% Taiwan 8 Stores Sales breakdown Macau Indonesia by geography 7 Stores Indonesia Hong Kong Note: Store network and operational figures at 31 December 2024. 68
Slide 69: Key opportunities in Home Furnishings
Key opportunities in Home Furnishings Resilient demand in TW Omnichannel Affordability Continued strong growth Grow online sales to our Focus on affordability in in Taiwan ‘fair share' Hong Kong & Indonesia Taiwan Hong Kong Indonesia DFI IKEA online sales penetration1 Consumer expenditure +1-2% Cons
Slide 70: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 3 4 5 Strategic price Expansion in Taiwan Omni-acceleration Cost transformation reinvestment 2 Improving relevance
Slide 71: IKEA has strong brand equity; room to improve affordability & accessibility
IKEA has strong brand equity; room to improve affordability & accessibility Top-of-mind home & functional in-store #1 furnishings brand1 Inspiring design Unique experience Taiwan Hong Kong Indonesia Trust Trust Trust Product 80 Product Product Design Design Design quality quality quality 40 0 Access
Slide 72: Two levers to improve our price proposition
Two levers to improve our price proposition Offer more entry price point products Reduce price of selected products 72
Slide 73: Enhance affordability through a tailored proposition with more entry prices
Enhance affordability through a tailored proposition with more entry prices Indonesia Hong Kong Product range distribution by price-tier Price gap vs Chinese mainland competitors 15% High 34% Today Target position 35% Medium 33% 20-25% 5-10% 50% Low 33% Today Target position ✓ Focus on high-volume p
Slide 74: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 3 4 5 Strategic price Expansion in Taiwan Omni-acceleration Cost transformation reinvestment 2 Improving relevance
Slide 75: Continuing to roll out 100+ new products
Food helps to drive traffic and make our stores a destination Seasonal vitality IKEA Food is a critical revenue driver… Launch more limited time exclusive products 14% Total DFI IKEA sales Unique collection Continuing to Customers visit IKEA for Expand range of unique Swedish products and roll out 1
Slide 76: 'Cutting the tail' and focusing our range on being relevant for Asia
'Cutting the tail' and focusing our range on being relevant for Asia Examples of products with lower relevance in selected Asian markets ANRÄ TTA oven: KVARNVIK paper STOCKHOLM sofa: Reducing no. of products per 3,000W; above typical storage box: Premium price; -20% market 2,200W home circuits Paper
Slide 77: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 3 4 5 Strategic price Expansion in Taiwan Omni-acceleration Cost transformation reinvestment 2 Improving relevance
Slide 78: Taiwan: strong profit margin and room for expansion
Taiwan: strong profit margin and room for expansion Nei Hu Store (2021) Taipei Arena City Store (2021) A look back at Taiwan Qing Pu Store (2020) Hsin Chuang Store (2006) Xin Dian Store (2019) • Entered the market in 1994 • Revenue CAGR of +6% in the past 15 years • Profit margin ~10% Tai Chung Stor
Slide 79: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 3 4 5 Strategic price Expansion in Taiwan Omni-acceleration Cost transformation reinvestment 2 Improving relevance
Slide 80: Initiatives in place to increase our online sales penetration
Initiatives in place to increase our online sales penetration Continue to boost online sales and IKEA Indonesia to grow sales by omnichannel capabilities expanding presence on marketplace IKEA Indonesia sales (in US$M) DFI IKEA Taiwan HK & MO Indonesia '25-’28 CAGR2 Sales via 3rd party Online sales
Slide 81: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 3 4 5 Strategic price Expansion in Taiwan Omni-acceleration Cost transformation reinvestment 2 Improving relevance
Slide 82: Significant cost transformation in progress to fund price improvement
Significant cost transformation in progress to fund price improvement % of sales, ‘26 vs ‘25 Labour Rental Regional supply Infrastructure optimisation renegotiation optimisation optimisation ↓ Store labour • Restructured and • Negotiated 35-50% • Increase localisation • Find opportunities to streaml
Slide 83: Our financial ambition
Our financial ambition Sales Operating margin ROCE 2-4% 4-6% 5-7% ‘25-’28 CAGR 2028 target 2028 target (vs. -12% in 2024) (vs. 2.3% in 2024) (vs. 2% in 2024) ✓ PBIT improvement ✓ Cost optimisation ✓ Online sales CAGR growth of +6% ✓ Asset-light and efficient capex ✓ Lean and agile operating model de
Slide 84: Key takeaways
Key takeaways 1 Improving LFL sales trend supported by our focus on value and market-relevant ranges 2 Opportunities for growth in Food and 3rd party marketplace 3 Expansion opportunities in Taiwan - one of the strongest IKEA businesses across the globe 4 Cost optimisation across markets drives marg
Slide 85: Digital
Digital Building an Accretive Digital Ecosystem Presented by Wee Lee Loh Group Chief Digital and yuu Rewards Officer
Slide 86: #1 loyalty program in Hong Kong
Digital Business overview #1 loyalty program in Hong Kong 33M+ Loyalty members across the Group Chinese mainland Hong Kong 1 Taiwan Macau Daily e-commerce orders2 100K+ (2X YoY) Vietnam Cambodia Targeted ad campaigns completed2 Brunei 290+ (6X YoY) Malaysia Digital ecosystem revenue growth Singapore
Slide 87: Building an accretive digital ecosystem
Building an accretive digital ecosystem Digital becomes accretive More More from 2027 onwards Sales & Traffic Data Digital PBIT margin Offline PBIT margin 10-12% Loyalty ~6% More 33M+ Insights Vendor Portal, Loyalty members $ Insights & Retail Media Monetisation ~US$9B 2024 2025 2026 2027 2028 Annua
Slide 88: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 Omni-strategy Online yuu and loyalty Business intelligence Monetisation 2 Economic model
Slide 89: DFI e-commerce strategy: achieve our fair share
DFI e-commerce strategy: achieve our fair share DFI online sales penetration (’28 vs. ’24) Customer First strategy H&B 5% 7-9% • Personalised wellness assortment CVS1 3% 7-10% • Improved RTE assortment and quick commerce Food 4% 7-9% • Expanded value-range available online Home 16% 18-20% • Drive gr
Slide 90: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 Omni-strategy Online yuu and loyalty Business intelligence Monetisation 2 Economic model
Slide 91: Expanding DFI's most powerful loyalty program
Expanding DFI’s most powerful loyalty program Member engagement Greater Bay Area (GBA) Southeast Asia ✓ More partnerships ✓ Create GBA yuu ecosystem for ✓ Strengthen loyalty proposition in frequent travellers to expand Southeast Asia ✓ More touchpoints eligible members to 70M+ • Singapore • Malaysia
Slide 92: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 Omni-strategy Online yuu and loyalty Business intelligence Monetisation 2 Economic model
Slide 93: Leverage data to increase sales
Leverage data to increase sales Increase customer share of wallet Increase sales per square foot ✓ More targeted offers ✓ Analytical approach to make better commercial decisions Before After +70% omnichannel spend 1 +3-4% sales uplift +50% purchase frequency 1 +1-3% margin uplift Note: 1. Omnichanne
Slide 94: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 Omni-strategy Online yuu and loyalty Business intelligence Monetisation 2 Economic model
Slide 95: Turning data insights into growth and income
Turning data insights into growth and income Vendor Product Shopper Customer scorecard performance behaviour surveys Performance pulse Analyse sales and Grow brand by using Test concepts and “Actions to improve” operational data to our 1st party data to innovate with direct against competition pinpo
Slide 96: Develop a leading retail media network in Asia
Develop a leading retail media network in Asia ~1% DFI revenue by 2028 Digital display screens in 18K 5k+ stores by 2028 Monthly visits to our 100M physical store network Monthly active users1 7M+ across all apps & sites Note: 1. MAUs across DFI websites and apps (2025); exclude 3rd party marketplac
Slide 97: Simplify and digitalise the interactions with suppliers and partners
Simplify and digitalise the interactions with suppliers and partners Convenient vendor portal… …from valuable insights… … to action (retail media) ✓ All-in-one homepage ✓ Intuitive insights ✓ Simple self-service 97
Slide 98: Retail Excellence: Access to Customers
Retail Excellence Access to Omnichannel & Lean & Agile Customers Data Ecosystem Operating Model 1 Omni-strategy Online yuu and loyalty Business intelligence Monetisation 2 Economic model
Slide 99: Powering DFI's growth with an accretive digital ecosystem
Powering DFI’s growth with an accretive digital ecosystem More More Economic model and outlook Sales & Traffic Data • E-commerce is growing rapidly at a 12- 18% CAGR, with penetration Loyalty approaching 7-10% by 2028 • Retail media and insights are scaling to contribute 1%+ of revenue, delivering i
Slide 100: Key takeaways
Key takeaways 1 Building an accretive digital ecosystem 2 Rapidly increasing quantity and quality of data via e-commerce and loyalty 3 Turning data into insights for growth and opportunity for retail media 4 Providing DFIQ platform to drive vendor adoption of data and retail media monetisation 100
Slide 101: Financial Outlook
DFI 2025 Investor Day Financial Outlook Presented by Tom van der Lee Group Chief Financial Officer
Slide 102: Our financial progress
Our financial progress Operating margin1 Underlying PATAM Balance sheet 2022 – 1H25, % 2022 – 2025, in US$M Dec 2023 – Sept 2025, in US$M Net debt Net cash Net cash 3.9% 4.0% 250-270 US$648M 3.2% 201 2.3% 155 29 468 2022 2023 2024 1H25 2022 2023 2024 2025E 618 Dec 2023 Dec 2024 Sep 2025 ~16% dividen
Slide 103: Clear strategic initiatives to drive sustainable top-line growth
Clear strategic initiatives to drive sustainable top-line growth… Sales breakdown1 by business segment 2024 – 2028 2-3% Targeted medium- ’25-’28 CAGR3 term growth Committed to 30-35% 4-6% Market share gain4 28% 25-30% 6-8%2 28% 25-30% 1-3%3 36% 8% 5-10% 2-4% 2024 2028 Ambition Health & Beauty Conven
Slide 104: …and margin expansion
…and margin expansion Operating margin by business segment SG&A costs as % of revenue 2024 – 2028, % 2024 – 2028, US$M 2024 2028 Ambition 9-11% $30-35M 8.3%1,2 savings 5-7% 5-6% 4-6% 3.9% 4.3% 2.5-4% 2.3% 1.7%1 1.5%1,2 1.1% DFI overall Health & Convenience Food Home 2024 2028 Ambition Beauty Furnish
Slide 105: Multiple levers to support profit outlook
Multiple levers to support profit outlook Underlying profit attributable to shareholders Improved 2024 – 2028, US$M e-commerce economics and Growing sales density growing retail media and market share and improving operational contribution 310-350 ’25-’28 CAGR of 11-15%2 efficiency across formats Re
Slide 106: Deliver ROCE expansion through capital-efficient growth
Deliver ROCE expansion through capital-efficient growth Return on capital employed (ROCE) 2022 – 2028, % Ambition to increase ROCE to ~15% by 2028 through: ~15.0% • Delivering growth in 9.0-9.5% revenue density • Driving operational 4.8% 5.4% leverage • Expanding through 1.7% capex-light model 2022
Slide 107: Clear capital allocation priorities
Clear capital allocation priorities Disciplined capex Use of cash 2024 – 2028 2026 – 2028 2.0-2.5% of revenue ~35% New store CAPITAL EXPENDITURES Capital Store remodel allocation ~35% DIVIDEND IT & priorities automation Sustainability Supply chain & others ~30% STRATEGIC M&A/ 2024 2028 Ambition RETU
Slide 108: A well-balanced framework to drive total shareholder returns
A well-balanced framework to drive total shareholder returns Invest in Healthy Strategic Growing organic balance M&A dividends growth sheet in existing businesses Focus on 25% 15% 70% payout policy ROCE and TSR Target leverage ratio ROCE threshold (Revised up from ~60% guidance) 108
Slide 109: DFI Retail Group financial outlook
DFI Retail Group financial outlook 2025 Medium-term target 2.0 – 3.0% organic growth1 Subsidiaries Revenue 0.5 – 1.0% organic growth1 (2025-28 CAGR) Underlying Profit Attributable to US$250 – 270M US$310 – 350M by 2028 Shareholders Implied mid-point margin of ~3% 2025-28 CAGR of 11-15%2 Capex US$180
Slide 110: Closing Remarks
DFI 2025 Investor Day Closing Remarks Presented by Scott Price Group Chief Executive
Slide 111: Senior leadership incentives aligned to key performance metrics
Senior leadership incentives aligned to key performance metrics Metrics Weight Definition Long-term Performance- Based Incentive Plan Relative Total Based on percentile ranking of DFI’s TSR (3-year) ❶ Shareholder Return1 50% against peer companies • Reset in 2024 by introducing ROCE and relative TSR
Slide 112: Compelling investment case in DFI Retail Group
Compelling investment case in DFI Retail Group ✓ Clear leader in Hong Kong Best-in-class retailer in ❶ high-growth Asia regions ✓ Expanding presence in growth markets ✓ Operator of retail excellence ✓ Driving revenue growth and margin expansion across subsidiary businesses Clear business strategy to