Dfi Retail Group Holdings Limited · SGX:D01
Dfi Retail — FY2025 Earnings Presentation
27 slides from Dfi Retail's earnings presentation, Mar 4, 2026
Slide 1: DFI Retail Group 2025 Full Year Results Presentation
DFI Retail Group 2025 Full Year Results Presentation 4 March 2026
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: Key Highlights
Key Highlights Financial Results Strategy & Business Updates Business Outlook
Slide 4: Key Business Highlights
Key Business Highlights Strategic reset in 2025 • Simplified portfolio to sharpen operational focus and drive higher returns • Like-for-like (LFL) sales strengthened in 2H25 • Identified clear strategic growth and margin expansion priorities across core businesses • Expanded omnichannel ecosystem wi
Slide 5: Key Financial Highlights
Key Financial Highlights US$M, unless otherwise stated Revenue from subsidiaries Underlying profit • Underlying profit +35% YoY to US$270m, at high-end of guidance • Organic revenue1 from subsidiaries +0.5% +0.5% +34.7% • Strong Health & Beauty performance driven by a strengthening 8,869 270 well
Slide 6: Financial Results
Key Highlights Financial Results Strategy & Business Updates Business Outlook
Slide 7: Income Statement
Income Statement FY 20252 FY 2025 FY 20241 (US$M) Change (Restated for (Reported) (Restated) FY2026) Revenue From Subsidiaries 8,869 8,828 +0.5% 8,098 Revenue From Maxim’s 3,084 3,070 +0.4% 3,084 Subsidiaries Underlying Profit 183 154 +19% 169 Share of Underlying Profit – Maxim’s 72 66 +9% 72 Share
Slide 8: Sales Summary
Sales Summary US$M, unless otherwise stated Sales breakdown by format Subsidiaries LFL sales1 growth (ex. CIG) +1.7% Health & Beauty Convenience Maxim’s3 +6.7% Ex. CIG +1.0% +0.4% 2,623 2,379 2,342 3,070 3,084 2,457 +0.3% FY24 FY25 FY24 FY25 FY24 FY25 Food Home Furnishings Flat ex. SG Food and Hero
Slide 9: Sales and LFL Trend by Format
Sales and LFL Trend by Format US$M, unless otherwise stated Health & Beauty Convenience 1,211 1,213 1,332 2,623 1,168 2,379 1,291 1,129 2,342 1,211 1,246 2,457 1H24 2H24 1H25 2H25 FY24 FY25 1H24 2H24 1H25 2H25 FY24 FY25 LFL sales LFL sales growth: -0.7% -0.1% 4.4% 5.2% 0.4% 4.8% growth 4.4% 0.4% -1.
Slide 10: Operating Profit by Format
Operating Profit by Format US$M, unless otherwise stated Health & Beauty Convenience 119 228 56 59 102 108 109 47 97 101 211 38 209 1H241 2H24 1H25 2H25 FY24 FY241 FY25 1H24 2H24 1H25 2H25 FY24 FY25 Margin: 8.3% 8.7% 8.4% 8.9% 8.6% 8.5% 8.7% Margin: 4.0% 4.6% 3.4% 4.8% 4.3% 4.1% Food Home Furnishing
Slide 11: Subsidiaries Operating Profit and Underlying Profit
Subsidiaries Operating Profit and Underlying Profit US$M, unless otherwise stated Subsidiaries operating profit1 +7.3% 194 369 Key highlights 175 175 343 168 • Operating profit (post-IFRS) grew 7% YoY driven by higher subsidiary profitability with operating margin of 4.2%, +30bps vs. FY24 1H24 2H24
Slide 12: Cash Flow
Cash Flow US$M, unless otherwise stated Operating cash flow +29.9% 419 430 331 Key highlights • Operating cash flow after lease payments FY23 FY24 FY25 increased by 30% to US$430m • Free cash flow1 grew 78% to US$281m • Both supported by underlying operating profit Free cash flow growth, improved wo
Slide 13: Capital Expenditure and Balance Sheet
Capital Expenditure and Balance Sheet US$M, unless otherwise stated Capital expenditure -13.9% 196 173 149 Key highlights • While capex fell short of guidance, we remain committed to investing in our strategic priorities FY23 FY24 FY25 and key growth drivers, with an annual spend of As % of revenue
Slide 14: Returns to Shareholders
Returns to Shareholders Dividend declared per share (US¢) Special 70% FY25 dividend payout policy Ordinary 58.30 Key highlights 44.30 • Total ordinary dividend declared of US¢14.00 in FY25, 8.00 10.50 3.00 14.00 +33% growth, based on an increased dividend payout of 70% FY22 FY23 FY24 FY25 • Returned
Slide 15: Strategy & Business Updates
Key Highlights Financial Results Strategy & Business Updates Business Outlook
Slide 16: 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 17: Key Progresses on Strategic Deliverables in 2025
Key Progresses on Strategic Deliverables in 2025 Health & Beauty: Growing wellness share via curated ranges and tech-enabled personalised services Convenience: Broadening shopper mission towards higher-margin categories with a strong RTE focus Retail Excellence Food: Strengthening fresh and va
Slide 18: Health & Beauty Update
Health & Beauty Update US$M, unless otherwise stated Sales Reported: +6.7% Key Highlights LFL: +4.8% • +5% in LFL sales and +9%1 in profit supported by growing 2,623 wellness sales penetration across markets 2,457 • Hong Kong/Macau LFL sales +5% benefiting from higher-value tourist arrivals. Mainlan
Slide 19: Convenience Update
Convenience Update US$M, unless otherwise stated Sales Reported ex. CIG: +1.0% Key Highlights LFL ex. CIG: -0.5% • Sales excluding cigarettes grew 1% YoY. Muted gains due to 2,379 2,342 subsidy price war by Chinese online delivery platforms • Continued strategic pivot from cigarettes to innovative R
Slide 20: Food Update
Food Update US$M, unless otherwise stated Sales Key Highlights Flat ex. SG Food and Hero supermarket1 LFL: -0.1% • EDLP (Everyday Low Price) strategic pivot drove +2% growth in unit volume sold and +1% increase in footfall of Wellcome 3,0381 Hong Kong. LFL sales remains stable 3,131 3,040 • Strategi
Slide 21: Home Furnishings Update
Home Furnishings Update US$M, unless otherwise stated Sales Key Highlights Reported: -3.5% LFL: -4.6% • Improving sales trend supported by a sharper focus on value 701 677 and market-relevant range • Cost optimisation across markets drove over 60% growth in operating profit • Reinvested in pricing o
Slide 22: Customer First Strategy Drove Strong E-commerce Growth
Customer First Strategy Drove Strong E-commerce Growth Growing online sales penetration1 Improved app Deepened loyalty New channels experience and launched in 2025 personalisation Launched My Guardian rewards in Malaysia • Guardian Indonesia • Guardian Malaysia 6.4% • Guardian Vietnam • 7-Eleven Sou
Slide 23: Building an Accretive Digital Ecosystem
Building an Accretive Digital Ecosystem In FY25… Key Highlights 4X • yuu – Continued expanding partnerships Retail media revenue growth including foodpanda • DFIQ Media – Achieved 4X revenue vs. FY24 1,000+ New in-store digital display screens • DFIQ Portal (launched in Dec 2025) – Empowering suppli
Slide 24: Business Outlook
Key Highlights Financial Results Strategy & Business Updates Business Outlook
Slide 25: Full-Year 2026 Outlook
Full-Year 2026 Outlook 2026 Revenue from Subsidiaries 2 – 3% organic growth1 US$270 – 300M Underlying Profit Attributable to Shareholders Representing 13-25% YoY growth2 Capex US$200 – 220M Ordinary Dividend Payout 70% payout ROCE3 11 – 13% Note 1: Excluding Singapore Food. 2. Excluding discontinued
Slide 26: Q&A
Q&A 2025 Full Year Results Presentation
Slide 27: Thank You
Thank You If you have any queries, please email DFIinvestor@DFIretailgroup.com
Dfi Retail Group Holdings — FY2025 Earnings Presentation on 6ix