2025 Financials

Annual Report 2025

Sustainably serve Asia for generations

Front cover (clockwise from top):

Guo Ziyi, at the Holland Shopping Centre Guardian store in Singapore; 7-Eleven team member Cherry Guo at the new concept store in Causeway Bay, Hong Kong; Wellcome team member Wang Shuning at Causeway Bay, Hong Kong store; Santi Herawati at the IKEA Alam Sutera, Indonesia store

Health and Beauty

DFI's health and beauty business operates across Asia through well-established and trusted brands such as Mannings and

Guardian, serving customers with a comprehensive range of health, beauty, personal care and baby care products. Our extensive network spans more than 1,500 stores across the region.

Convenience

DFI operates the global convenience chain 7-Eleven in Hong Kong, Macau, Guangdong and Singapore with a network of over 3,500 stores. In addition to everyday essentials,

it offers Own Brand ready-to-eat products, unique collectibles and

a wide range of convenient services, designed to meet customers'

daily needs.

DFI Retail Group's parent company, DFI Retail Group Holdings Limited, is incorporated in Bermuda and has a primary listing in the equity shares (transition) category of the London Stock Exchange, with secondary listings in Bermuda and Singapore. The Group's businesses are managed from Hong Kong. DFI Retail Group is a member of the Jardine Matheson group.

1. Corporate Information

2. DFI Retail Group At-a-Glance

28 Financial Review

32 Sustainability Disclosure

92 Directors' Profiles

94 Our Management Committee

12 Health and Beauty

16 Convenience

20 Food

24 Home Furnishings

26 Restaurants

Opportunity Management

54 People

68 Products

76 Planet

84 Supporting Information

230 Responsibility Statements

231 Shareholder Information

232 Retail Outlet Summary

233 Management and Offices

Food

DFI operates trusted grocery retail brands across the region, offering quality products and great value. From fresh food to household essentials, our well-known brands

- including Wellcome in Hong Kong, San Miu in Macau and Lucky in Cambodia, are committed to making everyday shopping accessible and dependable.

Home Furnishings

DFI operates IKEA in Hong Kong, Macau, Taiwan and Indonesia. Renowned for design, functionality and quality at affordable prices.

IKEA offers a comprehensive range of well-designed home furnishing products, underpinned by a solid commitment to sustainability and to creating a better everyday life for the many people.

Restaurants

DFI holds a 50% ownership interest

in Maxim's Caterers Limited. Founded in 1956, Maxim's has more than 2,000 outlets across Asia, offering a diverse range of Chinese, Asian and Western dining options, alongside its award-winning Hong Kong MX Mooncakes.

It is also the licensee of brands such as Genki Sushi, Shake Shack, Starbucks Coffee and The Cheesecake Factory.

for the year ended 31 December 2025 and up to 28 February 2026

Directors

Lincoln Pan

Chairman

(joined the Board on 1 November 2025)

John Witt

Chairman

(stepped down on 1 November 2025)

Scott Price

Group Chief Executive

Tom van der Lee

Group Chief Financial Officer

Company Secretary

Sean Ward

Graham Baker Elaine Chang

(joined the Board on 17 February 2025)

Dave Cheesewright Weiwei Chen Christian Nothhaft Ben Keswick

(stepped down on 17 February 2025)

Registered Office

Jardine House

33-35 Reid Street Hamilton Bermuda

Management Committee

Scott Price

Group Chief Executive

Tom van der Lee

Group Chief Financial Officer

Martin Lindström

Chief Executive Officer, DFI IKEA

Curtis Liu

Chief Executive Officer, Food

Yoep Man

Chief Executive Officer, 7-Eleven

Andrew Wong

Chief Executive Officer, Health & Beauty

Crystal Chan

Group Chief Technology and Information Officer

Ella Chan

Group Chief Strategy Officer

(appointed on 1 April 2025)

Erica Chan

Group Chief Legal, Sustainability and Corporate Affairs Officer

Wee Lee Loh

Group Chief Digital and yuu Rewards Officer

Joy Jinghui Xu

Group Chief People & Culture Officer

2 DFI Retail Group Holdings Limited Annual Report 2025

12 Asian Markets

7,580 Outlets

(including associates)

Chinese mainland

Mannings* 7-Eleven Maxim's

Macau

Mannings 7-Eleven San Miu IKEA

Maxim's

Hong Kong

Mannings 7-Eleven

Market Place Wellcome IKEA

Maxim's

Taiwan

IKEA

Thailand

Maxim's

Cambodia

Lucky Maxim's

Malaysia

Guardian Maxim's

Laos

Maxim's

Vietnam

Guardian Maxim's

Brunei

Guardian

Singapore

Guardian 7-Eleven Maxim's

Indonesia

Guardian IKEA

Geographical Locations

Health and Beauty Convenience Food Home Furnishings Restaurants

Figures as at December 2025

* Cross-border business

3

• Underlying profit reached the high-end of guidance at US$270 million, up 35% year-on-year

• Reported profit of US$235 million, up US$480 million year-on-year

• Health and Beauty delivered strong like-for-like (LFL) sales and profit growth

• Convenience returned to profit growth in the second half of 2025, supported by a favourable mix shift towards higher-margin, non-cigarette categories

• Strengthening value-driven, omnichannel proposition in Food and Home Furnishings

• Divestments of Yonghui, Robinsons Retail and Singapore Food underscored the Group's transition from a portfolio to a focused operating company and strengthened balance sheet to a net cash position

• Returned approximately US$740 million to shareholders for the full year 2025, including a US$600 million special dividend

  2025	2024	Change
  US$m	US$m	%

• Final dividend of US¢10.50 per share based on a new 70% payout policy announced in December 2025

Results

US¢ US¢ %

Store Network‡ 2025 2024 Net change

* The Group uses 'underlying profit' in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in note 36 to the financial statements. Management considers this to be a key measure which provides additional information to enhance understanding of the Group's underlying business performance.

† Net asset value per share is based on the book value of shareholders' funds.

‡ Including 2,051 associates and joint ventures stores in 2025 (2024: 2,023), on a comparable and continuing basis.

4 DFI Retail Group Holdings Limited Annual Report 2025

Revenue - Include Maxim's (US$bn)

Health and Beauty Convenience

Food

Home Furnishings Restaurants Others

US$

12.0 bn

12

Underlying Profit Attributable to Shareholders (US$m)

300

US$

270m

9

200

6

3

0

2021 2022

2023

2024

2025

100

0

2021 2022

2023

2024

2025

Net Cash/ (Debt) (US$m) Underlying Earnings per Share (US¢)

US¢

20.05

200 20

US$

70 m

0

15

-200

-400

-600

-800

2021 2022

2023

2024

2025

10

5

0

2021 2022

2023

2024

2025

Total Dividends per Share (US¢) Number of Employees

60

50

250,000

Interim dividend Final dividend

Special dividend

US¢

58.30

200,000

Associates and joint ventures

40

30

20

10

0

2021 2022

2023

2024

2025

150,000

100,000

50,000

0

2021 2022

2023

2024

2025

Over

79,000

people

Ordinary Dividend

per Share

+33%

Underlying Profit

+35%

Number of Stores‡

7,580

5

Effective execution of our strategy drove strong financial performance and higher shareholder returns in 2025, despite a challenging retail environment. Our significant progress made in portfolio simplification creates investment capacity for strategic priorities, enabling greater value for our customers and accretive inorganic opportunities to drive sustainable growth and returns.

Introduction

It is my honour and priviliege to join DFI Retail Group ('DFI' or the 'Group') as Chairman of the Board, supporting Group Chief Executive, Scott Price, and his leadership team in executing its strategic priorities and delivering shareholder returns. On behlalf of the Board, I would also like to express our gratitude to John Witt for his invaluable contributions to DFI over many years.

As Asia's leading multi-format retail platform, DFI has a unique set of assets - strong customer trust, an extensive store network across markets, deep data insights from a powerful loyalty programme, and a strengthening Own Brand portfolio - that will serve as a foundation for growth over the coming years.

Amid macroeconomic volatility and evolving consumer needs, the Group has been responding effectively through a stronger value proposition and enhanced omnichannel capabilities. This strategy is yielding early and encouraging results, demonstrated by a 35% increase in underlying profit in 2025.

We remain particularly optimistic about the growth prospects in Health & Beauty and Convenience,

as well as the opportunities emerging in digital.

I am confident that under the capable leadership of Scott and his team, DFI will continue to deliver retail excellence to customers across Asia while driving long-term value creation and growth.

Under a new 70% dividend payout policy announced in December 2025, the Board recommends a

final dividend of US¢10.50 per share (2024 final dividend: US¢7.00).

Strategic Highlights

Over the course of 2025, the Group executed effectively against its strategic framework of Customer First, People Led, Shareholder Driven. This approach enables DFI to navigate market challenges while capturing opportunities that

build on its strong platform for sustainable growth.

The retail landscape is rapidly evolving, driven by shifting consumer behaviour and digitalisation. The Group remains focused on strategic priorities that place customers first - delivering quality, value and convenience in everyday moments. Across

its businesses, the Group made good progress in strengthening value propositions, expanding

customer reach in growth markets, driving deeper customer engagement with data-driven insights and accelerating digital monetisation. These initiatives enhance its ability to better serve customers and supplier partners while delivering returns to shareholders.

Investing in talent development remains at the top of the agenda. During the year, the Group achieved an improved team member engagement score.

Inclusive leadership, a purpose-driven culture and engaged team members are critical to driving stronger performance and delivering exceptional customer experience. In parallel, the Group continues to enhance its organisational agility in meeting customer needs while reducing overhead costs.

In 2025, the Group completed the divestments of minority stakes in Yonghui and Robinsons Retail, as well as Singapore Food business, enabling

reinvestment in subsidiary businesses and strategic priorities with stronger growth and return potential.

This approach, combined with a sharpened business focus and a strengthened balance sheet, delivered a total shareholder return exceeding 90% in 2025, including the distribution of a US$600 million special dividend in October.

Prospects

Transformation is an ongoing journey for today's retailers. Serving diverse communities across Asia, where economic conditions and consumer

expectations vary widely, the Group must stay agile and locally relevant guided by a customer-first mindset and a disciplined focus on growth opportunities that further build on its competitive advantages. Over the year, DFI has invested in delivering better outcomes for customers through price reinvestment, Own Brand innovation, omnichannel expansion and data-driven personalisation - focus areas that will remain central to its growth plans in the years ahead.

An expanded digital ecosystem also unlocks new avenues to drive deeper value for supplier partners and enhance shareholder returns.

I would like to end by expressing the Board's appreciation to our team members. We could not be more proud of the work they have done over the year, particularly in responding to the deeply tragic Tai Po fire in Hong Kong. Their unwavering dedication to serving our customers across Asia is what will continue to drive our business forward and build long-term value for shareholders.

Lincoln Pan

Chairman

35%

8%

15%

2025

Operating Profit Mix†

24%

30%

2025

Sales Mix*

27%

6%

* Sales of goods.

† Based on operating profit before effect of

IFRS 16, excluding selling, general and

55%

3 March 2026

administrative expenses and non-trading items.

We are pleased to close 2025 on a strong note, underpinned by a recovery in LFL subsidiary sales, improved margins and proactive portfolio actions. Looking into 2026 and beyond,

I am confident that DFI has developed a renewed foundation as we execute against our strategic priorities to deliver sustained, profitable growth, drive market share gains across our formats and generate long-term returns for

our shareholders.

Introduction

We are pleased to close 2025 on a strong note, with underlying profit attributable to shareholders up 35% year-on-year to US$270 million, reaching the high end of our guidance range. This strong performance was driven by a recovery in LFL subsidiary sales, improved margins and proactive portfolio actions, including the divestment

of our minority stake in Yonghui.

Customers across Asia, including in our home market of Hong Kong, are increasingly seeking quality and convenience at great value. While macro challenges remain, we are encouraged to see early signs of recovery in key retail segments, including 3% growth in health and beauty sales in Hong Kong, supported by a 12% increase in tourist arrivals. As Asia's leading multi-format omnichannel retail platform, we are uniquely positioned to meet customers' evolving needs

effectively across all channels through relevant and compelling customer propositions.

With a renewed focus on balancing profitability with capital discipline, the Group ended the year in a net cash position, after distributing a US$600 million special dividend, and delivered a significantly improved return on capital employed (ROCE) of 9.4%. Our strengthened balance sheet allows us to reinvest for growth as we deepen our focus on higher-return subsidiary businesses and strategic priorities that sustain value creation for shareholders. For the full year 2025, we returned a total of approximately US$740 million to shareholders, including the special dividend.

In December, we held our inaugural Investor Day where DFI announced a new dividend policy with an increased payout ratio of 70%. Dividends paid during the year, combined with a share price increase of more than 70%, resulted in a total

shareholder return exceeding 90% in 2025. We also outlined our three-year plan for realising our financial ambitions and accelerated growth goals, including a target of US$310-350 million in underlying profit (representing 11% CAGR at the mid-point compared to 2025*) and an improved ROCE of at least 15% by 2028.

As we enter the new financial year, we remain firmly focused on executing our strategic priorities to drive sustained, profitable growth.

Strategic deliverables - key progress

Over the past year, we have made significant progress in our transformation from a portfolio business into a strategically focused operating company. We have been advancing our strategy across five key deliverables to create greater value for our customers, supplier partners and shareholders.

Retail Excellence

By delivering best-in-class customer propositions, we see a wide range of opportunities for driving higher store sales density and market share gain across all business segments.

* Excluding Singapore Food business and minority stake in Robinsons Retail upon completion of divestment in 2025.

Health & Beauty

Mannings and Guardian continue to strengthen their position as the trusted advisor for wellness, unlocking strong cross-category growth opportunities through an assortment with high functional value across supplements, derma skin care and hair care. Customers across Asia are increasingly shifting to retailers that best fulfil their broad, diverse and unique wellness goals. Our technology-enabled personalised services - including skin, scalp and health assessments - drive higher purchase conversion and basket size by deepening customer understanding of their wellness needs. These capabilities will be expanded to 25% of our Health & Beauty store network to enhance our competitive differentiation and leadership in wellness.

Convenience

7-Eleven is broadening its shopper missions towards higher-margin, non-cigarette categories with a strategic focus on ready-to-eat (RTE) offerings, which accounted for 24% of Convenience sales

in 2025. Across markets, consumers are seeking more convenient, high-quality and value-driven meal solutions. The expansion of Food Bars to 1,250 locations in South China and the rollout of RTE-focused store revamp across the entire

Hong Kong network by 2028 will further strengthen 7-Eleven's RTE proposition.

Food

Given consumers' pivot towards value, continued northbound travel and increasing competition from Chinese mainland e-commerce platforms, the Wellcome team has focused on enhancing food

basket value for customers by advancing our Everyday Low Price strategy. Investment in reduced pricing through strategic direct sourcing of core basket items, particularly in fresh, has resulted in

a 2% growth in volume driven by higher footfall and increased items per basket. Direct sourcing allowed us to reduce prices while protecting gross profit, resulting in a 30-basis point gross margin improvement. These efforts further supported the narrowing basket price gap compared to the Greater Bay Area to a currently low single-digit price difference† .

Home Furnishings

Similar to Food, IKEA has focused on enhancing its affordability and accessibility by reinvesting in the pricing of high-volume products, broadening the range of entry price points, rationalising the tail

of slow-selling assortment, and further expanding digital touchpoints through third-party marketplaces. We are also strengthening IKEA Food as a key draw for customers seeking exciting and affordable

food experiences as part of their store journey. These efforts are supported by significant cost transformation initiatives across our operating markets.

Own Brand

Our reset in Own Brand strategy across Food and Health & Beauty is driving higher customer loyalty and sales penetration through greater exclusivity and value. By refining our product range to align closely with customer needs and maximising cross-selling across our formats, we achieved meaningful improvements in margins and sales productivity.

† Based on a third-party assured price comparison of a 200-item comparable basket between DFI and Greater Bay Area.

Access to Customers

We continue to strategically expand our network in high-growth, profitable markets, primarily through a capex-light franchise model, with 114 net new openings‡ in 2025. In particular, we will deepen

7-Eleven's presence in Guangdong province to around 2,400 stores and expand Guardian's footprint in Indonesia to approximately 750 stores by 2028.

Omnichannel and Data Ecosystem

DFI's expanded omnichannel ecosystem is elevating our relevance and engagement with customers, providing us deep data insights across daily consumer needs that few peers in Asia can match. This ecosystem now allows our customers to engage with DFI brands across more than 90 digital channels, including apps, websites, third-party marketplaces, quick-commerce partnership with food delivery platforms and click-and-collect services. Our strengthened digital proposition was underpinned by a 140-basis point increase in online sales penetration to 6.4%^ as at year-end 2025, with order volume more than doubled year-on-year. Our overall digital ecosystem, comprising e-commerce, retail media, insights monetisation and yuu, continues to drive improved financial returns for

the Group.

Retail Media (DFIQ Media)

Positioned to become Asia's leading omnichannel retail media network, DFIQ Media offers a differentiated online and offline advertising proposition, enabling brands to execute cross-format campaigns through our digital assets and more than 10,000 in-store digital screens across markets. DFIQ Media delivered strong sales growth, albeit from a low starting base, achieving a fourfold increase in revenue over 2024, supported by proprietary data insights from over 7 million monthly active users across our growing digital portfolio.

DFIQ Portal

We aim to empower our supplier partners with actionable insights that drive greater business impact and better outcomes for customers. The DFIQ Portal - a vendor platform combining DFIQ Media, DFIQ Insights and trade capabilities - was launched in December 2025, providing suppliers real-time access to critical analytics that enables optimised inventory management and more effective strategic planning.

Retail Analytics

Leveraging cross-format data insights from over 5 million yuu Rewards members in Hong Kong, we continue to enhance our assortment and promotional decisions to help expand both in-store sales and gross profit.

Lean & Agile Model

Maintaining a lean and agile operating model is essential to ensuring efficient decision-making in a rapidly evolving retail landscape. Continued cost

optimisation and better product sourcing will support both strategic price reinvestment and sustainable margin expansion in the coming years. Overhead reductions are expected to translate into lower SG&A costs beginning 2026. We remain disciplined in capex, driving network growth primarily through a franchise model with a strong focus on paybacks.

Strategic pivot from portfolio to a focused operating company

We conduct strategic reviews of our businesses guided by return on capital and total shareholder return priorities. During the year, we completed the divestment of our minority stakes in Yonghui and Robinsons Retail, as well as our Singapore Food business, generating total gross proceeds of approximately US$1 billion in cash consideration.

In line with our capital allocation priorities, these proceeds were redeployed towards debt repayment, resulting in a net cash position of US$70 million as at year-end 2025. In addition, a special dividend

of US$600 million was distributed to shareholders in October 2025. The Group remains focused on

maximising total shareholder return while maintaining strategic flexibility for inorganic growth opportunities that are accretive to long-term shareholder value.

2025 performance

Total revenue from subsidiaries in 2025 was US$8.9 billion, up 1% on a LFL basis, excluding cigarettes. Organic revenue, excluding divested businesses§ for the comparable period, grew 0.5%. Strong sales growth in the Health & Beauty division was offset by lower contributions from other segments.

Excluding the impact of the minority stake divestments in Yonghui and Robinsons Retail completed in 2025, total revenue for the Group, including 100% of associates and joint ventures, remained broadly stable.

‡ Excluding Singapore Food. Divestment of business was completed in early December 2025.

^ Excluding Singapore Food, cigarettes under Convenience and IKEA food.

§Excluding financial contribution from Singapore Food (December 2024) and Hero Supermarket (2024) for comparison purpose.

Group Chief Executive's Review

The Group reported total underlying profit attributable to shareholders of US$270 million for the year, up 35% year-on-year. This was

supported by improved profitability from subsidiary businesses, lower financing costs and higher underlying profit from associates following the divestment of Yonghui.

Underlying profit from subsidiaries was US$183 million, 15% higher than the prior year. This was driven by strong Health & Beauty performance in addition to earnings recovery in

Singapore Food and Home Furnishings segment, partially offset by lower contribution from Convenience due to reduced cigarette volume.

The Group's share of underlying profit from associates was US$88 million, an improvement of US$45 million compared to the prior year, primarily due to the divestment of minority stake in loss-making Yonghui and higher contribution from Maxim's as a result of improved mooncake sales and restaurant performance in Southeast Asia. Despite challenging trading conditions in Hong Kong and Chinese mainland, Maxim's delivered profit growth in these regions through cost optimisation.

The Group reported operating cash flow after lease payments of US$430 million, 30% higher than

the prior year, supported by underlying operating profit growth. Free cash flow†† for the period was US$281 million, up 78% year-on-year. As at

31 December 2025, the Group's net cash was US$70 million, compared to US$468 million net debt at 31 December 2024.

Sustainability

We remain firmly committed to our purpose to sustainably serve Asia for generations with everyday moments - with a focused, balanced,

collaborative approach taking into account the macroeconomic environment and consumer sentiment. We are driving progress on our pathway to reduce our Scope 1 and 2 emissions by 50%

by 2030 from a 2021 baseline, with our targeted investments in refrigerant emissions management, energy efficiency, and behaviour-change initiatives across our operations gaining momentum throughout the year. From 2025 to 2030, we will further increase the share of renewable energy use in our portfolio, helping to accelerate the energy transition in the key markets where we operate.

As advocates for our customers and the communities we serve, we are committed to delivering affordable, sustainable products.

In 2025, we delivered 380 tonnes of Own Brand low-carbon rice to our Hong Kong markets and added multiple products through our Grounds to

Green programme to our 7-Eleven RTE range. These award-winning initiatives demonstrate our ability to anticipate customer expectations and deliver on market demands. We maintained strong discipline in waste and packaging management, keeping us on track to meet our 2030 targets.

Outlook

2025 marked a year of strong progress for DFI, with the strategic reset across our businesses driving improved underlying profitability in both subsidiaries and associates, a stronger ROCE and enhanced shareholder returns. Our strengthened balance sheet and disciplined use of capital provides capacity to reinvest for growth both organically

and inorganically, laying a strong foundation as we pursue our financial ambitions of achieving a

US$310-350 million underlying profit (+11% CAGR at midpoint compared to 2025#) and a 7-10% online sales mix by 2028.

At our inaugural Investor Day, we outlined clear strategic priorities which include strengthening our value proposition, enhancing omnichannel capabilities, accelerating Own Brand innovation, deepening digital monetisation, and leveraging

data to deliver better outcomes for both customers and supplier partners.

For the full year of 2026, the Group expects organic revenue growth of approximately 2-3%** and underlying profit attributable to shareholders to

be between US$270 million and US$300 million. Excluding the divestment impact of Singapore Food and Robinsons Retail, this would represent a

year-on-year growth of 13-25%.

Looking into 2026 and beyond, I am confident that DFI has developed a renewed foundation as

we execute against our strategic priorities to deliver sustained, profitable growth, drive market share gains across our formats and generate long-term returns for our shareholders.

Scott Price

Group Chief Executive 3 March 2026

#Excluding Singapore Food business and minority stake in Robinsons Retail upon completion of divestment in 2025.

** Excluding Singapore Food business.

†† Free cash flow is equivalent to cash flows from operating activities after lease payments minus normal capital expenditure.

HEALTH

AND BEAUTY

Sales for the Health and Beauty division grew 7% year-on-year or 5% on an LFL basis to US$2.6 billion. Underlying operating profit was US$228 million for the year, representing an increase of 8% compared to 2024.

Sales for the Health & Beauty division grew 7% year-on-year or 5% on an LFL basis. Underlying operating profit was US$228 million for the year, representing an increase of 8% compared to 2024.

Both Mannings and Guardian achieved strong LFL sales performance, supported by growing wellness sales penetration towards the mid-term target of over 35%. To further strengthen our leadership in wellness - a cross-category opportunity spanning health, beauty and personal care - Mannings and

Sales of Goods

US$ 2.6

Operating Profit

billion

Guardian complemented their wellness-focused assortment with in-store health, skin and scalp assessments in selected outlets. Our personalised consultations and tailored product recommendations deepen our engagement with customers, supporting larger basket sizes and higher purchase conversion.

US$

228

million

In Hong Kong and Macau, LFL sales increased by 5%, driven by strong growth in tourist store sales from higher arrivals. Own Brand strategy reset resulted in a 35% improvement in gross profit per SKU through a refined product range that better aligns with customer needs. Sales of Mannings China declined due to the closure of majority of its offline store network as the business pivots towards a cross-border e-commerce model.

Store Network

1,533

stores

Chinese mainland

Macau

Hong Kong

Group Sales*

30%

Vietnam

Malaysia

Brunei

Singapore

Indonesia

Group Profit†

55%

* Sales of goods.

† Based on operating profit before effect of IFRS 16, excluding selling, general and administrative expenses and non-trading items.

13

Both Mannings and Guardian achieved strong LFL sales performance, supported by growing wellness sales penetration towards the mid-term target of over 35%.

Business Review HEALTH AND BEAUTY

Guardian in Southeast Asia reported 5% LFL sales increase, driven by growth in basket sizes across key markets and an expanding e-commerce presence, including the Guardian Malaysia loyalty programme launched in March 2025 and a new Guardian

Singapore app in July 2025. Indonesia and Vietnam delivered LFL sales growth exceeding 10%, supported by strong traffic gains. Gross margin expansion and operating leverage contributed to operating profit growth of 16% in the region.

15

CONVENIENCE

Total Convenience sales were US$2.3 billion. Excluding cigarettes, sales were up 1% compared to 2024 and marginally lower

on an LFL basis. Favourable sales mix shift towards higher-margin non-cigarette categories drove a return to positive profit growth in the second half of 2025.

Total Convenience sales were US$2.3 billion, representing a decline of 2% year-on-year or 3% on an LFL basis, due to lower-margin cigarette volume reductions following tax increases in

Hong Kong in February 2024. Excluding cigarettes, overall Convenience sales grew 1% compared

to 2024 and were marginally lower on an LFL basis. Underlying operating profit was US$97 million, down 6% year-on-year. Favourable sales mix shift towards higher-margin non-cigarette categories drove a return to a positive profit growth in the second half of 2025.

Sales of Goods

US$ 2.3

Operating Profit

97

billion

In Hong Kong, the Group expects to mitigate financial impact from declining cigarette sales

in 2026 and beyond through continued growth in higher-margin non-cigarette categories, including RTE which accounted for 18% of sales for the full

year, up from 16% in 2024.

US$ million

Store Network

3,527stores

Chinese mainland

Macau

Hong Kong

Group Sales*

27%

Singapore

Group Profit†

24%

* Sales of goods.

† Based on operating profit before effect of IFRS 16, excluding selling, general and administrative expenses and non-trading items.

17

The 7-Eleven team remains focused on driving footfall through innovative RTE and accelerated Food Bar expansion to a target of 1,250 stores in South China by the end of 2028.

Business Review CONVENIENCE

7-Eleven Singapore reported robust LFL sales growth driven by a stronger RTE proposition and effective promotional campaigns. In South China, continued store network expansion through a capex-light franchise model, including 99 net increase in store number, contributed to 3% sales growth. LFL sales, however, were down 2% largely due to intense subsidy competition from food delivery platforms, primarily in the first half of the year. The focus remains on driving footfall through innovative RTE and Food Bar expansion to 1,250 stores by the end of 2028, compared to 325 as

of year-end. Both markets saw meaningful profit growth, supported by a favourable product mix shift and disciplined cost control.

19

FOOD

Reported sales for the Food division were US$3.0 billion, remaining stable compared to 2024 on an LFL basis.

Underlying operating profit reached US$62 million for the year, up 6% year-on-year, driven by earnings recovery in Singapore Food following the distribution of government consumption vouchers in 2025.

Reported sales for the Food division were

US$3.0 billion, remaining stable compared

to 2024 on an LFL basis. Underlying operating profit reached US$62 million for the year, up 6% year-on-year, driven by earnings recovery in Singapore Food following the distribution of government consumption vouchers in 2025.

In Hong Kong, the Wellcome team strengthened its fresh and value proposition through pricing

reinvestment supported by strategic direct sourcing. These efforts included a new partnership with

Dingdong Maicai (DDL) since May 2025 for a

Sales of Goods

US$ 3.0

Operating Profit

62

billion

wider selection of price-competitive fresh produce, as well as the Everyday Value campaign launched in September 2025, offering up to 40% savings on 100 core basket items. The team also accelerated omnichannel growth through broader digital channels - including a quick-commerce partnership with foodpanda and click-and-collect services -and a shortened delivery time to same or next day delivery, driving a more than 20% sales growth in Hong Kong Food online sales. Despite a 1% LFL sales decline compared to the prior year, total volume grew 2% driven by increased transactions and items per basket.

US$

Store Network

443

million

stores

Macau Hong Kong

Group Sales*

35%

Cambodia

* Sales of goods.

† Based on operating profit before effect of IFRS 16, excluding selling, general and administrative expenses and non-trading items.

Group Profit†

15%

21

Wellcome strengthened its fresh and value proposition through price reinvestment supported by strategic direct sourcing.

Business Review FOOD

Southeast Asia Food sales performance benefited from multiple rounds of government consumption voucher distribution in Singapore during the year, including S$800 vouchers for each household and S$600 vouchers for individuals in celebration of the nation's 60th anniversary. These vouchers, which were redeemable at supermarkets and heartland merchants, drove stronger sales in the Food segment. Convenience and Health & Beauty did not see a

similar uplift in sales as the vouchers were not applicable to these outlets. Divestment of Singapore Food business was completed in early December 2025. Post-completion, the Group continues to serve the Singapore market through its Guardian and

7-Eleven brands. As the only nationwide modern trade operator in Cambodia, Lucky reported robust LFL sales growth with strong margin expansion on scale benefits.

23

HOME FURNISHINGS

IKEA reported sales of US$677 million, down 3% year-on-year and 5% on an LFL basis, compared to an 11% LFL sales decline in 2024. Operating profit was US$26 million, representing a meaningful improvement from US$16 million

in the prior year, driven by effective cost

control measures across markets.

IKEA reported sales of US$677 million, down 3% year-on-year and 5% on an LFL basis, compared to

an 11% LFL sales decline in 2024. Operating profit was US$26 million, representing a meaningful improvement from US$16 million in the prior year, driven by effective cost control measures across markets.

Amid a challenging macro environment and reduced consumer demand for big-ticket items due to subdued real estate market activity, the IKEA team has prioritised enhancing its value proposition and omnichannel presence. Key initiatives include price reductions on high-volume products, rationalisation

Sales of Goods

US$ 677

Operating Profit

26

million

of non-core assortment, and a broader range of entry price points. In Indonesia, the team has further expanded digital partnerships with third-party marketplaces to improve accessibility, supporting continued progress towards its overall online sales penetration target of 18-20% by 2028. IKEA

Food remains a critical traffic and revenue driver,

US$

Store Network

26

million

representing 14% of total sales.

These combined with significant cost optimisation efforts in labour, supply chain and infrastructure across markets contributed to a US$10 million improvement in overall profitability.

stores

Macau

Hong Kong

Taiwan

Group Sales*

8%

Indonesia

Group Profit†

6%

* Sales of goods.

† Based on operating profit before effect of IFRS 16, excluding selling, general and administrative expenses and non-trading items.

25

RESTAURANTS

The Group's share of Maxim's underlying profits was US$72 million in 2025, up 9% year-on-year, supported by resilient sales performance and ongoing cost optimisation.

The Group's share of Maxim's underlying profits was US$72 million in 2025, an increase of 9% year-on-year, supported by resilient sales of

US$3.1 billion, up 0.4% year-on-year, and ongoing cost optimisation. Improved mooncake sales during the Mid-Autumn Festival and stronger restaurant performance in Southeast Asia was offset by challenging trading environment in Hong Kong and the Chinese mainland. Cost management in these markets also supported

Revenue

US$

3.1

billion

overall profit growth. During the year, Maxim's continued to expand its Southeast Asia network

with 84 net new stores added, mainly in Thailand

Share of Underlying Results

72

and Vietnam.

US$

million

Store Network

2,051stores

Hong Kong MX Lava Custard Mooncakes

Hong Kong

Laos

Thailand

Cambodia

Vietnam

Malaysia

Singapore

Chinese mainland

Macau

27

The Group delivered strong financial performance in 2025, achieving a 35% growth in underlying profit and a materially strengthened balance sheet through disciplined execution and portfolio optimisation. With a sharpened focus on profitability, capital efficiency and shareholder returns, the Group is well positioned to deliver sustainable growth in the years ahead.

Results

DFI Retail Group delivered a strong financial performance in 2025, with underlying profit attributable to shareholders increasing by 35% year-on-year to US$270 million, reaching the high end of the Group's guidance. The improvement was driven by better subsidiary performance, including stronger Health and Beauty results, earnings recovery in Singapore Food, along with lower financing costs and a material uplift in associate contributions following the divestment of the Group's minority stake in loss-making Yonghui.

These encouraging outcomes reflect disciplined execution of the Group's strategic priorities and stronger profitability across subsidiaries following portfolio optimisation.

Revenue from subsidiaries was broadly stable at US$8.9 billion. On a LFL basis excluding cigarettes, revenue increased 1%, with strong sales growth

in Health and Beauty partially offset by softer performance in other segments.

Higher profitability in Health and Beauty was supported by strong LFL sales performance. In Convenience, a continued decline in lower-margin cigarette sales weighed on overall

performance; however, non-cigarette categories delivered improvements in both value and margin contribution. Food recorded improved profitability, supported by earnings recovery in Singapore.

Profitability in Home Furnishings also improved, supported by continued cost-efficiency initiatives.

Net financing charges reduced by US$26 million year-on-year, mainly due to lower interest expense on external borrowings and higher interest income. The Group ended the year with a net cash of US$70 million, following the divestment of Yonghui completed in February 2025. This compared to

a net debt of US$468 million at end of 2024.

The Group's share of underlying profit from associates rose to US$88 million, up US$45 million from the prior year, bolstered by stronger contributions from Maxim's and an improved earnings mix following portfolio optimisation.

The Group's tax charge increased to US$58 million in 2025, compared to US$27 million in 2024. The higher charge primarily reflected the increase in underlying profit during the year, and the one-off impact in 2024 relating to the new Hong Kong tax rule allowing the deduction of reinstatement costs, which came into effect in late 2024.

Underlying Operating Profit (US$m)

US$

369m

400

300

Net non-trading items of US$36 million were recorded in 2025, mainly attributable to the loss

on the divestments of Yonghui and Robinsons Retail, an impairment charge relating to an associate

in Singapore, partly offset by a gain from the divestment of the Singapore Food business.

Reported profit attributable to shareholders for the year rose to US$235 million, compared

200

100

0

2021 2022 2023 2024 2025

with a loss of US$245 million in 2024. Underlying profit attributable to shareholders increased

to US$270 million, up 35% year-on-year. Underlying earnings per share also increased by 35%, to US¢20.05.

Overall, the Group's performance underscores its strong operational momentum and disciplined execution as a strategically focused operating company.

Gross Debt and Net Cash/ (Debt) (US$m)

1,200

900

600

300

0

-400

-800

2021 2022

2023

2024

2025

Cash flow

2025 2024

Cash Flows from Operating Activities after Lease Payments (US$m)

Summarised Cash Flow US$m US$m

500

400

300

200

100

0

US$

430m

2021 2022 2023 2024 2025

dedicated to strategic priorities, including store expansion, store remodels, and technology initiatives in AI and supply chain automation.

Following the completion of the portfolio actions including the divestments of the Group's interests in Yonghui, Robinsons Retail and the Singapore Food business, the Group generated a total of approximately US$1.0 billion in cash proceeds.

Balance sheet

Net operating assets were US$297 million at end of 2025, a 50% drop compared with the prior year. The reduction was as a result of the

22%

6%

US$149m

2025 Normal Capital

Expenditure

33%

27%

12%

* Refer to note 29(d) to the financial statements.

The Group generated operating cash flow after lease payments of US$430 million, an increase of 30% from 2024. The improvement was driven primarily by stronger underlying operating profit across key business units, and lower interest paid.

Normal capital expenditure was below guidance at US$149 million, however, US$200 million to US$220 million in annual investment remains

Financial Review

return of approximately US$740 million to shareholders, including a special dividend of US$600 million.

The Group recorded net cash of US$70 million at end of 2025, compared with a net debt of US$468 million at 31 December 2024, marking the Group's strongest financial position in recent

years. This strengthened financial position provides the Group with greater flexibility to reinvest in higher-return strategic initiatives for inorganic growth opportunities.

As at 31 December 2025, the Group and its associate operated 7,580 stores across all formats in 12 Asian markets, compared with 7,438 stores at the end of 2024 on a continuing basis.

Dividend

Following the announcement of the Group's new dividend policy with an increased payout ratio of 70%, the Board is recommending a final dividend of US¢10.50 per share, giving a total dividend of US¢14.00 per share for the year. Including the special dividend and interim dividend, total dividends announced in 2025 was US¢58.30 per share, returning approximately US$740 million to shareholders.

Financing

Borrowings to support daily operations and working capital needs are typically arranged in local currencies and managed by operating subsidiaries, while borrowings for strategic initiatives are managed centrally.

The Group maintains healthy liquidity through its cash pooling arrangements and committed credit facilities, ensuring resilience and strategic flexibility.

Financial risk management

A comprehensive discussion of the Group's financial risk management policies is set out in note 38 to the financial statements. The Group manages its exposure to financial risks using a variety of techniques and instruments. The main objectives are to limit

exchange and interest rate risks and to provide a degree of certainty on costs. It is our policy not to engage in speculative derivative transactions. The investment of the Group's cash resources is managed to minimise risk while seeking to enhance yield.

Overall, the Group's funding arrangements are designed to keep an appropriate balance between equity and debt (short- and long-term), to maximise total shareholder return while maintaining strategic flexibility for inorganic growth opportunities that are accretive to long-term shareholder value.

Principal risks and uncertainties

The Group continues to face risks arising from macroeconomic conditions, evolving consumer sentiment, competitive intensity in core markets, and foreign currency volatility.

Operational risks, including supply chain disruption, labour availability and regulatory developments, remain a priority for management. These risks are mitigated through sourcing diversification, cost transformation initiatives, and strengthened organisational agility.

A comprehensive review of the principal risks and uncertainties is set out on pages 128 to 137 of the Annual Report.

Accounting policies

The accounting policies adopted by the Group in 2025 are consistent with those applied in the prior year. The Directors continue to review the

appropriateness of the accounting policies adopted by the Group with regard to developments in International Financial Reporting Standards (IFRS Accounting Standards). There are no new accounting standards and amendments, which are effective in 2025 and relevant to the Group's operations, that have a significant impact on the Group's results, financial position and accounting policies.

Tom van der Lee

Group Chief Financial Officer 3 March 2026

Introduction

This Sustainability Disclosure outlines the approach of the DFI Retail Group ('the Group' or 'DFI')

to managing sustainability-related risks and opportunities across our operations and value chain. The report covers the financial year ended 31 December 2025. The consolidated sustainability information applies to the same reporting entity as

our consolidated financial statements for subsidiaries, but excludes associates, joint ventures and franchisees unless otherwise stated. The disclosure aims to provide investors and stakeholders with decision-useful information on our governance, strategy,

risk management, and the metrics and targets associated with each of our sustainability pillars.

Our reporting approach is developed with reference to leading international frameworks and standards, including the Task Force on Climate-related Financial Disclosures (TCFD) recommendations

and the IFRS Sustainability Disclosure Standards

(IFRS S1 and IFRS S2) issued by the International

Sustainability Standards Board (ISSB). These frameworks guide the structure and content of our disclosures to ensure transparency, consistency and comparability with global best practices. Where relevant, we also reference the Global Reporting Initiative (GRI) Standards and the SASB Standards for the food and multiline retail sectors to provide industry-specific metrics.

This report builds on the foundation shared in our previous Sustainability Reports and reflects our continued progress in integrating sustainability into our business strategy and financial planning.

It includes updates on our double materiality assessment, climate scenario analysis, and transition planning, as well as enhanced disclosures on governance and risk management processes.

Cross-references to sections of the Annual Report are provided to enable stakeholders to relate our sustainability disclosures to our broader financial and business reporting.

Contents

32 Overview

34 Group Chief Legal, Sustainability and Corporate Affairs Officer's Review

36 Performance Highlights

37 External Engagement through Memberships

38 Major Awards and Recognition

40 Sustainability Governance

40 Our Approach to Sustainability Governance

42 Sustainability Strategy

42 Our Sustainability Framework

42 Double Materiality Assessment

44 Our Material Sustainability Issues

47 Our Strategic Response

49 Climate-related Risk and Opportunity Disclosures

52 Climate Transition Plan

53 Sustainability Risk and Opportunity Management

53 Integration of Sustainability into Overall Risk Management

53 Risk Management Process for Sustainability Risks and Opportunities

54 People

55 Customer Value Creation

57 Community Giveback

59 Team Member Success

1. Ethical Sourcing and Supply Chain Management

2. Metrics and Targets

68 Products

69 Sustainable Choices

72 Sustainable Packaging

1. Product Quality and Safety

2. Metrics and Targets

76 Planet

77 Carbon Footprint Reduction

80 Waste Recycling and Reduction

81 Biodiversity and Water Conservation

83 Metrics and Targets

84 Supporting Information

84 Basis of Preparation and Presentation

88 Independent Assurance Statement

91 Content Index - TCFD

32 DFI Retail Group Holdings Limited Annual Report 2025

‌Sustainability Framework

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At DFI, our purpose is to sustainably serve Asia for generations with everyday moments. We are committed to transforming Asia's retail landscape through sustainable choices that benefit both people and the planet. Our sustainability strategy is anchored in three strategic pillars: People, Products, and Planet, with Governance as the cornerstone, ensuring robust leadership and oversight.

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33

Guided by our purpose to 'Sustainably Serve Asia for Generations with Everyday Moments', 2025 marked another year of steady progress in delivering on our sustainability ambitions. During

the year, we continued to strengthen governance, embed sustainability into our business strategy, and deliver measurable progress across our three pillars - People, Products, and Planet.

Governance, strategy and risk management

Our Board and Sustainability Committee maintain strong oversight of our progress and priorities.

We uphold our key principles of being 'focused, balanced and collaborative' in delivering our strategy, concentrating our efforts on our most material issues and working with our team members, suppliers, partners, and communities.

This year, we streamlined our sustainability disclosure, and enhanced our double materiality assessment, climate scenario analysis, and transition plan, further improving transparency and alignment

with IFRS S1 and S2.

People

We continue to create value for our customers through a wide range of health, wellness and nutritional products to help them live healthier lives. Across banners, our community giveback programmes supported over 1.25 million beneficiaries, empowering lives through health, wellness and community initiatives. Our new platform for learning and development (DFILEARN) and structured leadership development

programmes strengthened capability building for our team members. We maintained 100% approved ethical audits for Own Brand factories

in high-risk countries, reinforcing our commitment to human rights in our supply chain.

Products

Our Own Brand strategy continued to make sustainable choices accessible and affordable. We expanded our offerings with sustainability certifications, such as Rainforest Alliance-certified

coffee and responsibly sourced seafood. We launched Own Brand Low-Carbon Rice and 7-Eleven products that embraced circularity through our 'Grounds

to Green' programme. By the end of 2025, we successfully transitioned 83% of our Own Brand product plastic packaging components to be reusable, recyclable, or compostable.

Planet

We are proud of our decarbonisation achievements across our operations and supply chains. As of 2025, we achieved a 22% reduction in Scope 1 and 2 emissions compared to our 2021 baseline, marking clear progress towards our 50% reduction target

by 2030. This reflects the cumulative impact

of our initiatives, ranging from investments in refrigeration upgrades to energy-efficiency projects across our stores.

Our focus on four key commodities in our Scope 3

portfolio is also yielding results. We launched 380 tonnes of Low-Carbon Rice, surpassing our 200-tonne target and demonstrating that

sustainable options can be affordable and scalable by advancing collaboration across value chains.

We achieved 100% certified deforestation-free sourcing for coffee beans used by 7CAFÉ in Hong Kong, Macau and Singapore, as well as IKEA.

We initiated a systematic supplier engagement programme and launched a Sustainability Innovation Challenge to support decarbonisation for the beef and dairy industries.

Waste diversion improved to 66% from 61% across the Group, driven by enhanced recycling and reduction practices across our distribution centres and stores, and the expansion of food donation partnerships.

Recognition and collaboration

Our efforts have been recognised through multiple accolades and most importantly by our customers and shareholders. We continue to invest in industry

collaboration by participating in the Consumer Goods Forum (CGF)'s Climate Transition and Plastic Waste Coalitions, and the World Economic Forum First Movers Coalition for Food, reinforcing our belief that systemic transformation can only be delivered through collective action.

Looking ahead

As we look ahead to 2026 and beyond, we remain focused on delivering our plans across our priorities within the People, Products and Planet pillars.

These include continuing to embed sustainability into learning and governance frameworks across the Group, scaling our low-carbon rice programme, amplifying supplier engagement and innovation across key commodities, accelerating energy-efficiency and renewable energy procurement

in priority markets, and progressing on waste diversion programmes. These initiatives will continue to position the Group as 'Customer First, People Led, Shareholder Driven' to support our long-term success.

Erica Chan

Group Chief Legal, Sustainability and Corporate Affairs Officer

3 March 2026

Our Commitment 2025 Progress

Sustainability Month 2025, themed 'Sustainability - Today, Tomorrow, Together', engaged 3,000+ team members across 32 activities to bring ambitions to life

Our sustainability efforts are strengthened through active participation in global and local initiatives, coalitions and task forces, and through adherence to recognised standards.

• The Consumer Goods Forum (CGF) - Towards Net Zero Coalition, Plastic Waste Coalition

• World Economic Forum - First Movers Coalition for Food

• Business Environment Council in Hong Kong -Climate Change Business Forum Advisory Group, Circular Economy Advisory Group

• Hong Kong General Chamber of Commerce -Environment & Sustainability Committee

• Hong Kong Retail Management Association -Sustainability Task Force

• Food Wise Hong Kong Steering Committee -Member

• WWF-Hong Kong - Sustainable Seafood Business Membership Programme

• amfori BSCI (Business Social Compliance Initiative) - Member

Across our markets, we have received more than 60 awards reflecting our achievements in

the People, Products, and Planet pillars. A selection of our key awards is highlighted here.

People

1. Retail Asia Awards 2025: ESG Initiative of the Year Mannings Hong Kong's 'Safe Disposal of Unused Medicines' Programme

2. People's Association Community Spirit Awards 2025: Merit Award

   Cold Storage, Giant, Guardian, and 7-Eleven's

   community giveback programmes

3. Business Awards of Macau 2025:

   Corporate Social Responsibility Award Mannings' PharmaCare Programme provides health and wellbeing benefits for team members and their family members

4. Company of Good, National Volunteer & Philanthropy Centre (NVPC): 1 Heart

   DFI community contributions and commitment to meaningful, long-term social impact in Singapore

5. HR Asia Best Companies to Work For In Asia Award:

   (i) Diversity, Equity, and Inclusion Award, Best Companies to Work For in (ii) Hong Kong and (iii) Cambodia

   Recognitions for DFI Retail Group, and Hong Kong and Cambodia teams for people and culture performance

6. Hong Kong Management Association: Award for Excellence in Training and Development 2025 Pioneering Qualifications Framework Level 6 Programme for the Hong Kong retail industry

7. Equal Opportunities Commission Racial Diversity & Inclusion Employers Award Scheme: (i) Racial Equity in Hiring (Gold), (ii) Inclusive Workplace Culture (Gold) and (iii) Community Engagement (Silver)

   DFI Hong Kong team received three recognitions for fostering inclusion across our workplace

   Products

   
   
   

8. UNSDG Achievements Award Hong Kong 2025: Individual SDG Award for Goal 13: Climate Action DFI's low-emissions rice pilot delivered emissions reductions for a key commodity

9. FMCG Asia Awards 2025, Sustainability Initiative of the Year - Hong Kong

   DFI's low-emissions rice pilot achieved a successful launch in Hong Kong's retail market

10. ESGBusiness Awards 2025: Supply Chain

    Partnership Award

    DFI's supply chain collaboration helped deliver low emissions rice to consumers

11. ESGBusiness Awards 2025: (i) Circular Economy

    Award, (ii) Initiative Award

    7-Eleven Hong Kong & Macau's Grounds to Green

    Upcycling Programme

12. HK International Beer Awards 2025: Certificate of

    Bronze in Specialty Beer, Non-Aged

    7-Eleven collaborated with Maxim's to launch 'BOB x 7CAFÉ Coffee Beer,' brewed using upcycled coffee grounds from 7CAFÉ and surplus bread from Maxim's

13. Global Wine & Spirits Awards Asia: Silver Award 2025 in Beer, Specialty

    Global recognition of 'BOB x 7CAFÉ Coffee Beer'

    for its quality and sustainability attributes

14. Asia 100 Sustainable Agri-food Development Forum: Circular Economy Innovation Award Maxim's WeGen farming's closed-loop model

    Planet

    
    
    

15. 2024 Hong Kong Awards for Environmental Excellence: Shops and Retailers - Bronze Award DFI's outstanding environmental performance was recognised by the Environmental Campaign Committee in Hong Kong

16. CLP Smart Energy Award 2025: Sustainable Carbon Neutral Award, Excellence Award (Services) Maxim's strong performance in energy efficiency and the adoption of renewable energy sources across its operations

17. HKMA Sustainability Award 2025: Excellence in Environmental Sustainability Initiative (Large Organisation Category), Certificate of Excellence DFI's initiatives elevated sustainability performance and demonstrated excellence

    in environmental sustainability

18. Hong Kong Sustainable Development Innovation and Technology Awards 2025: Towards Net Zero Innovation and Technology, Excellent Award Maxim's SmartOps, a digital transformation initiative, enhanced production line efficiency and strengthened food traceability

19. TVB ESG Awards 2025: ESG Special Recognition

    Award - with Merit

    Both DFI and Maxim's received the award in recognition of our ESG performance and industry leadership

20. World Green Organisation Climate Action Award 2025: Climate Action Award

Recognition for Maxim's efforts in ESG integration and carbon management