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C O R P O R A T E P R E S E N T A T I O N 2ndHalf and Full Year 2025 Financial Results (unaudited)24 February 2026
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C O R P O R A T E P R E S E N T A T I O N Important Note on Forward-Looking StatementsThe presentation herein may contain certain forward looking statements by the management of DelfiLimited (“Delfi”) that pertain to expectations for financial performance of future periods vs pastperiods.Forward-looking statements involve certain risks and uncertainties because they relate to futureevents. Actual results may vary materially from those targeted, expected or projected due to severalfactors. Such factors are, among others, general economic conditions, foreign exchange fluctuations,competitive product and pricing pressures as well as changes in tax regimes and regulatorydevelopments. Such statements are not and should not be construed as management’s representationon the future performance of Delfi. Therefore, the actual performance of Delfi may differ significantlyfrom expressions provided herein.This Results Presentation should be read in conjunction with the full text of the “Condensed FinancialStatements and Dividend Announcement for the 2ndHalf and Full Year ended 31 December 2025”.2
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C O R P O R A T E P R E S E N T A T I O N Scope of Briefing 3 Page No.■2H and FY2025 Overview4■FY2025 Highlights7■Looking Forward8■Appendices•Our 2H and FY2025 Performance (in greater detail)•Group Financial Highlights•Balance Sheet Analysis•Cash Flow Applications11121415
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C O R P O R A T E P R E S E N T A T I O N 2H and FY2025 Overview 4 ■The Group reported PATMI for 2H 2025 of US$21.0 million (▲46.3% Y-o-Y) and FY2025 of US$33.2 million(▼2.1% Y-o-Y), with FY2025 Net Sales of US$500.1 million, a 0.5% Y-o-Y decline■The performance reflects a challenging operating environment combined with elevated cocoa prices for most ofthe year with the following key factors contributing to the Group’s performance:Own Brands maintained strong momentum in FY2025 with growth of 4.9% Y-o-Y , or US$13.7 million, particularly in IndonesiaStrategic promotional investments aimed at securing long-term growth, increasing market share of key brands, and countering strongcompetitionThe strong performance of Own Brands helped offset a 7.4% decline in Agency Brands as we terminated one of our Agency BrandsDepreciation of Indonesian Rupiah by 3.8% against the US Dollar■Excluding the impact of the Agency Brand termination, consolidated Net Sales for the Group in FY2025 wouldhave increased by 6.2% Y-o-Y
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C O R P O R A T E P R E S E N T A T I O N 2H and FY2025 Overview (cont’d) 5 ■With continued tight management of working capital, we generated US$78.1 million of net cash flow fromoperating activities, an increase of US$25.6 million compared to FY2024We ended the year with lower inventory and reduced trade receivablesAmid persistent inflation and supply chain challenges, we remain committed to managing our inventory levels closely to ensure asteady supply of raw materials ingredients, and essential inputs■We allocated net operating cash to fund US$9.2 million of capital expenditures, repay US$10.2 million ofborrowings and pay US$13.3 million for dividend paymentsOur capex programme is closely monitored and continually assessed in response to market conditions and could be adjusted asnecessaryAt end-2025, the Group reported a healthy Balance Sheet with cash and equivalents at US$68.0 million, whileNet Assets of US$279.2 million compared to US$264.6 million at end-2024Our strong balance sheet continues to provide strong resilience against potential uncertainties that may arise
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C O R P O R A T E P R E S E N T A T I O N 2H and FY2025 Overview (cont’d) 6 Proposed Final Dividend of 1.72 US cents/share which together with the interim dividend of1.00 US cents/share paid brings total dividends for FY2025 to 2.72 US cents/shareThis total dividend of 2.72 US cents/share brings our full year payout ratio to 50%Payable on 15 May 2026, if approved by shareholders at the Annual General Meeting on 28 April 2026
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C O R P O R A T E P R E S E N T A T I O N FY2025 Highlights 7 ■FY2025 Net Sales of US$500.1 million reported(▼0.5% Y-o-Y)■Gross Profit Margin of 26.5%■EBITDA US$59.2 million(▼1.9% Y-o-Y)■PATMI US$33.2 million(▼2.1 Y-o-Y)■ROE 12.2%■Net cash generated by operations of US$78.1 million■Final Dividend declared of 1.72 US cents/share (2.15 Singapore cents/share), a 50% payout ratio
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C O R P O R A T E P R E S E N T A T I O N Looking Forward 8 The global cocoa market has weakened from previous peaks due to expected supply recovery. However, thistransition is taking place alongside an increasingly uncertain macroeconomic landscape in Indonesia, our primarymarket. Consequently, we are very focused on maintaining a high level of situational awareness, to stay agile and toadjust our operations as needed to support our growth objectives in IndonesiaTo capture the region's expanding opportunities, in 2026 we will strategically focus on reinforcing our marketleadership through continued investment in core brands and product innovation to broaden consumer appeal. Weare also strengthening our routes-to-market capabilities by expanding our geographical reach and enhancing our salesorganisation to improve our position at the retail shelf. By combining these growth drivers with strict financialdiscipline and a focus on operational efficiency, we remain confident in our ability to adapt our strategies and deliversustainable value
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C O R P O R A T E P R E S E N T A T I O N Appendices
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C O R P O R A T E P R E S E N T A T I O N Group Financial Highlights 10
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C O R P O R A T E P R E S E N T A T I O N Our 2H and FY2025 Performance (in greater detail) 11 (In US$ Million) 2H 2025 2H 2024Y-o-Y changeLocal Currency Performance (Y-o-Y change)FY2025 FY2024Y-o-Y changeLocal Currency Performance (Y-o-Y change)Net Sales 240.5 241.8▼0.5%▲0.5%500.1 502.7▼0.5%▲0.3%Indonesia 139.3 144.5▼3.6%▲0.6%301.3 314.3▼4.1%▼0.5%Regional Markets101.2 97.3▲4.0%▲0.4%198.8 188.4▲5.5%▲1.4%Gross Profit (GP) 61.3 62.6▼2.0%▼0.4%132.8 137.8▼3.7%▼2.5%GP Margin 25.5% 25.9%▼0.4% pt▼0.2% pt26.5% 27.4%▼0.9% pt▼0.7% ptEBITDA 34.9 27.5▲26.8%▲31.1%59.2 60.3▼1.9%▲1.0%EBITDA Margin 14.5% 11.4%▲3.1% pt▲3.4% pt11.8% 12.0%▼0.2% pt▲0.1% ptPATMI 21.0 14.4▲46.3%▲52.1%33.2 33.9▼2.1%▲1.5%
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C O R P O R A T E P R E S E N T A T I O N Group Financial Highlights 12 3183533143011451391601851891999710101002003004005002022 2023 2024 2025 2H 2024 2H 2025IndonesiaRegional503500 FY2025 Net Sales in Indonesia is due mainly to strong sales in Own Brands arising from promotionalinvestment which helped offset a decline in Agency Brands from terminated agency accountsIncrease in Regional Markets mainly from growth in MalaysiaGroup Net Sales (In US$ Million)478538242240 30.5%29.2%27.7%28.5%28.8%25.9%27.4%27.5%25.5%26.5%20%25%30%35%FY2022 1H 2023 2H 2023 FY2023 1H 2024 2H 2024 FY2024 1H 2025 2H 2025 FY2025 Gross Profit Margin TrendsFY2025 Gross Profit Margin reflected impact from increased promotional spending, weakerIndonesian Rupiah affecting imported raw material costs and lower margin from AgencyBrands Own Brands Net Sales (In US$ Million)FY2025 increase primarily from stronger Net Sales in Indonesia due to higher promotionalinvestment and gains in market share, partially offset by impact from a weaker IndonesianRupiah. Solid growth in Malaysia also contributed281.8309.8282.0295.7134.0143.101002003002022 2023 2024 2025 2H 2024 2H 2025 Lower FY2025 EBITDA from softer Net Sales, contraction in the Gross Profit Margin andmarginally higher operating costsEBITDA (In US$ Million)74.040.034.574.532.827.560.324.334.959.2020406080FY2022 1H 2023 2H 2023 FY2023 1H 024 2H 2024 FY2024 1H 2025 2H 2025 FY2025
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C O R P O R A T E P R E S E N T A T I O N Balance Sheet & Cash Flow Analysis 13
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C O R P O R A T E P R E S E N T A T I O N Balance Sheet Analysis (Figures are at period end) 14 (In US$ Million) 31 Dec 2025 31 Dec 2024 CommentsCash and Cash EquivalentsTrade ReceivablesInventoriesOther AssetsFixed Assets, Intangible Assets & Investments68.076.8117.053.9120.843.886.3131.836.8129.5Total AssetsTrade PayablesOther Liabilities436.559.982.9428.257.481.4Total Borrowings 14.5 24.8Working Capital Facilities/Trade FinanceTerm Loan14.5-19.85.0Total Equity 279.2 264.6Key RatiosCurrent RatioReturn on EquityInventory Days Receivables Days Payable Days2.1012.2%12460581.9512.8%1246451*Relates to FY2024 audited figures. Reflects reduced capital investment in 2025, and sale of propertyIncrease attributed to strong operating cash flow generation and lower capital expenditures*
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C O R P O R A T E P R E S E N T A T I O N Cash Flow Applications 15 (In US$ Million) 31 Dec 2025EBITDA 59.2Changes in Operating Cash FlowDecrease in Working Capital 29.3Tax Expense Paid (13.6)Interest Income Received 3.2Operating Cash Flow 78.1Capital Expenditure (8.1)Advance for purchase of PPE (1.1)Free Cash Flow 68.9Other Investing Activities (16.0)Financing Activities:Repayment of Borrowings, Net of Proceeds (14.4)Interest Expense Paid (1.0)Dividend Payment (13.3)Net Cash Movement 24.2 In FY2025, we generated strong operating cash flow of US$78.1 million mainly fromtighter management of working capital
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C O R P O R A T E P R E S E N T A T I O N Thank You 16