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1st Half 2026 Financial Results ( unaudited ) 11 August 2026 Delfi DELFI LIMITED CORPORATE PRESENTATION
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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 looking statements by the management ofDelfi Limited (“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 future events.Actual results may vary materially from those targeted, expected or projected due to several factors. Suchfactors are, among others, general economic conditions, foreign exchange fluctuations, competitive productand pricing pressures as well as changes in tax regimes and regulatory developments. Such statements arenot and should not be construed as management’s representation on the future performance of Delfi.Therefore, the actual performance of Delfi may differ significantly from expressions provided herein.This Results Presentation should be read in conjunction with the full text of the “Condensed InterimFinancial Statements and Dividend Announcement for the 1stHalf ended 30 June 2026”.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.■1H 2026 Overview4■1H 2026 Highlights6■Looking Ahead7■Appendices•1H 2026 Performance (in detail)•Group Financial Highlights•Balance Sheet Analysis•Cash Flow Applications10111314
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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 1H 2026 Overview 4 ■The challenging operating environment was characterised by volatile currencies, global macroeconomicuncertainty from the ongoing conflict in the Middle East, and domestic economic pressures in key markets■Despite these headwinds, the Group reported resilient results, delivering 1H 2026 Net Sales of US$266.6 millionand PATMI of US$12.9 million. Performance was influenced primarily by the following factors:Elevated input costs driven primarily by higher raw material costsDepreciation of regional currencies against the US Dollar, including a 4.0% decline in the Indonesian Rupiah and 4.5% in the Philippine PesoChallenging year-over-year sales comparables stemming from the strategic decision to exit an agency account in 3Q 2025■Consolidated Net Sales grew by 2.7%, driven by robust 13.3% growth in Own Brands which was partially offsetby a 12.4% decline in Agency BrandsThe healthy growth in Own Brands was supported by underlying demand despite lower promotional spending in Indonesia and strongperformance in the PhilippinesOn a constant currency basis, overall growth in Own Brands would have reached 17.2%While the strategic agency exit in 3Q 2025 in Agency Brands continued to weigh on reported sales, this decline masked healthy double-digitgrowth in that business on a comparable sales basis
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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 1H 2026 Overview (cont’d) 5 ■The Group generated net operating cash flow of US$14.0 million, providing the financial flexibility tocomfortably fund strategic capital investment while continuing to return dividends to shareholdersThe Group’s cash position stood at US$63.3 million as at 30 June 2026, after funding US$3.8 million in capital expendituresand a US$10.5 million dividend payment in May■We remain committed to offsetting elevated input costs through manufacturing efficiencies, disciplined capitalmanagement and prudent capital investment, while sustaining targeted investments in our core Own Brands todrive continued consumer demandThe Board declared an Interim Dividend of 1.05 US cents (1.34 Singapore cents) per share,representing a pay-out of 50% of 1H 2026 reported PATMI. The dividend will be payable on 11September 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 1H 2026 Highlights 6 ■1H 2026 Revenue US$266.6 million(▲2.7% Y-o-Y)■Gross Profit Margin 25.7%(▼180 basis points Y-o-Y)■EBITDA US$23.4 million(▼3.7% Y-o-Y)Reflects lower gross margin■PATMI US$12.9 million(▲5.4% Y-o-Y)■ROE(annualised)9.4%(▲0.3% pt Y-o-Y)■Net cash generated by operations of US$14.0 million■Interim Dividend of 1.05 US cents declared
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C O R P O R A T E P R E S E N T A T I O N Looking AheadWhile the cocoa market has retreated from its 2025 peaks on expectations of a supply recovery, although still higherthan the 2022/2023 levels, the outlook remains volatile due to growing expectations of a strong El Niño on cropproduction. This coincides with an increasingly complex global environment, where the ongoing conflict in theMiddle East has heightened macroeconomic and supply chain uncertainty and triggered volatility in energy costs andglobal currencies, including those in our key markets. We anticipate the ongoing Middle East conflict to exertupward pressure on some of our operating costs. To mitigate these risks, we are proactively managing our purchasesof materials that may be impactedWith uncertainty on how long the Middle East conflict will last, we remain vigilant on potential long-term pressureson production costs and consumer demand, while continuing to reinforce our market leadership through targetedinvestments in our core brands and product innovation. With continued investments to grow our brand strength,deep retail partnerships, manufacturing efficiency and strict financial discipline, we remain confident that our strongbalance sheet and cash flow provide the flexibility to navigate these uncertainties7
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C O R P O R A T E P R E S E N T A T I O N Appendices
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C O R P O R A T E P R E S E N T A T I O N Group Financial Highlights9
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C O R P O R A T E P R E S E N T A T I O N 1H 2026 Performance (in detail)(In US$ Million)1H 2026 1H 2025Y-o-Y ChangeLocal Currency Performance(Y-o-Y change)Revenue 266.6 259.6▲2.7%▲2.9%Indonesia 157.6 162.0▼2.7%▲1.2%Regional Markets 109.0 97.6▲11.7%▲5.6%Gross Profit (GP) 68.5 71.5▼4.1%▼3.3%GP Margin 25.7% 27.5%▼1.8% pt▼1.6% ptEBITDA 23.4 24.3▼3.7%▼1.0%EBITDA Margin 8.8% 9.4%▼0.6% pt▼0.4% ptPATMI 12.9 12.2▲5.4%▲9.4%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 Group Financial Highlights28.5%28.8%25.9%27.4%27.5%25.5%26.5%25.7%20%25%30%FY2023 1H 2024 2H 2024 FY2024 1H 2025 2H 2025 FY2025 1H 2026 Own Brands Net Sales (In US$ Million)Gross Profit Margin Trends309.9282.0295.7167.8148.0152.7172.90100200300FY2023 FY2024 FY2025 1H 2023 1H 2024 1H 2025 1H 20263533143011901701621581851891999391981090100200300400500FY2023 FY2024 FY2025 1H 2023 1H 2024 1H 2025 1H 2026IndonesiaRegional500 1H 2026 Net Sales grew 2.7% Y-o-Y, driven primarily by growth in Regional Markets, which was partially offset by challenging sales comparables for Agency Brands in IndonesiaGroup Net Sales (In US$ Million)EBITDA (In US$ Million)74.532.827.560.324.334.959.223.4020406080FY2023 1H 2024 2H 2024 FY2024 1H 2025 2H 2025 FY2025 1H 2026 538503261 260 11 Strong growth in Own Brands was supported by underlying demand in Indonesia, despite lower promotional investment, combined with strong performance in the Philippines Gross margin decreased by 180 basis points Y-o-Y in 1H 2026, primarily due to higher raw material costs and a weaker Indonesian Rupiah and Philippine Peso vs the US Dollar 1H 2026 EBITDA decreased by 3.7% Y-o-Y mainly from the lower Gross Profit Margin 267283
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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 Analysis12
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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) 13 (In US$ Million) 30 Jun 2026 31 Dec 2025 CommentsCash and Cash EquivalentsTrade ReceivablesInventoriesOther AssetsFixed Assets, Intangible Assets & Investments63.380.297.657.3110.668.076.8117.053.9120.8Total AssetsTrade PayablesOther Liabilities409.035.884.0436.559.982.9Total Borrowings 20.3 14.5Working Capital Facilities/Trade FinanceTerm Loan18.22.114.5-Total Equity 268.9 279.2Key RatiosCurrent RatioReturn on EquityInventory Days Receivables Days Payable Days2.279.4%9954442.1012.2%1246058Less fixed assets reflects disciplined capital expenditure during 1H 2026Inventory levels decreased in line with sales activity from combined Valentine’s Day and Lebaran festive period *Relates to FY2025 audited figures. Disciplined management of receivables limited increase during high seasonal sales*In line with reduced inventories
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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 14 Strong operating cash flow and disciplined capital expenditures generated the free cash flow tosupport shareholder returns (In US$ Million) 30 Jun 2026EBITDA 23.4Changes in Operating Cash FlowIncrease in Working Capital (4.1)Tax Expense Paid (7.3)Interest Income Received 2.0Operating Cash Flow 14.0Capital Expenditure (2.3)Advances for purchase of PPE (1.5)Free Cash Flow 10.1Other Investing Activities (7.6)Financing Activities:Repayment of Borrowings, Net of Proceeds (2.1)Proceeds from Working Capital Financing 5.8Interest Expense Paid (0.4)Dividend Payment (10.5)Net Cash Movement (4.7)
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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 15 Thank You