Delfi Limited (P34) H2 2025 earnings summary

Executive summary

• FY2025 net sales reached US$500.1M, a 0.5% YoY decline, with PATMI at US$33.2M, down 2.1% YoY; 2H 2025 PATMI was US$21.0M, up 46.3% YoY.

• Own Brands grew 4.9% YoY, offsetting a 7.4% decline in Agency Brands due to a terminated account.

• Excluding the Agency Brand termination, consolidated Net Sales would have increased 6.2% YoY.

• Proposed total dividend for FY2025 is 2.72 US cents/share, representing 50% payout ratio.

Financial highlights

• FY2025 Gross Profit Margin was 26.5%, with gross profit at US$132.8M, down 3.7% YoY.

• EBITDA for FY2025 was US$59.2M (down 1.9% YoY), with EBITDA margin at 11.8%.

• Net cash generated from operations was US$78.1M, up US$25.6M from FY2024.

• Working capital requirements reduced to US$133.9M due to lower inventories and tighter receivables control.

Outlook and guidance

• Strategic focus for 2026 includes reinforcing market leadership, investing in core brands, product innovation, and expanding sales reach.

• Cautious optimism for 2026 due to recent favorable cocoa price trends, but mindful of Indonesia's uncertain macroeconomic environment.

• Emphasis on operational efficiency and financial discipline to adapt to changing conditions.