Delfi Limited (P34) Q1 2025 TU earnings summary

Executive summary

• Net sales for 1Q 2025 were US$149.8 million, a 0.5% year-over-year decline in USD terms but a 1.5% increase on a constant currency basis.

• Own Brands sales in Indonesia grew, especially in the premium segment, offsetting lower Agency Brands sales.

• Regional Markets saw growth driven by strong Own Brands in the Philippines and improved Agency Brands in Malaysia and the Philippines.

Financial highlights

• Gross profit margin for 1Q 2025 was 28.0%, down 220 basis points year-over-year.

• EBITDA was US$17.0 million, a 27.2% decrease from US$23.3 million in 1Q 2024.

• Net cash from operations after working capital was US$37.6 million, up from US$35.0 million in 1Q 2024.

• Cash balance increased by US$26.6 million to US$70.4 million at end-March 2025.

Outlook and guidance

• Persistent global challenges expected in 2025, including geopolitical tensions, trade uncertainties, and macroeconomic headwinds.

• High cocoa bean prices remain a significant headwind for industry profitability.

• Focus remains on long-term objectives, leveraging strong brands, innovation, and robust distribution.