Delfi Limited (P34) Q1 2026 TU earnings summary

Executive summary

• Achieved strong 1Q 2026 performance with Net Sales of US$159.1 million, up 6.2% year-over-year, driven by Own Brands growth despite macroeconomic pressures from the Middle East conflict.

• Own Brands sales rose 19.6% year-over-year, led by Indonesia and supported by robust growth in Malaysia and the Philippines.

• Agency Brands sales declined due to a strategic account termination, but would have grown 30.4% year-over-year on a comparable basis.

Financial highlights

• Net Sales increased 6.2% year-over-year to US$159.1 million; Indonesia sales up 2.5%, Regional Markets up 13.3%.

• Gross Profit Margin declined 140 bps year-over-year to 26.6% due to weaker Indonesian Rupiah and higher cocoa costs.

• EBITDA slightly decreased to US$16.8 million from US$17.0 million in 1Q 2025.

• Net cash from operations reached US$28.7 million; free cash flow was US$24.9 million, down from US$34.4 million in 1Q 2025.

• Cash balance rose by US$25.9 million to US$93.8 million at end-March 2026.

Outlook and guidance

• Cocoa market volatility and ongoing Middle East conflict expected to pressure operating costs and currencies.

• Proactive supply chain management and increased inventory of essential raw materials to mitigate risks.

• Continued investment in core brands and product innovation to reinforce market leadership.