Delfi Limited (P34) Q3 2025 earnings summary

Executive summary

• Net sales rose 6.1% year-over-year in 3Q 2025 to $124.8 million, with 9M 2025 net sales up 1.6% to $384.4 million, driven by pricing and volume gains in Indonesia and regional growth.

• Strong operating cash flow generated during 9M 2025, supported by disciplined working capital management.

Financial highlights

• Gross profit margin for 9M 2025 was 26.8%, down 130 bps year-over-year due to weaker Rupiah, higher promotion spending, and lower Agency Brand margins.

• EBITDA for 9M 2025 was $34.5 million, a 17.1% year-over-year decrease (15.6% lower in constant currency).

• Net cash from operations after working capital for 9M 2025 was $56.3 million, up $9.4 million year-over-year.

• Cash and cash equivalents at end-September 2025 were $70.1 million, up from $43.8 million at end-December 2024.

Outlook and guidance

• Macroeconomic headwinds, geopolitical tensions, and global trade uncertainty expected to persist into at least mid-2026, likely causing currency volatility and supply chain pressures.

• Initiatives underway to improve manufacturing productivity, supply chain efficiency, pricing, product resizing, and reformulation.

• Commitment to long-term priorities: investing in key brands, innovation, and expanding reach in Indonesia and Southeast Asia.