- Delfi (SGX:P34)’s 3Q25 revenue came in at US$125mil (+6% y-o-y) and EBITDA rose to US$10mil (+16% y-o-y). The strong 3Q25 performance was attributed to the positive impact of sustained promotional spending in prior quarters to strengthen key brands and address market competition.
Top-line growth was driven by both Indonesia and Regional Markets.
- Gross margin declined from 26.4% in 3Q24 to 25.4%, while EBITDA margin expanded from 7.5% to 8.2%. The combination of margin expansion and revenue growth delivered robust 16% y-o-y EBITDA growth in 3Q25, reversing six consecutive quarters of y-o-y decline.
- Delfi remains highly cash-generative, delivering free cash flow of US$49mil versus US$19mil in the same nine-month period last year.
Our Views
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Zheng Feng CHEE DBS Group Research | https://www.dbs.com/insightsdirect/ 2025-11-17
Read also DBS's most recent report:
2026-02-26 Delfi - Growth In 2026 Likely To Be Modest.
Price targets by 2 other brokers at Delfi Target Prices.
Listing of research reports at Delfi Analyst Reports.
Relevant links:
Delfi Share Price History,
Delfi Announcements,
Delfi Dividend Payout Dates & Corporate Actions,
Delfi News
