Delfi - DBS Research 2026-02-26: Growth In 2026 Likely To Be Modest

• We attended Delfi (SGX:P34)’s briefing on the morning of 25 Feb 2026 and shared our takeaways and views as below.

Briefing takeaways

• Delfi’s 4Q25 revenue declined to US$116mil (-7% y-o-y), mainly due to the termination of a major agency brand in Indonesia.
• - Read this at SGinvestors.io -

Estimated net one-off earnings gain at ~US$1.4mil.

• This comprises US$5.5mil of one-off operating income, partially offset by ~US$3.5mil of incremental costs related to the Philippines restructuring and the agency brand termination in 4Q25.
• - Read this at SGinvestors.io -

Conservative 50% payout ratio due to cautious FY26 outlook.

• The company declared a final dividend of 1.72 US cents/share, taking FY25 Delfi's dividends to 2.72 US cents/share, implying a ~50% payout ratio. The lower payout relative to prior years signals a more cautious stance given ongoing macro uncertainty.

Cocoa hedging remains focused on protecting sensible gross margins.

• Read more at SGinvestors.io.

Zheng Feng CHEE DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-02-26

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