Slight revenue miss; core profit down 20% y-o-y – Delfi (SGX:P34)’s 2025 revenue of US$500m (-0.5% y-o-y) formed 98% of our expectations, while reported net profit declined 2% y-o-y to US$33.2m. Excluding US$7.43m of one-off gains in 2025 (2024: US$1.82m), core profit slumped 19.7% y-o-y to US$25.8m on lower margins.
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Weaker 4Q25.
4Q25 revenue and gross profit declined to US$115.7m (-7% q-o-q and y-o-y) and US$29.6m (-7% q-o-q; -6% y-o-y) respectively.
The sequential slowdown tempers the 2H recovery narrative, suggesting that demand conditions remain uneven, particularly in Indonesia where sales fell 12% q-o-q and y-o-y and revenue contribution declined to 56% (4Q24: 60%).
Lower dividend and payout ratio.
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While historically payout ratios have exceeded 50%, management is exercising prudence given the ongoing volatility.
Own brands: Strength across key markets.
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Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
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