Food Empire - DBS Research 2026-03-02: Reinvesting Coffee Cost Savings To Stay Ahead

• We summarised our takeaways during Food Empire (SGX:F03)'s analyst briefing on 26 Feb and non-deal roadshow on 27 Feb by region as below.

Russia

Stable macro backdrop and well-timed reinvestment drove an outsized FY25.

• - Read this at SGinvestors.io -
• Margin expansion was also helped by an easier base that had been pressured by elevated coffee input costs, alongside effective price pass-through and better operating leverage.

Early investments could continue paying dividends going into FY26.

• - Read this at SGinvestors.io -
• We also expect operating margin to improve further to around 20%, supported by continued operating leverage and lower coffee input costs.

South-east Asia

Vietnam growth offset by capacity and customer headwinds in Malaysia.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2026-02-03 Food Empire - Compounding Into A Strategic Takeout Target.

Price targets by 3 other brokers at Food Empire Target Prices.

Listing of research reports at Food Empire Analyst Reports.

Relevant links:
Food Empire Share Price History,
Food Empire Announcements,
Food Empire Dividend Payout Dates & Corporate Actions,
Food Empire News