Food Empire - KGI Securities 2026-03-09: Reactive Playbook Paying Off, Diversification Becomes The Edge

• FY25 was a step change year – Food Empire (SGX:F03)'s revenue reached US$576.9m (+21.1% y-o-y) and normalised NPAT rose to US$68.6m (+37.0% y-o-y). The Group proposed a record dividend of S$0.12 per share for FY25.

Management continues to run a reactive playbook on market share versus margin.

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Vietnam remained the growth engine in Southeast Asia.

• Food Empire raised prices modestly to reflect coffee costs while increasing marketing to gain share, delivering Southeast Asia revenue +14.3% y-o-y in FY25.

FY25 financial results.

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• Food Empire also reported an operating profit of US$93.4mil in FY25, up 47.5% y-o-y, compared to US$63.3mil in FY24, reflecting operating leverage and disciplined cost management. Normalised net profit after tax rose by 37.0% to US$68.6mil in FY25, compared to US$50.0mil in FY24.

We see scope for margin upside versus FY25.

• Read more at SGinvestors.io.

Previous report by KGI:
2025-11-05 Food Empire - Growing Across All Regions..

Price targets by 4 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