Food Empire 1Q26 - UOB Kay Hian 2026-05-14: Record Quarter; Asia Surpasses Traditional Markets

Growth across most segments.

• Russia surged 29.4% y-o-y, aided by a 16.5% Ruble appreciation, Central Asia delivered its fastest-ever quarterly growth at 36.4% y-o-y as Kazakhstan ramped up after the new coffee-mix facility commenced operations, and SEA grew 7.5% anchored by Vietnam.
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Asia inflection milestone.

• For the first time, Asia (SEA, Central Asia & South Asia) revenue has exceeded the group’s traditional markets. In 1Q26, Asia contributed US$92.4m or 58% of group revenue, vs Russia and Europe totalling 40%. This reflects the payoff of Food Empire’s diversification strategy initiated in 2013, which in our view shows that Food Empire should be viewed increasingly as an Asian F&B platform with vertical integration.

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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/.

Previous report by UOB:
2026-03-25 Food Empire - Remain Positive On Market Leader With Strong Track Record.

Price targets by 4 other brokers at Food Empire Target Prices.

Listing of research reports at Food Empire Analyst Reports.

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