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Delfi (SGX:P34)'s first quarter has historically accounted for around 30% of full-year revenue, driven by stronger demand from festivities.
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1Q26 revenue of US$159m rose 6.2% y-o-y (+5.4% at constant currency), tracking 31% of our full-year estimate of US$520m, in line with expectations. EBITDA of US$16.8m was flattish y-o-y (-0.8% y-o-y; +1.0% constant currency), forming 31% of our 2026 EBITDA estimate.
Own brands sales momentum drives Indonesia growth.
- - Read this at SGinvestors.io -
Regional markets deliver strong growth.
- - Read this at SGinvestors.io -
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Regional markets now represent 36% of Delfi's revenue (1Q25: 34%).
Margin compression from timing headwinds.
- Read more at SGinvestors.io.
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/.
Heidi Mo UOB Kay Hian Research | John Cheong UOB Kay Hian Research | https://research.uobkayhian.com/ 2026-06-08
Previous report by UOB:
2026-04-14 Delfi - Starting To Look Sweet On Cocoa Price Relief; Raise Target Price By 50%.
Price targets by other brokers at Delfi Target Prices.
Listing of research reports at Delfi Analyst Reports.
Relevant links:
Delfi Share Price History,
Delfi Announcements,
Delfi Dividend Payout Dates & Corporate Actions,
Delfi News
