On 24th February 2026, Delfi Limited has released its FY2025 full year results, reporting net sales of US$500.1 million and PATMI of US$33.2 million, reflecting a year shaped by elevated cocoa prices, currency pressures, and shifting market conditions across Southeast Asia. Despite these challenges, the Group demonstrated resilience through strong Own Brands performance, disciplined financial management, and a continued focus on long‑term brand strength.
Although net sales dipped slightly by 0.5% year‑on‑year, Delfi’s underlying performance remained solid. The Group’s Own Brands portfolio expanded by 4.9%, adding US$13.7 million in incremental revenue. This growth was driven by sustained promotional investments and market share gains, particularly in Indonesia, where heritage brands such as SilverQueen and Ceres continue to anchor consumer demand.
The decline in Agency Brands, largely due to an account termination in the third quarter, weighed on consolidated sales. However, excluding this one‑off impact, Delfi’s full‑year net sales would have grown by 6.2%, highlighting the strength of its core brand strategy.
Indonesia and Regional Markets Show Mixed Outcomes
Indonesia, the Group’s largest market, recorded US$301.3 million in net sales, a 4.1% decline on a reported basis. Currency depreciation and reduced agency activity contributed to the softer performance. Yet, in constant currency terms, Indonesia was nearly flat, supported by stronger Own Brands sales and a government stimulus package that lifted consumption in the second half of the year.
Regional Markets delivered a contrasting performance, rising 5.5% to US$198.8 million. Malaysia was the standout contributor, reinforcing the importance of geographic diversification in Delfi’s long‑term growth strategy.
Margins Reflect Cocoa Price Peaks and FX Pressures
Gross profit margin for FY2025 declined to 26.5%, reflecting the impact of elevated cocoa prices, a weaker Indonesian Rupiah, and lower margins from Agency Brands. Promotional spending also remained elevated as Delfi focused on strengthening brand equity and defending market share in a competitive environment.
EBITDA closed at US$59.2 million, slightly below the previous year, while PATMI remained stable at US$33.2 million, demonstrating disciplined cost control despite margin compression.
Cash Flow Strengthens as Working Capital Tightens
One of the strongest highlights of FY2025 was Delfi’s operating cash flow, which rose to US$78.1 million, an improvement of US$25.6 million from FY2024. This was driven by tighter working capital management, including a significant reduction in inventories and trade receivables.
The Group ended the year with US$68.0 million in cash and equivalents and reduced total borrowings to US$14.5 million, reinforcing its financial resilience. Net assets increased to US$279.2 million, reflecting Delfi’s continued focus on balance sheet strength and operational discipline.
Dividend Payout, Payment Date, and Dividend Yield
Delfi’s Board has proposed a final dividend of 1.72 US cents per share, bringing the total FY2025 dividend to 2.72 US cents, equivalent to a 50% payout ratio. The dividend is scheduled to be paid on 15th May 2026.
Based on a share price of S$1.14 and a USD/SGD exchange rate of 1.27, the total dividend of US$0.0272 converts to S$0.034544 per share. This translates into a dividend yield of approximately 3.03%, offering shareholders a steady return despite the year’s challenging operating environment.
Strategic Priorities for 2026
Looking ahead, Delfi enters 2026 with cautious optimism. The global cocoa market is showing signs of easing from historic highs, but Indonesia’s macroeconomic environment remains uncertain. The Group plans to deepen investments in its core brands, accelerate product innovation, and strengthen its route‑to‑market capabilities across Southeast Asia.
Operational agility, financial discipline, and a sharpened focus on retail execution will remain central to Delfi’s strategy as it navigates evolving consumer trends and competitive pressures.
Summary of Delfi FY2025 Full Year Results
Delfi FY2025 full year results highlight a company that has weathered a challenging year with resilience and strategic clarity. Strong Own Brands performance, disciplined cash management, and a robust balance sheet have positioned the Group well for 2026. As cocoa prices stabilize and regional markets continue to expand, Delfi appears well‑placed to capture new growth opportunities while maintaining its leadership in the chocolate confectionery sector.