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Held on 4–5 March 2026 at Science Park, the Wearable Technologies (WT) Conference 2026 was making a return appearance in Hong Kong after a decade, while the Innovation World Cup came for the first time, spotlighting 32 global innovators out of over 300 entries, in which 8 were Hong Kong-based life & health tech companies, vying for opportunities by connecting with research professionals, industry leaders, and investment representatives, including fast track to “HKSTP Soft Landing Programme” where up to HK$100,000 cash funding and access to an extensive network to accelerate market entries is up for grabs.

Emerged 1^st and 2^nd from the finals were FluoretiQ from the United Kingdom, introducing an on-the-spot diagnostic solution ‘Veri-5’ that identifies the bacteria and antibiotics in 30 minutes, and Light House from Switzerland, introducing assistive mobility eyewear ‘TAMI’ that look after the visually impaired regardless of hazardous environments, had also won the Audience’s Favourite. 3^rd place came United Sensing & MediTech, filling the gaps in monitoring chronic, yet not necessarily lethal cardiovascular diseases, in particular, hypertension, where one-third of the adult population in Hong Kong endures, with a smart ring that presents an alternative that tracks for indicators and tells when possibilities of worsening the condition occurred with ease and efficiency.

With the city recognised as a global financial centre, and ranked in 2025 the first worldwide for biotechnology IPOs, Prof. Dong Sun, JP, Secretary for Innovation, Technology and Industry, Government of HKSAR said, “Initiatives were rolled out to support the local development of life & health tech that are seeing massive success, including the InnoHK clusters, the RAISe+ scheme, and more. Besides from technological advancements, traction for talent and capital have also been witnessed and welcomed.”

Terry Wong, CEO of HKSTP said, “The Conference demonstrated that Hong Kong’s playing a pivotal role as a platform gluing aspects of I&T together—connecting industry and academia for research and development; innovation with investment for commercialisation; and between cities and cultures and compliance practices for adoption—essential in transforming ideas into impact.”

The notion was in echo as Park company founders joined university professors and industry gurus from around the world in sharing the latest developments in the spectrum of medicine; and for AiQuanMed Engineering & Innovation Council (AEIC) from Singapore, and Organization for Medical, Engineering and Commerce Collaboration (OMECC) from Japan to join as strategic partners to the ‘Global Connect’ initiative for a tighter bond among I&T enablers.Hashtag: #HKSTP

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HKSTP

More information about HKSTP is available at www.hkstp.org.

Under the MoUs, PT Sembilan Benua Abadi is expected to purchase 10,000 VinFast EVs by the end of 2027, while PT. Satu Kosong Tujuh plans to acquire 10,000 units by the end of 2028. The vehicles will include the Nerio Green (C-SUV) and the Limo Green (7-seat MPV). All vehicles will be deployed for commercial transportation services, maximizing the operational efficiency, cost advantages, and environmental benefits of VinFast’s electric models.

Nerio Green and Limo Green belong to the Green brand, which VinFast has developed and optimized specifically for commercial service operations. Nerio Green is adapted from the VF e34, the first model introduced by VinFast in the Indonesian market, and stands out with its modern urban design, spacious interior, and advanced technology features.

Meanwhile, Limo Green is the newest addition to the Green lineup launched in Indonesia. Measuring 4,740 x 1,872 x 1,728 mm with a wheelbase of 2,840 mm, Limo Green offers a spacious three-row configuration tailored to high-intensity passenger transport needs. Equipped with a durable LFP battery, the vehicle delivers a driving range of up to 450 km on a full charge, optimizing operating cycles and minimizing downtime.

By deploying VinFast’s electric fleet, PT. Satu Kosong Tujuh and PT Sembilan Benua Abadi will not only enhance fleet quality, maximize utilization efficiency, and reduce emissions, but also contribute to fostering green mobility habits within the community. The model is expected to generate a strong ripple effect, as Indonesian consumers gain direct, everyday exposure to the smooth, modern, and smart driving experience of electric vehicles.

PT. Satu Kosong Tujuh and PT Sembilan Benua Abadi are reputable transportation solution providers in Indonesia. With extensive operational experience and deep local market expertise, both companies are well-positioned to deploy large-scale electric fleets, optimize operational networks, and effectively reach target customer segments.

Mr. Nirzam Pahmi, SE, MM, President Director of PT. Satu Kosong Tujuh, said: “We have strong confidence in VinFast and its potential to build a comprehensive, inclusive, and accessible electric mobility ecosystem. This agreement aligns with our long-term vision of transitioning to fully electric vehicles and proactively embracing the green transformation trend across the region and globally.”

Mr. Wempy Suciadi, CEO of PT Sembilan Benua Abadi, stated: “We are impressed with Nerio Green and Limo Green not only for their product quality but also for the sustainable development vision they represent. These models are highly promising solutions that align with the practical needs of consumers amid the transition toward green transportation.”

Mr. Kariyanto Hardjosoemarto, CEO of VinFast Indonesia, shared: “We are honored to collaborate with reputable partners in Indonesia to accelerate EV adoption and advance the green transition. Partnering with experienced enterprises that possess deep local market understanding will enable VinFast to rapidly expand market coverage and bring modern mobility solutions closer to Indonesian consumers.”

After over two years of presence in Indonesia, VinFast has quickly established a structured and comprehensive development foundation. The Company is currently offering a full product lineup spanning entry-level to mid- and high-end segments, including VF 3, VF 5, VF e34, VF 6, VF 7, and VF MPV 7, as well as Green models such as Limo Green. This diversified portfolio allows partners to flexibly select vehicles suited to different service models, while enabling Indonesian consumers to access electric vehicles across various price points.

VinFast has also commenced operations at its Subang plant, underscoring its long-term investment commitment and direct contribution to the local value chain. In parallel, the Company continues to expand its ecosystem through the development of a nationwide dealership and after-sales service network; the rollout of an extensive charging infrastructure in partnership with V-Green; and strategic collaborations with leading banks and financial institutions to provide optimized financing solutions for customers.

Through flexible and pioneering policies, from financial support to warranty and after-sales programs, VinFast is progressively creating favorable conditions for Indonesian consumers to participate in the green mobility revolution./.

Hashtag: #VinFast

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Based on insights from over 130 senior fintech leaders, the report highlights an industry moving beyond pilot programs toward enterprise-scale solutions that prioritize collaboration, digital trust, and financial inclusion as core business imperatives for 2026.

Key Findings

• 22.9% of respondents identify the region as their primary growth target, underscoring its continued dominance as the region’s growth engine.
• 90.6% of executives say social good initiatives are now embedded in corporate strategy — confirming impact has become a commercial imperative.
• 61.2% of organizations have already adopted AI or machine learning.
• New frameworks in Singapore, Hong Kong, and Japan are driving institutional adoption of stablecoins and tokenized assets.
• 63.5% of leaders cite fraud prevention as their highest operational priority.

“APAC is no longer experimenting — it’s executing,” said Ian Fong, VP of Content at Money20/20 Asia. “The region is building financial infrastructure that is faster, safer, and more inclusive than ever before. What happens here will influence the future of money globally.”

Digital Trust Becomes the New Currency

With digital adoption accelerating, 63.5% of leaders identify fraud prevention as their top priority. Regulators and industry players are now pivoting toward real-time risk intelligence and AI-driven security.

“The speed of digital adoption in APAC has outpaced traditional fraud models,” said Justin Lie, Founder & CEO of SHIELD. “What we’re seeing now is a shift toward real-time, device-level intelligence that operates silently in the background. Trust is the new currency of digital finance, and the companies that embed it in every interaction while delivering a frictionless experience will define the future of the industry.”

Stablecoins Move into Mainstream Financial Infrastructure

Institutional engagement with stablecoins and tokenized financial instruments has grown significantly, supported by clearer regulatory frameworks emerging across Singapore, Hong Kong, and Japan.

“Across Asia, stablecoins are already embedded in real economic activity from payments and cross-border settlements to treasury optimization,” said Yam Ki Chan, Vice President, Asia Pacific at Circle. “The region is demonstrating how digital assets can scale within financial systems, and the next phase is about interoperability and the development of an economic operating system for the internet”.

Digital Lending Expands Financial Access

The report highlights 72.9% of respondents believe SME-tailored fintech solutions are key to APAC’s economic growth, signaling a widening opportunity for inclusive financial innovation.

“Financial inclusion isn’t achieved by simply putting products online — it requires building for the realities of everyday consumers,” said Moritz Gastl, General Manager of Tala Philippines. “In markets like the Philippines, trust, transparency, and flexibility matter just as much as credit scoring. Digital lending works when it empowers people, not when it replicates old systems with new interfaces.”

Looking Ahead: Collaboration Will Define the Next Decade

As AI scales, payment rails interconnect, and digital assets enter regulated markets, APAC is emerging as a global blueprint for future financial systems.
“The next wave of fintech innovation will be defined by how well we balance technological advancement with social impact,” added Fong. “APAC markets are proving that financial innovation and inclusion can advance together.”

The Future of Fintech in APAC report can be downloaded HERE.
Hashtag: #Money20/20

The issuer is solely responsible for the content of this announcement.

Global Hotel Alliance has strengthened its footprint in East Asia after signing a partnership with Tokyu Hotels & Resorts, bringing a major Japanese hospitality operator into the alliance’s loyalty and distribution network and marking a significant expansion into one of the world’s most established travel markets.

The agreement integrates Tokyu Hotels & Resorts, which manages the TOKYU HOTELS chain and several affiliated brands across Japan, into Global Hotel Alliance’s GHA DISCOVERY loyalty ecosystem. The move allows travellers staying at Tokyu properties to earn and redeem rewards across the alliance’s international portfolio, while offering Tokyu access to millions of loyalty members and a wider global marketing platform.

Headquartered in Dubai, Global Hotel Alliance represents a consortium of independent hotel brands that cooperate on loyalty programmes, distribution systems and shared technology platforms while retaining operational independence. The alliance counts dozens of hospitality brands spanning hundreds of properties worldwide. By welcoming Tokyu Hotels & Resorts, GHA gains an important presence in Japan’s domestic and inbound tourism sector, an area that has drawn increasing interest from international hospitality networks.

Tokyu Hotels & Resorts operates more than 40 hotels across Japan under brands including TOKYU HOTELS, Tokyu REI Hotel and other affiliated concepts. Many of its properties are located in key urban and resort destinations such as Tokyo, Yokohama, Kyoto, Osaka and Sapporo. Through the partnership, the group will connect its hotels to GHA DISCOVERY, a loyalty programme that offers members benefits such as room upgrades, flexible rewards and local experiences tied to destination culture.

Executives from both organisations describe the partnership as strategically aligned with rising demand for travel to Japan. Tourism to the country has surged as international travel continues to rebound, with visitor arrivals climbing sharply and hospitality groups seeking deeper engagement with global distribution networks and loyalty platforms.

GHA’s leadership said the addition of Tokyu Hotels & Resorts strengthens the alliance’s reach in Asia while offering travellers greater access to accommodation options in Japan. Access to the GHA DISCOVERY platform also opens new channels for Tokyu properties to reach travellers from Europe, the Middle East and North America who are already members of the programme.

Tokyu Hotels & Resorts sees the collaboration as a way to enhance international visibility for its hotels while preserving the local identity that defines many of its properties. Japanese hospitality operators have historically relied heavily on domestic demand, though international partnerships have gained momentum as inbound tourism expands and travellers seek more diverse accommodation experiences.

Japan’s tourism sector has undergone major changes in the past decade as the government and private sector push to attract more overseas visitors. Infrastructure upgrades, expanded air connectivity and marketing campaigns have helped position the country as a leading travel destination in Asia. Hospitality companies are responding by strengthening international alliances, investing in technology platforms and adapting loyalty programmes to compete with global hotel chains.

Global Hotel Alliance’s model differs from traditional hotel groups that operate under a single brand portfolio. Instead, it links independent brands that share a common loyalty and technology framework while maintaining separate identities and management structures. This structure appeals to regional hotel companies that want global exposure without surrendering brand control.

Industry analysts note that loyalty ecosystems have become central to hospitality competition. Major international chains rely heavily on large membership bases to drive repeat bookings and reduce reliance on online travel agencies. Independent hotel brands, which often lack such scale individually, have increasingly turned to alliances such as GHA to achieve similar reach.

GHA DISCOVERY now includes millions of members worldwide who accumulate rewards known as DISCOVERY Dollars when staying at participating properties. These digital rewards can be spent on future hotel stays, dining or experiences across the alliance network. The programme also focuses on destination-based benefits designed to highlight local culture and activities.

For Tokyu Hotels & Resorts, integration into the programme allows guests to participate in the broader network while still experiencing Japanese hospitality traditions often associated with domestic hotel operators. Many Tokyu properties emphasise regional design, culinary offerings and proximity to transport hubs, particularly within major metropolitan areas.

The alliance has pursued steady expansion in Asia as travel demand shifts across the region. Partnerships with hospitality companies in markets such as Thailand, Singapore and the Gulf have broadened its reach, while collaborations with regional hotel groups help introduce new destinations to global travellers.

Japan represents a particularly attractive addition to that network. The country hosts some of Asia’s busiest cities, internationally recognised cultural landmarks and a thriving domestic travel culture. Hotel demand has remained strong across urban centres and resort areas, drawing interest from global investors and hospitality brands.

“Effective execution of our strategy drove strong financial performance and higher shareholder returns in 2025, despite a challenging retail environment. Our significant progress made in portfolio simplification creates investment capacity for strategic priorities, enabling greater value for our customers and accretive inorganic opportunities to drive sustainable growth and returns.”

Lincoln Pan

Chairman

DFI RETAIL GROUP HOLDINGS LIMITED

PRELIMINARY ANNOUNCEMENT OF RESULTS

FOR THE YEAR ENDED 31 DECEMBER 2025

INTRODUCTION

It is my honour and privilege to join DFI Retail Group (‘DFI’ or the ‘Group’) as Chairman of the Board, supporting Group Chief Executive, Scott Price, and his leadership team in executing its strategic priorities and delivering shareholder returns. On behalf of the Board, I would also like to express our gratitude to John Witt for his invaluable contributions to DFI over many years.

As Asia’s leading multi-format retail platform, DFI has a unique set of assets – strong customer trust, an extensive store network across markets, deep data insights from a powerful loyalty programme, and a strengthening Own Brand portfolio – that will serve as a foundation for growth over the coming years.

Amid macroeconomic volatility and evolving consumer needs, the Group has been responding effectively through a stronger value proposition and enhanced omnichannel capabilities. This strategy is yielding early and encouraging results, demonstrated by a 35% increase in underlying profit in 2025. We remain particularly optimistic about the growth prospects in Health & Beauty and Convenience, as well as the opportunities emerging in digital.

I am confident that under the capable leadership of Scott and his team, DFI will continue to deliver retail excellence to customers across Asia while driving long-term value creation and growth.

Under a new 70% dividend payout policy announced in December 2025, the Board recommends a final dividend of US¢10.50 per share (2024 final dividend: US¢7.00).

STRATEGIC HIGHLIGHTS

Over the course of 2025, the Group executed effectively against its strategic framework of Customer First, People Led, Shareholder Driven. This approach enables DFI to navigate market challenges while capturing opportunities that build on its strong platform for sustainable growth.

The retail landscape is rapidly evolving, driven by shifting consumer behaviour and digitalisation. The Group remains focused on strategic priorities that place customers first – delivering quality, value and convenience in everyday moments. Across its businesses, the Group made good progress in strengthening value propositions, expanding customer reach in growth markets, driving deeper customer engagement with data-driven insights and accelerating digital monetisation. These initiatives enhance its ability to better serve customers and supplier partners while delivering returns to shareholders.

Investing in talent development remains at the top of the agenda. During the year, the Group achieved an improved team member engagement score. Inclusive leadership, a purpose-driven culture and engaged team members are critical to driving stronger performance and delivering exceptional customer experience. In parallel, the Group continues to enhance its organisational agility in meeting customer needs while reducing overhead costs.

In 2025, the Group completed the divestments of minority stakes in Yonghui and Robinsons Retail, as well as Singapore Food business, enabling reinvestment in subsidiary businesses and strategic priorities with stronger growth and return potential. This approach, combined with a sharpened business focus and a strengthened balance sheet, delivered a total shareholder return exceeding 90% in 2025, including the distribution of a US$600 million special dividend in October.

PROSPECTS

Transformation is an ongoing journey for today’s retailers. Serving diverse communities across Asia, where economic conditions and consumer expectations vary widely, the Group must stay agile and locally relevant guided by a customer-first mindset and a disciplined focus on growth opportunities that further build on its competitive advantages. Over the year, DFI has invested in delivering better outcomes for customers through price reinvestment, Own Brand innovation, omnichannel expansion and data-driven personalisation – focus areas that will remain central to its growth plans in the years ahead. An expanded digital ecosystem also unlocks new avenues to drive deeper value for supplier partners and enhance shareholder returns.

I would like to end by expressing the Board’s appreciation to our team members. We could not be more proud of the work they have done over the year, particularly in responding to the deeply tragic Tai Po fire in Hong Kong. Their unwavering dedication to serving our customers across Asia is what will continue to drive our business forward and build long-term value for shareholders.

Lincoln Pan

Chairman

GROUP CHIEF EXECUTIVE’S REVIEW

INTRODUCTION

We are pleased to close 2025 on a strong note, with underlying profit attributable to shareholders up 35% year-on-year to US$270 million, reaching the high end of our guidance range. This strong performance was driven by a recovery in LFL subsidiary sales, improved margins and proactive portfolio actions, including the divestment of our minority stake in Yonghui.

Customers across Asia, including in our home market of Hong Kong, are increasingly seeking quality and convenience at great value. While macro challenges remain, we are encouraged to see early signs of recovery in key retail segments, including 3% growth in health and beauty sales in Hong Kong, supported by a 12% increase in tourist arrivals. As Asia’s leading multi-format omnichannel retail platform, we are uniquely positioned to meet customers’ evolving needs effectively across all channels through relevant and compelling customer propositions.

With a renewed focus on balancing profitability with capital discipline, the Group ended the year in a net cash position, after distributing a US$600 million special dividend, and delivered a significantly improved return on capital employed (ROCE) of 9.4%. Our strengthened balance sheet allows us to reinvest for growth as we deepen our focus on higher-return subsidiary businesses and strategic priorities that sustain value creation for shareholders. For the full year 2025, we returned a total of approximately US$740 million to shareholders, including the special dividend.

In December, we held our inaugural Investor Day where DFI announced a new dividend policy with an increased payout ratio of 70%. Dividends paid during the year, combined with a share price increase of more than 70%, resulted in a total shareholder return exceeding 90% in 2025. We also outlined our three-year plan for realising our financial ambitions and accelerated growth goals, including a target of US$310-350 million in underlying profit (representing 11% CAGR at the mid-point compared to 2025¹) and an improved ROCE of at least 15% by 2028.

As we enter the new financial year, we remain firmly focused on executing our strategic priorities to drive sustained, profitable growth.

STRATEGIC DELIVERABLES – KEY PROGRESS

Over the past year, we have made significant progress in our transformation from a portfolio business into a strategically focused operating company. We have been advancing our strategy across five key deliverables to create greater value for our customers, supplier partners and shareholders.

Retail Excellence

By delivering best-in-class customer propositions, we see a wide range of opportunities for driving higher store sales density and market share gain across all business segments.

Health & Beauty

Mannings and Guardian continue to strengthen their position as the trusted advisor for wellness, unlocking strong cross-category growth opportunities through an assortment with high functional value across supplements, derma skin care and hair care. Customers across Asia are increasingly shifting to retailers that best fulfil their broad, diverse and unique wellness goals. Our technology-enabled personalised services – including skin, scalp and health assessments – drive higher purchase conversion and basket size by deepening customer understanding of their wellness needs. These capabilities will be expanded to 25% of our Health & Beauty store network to enhance our competitive differentiation and leadership in wellness.

Convenience
7-Eleven is broadening its shopper missions towards higher-margin, non-cigarette categories with a strategic focus on ready-to-eat (RTE) offerings, which accounted for 24% of Convenience sales in 2025. Across markets, consumers are seeking more convenient, high-quality and value-driven meal solutions. The expansion of Food Bars to 1,250 locations in South China and the rollout of RTE-focused store revamp across the entire Hong Kong network by 2028 will further strengthen 7-Eleven’s RTE proposition.

Food

Given consumers’ pivot towards value, continued northbound travel and increasing competition from Chinese mainland e-commerce platforms, the Wellcome team has focused on enhancing food basket value for customers by advancing our Everyday Low Price strategy. Investment in reduced pricing through strategic direct sourcing of core basket items, particularly in fresh, has resulted in a 2% growth in volume driven by higher footfall and increased items per basket. Direct sourcing allowed us to reduce prices while protecting gross profit, resulting in a 30-basis point gross margin improvement. These efforts further supported the narrowing basket price gap compared to the Greater Bay Area to a currently low single-digit price difference².

Home Furnishings

Similar to Food, IKEA has focused on enhancing its affordability and accessibility by reinvesting in the pricing of high-volume products, broadening the range of entry price points, rationalising the tail of slow-selling assortment, and further expanding digital touchpoints through third-party marketplaces. We are also strengthening IKEA Food as a key draw for customers seeking exciting and affordable food experiences as part of their store journey. These efforts are supported by significant cost transformation initiatives across our operating markets.

Own Brand

Our reset in Own Brand strategy across Food and Health & Beauty is driving higher customer loyalty and sales penetration through greater exclusivity and value. By refining our product range to align closely with customer needs and maximising cross-selling across our formats, we achieved meaningful improvements in margins and sales productivity.

Access to Customers

We continue to strategically expand our network in high-growth, profitable markets, primarily through a capex-light franchise model, with 114 net new openings³ in 2025. In particular, we will deepen 7-Eleven’s presence in Guangdong province to around 2,400 stores and expand Guardian’s footprint in Indonesia to approximately 750 stores by 2028.

Omnichannel and Data Ecosystem

DFI’s expanded omnichannel ecosystem is elevating our relevance and engagement with customers, providing us deep data insights across daily consumer needs that few peers in Asia can match. This ecosystem now allows our customers to engage with DFI brands across more than 90 digital channels, including apps, websites, third-party marketplaces, quick-commerce partnership with food delivery platforms and click-and-collect services. Our strengthened digital proposition was underpinned by a 140-basis point increase in online sales penetration to 6.4%⁴ as at year-end 2025, with order volume more than doubled year-on-year. Our overall digital ecosystem, comprising e-commerce, retail media, insights monetisation and yuu, continues to drive improved financial returns for the Group.

Retail Media (DFIQ Media)

Positioned to become Asia’s leading omnichannel retail media network, DFIQ Media offers a differentiated online and offline advertising proposition, enabling brands to execute cross-format campaigns through our digital assets and more than 10,000 in-store digital screens across markets. DFIQ Media delivered strong sales growth, albeit from a low starting base, achieving a fourfold increase in revenue over 2024, supported by proprietary data insights from over 7 million monthly active users across our growing digital portfolio.

DFIQ Portal

We aim to empower our supplier partners with actionable insights that drive greater business impact and better outcomes for customers. The DFIQ Portal – a vendor platform combining DFIQ Media, DFIQ Insights and trade capabilities – was launched in December 2025, providing suppliers real-time access to critical analytics that enables optimised inventory management and more effective strategic planning.

Retail Analytics

Leveraging cross-format data insights from over 5 million yuu Rewards members in Hong Kong, we continue to enhance our assortment and promotional decisions to help expand both in-store sales and gross profit.

Lean & Agile Model

Maintaining a lean and agile operating model is essential to ensuring efficient decision-making in a rapidly evolving retail landscape. Continued cost optimisation and better product sourcing will support both strategic price reinvestment and sustainable margin expansion in the coming years. Overhead reductions are expected to translate into lower SG&A costs beginning 2026. We remain disciplined in capex, driving network growth primarily through a franchise model with a strong focus on paybacks.

Strategic pivot from portfolio to a focused operating company

We conduct strategic reviews of our businesses guided by return on capital and total shareholder return priorities. During the year, we completed the divestment of our minority stakes in Yonghui and Robinsons Retail, as well as our Singapore Food business, generating total gross proceeds of approximately US$1 billion in cash consideration. In line with our capital allocation priorities, these proceeds were redeployed towards debt repayment, resulting in a net cash position of US$70 million as at year-end 2025. In addition, a special dividend of US$600 million was distributed to shareholders in October 2025. The Group remains focused on maximising total shareholder return while maintaining strategic flexibility for inorganic growth opportunities that are accretive to long-term shareholder value.

2025 PERFORMANCE

Total revenue from subsidiaries in 2025 was US$8.9 billion, up 1% on a LFL basis, excluding cigarettes. Organic revenue, excluding divested businesses⁵ for the comparable period, grew 0.5%. Strong sales growth in the Health & Beauty division was offset by lower contributions from other segments.

Excluding the impact of the minority stake divestments in Yonghui and Robinsons Retail completed in 2025, total revenue for the Group, including 100% of associates and joint ventures, remained broadly stable.

The Group reported total underlying profit attributable to shareholders of US$270 million for the year, up 35% year-on-year. This was supported by improved profitability from subsidiary businesses, lower financing costs and higher underlying profit from associates following the divestment of Yonghui.

Underlying profit from subsidiaries was US$183 million, 15% higher than the prior year. This was driven by strong Health & Beauty performance in addition to earnings recovery in Singapore Food and Home Furnishings segment, partially offset by lower contribution from Convenience due to reduced cigarette volume.

The Group’s share of underlying profit from associates was US$88 million, an improvement of US$45 million compared to the prior year, primarily due to the divestment of minority stake in loss-making Yonghui and higher contribution from Maxim’s as a result of improved mooncake sales and restaurant performance in Southeast Asia. Despite challenging trading conditions in Hong Kong and Chinese mainland, Maxim’s delivered profit growth in these regions through cost optimisation.

The Group reported operating cash flow after lease payments of US$430 million, 30% higher than the prior year, supported by underlying operating profit growth. Free cash flow⁶ for the period was US$281 million, up 78% year-on-year. As at 31 December 2025, the Group’s net cash was US$70 million, compared to US$468 million net debt at 31 December 2024.

SUSTAINABILITY

We remain firmly committed to our purpose to sustainably serve Asia for generations with everyday moments – with a focused, balanced, collaborative approach taking into account the macroeconomic environment and consumer sentiment. We are driving progress on our pathway to reduce our Scope 1 and 2 emissions by 50% by 2030 from a 2021 baseline, with our targeted investments in refrigerant emissions management, energy efficiency, and behaviour-change initiatives across our operations gaining momentum throughout the year. From 2025 to 2030, we will further increase the share of renewable energy use in our portfolio, helping to accelerate the energy transition in the key markets where we operate.

As advocates for our customers and the communities we serve, we are committed to delivering affordable, sustainable products. In 2025, we delivered 380 tonnes of Own Brand low-carbon rice to our Hong Kong markets and added multiple products through our Grounds to Green programme to our 7-Eleven RTE range. These award-winning initiatives demonstrate our ability to anticipate customer expectations and deliver on market demands. We maintained strong discipline in waste and packaging management, keeping us on track to meet our 2030 targets.

BUSINESS REVIEW

HEALTH AND BEAUTY

Sales for the Health and Beauty division grew 7% year-on-year or 5% on an LFL basis to US$2.6 billion. Underlying operating profit was US$228 million for the year, representing an increase of 8% compared to 2024.

Both Mannings and Guardian achieved strong LFL sales performance, supported by growing wellness sales penetration towards the mid-term target of over 35%. To further strengthen our leadership in wellness – a cross-category opportunity spanning health, beauty and personal care – Mannings and Guardian complemented their wellness-focused assortment with in-store health, skin and scalp assessments in selected outlets. Our personalised consultations and tailored product recommendations deepen our engagement with customers, supporting larger basket sizes and higher purchase conversion.

Hashtag: #DFIRetailGroup #Mannings #Guardian #7-Eleven #Wellcome #MarketPlace #IKEA #yuu #Maxim’s

The issuer is solely responsible for the content of this announcement.

DFI Retail Group